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Bitcoin Hovers Over $3,650 as Top Cryptocurrencies Mostly in the Red

Most of the top 20 cryptocurrencies are reporting moderate to slight losses, with Bitcoin hovering over $3,650.

Saturday, Jan. 12 — most of the top 20 cryptocurrencies are reporting moderate to slight losses, while some are reporting up to double-digit gains. Bitcoin’s (BTC) price is still hovering over $3,650, according to Coin360 data.

Market visualization

Market visualization from Coin360

At press time, Bitcoin is down under 1 percent on the day, trading at around $3,665. Looking at its weekly chart, the current price is lower than $3,878, the price of BTC one week ago, and $4,108, the mid-week high reported on Tuesday.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

Ripple (XRP) is down over 1 percent on the day, trading at around $0.333 at press time. On the weekly chart, the current price is lower than $0.359, the price at which XRP started the week — but also lower than $0.381, the midweek high reported on Jan. 10.

Ripple 7-day price chart

Ripple 7-day price chart. Source: CoinMarketCap

Ethereum (ETH) has seen its value decrease by over 1 percent over the last 24 hours. At press time, ETH is trading at around $126, having started the day around $127. On the weekly chart, Ethereum’s current value is significantly lower than $157, the price at which the coin started the week.

Ethereum 7-day chart

Ethereum 7-day chart. Source: CoinMarketCap

Among the top 20 cryptocurrencies, the ones experiencing the most notable price action are Bitcoin SV, which is up over 12 percent, and Bitcoin Cash (BCH) and Ethereum Classic, which are up around 2 and 1 percent respectively.

The combined market capitalization of all cryptocurrencies — currently equivalent to about $122.2 billion — is lower than $133 billion, the value it reported one week ago. The current value is also substantially lower than the intra-week high of $138.6 billion reached on Jan 10.

Total crypto market cap 7-day chart

Total crypto market cap 7-day chart. Source: CoinMarketCap

As Cointelegraph recently reported, the number of active Bitcoin wallets, many of which have long been dormant, has seen an uptick that could herald some major market movements.

The state legislature of the American state of Wyoming has reportedly passed two new house bills this week that aim to foster a regulatory environment conducive to cryptocurrency and blockchain innovation.

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Crypto Market Wrap: Sideways on Saturday, Markets Flat Following Recent Rout

Crypto markets take a breath after recent dump; Bitcoin Cash and SV recovering, Tron dumping recent gains.

Crypto markets are still battered and bruised as we enter the weekend. There has been no sign of a recovery following the $16 billion rout over the past day or two. Total market cap is still a touch over $120 billion so the sideways channel has remained intact.

Following its 10% dump yesterday Bitcoin hit an intraday high of just over$3,700 before retreating back to the $3,670 level where it has remained for the past few hours. BTC is currently holding above the $3,600 support zone which is crucial if it is to prevent further losses.

Ethereum has not managed to reclaim its second place from XRP and is still below $130. The imminent Constantinople upgrade to the network is no longer a fundamental factor in the performance of ETH. As it has done since its inception it has been dragged down by Bitcoin again. XRP has made marginal gains on the day which has enabled it to increase the market cap gap to $300 million.

The top ten is a mixed bunch this Saturday, Bitcoin Cash and its brother SV have made the biggest gains of 5 and 10 percent respectively. Nothing else is moving much aside from Tron which is rapidly losing all recent gains as it falls another 9% today.

The top twenty is mostly green at the time of writing during the day’s Asian trading session. Binance Coin, Nem and Ethereum Classic are leading the recovery with 2 – 3 percent gains on the day. Zcash is still falling back and is now just above $55, Monero is also sliding down the market cap chart as it falls to $45.

The two altcoins getting today’s fomo are Chainlink and Hypercash both up over 20% at the time of writing. From being the best performing altcoin in the top one hundred yesterday, Tron is the worst performer today with its 9% dump. Aurora is also having a bad day with a further 8% lost.

Total crypto market cap seems to have found a stable level around $123 billion following its epic crash yesterday.  There has been little movement since the big dump as markets find a new level. Daily volume has dropped back to $16 billion and the range bound channel has remained intact above $120 billion. Bitcoin’s dominance has crept up a percent to 52.3% as it still dictates movements across the entire market.

Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.

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Investor: Bitmain Firing 80% Workforce is Bad for Bitcoin Cash and Litecoin

According to several reports, crypto mining giant Bitmain is running out of funds. And it could be bad for Bitcoin Cash and Litecoin.

$315.5 million worth of Crypto-Assets

Kyle Samani, the co-founder of Multicoin Capital, a crypto fund, warned in a Tweet that Bitmain would liquidate its crypto-assets to accumulate fiat-funds for its business operations. The prominent analyst cited recent media reports that have accused the Beijing company of laying off half of its staff. Among the fired – as reported – is a team that was working on the development of a Bitcoin Cash client.

According to a leaked financial document surfaced in August this year, Bitmain currently holds 930,932 LTC (~$28.6m), 1,021,316 BCH (~$176.7m), 22,082 BTC (~$83.3m), 312,424 DASH (~$26m), and 1,097 ETH (~$142k) tokens. At press time, the fiat-equivalent of Bitmain’s entire crypto asset portfolio amounts to be near $315.5 million.

Whether or not Bitmain has already encashed some part of its crypto portfolio could not be found. But, according to Samani, the fact that the Chinese crypto mining holds a large number of digital currency reserves itself leads to a possible selling scenario. That, of course, is possible only when Bitmain feels itself running out of cash despite firing half of its workforce.

Is Bitcoin Under Selling Pressure?

Bitmain, like any other retail investors in the crypto space, would be less likely to dump its Bitcoin reserves, mainly because it is among the few crypto assets that are looking at a promising future as the new year kicks in.

The same could be told about Bitcoin Cash, which Bitmain whole-heartedly supported during the November “hash war.” But since the firing of Bitcoin Cash development squad, the probability of Bitmain holding its Bitcoin Cash reserves looks meager.

Then again, layoffs itself are a kind of a bullish indicator — a company practices downsizing when it wants to govern its spending against its revenue. Bitmain, like any other crypto company, launched new products while driven the crypto euphoria of late 2017. But as the demand evaporated for its line of products – crypto-mining chips in particular – the company had to restrategize its priorities in hopes to survive the crypto’s most depressive phase.

What’s Next?

Bitmain could also choose to look for additional capital without spending many brains on selling their crypto reserves. The firm has already shared its plans to go public via a $12 billion IPO round in Hong Kong. Just recently, its application to the Hong Kong Exchanges and Clearing Limited (HKEX) met the possibilities of rejection. The company could file another IPO prospectus in the future after fixing its infrastructure, beginning with a layoff that is already taking place.

Bitmain raised $400 million from a pre-IPO funding round led by Sequoia Capital. The company currently holds a 67% share in the market for bitcoin mining equipment, and it provides about 60% of the mining industry’s entire computing power.

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All Cryptos See Major Losses as Market Hit by Distinctly Unfestive Correction

Crypto markets are lacking in Christmas cheer, with virtually all of the top 100 coins by market cap in the red.

Friday, Dec. 25 — crypto markets are lacking in Christmas cheer, with many major crypto assets hit with double-digit losses. Virtually all of the top 100 coins by market cap are in the red, as data from Coin360 shows.

Market visualization by Coin360

Largest cryptocurrency Bitcoin (BTC) has plummeted over 9 percent on the day, and is trading at $3,812 as of press time, according to Cointelegraph’s Bitcoin Price Index. After bullish growth yesterday, Christmas eve, to break over $4,236, the top coin has been trading as low as $3,755 in the trading hours before press time — an around $500 drop.

Over these past seven days, Bitcoin’s trading pattern has been characterized by high volatility — veering between reclaiming the $4,000 price point and beyond, to dipping back down towards the $3,700–$3,800 range.

While the coin is still a strong 17.2 percent higher than its value at the start of its weekly chart, on the month, Bitcoin is down by around 12 percent.

Bitcoin 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index

Second-largest crypto by market cap Ripple (XRP) has fared even worse, shedding a stark 15 percent over the 24 hours before press time, according to Cointelegraph’s Ripple Price Index. The asset is currently trading at $0.38 — following an intraweek peak at $0.45 yesterday. On its weekly chart, Ripple is nonetheless a strong 31.5 percent in the green, with monthly losses at a mild 7 percent.

Ripple 7-day price chart. Source: Cointelegraph’s Ripple Price Index

Ethereum (ETH) — ranked third by market cap — has lost over 18 percent on the day and is trading at $127 to press time. During yesterday’s mini-rally, Ethereum had broken above $150 — its highest price point in around five weeks.

Ethereum is a bullish 51.5 percent in the green on its weekly chart, and it has inched into green on the month, up by around 5 percent.

Yesterday’s price hike in the context of Ethereum’s 3-month price chart. Source: Cointelegraph’s Ethereum Price Index

Fourth-largest cryptocurrency Bitcoin Cash (BCH) is down around 20.7 percent and is trading at $164 as of press time. Having seen astonishing volatility as of late, the coin is around 113 percent up on its weekly chart — and down by around 27 percent on the month.

Newly-forked Bitcoin SV (BSV), currently ranked ninth largest cryptocurrency, is down around 15 percent at $93, according to CoinMarketCap data.

Including BTC, XRP, ETH and BCH, sixteen of the top twenty coins on CoinMarketCap are down by between 10 and 19 percent on the day. Stark losses have hit cryptos such as Litecoin (LTC) — down almost 12 percent at $31.09 — IOTA (MIOTA) — down 14 percent at $0.33 —  and Cardano (ADA), down 16 percent at $0.04.

Dash (DASH) is down by around 16 percent at $82; Ethereum Classic (ETC) is down around 13 percent at $4.72. Privacy-focused altcoins Monero (XMR) and ZCash (ZEC) are down 10.8 and 12 percent, at $50.5 and $61.57 at press time.

Total market capitalization of all cryptocurrencies is at $128.8 billion as of press time — having hit over $147.8 billion yesterday. It nonetheless remains up from a low of $114.2 billion at the start of the 7-day chart on Dec. 18.

7-day chart of total market capitalization of all cryptocurrencies from CoinMarketCap

Earlier today, news broke that Japanese internet giant GMO Internet Group is quitting the Bitcoin mining hardware sector, after reporting an “extraordinary loss” in Q4 this year, amid the unrelenting crypto bear market.

On a more positive note for adoption, blockchain protocol TRON (TRX) passed one million user accounts this week, even as the token has not been spared today’s blisteringly red markets.

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Bitcoin Cash is 41.7% Up, Can BCH Sustain its Momentum?

The original Bitcoin Cash (BCH ABC) is having a gala day at the crypto market as it rises 40% and beyond.

The BCH/USD price on Thursday has extended its prevailing bullish bias to register new highs at 182 on Coinbase. On weekly basis, the pair has noted a 182% jump from its so-called bottom near 74, coupled with a relatively higher trading volume across all the leading crypto exchanges.

The BCH/USD downside meanwhile is capped by its 100-period moving average curve, coinciding with 104.27 at this moment. We could see price testing the said level as a part of a minor correction before it resumes the uptrend. The best rally target we could see from here is at 272, which was instrumental to a downtrend on Nov 21.

Mining Profitability

On the mining front, Bitcoin Cash hash rate has also dropped significantly in the past month. It used to be around an average of 5 Exahash per second (EH/s) but now has reduced to 1 EH/s to 850 Petahash per second (PH/s) through this December. It has eventually made mining BCH more profitable than Bitcoin, a reason why the BCH market is leading the overall crypto surge as of now.

Will Uptrend Extend?

For a cryptocurrency that had generated a lot of negative buzz due to its chain upgrade, ultimately crashing harder than any other top crypto asset, Bitcoin Cash undergoing a strong rebound is a welcome change to the market. However, despite the strong bullish sentiments in the near-term, the coin has a lot of hurdles to establish a sustained upside bias.

To begin with, the entire market is still locked inside a long-term downtrend, which also includes Bitcoin Cash. Therefore, a meager jump after a heavy crash could also be a nominal correction, a flag or pennant formation, or a call of short traders to exit their positions. It does not guarantee a full-scale recovery – not unless we see some levels broken in the medium-term, at least.

The RSI momentum indicator on the daily chart, for instance, has clearly recovered from its oversold conditions, to enter into overbought territory, but that can take Bitcoin Cash as far as, say, the 50-period moving average level. Bulls would need to do more than that to reinstate investors’ faith in Bitcoin Cash, as well as the rest of the market.

The latest uptrend is a small step towards an unlikely 100% recovery to an all-time high in the short-term and much of its responsibility is lying on the leading digital currency Bitcoin. For good or worse, Bitcoin is hopeful to pave way for the rest of the crypto market to be accepted for their characteristics in the mainstream. While Bitcoin Cash believes that is technologically better than bitcoin, it would also need to watch its adoption go high in the mainstream to be able to attract parallel investments – both from retail and institutional investors.