Following $5 Billion Drop in Crypto, Traders See Weakness in Bitcoin

On January 13, the crypto market initiated an intense sell-off as the Bitcoin price fell below the $3,500 mark. The weakness in the short-term price trend of BTC led the market to demonstrate volatility on the downside. More than $5 billion was wiped out of the crypto market and major assets like Ethereum recorded a six percent drop. Where is Bitcoin Headed? Generally, both analysts and traders expect Bitcoin to fall to the low $3,000 region in the days to come. Some have suggested that a strong buy wall below…

Circle Executed $24 Billion in OTC Trades in 2018

The over-the-counter (OTC) trading desk at cryptocurrency finance firm Circle had a notional volume of $24 billion in 2018, according to an official Medium blog post on Jan. 3.   Per the statement, Circle executed 10,000 OTC trades with 600 different counterparties, at $24 billion in volume. As such, the company claims to have become a “core liquidity provider to the entire crypto ecosystem.” According to Circle, the firm now partners with over 1,000 institutional clients such as exchanges, token projects, OTC desks, asset managers, and other global endowments. Circle…

Crypto Loses $14 Billion 1 Week, Bitcoin Will Likely Avoid Drop Below $3k

Over the past 48 hours, the Bitcoin price has stabilized at around $3,400 after dropping to a new yearly low at $3,210 on December 7. On a weekly basis, Bitcoin (BTC) is up six percent from $3,210 to $3,400 but the cryptocurrency market has lost $14 billion of its valuation against the U.S. dollar mostly due to the underwhelming performance of major digital assets and the plunge in the value of ERC20 tokens. The Ethereum price has also recovered slightly by a similar magnitude as Bitcoin, with Ethereum (ETH) recording…

Kraken Is Seeking ‘War Chest’ Investment at a $4 Billion Valuation

Crypto exchange Kraken is on a fundraising drive, offering “select” investors a chance to purchase stakes in the firm. The firm’s CEO, Jesse Powell, confirmed to CoinDesk that his company is looking to tap a small number of clients for a fundraising round valuing the firm at $4 billion. “There is presently a limited time opportunity available to a very small, select number of clients to purchase Kraken shares” at a $4 billion valuation with a $100,000 minimum, he told CoinDesk via email. The general public will not have access to…

The Crypto Insurance Market May Total $6 Billion. That’s Nowhere Near Enough

As Wall Street raises the stakes around cryptocurrency, large institutional players are circling this new asset class and bringing with them their own set of requirements. For example, there’s a need for qualified custodians to hold the assets these big-money investors will trade, as in the traditional, regulated financial realm. But a less-discussed yet critical condition for making institutions feel at home is providing adequate insurance against theft for all those custodied assets. The problem is that there’s not enough of this insurance to go around. While insurance is an…

$6 Billion Wiped Out of Crypto Market in 48 Hours: Where to Next?

Twitter Facebook LinkedIn Over the last 48 hours, since November 7, the global crypto market has lost $6 billion of its valuation as it dropped from $220 billion to $214 billion, while Bitcoin remained stable. On November 6, major cryptocurrencies including Bitcoin Cash (BCH), Ripple (XRP), Ethereum (ETH), Stellar (XLM), and Cardano (ADA) recorded large gains in the range of 5 to 30 percent, as BCH surged by around 40 percent within a two-day span. Subsequent to demonstrating a significant increase in value, most major cryptocurrencies retraced, which was expected…

Crypto Market Surges in Daily Volume to $13 Billion, Renewed Optimism

Twitter Facebook LinkedIn Over the past three days, the volume of major cryptocurrencies and the rest of the crypto market has increased substantially, from around $10 billion to $13 billion. Bitcoin, in particular, has seen a large increase in volume from $3.1 billion to $4.3 billion within a week, by more than 40 percent. Led by the positive price movement of Bitcoin and its noticeable increase in volume, the value of other major cryptocurrencies like Stellar (XLM), Cardano (ADA), and Tron (TRX) has increased by the range of 3 to…

Bitcoin Cash Volume Surges 7x to $1.4 Billion, Crypto Market Recovering

Twitter Facebook LinkedIn Major cryptocurrencies including Ethereum, Bitcoin Cash, and Litecoin have increased by more than 5 percent in value over the last 24 hours. The cryptocurrency market has started to demonstrate signs of recovery, as the daily trading volume of large digital asset trading platforms has increased over the past week. The volume of Bitcoin, led by an abrupt surge in volume in the cryptocurrency exchange market of South Korea and the BTC-to-KRW trading pair, increased from $3.1 billion to $4.4 billion within a span of seven days, increasing…

EOS Rises 5% as Tokens Record Big Gains, Crypto Market Adds $2 Billion

Twitter Facebook Tokens and several major cryptocurrencies such as EOS have demonstrated strong short-term momentum over the last 24 hours, pushing the valuation of the crypto market to $206 billion. The volume of Bitcoin, which declined to the mid-$3 billion region, recovered to $4.2 billion, showing a clear increase in trading activity across major cryptocurrency exchanges. Affected by the increase in the volume of Bitcoin, tokens and digital assets such as Loom, Status, Bancor, WaltonChain, Pundi X, OmiseGo, and Zcash recorded gains in the range of 8 to 20 percent,…

Tether’s Market Cap Has Dropped by More than $1 Billion in October

Twitter Facebook LinkedIn Tether (USDT), the embattled cryptocurrency token whose value is purportedly backed by US dollars, continues to see massive outflows as it struggles to maintain USD parity amid rising competition from other stablecoins launched by some of the crypto industry’s biggest names. Blockchain data from Omni Explorer shows that yesterday, on Oct. 30, Tether Limited redeemed another 100 million units of USDT, reducing the outstanding supply to about 1.8 billion. Source: Omni Explorer Since the beginning of October, Tether has redeemed a staggering 990 million tokens, more than…