- Crypto Recap March 6: BTC Sellers Take Control, Support at $10k Back in Focus
A reality check for crypto traders, as the return of Bitcoin sellers sent a reminder of the state of affairs in the market. An environment dominated by unconvincingly feeble buy-side interest as we’ve been flagging up in recent times, with Google searches for Bitcoin and other related keywords at depressed levels, where a Bitcoin transaction takes one block to confirm and with a network value assigned to Bitcoin incongruent to the number of transactions currently going through the network.
It looks as though the damage done to the multitude of retail accounts buying into the hype of the irrational exuberance in December has forced many to jump ship on the idea of re-engaging in buying cryptos even at current discounted prices. Throw into the mix the unclear regulatory landscape, and the absence of sufficient institutional capital flows, not yet coming in the amounts to make a distinctive difference, and it’s easier to understand why the overall interest in cryptos has been on the decline.
Scanning through the top cryptos, as repeatedly mentioned, Bitcoin remains the magnet the rest of the Alts complex follows, and as a result, the 6% drop in BTC value led to similar negative percentage moves, with the exception of Vechain, up 4%. The total market value saw a slide from near $470b to currently stand at $440b. Despite the reduction in Bitcoin prices, the asset’s dominance holds steady above the 40%, highest in 2018, which firms up the notion of a Bitcoin cycle phase.
*Headlines below are listed in chronological order, as seen in CoinLive News Terminal
Top Headlines Industry / Regulations
- Coinbase: No Decision to List New Assets in GDAX or Coinbase — Coinbase has responded to market speculation about Ripple getting listed on the exchange.
- TrueUSD, First Legally-Backed Stable Cryptocurrency, Live on Bittrex — According to Bittrex, TrueUSD (TUSD) is now live on the exchange.
- South Korea: Mandatory ‘Real Name’ System Not Enforced Even After a Month — Currently, only 19% of all virtual accounts have been converted to the real-name system.
- Huobi Pro to Promote ONT Trading by Giving Away 2 Million ONT — The Crypto Exchange, Huobi Pro has announced that it will support trading of Ontology (ONT) tokens from March 8.
- Brazil Clamps down on Crypto Regulation — The Securities and Exchange Commission, Brazil’s regulatory body has moved to block bitcoin mining investments.
- Coinbase Acquires Former LinkedIn Executive — Coinbase recently hired former LinkedIn Executive Emilie Choi as ice President of Corporate and Business Development.
- Austrian Financial Watchdog Recommends Cautious Approach Toward Cryptos — The FMA has recommended that “banks should treat cryptocurrency transactions as suspicious until proven otherwise.”
- EU to Boost Fintech Support — The European Commission will be proposing “a draft law on crowdfunding and forge common blockchain technology standards” to help boost fintech support in EU.
- Canadian Crypto Exchange to Assist Government Battle Drug Traffic — Einstein, a cryptocurrency exchange based in Canada will help the government fight the fentanyl epidemic.
- Russia’s Putin Gives Directives on Legalization of Crypto Markets by July: Two separate drafts on the regulation of cryptocurrency markets have been prepared by the Central Bank and the Finance Ministry.
- Grayscale Investments Launches New Fund with Four Additional Cryptos — Grayscale has introduced The Digital Large Cap Fund which consists of BTC, ETH, XRP, LTC, and BCH.
- US Treasury Official: ICOs Must Comply with Bank Secrecy Act — A letter reveals the Financial Crimes Enforcement Network’s (FinCEN) approach to virtual currency financial activities.
Top Headlines Crypto-Asset Fundamentals
- Vertcoin Monthly Development Update — Feb 2018 — On Mar 6th, the Vertcoin Dev team released their monthly development update for the month of Feb 2018.
- Tel-Aviv FinTech Week: Features Heads of Stellar and e-Toro — Stellar’s CO-Founder Jed McCaleb and Yoni Assia, CEO of eToro, discussed the trends in fintech, Blockchain technology & Cyber-security.
- US Marshals Service to Auction $25 Million Worth Seized BTC — The US Marshals Service has announced that it will auction around 2,170 BTC that were seized from various federal and criminal cases.
- ZCash’s Future Post-Overwinter Hard-Fork — Zooko Wilcox gave the latest on ZCash to Eric Meltzer’s PoW newsletter.
- Podcast with Litecoin Founder, Charlie Lee: All About LTC — Lee talks in detail about the latest progress and developments at Litecoin, Litecoin Cash, Bitcoin Gold, and Bitcoin Cash.
- Monero to Have Larger Ring Sizes for Increased Protection — Monero’s Riccardo “Fluffypony” Spagni just shared some interesting Monero updates with Eric Meltzer’s PoW newsletter.
- NEO Council Clarifies Latest Rumours — Da Hongfei, Founder of NEO, addresses the controversy surrounding dBFT (Delegated Byzantine Fault Tolerance) in an official statement.
- Sia v1.3.2-rc2 Is Out — The 2nd release candidate has loads of bug fixes and optimization for the recently implemented download overhaul.
- Stellar Update: Jed McCaleb Gives Presentation in Tel Aviv Meetup — Stellar is planning to organize a Kik AMA on Thursday and a monthly newsletter with all their updates will be going out this week.
- Charles Hoskinson Gives an “Update on Update” — IOHK CEO and Cardano founder Charles Hoskinson went live on Twitter to give an update on the Cardano update.
- IOTA gets Network and Wallet Upgrades — IOTA users got a double-delight from the company yesterday.
- Waltonchain Subsidiary Signs Strategic Partnership with Alibaba Cloud — Waltonchain has announced that its subsidiary Xiamen ZhongChuan IoT Industry Research Institute has teamed up with Aliyun.
- VeChain Presents Rewards Program for Early Supporters: X Nodes — The VeChain Foundation has shared the details of the Economic X Nodes Program, a program to reward the early supporters.
Key Events on Top Cryptos for Mar 7 (Wed)
- Aion (AION) — Meetup in Cape Town
- Binance Coin (BNB) — Vietnam Blockchain Week in Ho Chi Minh City
- BitConnect (BCC) — Livecoin Trading Platform Delisting
- Cardano (ADA) — Vietnam Blockchain Week in Ho Chi Minh City
- Ethereum (ETH) — Airdrop Registration for ETH Holders Ends
- INS Ecosystem (INS) — Retail Week Live in London
- Nebulas (NAS) — Meetup in Ithaca
- NEM (XEM) — Vietnam Blockchain Week in Ho Chi Minh City
- SIRIN LABS Token (SRN) — Commercial Filming in Barcelona
- WaBi (WABI) — AMA on YouTube
- Waves (WAVES) — Bitcoin Wednesday in Amsterdam
Main Gainers / Losers Top 100 Coins
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- Date of publication:
- Tue, 03/06/2018 - 17:45
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