Bearish Sentiments and Fear of Another Mt.Gox

The State of the Market: Yesterday the cryptocurrency market dropped by $10 billion as Bitcoin succumbed to bearish sentiments and Ethereum followed by spending the remainder of the trading session below $200. Bitcoin’s pullback was expected as technical indicators showed bears having an advantage and bullish exhaustion could be observed primarily from a lack of purchasing volume. Bitcoin volume has dropped noticeably and rumors of another Mt.Gox bitcoin sell-off could be leading investors to take profits from the most recent Bitcoin rally from $6,121 to $6,597. The same could be said for Ethereum, which rallied from $167.50 to $228 last week. Currently the cryptocurrency market capitalization stands at $200 billion.

1) Ripple (XRP) has defied the bearish market trend and posted a 15% gain as the news of Saudi Arabian banks trialling Ripple protocol emerges. XRP rose from $0.27 to $0.33 over the past 24-hours. To date, 112 banks have expressed interest in utilizing Ripple protocol to upgrade legacy banking systems. Ripple has yet to describe exactly which product Saudi Arabian banks will use but yesterday a company representative suggested that XRapid will go live within the next month. XRapid assists banks in making lightening quick transactions by using XRP cryptocurrency. (Read More.)

2) CoinMarketCap, a leading website which provides real-time data on cryptos, might begin allowing its users to vote on the projects that should be listed on the website. The site, which is among the top 300 websites globally which are frequently visited, conducted a survey on Twitter to determine the interest of users in voting on listings. 62% of the respondents were interested, while 10% did not like this idea. The survey could be a new way to ensure trust and transparency in a market filled with fake volumes and wash trading. (Read More.)

3) Fidelity Investments is planning on unveiling more crypto and blockchain products before the year-end. This was revealed by Abigail Johnson, the CEO of Fidelity, during an event in Boston. The CEO, however, did not give many details on the projects that they are working on. Fidelity is one such company that has been spearheading the widespread adoption of crypto. Through Fidelity Charitable, in 2015, it enabled Bitcoin donations by philanthropists. Also, the firm has a crypto mining operation which is very profitable. (Read More.)

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