The State of The Market — December 7, 2018BTC: $3,417.08 (-9.58%)XRP: $0.302333 (-10.20%)ETH: $85.75 (-14.36%)
The crypto market has once again crashed today, taking Bitcoin to a new low of $3,379. This is lowest Bitcoin has been in 2018 after reaching a high of $20,000. Along with it, the entire Crypto market crashed, wiping out more than $16 Billion in the last 24 hours. Most cryptocurrencies are down by double-digit percentages, except Bitcoin Cash SV which is up by 10%. Ethereum failed to hold on to its support at $100 and crashed to a low of $83.50.
In other news, the adoption of Bitcoin’s lightning network has gone up by 1,600% since February 2018. The network’s total market capitalization has increased from 4 BTC to more than 450 BTC. Also, Morgan Creek Digital is betting $1 Million that cryptocurrencies will outperform the S&P 500 over the next ten years. Its founder Anthony Pompliano has invited investors to bet against Bitwise Asset Management’s Digital Asset Index Fund that contains Bitcoin, Ethereum, Bitcoin Cash, EOS, Litecoin, Monero, Zcash, Dash, IOTA, and NEM.
1) The U.S. Securities and Exchange Commission (SEC) has once again delayed the decision on VanEck-SolidX Bitcoin ETF, a rule change proposal allowing the country’s first BTC exchange-traded fund. Reportedly, the commission has extended the ETF review period and pushed the decision deadline to February 27, next year. Reportedly, the proposal was submitted by blockchain startup SolidX and VanEck, a money manager. (Read More)
2) Bitcoin SV just officially passed Bitcoin Cash in market capitalization ($1.88 billion vs $1.78 billion) after gaining over 21% on Thursday. BSV’s volume over the past 24 hours reportedly is north of $168 million, essentially doubling BCH’s volume over the same period. Besides, Bitcoin SV is the lone gainer in a sea of red today. Bitcoin Cash SV is at the 5th spot now, while Bitcoin Cash has fallen down to 7. (Read More)
3) ConsenSys is laying off 13% of its current staff of 1,200 employees as part of its new business strategy. As the crypto bear market continues in what many are calling the ‘Crypto Winter,’ many companies that once had overfull war chests now find themselves searching for funding. This period could shake out the less viable projects so that as the market begins to recover, legitimate projects can take center stage and begin mass adoption. (Read More)
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