Bitcoin Price Heading for Biggest Yearly Loss Ever
Bitcoin’s price drop in the last few weeks has now put the cryptocurrency on track for its biggest yearly loss ever. Just 3 weeks ago, the world’s number one cryptocurrency was trading at a price of $6300 per token, which was already 54% lower than its all-time high in December 2017, when the asset touched $20,000.
On November 14, the Bitcoin fell below the critical 21-month Exponential Moving Average (EMA), thereby indicated another sell-off.
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$7 Million of Monthly Trade Volumes are Pump & Dump Schemes
According to a recent study done by Researchers Jiahua Xu and Benjamin Livshits from the Imperial College London, about $7 million of all trading volume could be attributed to pump and dump schemes. Pump and dump schemes are a type of securities fraud that are now prevalent in the cryptocurrency market too.
Despite the fact that the crypto market is slumping and token prices are at new lows, trading volumes remain high at around $14 billion. Data shows that the pump and dump scheme that Xu and Livshits have revealed accounts for only 0.49% of the total trading volume.
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German Businesses Find Blockchain Tech Revolutionary
According to a recently conducted survey by the Bitkom (German Federal Association for Information Technology, Telecommunications and New Media), about one-third of all German big businesses think that Blockchain technology is as impactful as the internet.
The survey report states that, along with Artificial Intelligence and the Internet of Things, Blockchain tech is one of the areas of development that has huge potential. In this survey about 15% of the respondents feel that Blockchain can change society as well as the economy the same way the internet did.
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Total Market Cap: Dec 06
In the last 24 hours, the crypto market’s capitalization has dropped by about $2 billion to a current $123.03 billion. Trading volumes in the market are at $15.29 billion.
Bitcoin Price Analysis: Dec 06
Bitcoin is now to $3853.49, a 1.22% slip since yesterday. The digital asset’s market valuation is now $67.08 and volumes in trading are at $5.61 billion.
Ethereum Price Analysis: Dec 06
The price of Ether is now at $103.36, another 4.53% drop in the last 24 hours. The number two altcoin’s value in the market is now $10.71 billion with trading volumes of $2.15 billion.
State of the Top 10 Cryptocurrencies: Dec 06
20% of the top ten cryptocurrencies are trading in the green. Surprisingly, Bitcoin SV is up by 3.64% and TRON has re-entered the top ten list by ousting Cardano. TRON is currently trading up by 0.36%. The rest of the top ten assets are still trading down, with the biggest loser being once again Bitcoin Cash, which is down by yet another 10.59%. EOS is trading down by 5.98% and Stellar is the third biggest loser, down by 5.82%.
- Bitcoin’s trading price is $3853.49, dropping 1.22% since yesterday. The asset is now worth $67.08 billion.
- Ripple’s trading price is $0.341046, dropping 2.41% since yesterday. The asset is now worth $13.75 billion.
- Ethereum’s trading price is $103.36, dropping 4.53% since yesterday. The asset is now worth $10.71 billion.
- Stellar’s trading price is $0.138087, dropping 5.82% since yesterday. The asset is now worth $2.64 billion.
- Bitcoin Cash’s trading price is $127.69, dropping 10.59% since yesterday. The asset is now worth $2.23 billion.
- EOS’s trading price is $2.21, dropping 5.98% since yesterday. The asset is now worth $2 billion.
- Tether’s trading price is $0.997445, dropping 0.22% since yesterday. The asset is now worth $1.85 billion.
- Litecoin’s trading price is $29.83, dropping 2.71% since yesterday. The asset is now worth $1.77 billion.
- Bitcoin SV’s trading price is $90.95, rising 3.64% since yesterday. The asset is now worth $1.58 billion.
- TRON’s trading price is $0.014401, rising 0.36% since yesterday. The asset is now worth $952.56 million.