Market Update 12.30.18 – Bitmain CEOS Reportedly Retiring Soon
Market News
Bitmain CEOS Reportedly Retiring Soon
Jihan Wu and the Jenke Group will be reportedly soon retire as CEOs of leading mining ASIC producer Bitmain. Rumors about their departure were reported by Chinese local media recently. The publication quotes an unnamed source familiar with the situation that the firm is currently in a transition period. Furthermore, it is also reported that employees allegedly were not optimistic about the outcomes of the double-CEO system.
Interestingly, their successor is supposedly surnamed Wang, without providing further information. In mid-November, it was reported that Wu would no longer be able to influence corporate decisions at the mining manufacturer, alleging that he had been demoted from the position of director to that of supervisor.
Read the full report here.
Nvidia Faces Lawsuit Over Crypto Mining Crash
Graphics processing unit (GPU) producer Nvidia is facing a class action lawsuit over the losses reported by the company when lower crypto prices diminished demand for GPUs by miners. The complaint states that “the Company made false and misleading statements to the market.” Namely, according to the announcement, Nvidia “touted its ability to monitor the cryptocurrency market and make rapid changes to its business as necessary.”
The GPU producer also declared:
“Any drop off in demand for its GPUs amongst cryptocurrency miners would not negatively impact the Company’s business because of strong demand for GPUs from the gaming market.”
After the digital asset mining crash, Nvidia was the worst reported performer in S&P 500. After a massive sell-off of its shares, the stock price of the company fell by 54 percent.
Read the full report here.
Bitcoin Has Substantial Liberating Potential
The world’s leading cryptocurrency Bitcoin (BTC) has a substantial liberating potential, at least, this is what the American mainstream newspaper Time reports. The article claims that “speculation, fraud, and greed in the cryptocurrency and blockchain industry have overshadowed the real, liberating potential of Satoshi Nakamoto’s invention.”
According to the article’s author, Bitcoin “can be a valuable financial tool as a censorship-resistant medium of exchange.” Alejandro Machado, a cryptocurrency researcher at the Open Money Initiative, reportedly said that the fee on a wire transfer from the United States to Venezuela can be as high as 56 percent. To circumvent such conditions, Venezuelans have reportedly turned to cryptocurrency, receiving Bitcoin from their relatives abroad.
Read the full report here.
Total Market Cap: December 30
The volume of trade in the crypto market sat at $16.35 billion. The market’s capitalization, on the other hand, reached $129.08 billion.
Bitcoin Price Analysis: December 30
In the past 24 hours, Bitcoin fell 2.76% to trade at $3,832.47. The leading cryptocurrency’s trade volume trickled to $4.94 billion, while its market slid to $68.86 billion.
XRP Price Analysis: December 30
XRP’s price fell 4.06% to trade at $0.364606. As for the altcoin’s trading volume, it reached $575.78 million; whereas its market capitalization hit $14.87 billion.
State of the Top 10 Cryptocurrencies: December 30
In the past 24 hours, all prices were down except for Tether’s. Meanwhile, TRON continues to dethrone Cardano at the 10th spot.
- Bitcoin’s market price fell 2.76% to $3,832.47, and its value in the market is $66.89
- XRP’s market price fell 4.06% to $364606, and its value in the market is $14.87 billion.
- Ethereum’s market price fell 1.51% to $29, and its value in the market is $14.19 billion.
- Bitcoin Cash’s market price fell 08% to $159.95, and its value in the market is $2.81 billion.
- EOS’ market price fell 37% to $2.61, and its value in the market is $2.36 billion.
- Stellar’s market price fell 52% to $0.116944, and its value in the market is $2.24 billion.
- Tether’s market price jumped 0.06% to $1.03, and its value in the market is $1.91 billion.
- Litecoin’s market price fell 17% to $31.58, and its value in the market is $1.89 billion.
- Bitcoin SV’s market price fell 58% to $88.75, and its value in the market is 1.56 billion.
- TRON dethroned Cardano at the 10th spot, but its market price fell to 3.03% to $0.020037. As for its value in the market, it is $1.34 billion.