Market Update 11.22.18 – Kerner Compares Crypto Slump to Dot Com Crash
Kerner Compares Crypto Slump to Dot Com Crash
Venture capital firm CryptoOracle partner Lou Kerner, in an interview with CNBC stated that the current cryptocurrency market slump could be compared to the Dot Com crash that took place in the early 2000s. On the Worldwide Exchange show, Kerner said that the stronger coins should be viewed like the technology companies that survived the Dot Com crash.
Kerner gave the example of Amazon.com, saying that the online retail giant, which today is one of the greatest companies ever created, lost 95% of its market value for over 2 years before it began the process of recovery. Today, Amazon.com is only the second American company to reach a market valuation of $1 trillion.
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Silvergate Bank Almost 500 Crypto Clients
As a part of its IPO (Initial Public Offering) filing with the US SEC (Securities and Exchange Commission), the parent company of Silvergate Bank, Silvergate Capital revealed its relationships with the crypto industry. According to that filing, the bank now is serving 483 cryptocurrency related startups as part of its client base. As of quarter 3 of 2018, these crypto clients have a total of $1.7 billion invested in non-interest-bearing deposits.
In September of 2017, the bank had only 114 crypto clients. This means that there has been a 323% increase in the number of crypto related companies banking with Silvergate Bank.
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Santandar and BBVA Join IATBA
The two Spanish banking groups, Banco Santandar and BBVA have joined the European Union’s IATBA (International Association for Trusted Blockchain Applications). Representatives from the two banking groups were invited to attend the EU Blockchain roundtable in Brussels. They are among the first 5 banks to have been invited to join the IATBA.
The IATBA is an initiative that is being promoted by the European Blockchain Partnership in an effort to create a Blockchain services infrastructure in Europe which will support cross-border digital public services. However, the main aim of the organization will be to create EU regulations for the nascent industry and also prepare for the launch of region-wide Blockchain based applications.
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Total Market Cap: Nov 22
The cryptocurrency market’s valuation has risen slightly since yesterday to $149.48 billion and its trading volumes have dropped to $16.35 billion.
Bitcoin Price Analysis: Nov 22
Bitcoin’s price is inching up once again, and is currently trading at $4572.87. Its market value has also gone up to $79.51 billion and trading volumes are at $5.65 billion.
Ethereum Price Analysis: Nov 22
The price of Ethereum has recovered slightly to trade at $135.36, a 1.60% increase, and its market value has also increased to $13.98 billion. The cryptocurrency is currently experiencing trading volumes of $2.44 billion.
State of the Top 10 Cryptocurrencies: Nov 22
Yesterday, BCH was the only crypto up in the top ten list. And today, BCH is the only crypto down in the top ten list. All the other top cryptos are in the green. The biggest gainers are LTC, which went up by 3.61%, ADA, which gained 2.88% and XMR, which has risen by 2.37%.
- Bitcoin’s price is $4572.87, gaining 0.86%. The valuation of the cryptocurrency is$79.51 billion.
- Ripple’s price is $0.443819, gaining 0.54%. The valuation of the cryptocurrency is$17.89 billion.
- Ethereum’s price is $135.36, gaining 1.60%. The valuation of the cryptocurrency is$13.98 billion.
- Bitcoin Cash’s price is $231.89, losing 1.32%. The valuation of the cryptocurrency is$4.05 billion.
- Stellar’s price is $0.200359, gaining 0.45%. The valuation of the cryptocurrency is$3.83 billion.
- EOS’s price is $3.80, gaining 1.44%. The valuation of the cryptocurrency is$3.44 billion.
- Litecoin’s price is $34.53, gaining 3.61%. The valuation of the cryptocurrency is$2.04 billion.
- Tether’s price is $0.986788, gaining 0.83%. The valuation of the cryptocurrency is$1.78 billion.
- Cardano’s price is $0.047260, gaining 2.88%. The valuation of the cryptocurrency is$1.22 billion.
- Monero’s price is $69.51, gaining 2.37%. The valuation of the cryptocurrency is$1.15 billion.