Market Update 4.11.18 – BOA Says Bitcoin Bubble Bursting
Market News
Bank of America Says Bitcoin Bubble Bursting
A team of research analysts led by Michael Hartnett at Bank of America Merrill Lynch (BAML) is stating that the greatest asset price bubble in history is now finally bursting.
The cryptocurrency market, which has dropped by more than 60% since December of 2017, is proof that this bubble is done, according to the team. The members of the research team prepared a chart, comparing Bitcoin’s price movement with other famous bubbles – the Mississippi Company as well as the South Sea Company in the 1900s, the Dutch Tulip mania in 1637 and so on – showing similarities between them.
Read the full story here.
Bitfinex Contesting Allegations of Money Laundering in Poland
Last week, Bitfinex made the news for all the wrong reasons – it was being implicated in a money laundering case in Poland. However, the cryptocurrency exchange is now pushing back against these allegations. The company said that it conducted an internal investigation and found no truth to these claims.
Bitfinex said that the company had not found any relationship between the accounts allegedly linked with the Belgian government fraud or the Columbian drug cartels to their operations in the Poland.
Read the full story here.
Ledger Users Seem Unable to Access BCH Funds
According to user comments on Reddit, the Ledger Wallet platform is having issues because of which some users are facing problems with their Bitcoin Cash funds. According to the posts, some users are unable to use BCH in transactions, while others are complaining that they can’t see their Bitcoin Cash balances.
Ledger Wallet has posted an active incident report about these issues. Ledger has assured its users that their funds are safe and that in case of an emergency, they can use the software wallet Electron Cash to withdraw their funds.
Both the company’s Chief Executive Officer Eric Larcheveque and the Chief Technology Officer Nicholas Bacca have said that they are following up on the problem and were trying to fix it as soon as possible.
Read the full story here.
Total Market Cap: Apr 11
Trading volume for the last 24 hours remains around the same at $11.16 billion, while the crypto market’s capitalization inched up again to touch $265.80 billion.
Bitcoin Price Analysis: Apr 11
Bitcoin’s price went up by 0.93% to trade at $6848.49 in the last 24 hours. The digital currency’s trading volume has been about $4.24 billion, and its market value is now $116.21 billion.
Ethereum Price Analysis: Apr 11
Ethereum’s price gained by 4.07% to $416.95 in the past 24 hours. Trading volume for ETH is $1.28 billion and market cap for it is $41.17 billion.
State of the Top 10 Cryptocurrencies: Apr 11
In the last 24 hours, nine out of the top ten cryptocurrencies have shown an upward movement in their token prices. The only exception is Litecoin, however, that altcoin only showed a marginal 0.24% drop in the last one of trading at the time of writing.
- Bitcoin gained 0.93% to trade at a price of $6848.49. BTC’s market cap is currently $116.21 billion.
- Ethereum gained 4.07% to trade at a price of $416.95. ETH’s market cap is currently $41.17 billion.
- Ripple gained 0.6% to trade at a price of $0.490473. XPR’s market cap is currently $19.17 billion.
- Bitcoin Cash gained 1.95% to trade at a price of $651.20. BCH’s market cap is currently $11.11 billion.
- Litecoin fell 0.24% to trade at a price of $114.14. LTC’s market cap is currently $6.39 billion.
- EOS gained 8.21% to trade at a price of $6.32. EOS’s market cap is currently $4.97 billion.
- Cardano gained 3.18% to trade at a price of $0.154914. ADA’s market cap is currently $4.01 billion.
- Stellar gained 1.27% to trade at a price of $0.200266. XLM’s market cap is currently $3.71 billion.
- NEO gained 6.87% to trade at a price of $54.40. NEO’s market cap is currently $3.53 billion.
- IOTA gained 2.74% to trade at a price of $1.02. MIOTA’s market cap is currently $2.83 billion.