Market Update 8.10.18 – NBER Says Google Searches Can Forecast Crypto Prices
NBER Says Google Searches Can Forecast Crypto Prices
The National Bureau of Economic Research (NBER) published a study conducted by Yale University economists Aleh Tsyvinski and Yukun Liu, according to which cryptocurrency prices do not move the way traditional stock prices do. The paper used Coindesk’s trackers for Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) prices as their data source.
The study also incorporated data from search forums such as Google and social media sites such as Twitter, and found that there was a statistical correlation between the number of searches and the price of the cryptocurrencies they researched.
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Binance Unveils its New DEX
Binance, one of the largest cryptocurrency exchanges by trading volume, unveiled its platform’s new decentralized exchange (DEX) on Thursday. The exchange had announced in March this year that it was planning to launch a new public decentralized exchange so that the company could develop its own blockchain called the Binance Chain.
This platform would enable users to trade in and transfer various cryptocurrencies without having to go through a centralized exchange operator. Thus, this week, the exchange’s Chief Executive Officer Changpeng Zhao gave the first demo of the Binance Decentralized Exchange.
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Cryptocurrency Market Showing Some Green
The cryptocurrency market’s madness continues as the market finally sees some green after a disastrous week of losses. The market’s capitalization had fallen to $219 billion on August 8, which is the lowest it has been since November 2017.
Many attributed the recent decision by the US SEC to postpone its decision about approving a high profile Bitcoin ETF. Dogecoin’s creator Jackson Palmer feels that there is a trend with regard to the market declines. He pointed to data that showed a downtrend in daily rates of transactions for BTC, ETH and XRP. He also showed data that revealed declines in DApps usage.
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Total Market Cap: August 10
Trading volume in the crypto market is lower than yesterday’s at $12.75 billion, as is the market capitalization, which is currently at $226.98 billion.
Bitcoin Price Analysis: August 10
Bitcoin’s price finally gained 1.71% in trading since yesterday to its current price of $6466.99. The volume of trading in BTC is $4.29 billion and its value is now $111.23 billion.
Ethereum Price Analysis: August 10
Ethereum is down by 0.55% to a price of $361.59. ETH’s volume of trading is $1.61 billion and its value in the market is $36.60 billion.
State of the Top 10 Cryptocurrencies: August 10
After a disastrous few days, the cryptocurrency market finally shows signs of turning things around. In trading so far, the top 10 cryptocurrencies have shown a mixed bag of performances. BTC is up by 1.71% but ETH is down by 0.55% in the last 24 hours. The biggest market gains are by Stellar, which is up 7.39%.
- Bitcoin gained 1.71% to a trading price of $6466.99. The cryptocurrency’s market value is now $111.23 billion.
- Ethereum declined 0.55% to a trading price of $361.59. The cryptocurrency’s market value is now $36.60 billion.
- Ripple declined 3.69% to a trading price of $0.339757. The cryptocurrency’s market value is now $13.35 billion.
- Bitcoin Cash gained 2.98% to a trading price of $602.39. The cryptocurrency’s market value is now $10.41 billion.
- EOS gained 1.23% to a trading price of $5.72. The cryptocurrency’s market value is now $5.18 billion.
- Stellar gained 7.39% to a trading price of $0.219326. The cryptocurrency’s market value is now $4.11 billion.
- Litecoin declined 0.2% to a trading price of $62.71. The cryptocurrency’s market value is now $3.62 billion.
- Cardano gained 3.36% to a trading price of $0.122428. The cryptocurrency’s market value is now $3.17 billion.
- Tether gained 1.94% to a trading price of $1.01. The cryptocurrency’s market value is now $2.41 billion.
- IOTA gained 0.09% to a trading price of $0.630825. The cryptocurrency’s market value is now $1.75 billion.