Market Update 11.16.18 – Nvidia: Demand for GPUs for Crypto Mining Gone

| Publish date: 11/16/2018

Market News

Nvidia: Demand for GPUs for Crypto Mining Gone

Nvidia released its third quarter earnings results on November 15, which revealed that the demand for the company’s GPUs (Graphic Processing Units) by cryptocurrency miners has more or less dried up.

The Founder and Chief Executive Officer of Nvidia, Jensen Huang stated that the tech company’s short term results show that there is excessive inventory in the GPU crypto-mining channel, which the company will now correct. What this means is that at the peak of the cryptocurrency boom in 2017, the frenzy drove prices sky high for Nvidia’s gaming GPUs. However, once the craze died down and few people were mining for cryptocurrencies, the prices of the GPUs did not go down fast enough to attract other customers.

Read the rest of the story here.

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Binance Tells Iranian Traders to Withdraw Crypto

Binance has told its customers in Iran to withdraw their cryptocurrencies as the crypto exchange needs to comply with international sanctions against the country. The exchange sent out an email to all its remaining Iranian users, asking those who still had an account with Binance and fell into the “Sanctions” category to remove their assets as soon as possible.

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According to the Chairman of the Blockchain Association of Iran, Sepehr Mohamadi, such emails have been coming in for the last few months, however, recently, their numbers have gone up.

Find out more here.

OmiseGo Partnering with MVL to Test Blockchain

OmiseGo, the Ethereum based payments platform, has teamed up with MVL (Mass Vehicle Ledger), the Blockchain protocol behind the popular ride hailing app in Singapore, TADA. According to the press release by the two firms, they will be working together to research Blockchain technology.

OmiseGo and MVL will work together to develop a Proof-of-Concept (PoC) to assess whether the OMG Network, which is decentralized, can be used for MVL’s record keeping system. During this part of the project MVL will record all its data on the OMG Network.

Read the rest of the details here.

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Total Market Cap: Nov 16

The capitalization of the market is still down, losing another $1.78 billion to a current $184.20 billion. The trading volumes have gone down to $19.81 billion, down $4.91 billion since yesterday.

Bitcoin Price Analysis: Nov 16

The price of Bitcoin has slipped a little further in the last 24 hours, currently trading at $5579.31 per token, a 1.35% slide since yesterday. The world’s number one cryptocurrency is now valued at $96.95 billion and trading volumes have dropped since yesterday to $6.59 billion.

Ethereum Price Analysis: Nov 16

Ethereum continues to stay in third place, being overtaken by Ripple. The token is currently priced at $178.94, dropping another 0.18% since yesterday. The market cap of the crypto is now at $18.47 billion and its trading volumes are at $2.47 billion.

State of the Top 10 Cryptocurrencies: Nov 16

While the overall market value has still slipped, individual cryptocurrencies are showing signs of recovery from yesterday’s massive sell out. Of the top ten cryptocurrencies, Ripple (up by 2.95%), Stellar (up by 4.31%), EOS (up 0.85%) and Tether (up 0.01%) are now in the green. Ethereum is still in the number three spot, with Ripple having overtaken it as the world’s number 2 cryptocurrency.

  • Bitcoin’s price is $5579.31, falling 1.35%. Its value is $96.95 billion.
  • Ripple’s price is $0.474146, rising 2.95%. Its value is $19.09 billion.
  • Ethereum’s price is $178.94, falling 0.18%. Its value is $18.47 billion.
  • Bitcoin Cash’s price is $417.17, falling 5.54%. Its value is $7.28 billion.
  • Stellar’s price is $0.241744, rising 4.31%. Its value is $4.57 billion.
  • EOS’s price is $4.63, rising 0.85%. Its value is $4.19 billion.
  • Litecoin’s price is $43.11, falling 0.12%. Its value is $2.55 billion.
  • Tether’s price is $0.983436, rising 0.01%. Its value is $1.67 billion.
  • Cardano’s price is $0.061750, falling 0.32%. Its value is $1.60 billion.
  • Monero’s price is $88.21, falling 1.68%. Its value is $1.46 billion.

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