Market Update 12.22.18 – Nvidia Worst Performer on S&P 500
Market News
Nvidia Worst Performer on S&P 500
The plunge in profitability in cryptocurrency mining has hit GPU (graphics processing unit) producers such as Nvidia badly. The Taiwan-based company saw its shares plunge due to sell-offs in the fourth quarter thanks to the huge drop in sales of its GPUs. Nvidia’s stock price has dropped by 54%, making it the worst performer on the S&P 500 Index.
Nvidia’s market capitalization jumped from $14 billion in 2016 to $175 billion by September 2018, thanks to a massive jump in demand for its GPUs for cryptocurrency mining.
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Bakkt Launch May be Postponed Again
ICE (Intercontinental Exchange) is likely to postpone the launch of Bakkt, the Bitcoin futures custody and trading platform, for a second time. The company had already postponed the launch date to January 24, however the company has not yet received the required approvals from the CFTC (US Commodity and Futures Trading Commission).
A person who was familiar with the processes at the CFTC stated that it was possible that the approvals would come through by January 30, so the launch would be delayed by just a few days.
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Bitfinex Launches Margin Trading for Tether
According to an official blog post, the cryptocurrency exchange Bitfinex is now introducing margin trading for Tether (TUSD), the stablecoin. Margin trading for the USTD/USD pair is expected to garner more efficient price discoveries and will also allow traders to hedge the exposure on the stablecoin. The blog post further states that users will be able to use Tether as collateral for margin positions.
At this point, stablecoin margin trading will only be available for the USTD/USD pair. However, Bitfinex is planning to launch margin trading for other stablecoins in the future. The one thing that the exchange is waiting for is for these stablecoins to reach a certain level of liquidity.
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Total Market Cap: Dec 22
The crypto market’s capitalization slipped in the last 24 hours down to $127.79 billion and trading volumes are currently at $19.17 billion.
Bitcoin Price Analysis: Dec 22
Bitcoin once again has slipped below $4k to trade at a price of $3897.73, which is a 3.97% drop since yesterday. Capitalization of the crypto is now at $69.96 billion and trading volumes are $6.14 billion.
Ethereum Price Analysis: Dec 22
Ether is down by 4.97% since yesterday to trade at a price of $109.47 billion. The altcoin’s market value is down to $11.37 billion and trading volumes are $2.24 billion.
State of the Top 10 Cryptocurrencies: Dec 22
In a sea of red, TRON is the only crypto in the top ten list that is in the green. The crypto’s price has jumped another 8.75% since yesterday. Of the other top cryptos, the biggest losses are currently being experienced by Bitcoin SV, whose volatility continues and which is now down by 14.72%. Bitcoin Cash follows with a 9.59% drop in its price and the third biggest loser is Ethereum, which lost 4.97%.
- Bitcoin’s price is $3897.73, losing 3.97%. Market cap for the crypto is currently $69.96 billion.
- Ripple’s price is $0.356448, losing 3.57%. Market cap for the crypto is currently $14.54 billion.
- Ethereum’s price is $109.47, losing 4.97%. Market cap for the crypto is currently $11.37 billion.
- Bitcoin Cash’s price is $194.70, losing 9.59%. Market cap for the crypto is currently $3.41 billion.
- EOS’s price is $2.58, losing 3.17%. Market cap for the crypto is currently $2.33 billion.
- Stellar’s price is $0.120035, losing 3.72%. Market cap for the crypto is currently $2.29 billion.
- Tether’s price is $1.01, losing 0.54%. Market cap for the crypto is currently $1.88 billion.
- Bitcoin SV’s price is $106.43, losing 14.72%. Market cap for the crypto is currently $1.86 billion.
- Litecoin’s price is $30.86, losing 2.64%. Market cap for the crypto is currently $1.84 billion.
- TRON’s price is $0.020655, gaining 8.75%. Market cap for the crypto is currently $1.37 billion.