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  • About Me: Coinhere is a pioneer and global market leader in bringing together bulk buyers and sellers of Cryptocurrency. Coinhere provides its global institutional and private client base with the right match.
  • Favourite Tokens: Bitcoin (BTC), Cardano (ADA), EOS (EOS), Ethereum (ETH), Ripple (XRP), Stellar (XLM) and TRON (TRX).

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Crypto Markets Attempt Recovery, Bitcoin Circles $6,500 Support

Crypto markets are tentatively holding gains, as they stake their recovery from the week’s earlier plummet. On August 8, total market capitalization had shrunk to $219 billion - its lowest level since mid-November 2017 - but today has seen that figure peak as high as $233 billion.

Bitcoin (BTC) is attempting to hold the $6,500 support at press time, trading at around $6,485 and up a fraction of a percent on the day. The leading cryptocurrency has seen a 24-hour high around $6,610, but has been trading jaggedly over trading hours, briefly dipping as low as around $6,332, before spiking upwards to re-attempt $6,500. Weekly losses remain at a weighty 13.8 percent, yet on the month Bitcoin is up around two percent.

In an interview with CNBC, head of technical research at Renaissance Macro Research Jeff deGraff said that “game‐over” for Bitcoin is on the cards if BTC/USD break year-to-date support levels.

Ethereum (ETH) is currently trading around $360, losing around one percent on the day to press time. The altcoin’s attempt to break through to a higher price point were concentrated during early hours, spiking as high as $369 before dropping back below the $360 mark. The hours just before press time have seen another push upwards, yet these fleeting gains have failed to hold. Ethereum’s losses on its weekly chart are around a stark 13 percent, with monthly losses just under 18 percent.

On CoinMarketCap’s listings, the top ten crypto assets by market cap are mainly in the red, seeing losses no greater than six percent.

The most bullish performance on the day has come from Stellar (XLM), which is up about 3.2 percent to trade around $0.22 at press time. Stellar’s recovery from mid-week losses has been strong, particularly on the XLM/BTC charts.

At the other extreme, IOTA (MIOTA) is down about 6.5 percent to trade around $0.61 at press time. Earlier this week, the alt decoupled from the wider bearish market to claim short-lived growth before seeing its protracted decline.

Among the top twenty coins by market cap, Dash is seeing solid growth and is up almost four percent, rising to about $185 at press time, having pushed $191 earlier today. Most other cryptos are seeing price percentage change capped within a four percent range.

Total market capitalization of all cryptocurrencies is around $227 billion at press time, down slightly from its 24-hour peak around $233 billion. On the week, total market cap has shrunk by around $40 billion.

While individual cryptos stake their fortunes in the market, there has been new bullish developments for their underlying blockchain technology.

Australia’s largest bank announced it had been mandated by the World Bank to arrange a bond issue exclusively on a blockchain. Both banks expect that the tech will simplify capital raising and trading securities, speed up operations, and “enhance regulatory oversight.” The World Bank notably issues $50-60 billion in bonds per year for sustainable development in emerging economies.

Meanwhile, the logistics industry is responding to the news of the long-awaited launch of the global blockchain shipping solution that was unveiled this week by IBM and Maersk, dubbed “TradeLens.” The new jointly developed blockchain solution revealed 94 organizations involved and 154 million shipping events already captured, with its dataset reportedly growing at a rate of close to one million shipping events a day.

3 liked this

VENEZUELA: THE PRICE OF BITCOIN IS NOW DOUBLING EVERY 18 DAYS

The price of Bitcoin in Venezuela is now doubling roughly every three weeks as hyperinflation continues to plague the country. At the same time, Bitcoin trading volumes keep hitting record highs as people are scrambling for an exit.

86,857 PERCENT ANNUAL INFLATION RATE

Just a year ago, a cup of coffee in Venezuela would have cost you 2,300 bolivars. Today, however, according to Bloomberg’s Café Con Leche Index, you’d have to pay roughly around 2 million bolivars. What better way to exemplify the rampant inflation plaguing the country?

Unfortunately, it doesn’t stop there. The International Monetary Fund (IMF) projects that the inflation rate will hit the unparalleled 1 million percent by the end of 2018. In other words, at the current inflation rate, prices in the country are doubling roughly every 18 days.

The wide majority of the country’s citizens are reportedly living in poverty, having to spend astronomical amounts of money on simple day-to-day staples like flour, eggs, and bread.

BITCOIN TO THE RESCUE?

Bitcoinist reported earlier in June that hyperinflation is causing Bitcoin buying spree which marked new highs every week. This trend is not only continuing, but it’s growing at rampant rates. Since June, the weekly Bitcoin traded volumes have more than doubled, reaching upwards of 17 trillion bolivars worth of BTC this week alone according to coin.dance.

At the time of writing this, 1 BTC is worth a just under 1 billion bolivars, according to exchangerate.guru. Though the actual exchange rate in the country is unknown amid a thriving black market as the country’s central bank, Banco Central de Venezuela has become an unreliable source due to the hyperinflation.

The astronomic increase in the traded volumes of BTC in the country, however, signals that locals are looking for an alternative store of value. The constant appreciation of Bitcoin’s smallest unit called the “satoshi” against the Venezuelan bolivar is a prime example of the ultimate fate of fiat currencies.

As the hyperinflation goes on, Bitcoin adoption is only expected to further accelerate within the country.

3 liked this

2-Month Low: Bitcoin Price Drops Below $9K.

The price of bitcoin has fallen below $9,000 for the first time in more than 2 months.

As of press time, CoinDesk's Bitcoin Price Index (BPI) had hit a low of $8,932.89, a move that came hours after the market opened above $10,000. As previously reported, the price of bitcoin has seen significant volatility on Thursday as it fell below that figure.

The fall below $9,000 marks the lowest bitcoin has fallen since late November 2017, market data shows, when it first reached that milestone. As of press time, the price of bitcoin was trading at roughly $8,954.13, representing a decline of roughly 11%.

Additional market data reflects how many other cryptocurrencies are seeing price declines during the day's session. Most of the top 25 cryptocurrencies are seeing double-digit percentage declines over the past 24 hours, according to price-tracking websites CoinMarketCap and OnChainFX. Per CMC, tokens such as IOTA and Lisk have seen declines in excess of 15% in the past day as of the time of writing.

The declines follow a tough month for cryptocurrency markets. Market data shows that, in the past 30 days, the collective market capitalization for all cryptocurrencies has fallen from more than $800 billion to less than $500 billion.

3 liked this
    • Yeah, my portfolio says the same thing.

    • I love bear markets :D

Security Firm Guardtime Unveils Crypto Asset Storage Product.

Data security firm Guardtime and blockchain startup Metaco have jointly launched a new cryptocurrency asset management product.

Dubbed "Silo," the product was unveiled in Geneva earlier this week in a bid to provide a storage solution for investors in digital assets. It combines software developed by Metaco and "anti-tamper" hardware developed by Guardtime.

Silo is being pitched as a way to safely store assets, with a particular focus on the finance and banking space. Silo is one of a number of products launched in recent months catering to this subset, which is perhaps unsurprising given the increasing profile of cryptocurrencies as a new kind of asset class.

In statements, Adrien Treccani, CEO of Metaco, positioned the launch against the backdrop of the cybersecurity challenges around cryptocurrencies, as evidenced by the colorful history of hacks and scams involving the tech.

"SILO, built exclusively for financial firms, solves this problem and allows individuals to trade cryptocurrencies with true peace of mind while extending the role of banks as custodians into the future," he remarked.

The product marks the latest foray into blockchain for GuardTime, which in the past has inked partnerships with the U.S. Navy as well as firms like Ericsson that focus on applications of the tech.

4 liked this
    • verycool

    • Thanks for sharing. Good to know of industry wide developments.

Let me tell you something you already know, crypto isn't all about sunshine and lambos. Its a very volatile and scary thing. And I don't care how smart you are, it will beat you to your knees and keep you there permanently if you let it. But it ain't about how hard you hit, its about how hard you can get hit, and keep on hodling. How much you can buy, and keep on hodling, that's how winning is done. Now, if you want to go sell, go ahead and panic sell. But you got to be willing to hodl the dips, and not point fingers saying you ain't where you want to be because of this ICO or that s*** ICO or anything!

Cowards do that and that ain't you, you're better than that!

- Crypto Rocky (typed out to the Alt Pocket community by Minotaur)

5 liked this
    • Very well said my friend!

    • Nice!

    • Words to live by.

    • Pretty much. You have to be comfortable with being uncomfortable in crypto, and please don't rob Peter to pay Paul, otherwise you're gonna fail. Make sure you are going to be financially secure if you were to lose all your investment in crypto.

    • PS For those curious on "Crypto Rocky", I didn't create it, but its gold. YouTube link below:

      https://www.youtube.com/watch?v=rcj0SbMFdq0


      (All credit to its creator)

Cryptocurrency Market Falls Again as Ripple, Bitcoin Cash, et al. Fall by 10%

The cryptocurrency market experienced yet another minor correction earlier today, after an initial decline in value on January 21.

Many major cryptocurrencies in the market with the exception of several digital assets fell by around 10 percent in value, with Ripple recording a 10 percent loss and Bitcoin Cash demonstrating a 8.5 percent drop in price.

Bitcoin and Ethereum fell by just over 6 percent, by a margin smaller than the majority of cryptocurrencies in the global market. Because bitcoin and Ethereum have significantly larger market valuations and daily trading volumes in comparison to other cryptocurrencies, bitcoin and Ethereum tend to decline or increase by smaller margins, showing a lower level of volatility.

Ever since the cryptocurrency market experienced a major correction in early January, the market has struggled to recover back to their previous all-time highs (ATHs). Bitcoin, Bitcoin Cash, and Ripple are all down around 50 percent from their ATHs, while Ethereum has somewhat recovered to $1,000.

Over the past 12 months, the cryptocurrency market has barely had any major long-lasting corrections. Ethereum and Ripple surged by 130-fold and 330-fold each within one year and during that period, most cryptocurrencies in the market also increased by large margins.

For long-term growth, it is positive that the cryptocurrency market has experienced a week-long correction as it would allow the global market to stabilize and solidify, shaking off speculators and weak hands. However, if the daily trading volume of the global cryptocurrency market continues to decrease, in the short-term, the cryptocurrency market could struggle to recover from the recent correction.

Over the past seven days, the daily trading volume of the global cryptocurrency market declined from $35 billion to $27 billion, as South Korean cryptocurrency exchanges Upbit and Bithumb overtook Binance and Bittrex to become the largest exchanges in the market.

Upbit is operated by KakaoTalk operator Kakao’s subsidiary company Dunamu, which is the most widely utilized stocks trading platform in the local market. Because of its connection with Kakao, Upbit users can deposit or withdraw payments using KakaoPay, the most popular fintech application in South Korea. As such, due to the dominance of KakaoPay in the South Korean fintech market and Upbit’s connection to Kakao, the user base of Upbit has increase rapidly.

- Increasing Adoption

This week, it was reported that 1 out of 10 bitcoin transactions is being processed in India and more than half of Russians are aware of bitcoin. The adoption of cryptocurrencies like bitcoin and Ethereum is rising rapidly in major economies with unclear regulations and policies. Hence, if the Indian and Russian government regulate their respective cryptocurrency markets in 2018, it is likely that the cryptocurrency market will surge in terms of daily trading volume and value.

Anatoly Aksakov, the chairman of the State Duma’s financial markets committee in Russia, stated that he expects cryptocurrency regulations to be introduced in March. Regulating a massive cryptocurrency market like Russia is an optimistic sign for the mid-term growth of cryptocurrencies.

5 liked this
    • @Minotaur Kakao pay and regulation in Russia interesting information I wasn't aware of. Good job collating the info.

    • @Minotaur great read and now things start to make lil more sense to me see above!

    • This is good stuff @Minotaur - thanks for sharing.

  • Which continent are you? I wonder on the majority...



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3 liked this

Despite Regulations, One South Korean Crypto Exchange Rises To The Global Top.

Amid regulatory uncertainty, South Korean cryptocurrency exchange Upbit has grown rapidly, offering 121 cryptocurrencies and over 200 trading pairs. Backed by Kakao Corp, the platform is now the largest crypto exchange by volume globally.

South Korean cryptocurrency exchange Upbit provided its trading data to Coinmarketcap for the first time on Tuesday. The Kakao-backed exchange debuts as the world’s largest crypto exchange by volume.

Upbit’s 24-hour trading volume at the time of writing for all coins is $6.43 billion. Trailing behind in second place is Binance with $4.80 billion trading volume in the same time period, followed by Bithumb with $4.68 billion.

For bitcoin (BTC) specifically, Upbit has the third largest global 24-hour trading volume of $853,351. Bitfinex tops the BTC chart with $1.50 billion, followed by Okex at $946,537. Bithumb ranks 10th on this chart with only $365,177 of BTC trade in the last 24 hours.

In December, Upbit revealed that it had a total membership of 1.2 million, average daily users of 1 million, and concurrent users of 300,000. In addition, the platform claimed to have a maximum daily transaction value of 10 trillion won and an average daily transaction value of 5 trillion won in December.

5 liked this
    • Koreans have the highest APMs it's as simple as that!
      Does it surprise you that it was also the first place to embrace eSports properly?

    • @zeroooc I know, so true!

    • Next investment goes into Upbit. Perhaps some slices from BitShares? That seems to be going well at the moment.

    • @zeroooc I will be looking at maybe 3 new Cryptos, but currently undecided. Waiting for right time during the bear wave.

      BitShares: Unlike bitcoin, BitShares main goal is not to be a peer-to-peer currency, but a fully-fledged exchange system with value tokens (such as BitUSD or BitGold) tied to real-life assets.

      If the price is right, I like it.

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Megan wrote
Hi Bob. What time will be the meeting ?
Hi Megan. It's at 2.30PM
Megan wrote
Will the development team be joining ?
Yes sure. I invited them as well
2:30PM
Megan wrote
Noted. For the Coca-Cola Mobile App project as well ?
Yes, sure.
Please also prepare the quotation for the Loop CRM project as well.
3:15PM
M
Megan wrote
Noted. I will prepare it.
Thanks Megan. I will see you later.
Megan wrote
Sure. See you in the meeting soon.
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