At the start of this new week, the crypto markets have continued to decline, though a little less sharply than in the previous week and month. In this crypto market weekly update, we cover on the most significant developments that took place in the industry within the last seven days and provide a brief forecast of what could happen this week.
Which Big News Did You Miss?
Coinbase Users Can Now Buy and Sell ZCash: The top U.S exchange has finally made Zcash available for buy and sells on all their platforms. However, this did not lead to an increase in ZEC’s value as the coin plummeted with the rest of the crypto markets. Read the full story here.
Korean Regulators Order Banks To Improve Security For Crypto Transactions: The Financial Supervisory Service (FSS) in Korea charged Kookmin Bank and Nonghyup Bank to make crypto transactions with their institutions safer. Read the full story here.
VanEck-SolidX Bitcoin ETF Postponed Again: The U.S SEC has not announced a decision regarding the proposed Bitcoin ETF by the partners and only put a February deadline for a final announcement. Read the full story here.
Intel Is Working on an Energy-Efficient Bitcoin Mining System: The tech giant wants to build a system that ultimately uses less energy to mine Bitcoin and has already filed a patent for this course. Read the full story here.
BitmainTech Israel Is Shutting Down After Crypto Market Tumble:A blockchain research center owned by mining giants Bitmain was closed on Monday with the operators citing the crypto market decline as a reason. Read the full story here.
Eddie Hughes Says Bitcoin Should Be Used For Taxes in the UK: Following Ohio’s approval of BTC for tax payments, the Conservation Member of the U.K parliament has suggested that his jurisdiction adopt such an approach. Read the full story here.
Current Market Performance Of Top 5 Cryptos
Bitcoin is down by 3.45% with prices hovering below $3,450 with a market cap of $59.9 billion in the last hour leading up to press time. The top cryptocurrency sank as deep as $3,276 on Dec 7 while the highest point was $3,678 on Dec 10.
XRP is trading a $0.300 with a market cap of $12.31 billion. The altcoin which made a lot of impression in the previous months has not shown any resilence but will need lots of it even to avoid sliding below $0.3 in the next couple of days.
Ether’s value returned to two-digit figures when the recent wave of Dec 8 downturn hit the market and has stayed below the $100 mark for the past five days. With a market cap of $9.5 billion, 1 ETH was trading for $89.46 and 0.02600986 BTC at press time.
Stellar Lumens is down by 4.08% with prices now at $0.115. The altcoin has a $2.2 million market cap even though its fortune could change when the project issues $125 million worth of XLM as part of its airdrop.
Tether, the controversial stablecoin made its way back into the top five (at the expense of BCH) after climbing back to $1 for the first time in more than a month. Press time price for USDT was $1.01.
What’s Trending In The Community
What If Nothing Change In 2019? – BitcoinTalk
Top 3 Gainers
Top 3 Losers
What To Expect In This Week
At this point, most of the crypto market cap likely belongs to individuals and institutions who have made it all the way to the bottom from the peak performances at different points this year. Therefore, another massive sell-off is unlikely and should set the tone for price consolidation for all the top cryptocurrencies.
Total Market Cap = $108 billion
BTC Market Cap = $59.9 billion
BTC Dominance = 55.1%
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