Even if the blood is your own
Wise advice, Baron Rothschild. It’s too bad the vast majority of us spent our remaining fiat buying the f*%king dip in February, April, June, August, and so on. If you are not tapped out and have patiently waited as this bear market dragged everyone else down, well done. You are in a prime position to reap the rewards of what could be an epic change in trend. Either way the worse off things are in the crypto market, the greater the opportunity for profits.
The overall cryptocurrency market continues to drop kick everyone in the face dropping from $147bln to $122bln representing a another double digit drop of 17% in the past week. Serenity Now!
Bitcoin (BTC/USD): Bitcoin, almighty influencer of other cryptos, was down by 36% throughout the week. This being the worst weekly in five years for the leading cryptocurrencies with regards to market capitalization.
This loss is the worst weekly loss since the second week of April 2013. It also dropped a further 10% on Sunday. The coin opened trading at $5553 and closed at $3520, translating into a 36% loss. Analysts predict that the digital coin may be headed for its worst loss since 2013 where prices nose-dived from $165 to $91, representing a 44% loss.
Ethereum (ETH/USD): Like Bitcoin, Ethereum took a severe dip, with prices pushing downwards. The $100 level was constantly tested although it was not breached. Prices hit a high of $ 177.18 and low of $110.83. Volatility, nothing to see here. Move along, move along.
Ripple (XRP/USD): The altcoin solidified its grip as the top rated crypto after Bitcoin. This was due to Ethereum’s woes. The pair hit a high of $0.5101 and a low of $0.3673 as its stellar performance continued despite taking a loss as was with the case with most other alt coins.
More at our Weekly Cryptocurrency markets analysis here.
WHAT’S NEW AT CRYPTO IS COMING
VanEck Subsidiary MVIS Launches Bitcoin OTC Spot Index – In a Nov. 20th press release, Frankfurt-based MV Index Solutions announced the launch of its new Bitcoin index, MVBTCO. The company hopes to bring crypto trading to the next level by providing the first index based on US price feeds.
Hacker arrested for stealing crypto-assets worth $1 Million in ‘SIM Swapping’ scam – Nicholas Truglia, a 21 year old man, has been arrested after he was identified as the hacker behind multiple ‘SIM Swapping’ hackings. SIM swapping is a mode of hacking in which the hacker takes over a phone number by duping wireless carriers, then uses that information to access and drain cryptocurrency accounts.
Three Bulgarians arrested over crypto theft worth $ 5 Million – Gendarmerie forces, a policing wing of the Bulgarian judiciary, have arrested three suspects alleged to have been involved in stealing $5 million in cryptocurrency. They are alleged to have hacked into digital coin wallets through ‘sim swapping.’
How USI Tech Pulled off One of the Largest Crypto Scams – A ponzi scheme in Crypto….SURPRISE! Not. USI Tech (United Software Intelligence Technology) is a company that claimed to develop the world’s first automated trading platform for Bitcoin (BTC). After some time, the public began to increasingly suspect that USI Tech was really a Ponzi scheme.
Fake “One-To-One” Trezor Wallet Copies Flood the Market – On Nov. 19th, Satoshi Labs, the company behind the hardware cryptocurrency wallet Trezor, published their insight into new illegal activities involving the theft of cryptocurrencies from unsuspecting victims using a Trezor. TL;DR: Buy your Trezor from official outlets.
Blockchain is Outpacing The Internet – One important milestone we think should be common knowledge is that blockchain tech is actually outpacing the internet in terms of the speed of its development – here’s why that’s important. Want to know more? Click on!
North Korea Announces International Cryptocurrency Conference – Come to N. Korea for the crypto, stay for torture and labour camps. Where do I sign up?
Initiative Q – The Next Bitconnect? – If you’re a social media user, you’ve probably come across Initiative Q by now. The well-marketed pseudo-cryptocurrency has taken social media by storm and shared by millions people around the world with promises of a financial revolution and, better yet, free money. ” Hey hey Heeeeeeeeeeeeeeeey!”, anyone?
Adult Entertainment and its love affair with cryptocurrency – Porn loves crypto, and we love porn back.
3 Thai siblings deny Bitcoin-related money laundering scheme – Actor Jiratpisit ‘Boom’ Jaravijit, 27, and two of his siblings pleaded ‘not guilty’ to charges of money laundering at the Criminal Court in Bangkok. The actor, his brother and sister are embroiled in a money laundering scheme in which they are alleged to have swindled a 21 year-old Finnish investor off 797 Million baht ($27 Million) in Bitcoin.
CRYPTOCURRENCY NEWS FROM AROUND THE INTERNET
Bitcoin Mining Firm Giga Watt Declares Bankruptcy Owing Millions – The firm filed for Chapter 11 bankruptcy at a court in the Eastern District of Washington on Monday.
Cryptojacking Malware on Make-A-Wish Foundation Website – Hackers have infected the website of global non-profit organization the Make-A-Wish Foundation with cryptojacking malware, according to a report by cybersecurity firm Trustwave.
ICE Postpones Bakkt’s Bitcoin Futures Launch To January 2019 – The operator of the New York Stock Exchange (NYSE) is delaying the launch of its bitcoin futures platform until January, 2019.
Wall Street’s crypto bull Tom Lee slashes year-end bitcoin price forecast nearly in half – Tom Lee, co-founder of Fundstrat Global Advisors, lowered his year-end target to $15,000 from $25,000 — still well above where the cryptocurrency was trading on Friday.
Bitcoin-Rigging Criminal Probe Focused on Tie to Tether – As Bitcoin plunges, the U.S. Justice Department is investigating whether last year’s epic rally was fueled in part by manipulation, with traders driving it up with Tether — a popular but controversial digital token.
Nasdaq Plans to Pursue Bitcoin Futures Despite Plunging Prices, Sources Say – Nasdaq Inc. is moving ahead with a plan to list Bitcoin futures, according to two people familiar with the matter, betting on sustained interest despite the cryptocurrency’s dramatic plunge over the past year.
600K Bitcoin Miners Shut Down in Last 2 Weeks, F2Pool Founder Estimates – Between 600,000 and 800,000 bitcoin miners have shut down since mid-November amid declines in price and hashrate across the network, according to the third-largest mining pool.
BitMEX Report: Twelve $50+ Million ICOs Haven’t Released Tokens (Yet) – Stiiiiill waiting on them tokens…..Still waiting..
Accounting Firm Attests Circle stablecoin is Backed 1:1 by USD – Wow a truly stable and transparent stablecoin? Tether could learn a thing or two.
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