Daily Cryptocurrency News – 25th November 2018

Here are the most important headlines of 25th November 2018:

Cryptocurrency Market Cap Drops Overnight 

The Winter is here and the cryptocurrency market continues its drop. Bitcoin lost about $10 Billion of value over the last 24 hours and is now traded at a price of $3,700 – $3,800. Ripple, the competitor to the throne wasn’t unaffected by this drop. Ripple market capitalization dropped from $16.2 Billion to a $13.8 Billion and has now a price of $0.345 – the same value as in December 13th last year. Ethereum’s price also suffered a hit, but he recovered pretty well. The ETH’s price dropped from $120 to a low of $101.82 – but bounced back to a $110 value in just a matter of hours. The Ethereum market cap declined too, from a $12.4 Billion to a $11.3 Billion.

But the one cryptocurrency that got affected by this drop deeply – Stellar Lumens (XLM). Stellar’s price dropped with almost 20%, losing its #5 place on CoinMarketCap. Stellar Lumens (XLM) is now traded at about $0.142 and its $200 million in market cap under EOS. Another cryptocurrency that was hit with strength – Bitcoin Cash (BCH). The #4 cryptocurrency can now lose its spot as EOS is only $23 Million in market cap behind – at the time of writing.

There’s no reason behind this massive drop, but a few people linked this to the stocks recent decline. Amazon stocks (AMZN) dropped drastically since September 28th 2018. Oh September 28th 2018, AMZN had a value of 2039.51 USD. This was the maximum value for Amazon and a 100% increase for 2018. Since then though, the price dropped to a merely $1,502.06 – a 25% loss in value over 2 months. Don Jones Industrial (DJI) is not sitting well neither. From a top value of 26,828.39, the well-known stock decreased to 24,285.95 in less than 2 months.  Same goes for the General Electric company (GE). Founded in 1892, the company seen a massive drop in price in 2018. From its top value in January 18th, the stock saw a 60% decrease.

Vitalik Buterin Lost $450 Millions In Value Over 2018 

While people are complaining about the $300 or $500 that they lost investing in cryptocurrencies – there are some people that had massive hits at their net worth. Vitalik Buterin is one of those people. With over 355,003 ETH in his balance, his fortune dropped by more than 90%. At the top Ethereum value of $1,389 – he had almost $500 Million worth of ETH. Right now, those are worth only $39 Million. One thing we need to do is respect this man. Even though the Ethereum price dropped alongside with the crypto market – he didn’t sold his ETH as Charlie Lee did with his LTC.

Indeed, that is still a huge amount of money. But, we didn’t saw him complaining about this. Instead, he focused on development and the launch of Ethereum 2.0. We can see that he’s clearly a hodler – as he’s been keeping most of those coins since November 27th 2015.He then received a transaction worth 499,999 ETH – which at the current time were worth only $439,999. In January 2018, the 500,000 ETH had a value of $694 Millions. Buterin is the reason why Ethereum got here. And why there are so many fans of the #3 cryptocurrency out there. Ethereum is now the #5 fastest growing open source project from Github, according to Octoverse.

Edward Snowden & Zhao Dong Talk About Bitcoin

In a recent interview, Edward Snowden presented a few of his thoughts about Bitcoin. According to his declarations, he don’t see Bitcoin as being the ultimate monetary value and in fact – it will die at a certain point. This doesn’t mean that the cryptocurrency field will die too – but there would be better cryptocurrencies that would be able to do what Bitcoin can’t.

“That belief is how cryptocurrencies move enormous amounts of money across the world electronically, without the involvement of banks, every single day. One day capital-B Bitcoin will be gone, but as long as there are people out there who want to be able to move money without banks, cryptocurrencies are likely to be valued.”

Explaining further, he claims that Bitcoin have a ‘great utility’ but a ‘poor implementation’ While this may be true right now, let’s now forget that Bitcoin Lighting Network is in testing and growing day-by-day. With a growth like this, in a few years we can see Bitcoin transaction with lower fees and a way faster speed. He also declared that in his opinion, Bitcoin is the first “free” money that were ever created.

“Let’s say Bank of America doesn’t want to process a payment for someone like me. In the old financial system, they’ve got an enormous amount of clout, as do their peers, and can make that happen. If a teenager in Venezuela wants to get paid in a hard currency for a web development gig they did for someone in Paris, something prohibited by local currency controls, cryptocurrencies can make it possible. Bitcoin may not yet really be private money, but it is the first “free” money.”

While his opinion is a bit pessimist, Zhao Dong – a “Bitcoin Billionaire” used Weibo to address his optimism about the future of Bitcoin. He said that even if the cryptocurrency could touch even lower prices, its still a good moment to buy a portion of it and hold it for a few years:

“In the bull market, I don’t persuade people to buy Bitcoin, because it seems easy to make quick money but in fact, it is not. Now I start to talk people into buying Bitcoin. Those who make truckloads of money do not have a very short-term speculative driven investment mindset. Perhaps Bitcoin price will continue to drop even lower, and it may fall up to 50 percent. But it is still worth steadily acquiring coins every time it hits a new low. You possibly see a yield of 100 to 200 percent in 3 years.”

Zhao Dong is one of the most influential OTC trader and ranks number forth in terms of crypto trading volume worldwide. Just after his last declaration, he stated thatt Bitcoin will probably have another bull run which will bring its price to $50,000 or $100,000 by 2012. Even though the recent dip in price affected a lot of cryptocurrency traders, its important to know that Bitcoin had massive price drops in the past, and he recovered from all of them. Its probably just a matter of time until we’ll see another bull run, but its certainly not off the table.

Which one do you think its right? Its up to you.

Other Cryptocurrency News 

If you’ve missed yesterday’s cryptocurrency news, you can check them here: Daily Cryptocurrency News – 24th November 2018

Image Source: 1zoome.me

 

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