Crypto Currancy And Prices
The prices of cryptocurrencies have been on a rollercoaster ride this year, with Bitcoin and other major coins seeing enormous gains followed by sharp sell-offs. The reason for this volatility is largely due to the fact that crypto currencies are still a relatively new asset class, and therefore are subject to greater speculation than more established markets. However, there are a number of factors that suggest that the prices of cryptocurrencies could stabilise in the future, and even start to rise once again. One of these is the increasing institutional interest in crypto currencies, with major financial institutions such as Goldman Sachs and the Intercontinental Exchange (ICE) investing in Bitcoin. This suggests that there is a growing belief among institutional investors that cryptocurrencies could become a mainstream asset class. Another positive sign for the future price of cryptocurrencies is the increasing adoption of blockchain technology by major corporations. This is the technology that underpins crypto currencies, and its adoption by blue-chip companies suggests that they see it as a valuable and trustworthy way of conducting business. With all this in mind, it seems likely that the prices of cryptocurrencies will continue to be volatile in the short-term, but could start to rise in the longer-term as they become more widely accepted.
Bitcoin falls as China clamps down on cryptocurrency trading
Bitcoin fell on Thursday as China clamped down on cryptocurrency trading, while other major cryptocurrencies steadied.
Bitcoin was trading at $6,847 as of 10:30 a.m. ET, having fallen more than 7 percent since Wednesday.
Other major cryptocurrencies including Ethereum and Bitcoin Cash were also down on Thursday, but not as much as Bitcoin.
The Chinese government started banning initial coin offerings, or ICOs, earlier this week, saying they were a means for fraudsters to raise money. The bans followed a series of large scandals in which ICOs were used to steal money from investors.
Bitcoin is down about 50 percent from its all-time high of $19,783 hit on Dec. 17.
Ethereum prices crash after ICO ban in China
Ethereum prices crashed after a Chinese regulatory agency announced a ban on initial coin offerings (ICOs). The Ethereum price fell as much as 20% in early trading before recovering somewhat.
The China Securities Regulatory Commission (CSRC) announced that all ICOs will be banned starting from September 5th. This follows a similar ban in South Korea earlier this year.
While the Ethereum price initially fell as a result of the news, it has since recovered somewhat. At press time, Ethereum was trading at $265.
This news comes as a blow to the Ethereum ecosystem, as a large number of ICOs have been conducted on the Ethereum platform. This includes projects such as EOS, Filecoin, and Tezos.
It remains to be seen how this will impact the Ethereum price in the long run. However, it is clear that the Chinese market is a key player in the cryptocurrency space, and this news will have an impact on all cryptocurrencies.
Litecoin prices soar as investors flock to alternative to Bitcoin
Litecoin prices surged on Tuesday, as investors flocked to alternative cryptocurrencies in the face of heightened regulatory uncertainty surrounding Bitcoin.
Litecoin prices rose as much as 12 percent to $236 on Coinbase, the most popular U.S. cryptocurrency exchanges.
Bitcoin prices fell 3.5 percent on Monday to their lowest level since mid-December.
The regulatory uncertainty has led some institutional investors to shy away from cryptocurrencies, while retail investors have turned to alternatives in search of higher returns.
Bitcoin is "still the dominant player, but it does not have the same level of institutional support that it used to," said Bobby Lee, CEO of BTCC, one of the world's largest Bitcoin exchanges.
Lee said that Bitcoin's dominance is likely to decline in the long term as more altcoins emerge.
Bitcoin Cash prices surge on news of hard fork
Bitcoin Cash prices surged on news of a hard fork that would create a new blockchain.
Ripple prices jump on partnership announcement with major bank
Ripple prices jumped on Thursday after the company announced a partnership with one of the world's largest banks.
Monero prices spike as demand for privacy-focused currency grows
Monero prices spiked as demand for privacy-focused currency grows
Dash prices tumble after failed attempt at DAO
On May 15th, 2016, the DAO, a digital asset and smart contract project, attempted to create a decentralized autonomous organization (DAO) that would have allowed for users to invest in projects through DAO tokens. However, due to a vulnerability in the DAO’s code, approximately $50 million worth of DAO tokens were stolen. As a result, the DAO was eventually seized by the Ethereum Foundation, and all funds were returned to their rightful owners. This event caused the DAO’s price to tumble, and it has been trading below its pre-hack levels ever since.
IOTA prices plummet on news of security flaw
IOTA prices plummeted by more than 20% on Wednesday after a security flaw was discovered in the IOTA network.
The vulnerability, which was discovered by researchers at the Swiss University of Technology and Applied Sciences (TU Dresden), could allow malicious actors to perform a so-called “DDoS attack” on the IOTA network.
In a blog post, the researchers explained that their attack would involve flooding the IOTA network with so much traffic that it would become effectively unusable.
IOTA has been struggling to keep up with the competition in recent months, with prices falling below $0.20 earlier this month. On Wednesday, the price of IOTA was trading at just $0.085, down 22%.
