Bitcoin, Ripple, Litecoin - Latest Charts Look Weak | Webinar
At the time of this writing, Bitcoin was trading just under $8,000, which represents a more than 13% drop compared to Wednesday.
Other cryptocurrencies took a hit today as well, with the overall market capitalisation of the crypto space hitting its lowest point since February 6, according to CoinMarketCap.
Later Wednesday, the Senate's Subcommittee on Capital Markets, Securities and Investment will hold a hearing called "Examining Cryptocurrencies and ICO Markets". This a considerable 14% drop in its value the previous day. All of the top 20 cryptocurrencies have corrected by more than 10% with the majority of them in the range showing 15-20% correction.
The entire crypto market is now valued at $318 billion, down from $335 billion earlier this week, and $400 billion last week.
The claims of companies like Allianz Global that argue a $350 bln market with a daily trading volume larger than most stock markets can fall to zero is illogical, given that like the stock market, the cryptocurrency market also depends on supply and demand. Recently, IMF chief Christine Lagarde proposed the idea of using the blockchain network itself in order regulate the crypto space.
"In our view, its intrinsic value must be zero. A Bitcoin is a claim on nobody - in contrast to, for instance, sovereign bonds, equities or paper money - and it does not generate any income stream".
Balboa Park hosts annual St. Patrick's Day festivities
But because most the celebrations are packed into one day, many bars and restaurants prefer the parade to be held on another day. About 120 events are on the calendar as Poland joins Ireland in celebrating St.
Patriots TE Rob Gronkowski bids farewell to Danny Amendola
Amendola figures to work out of the slot much of the time and be the middle-of-the-field target Gase wants in the scheme. The 32-year-old veteran will join a crowded wide receiver group in Miami that also added Albert Wilson on Tuesday.
Dax Shepard Joins Netflix's 'The Ranch' Following Danny Masterson's Firing
There is no information yet about how Masterson's character will be written out, as he has filmed the first half of the season. Masterson starred alongside Ashton Kutcher , Debra Winger , and Sam Elliott , who all remain with the show.
Matthew Newton, analyst at eToro, commented: "The impact of Google's ad ban is clearly being felt in the market but prices were stagnating before the announcement". What's more, the trustee of the closed bitcoin exchange Mt. Gox, which has filed for bankruptcy, disclosed earlier this month that he sold off as much as $400 million worth of cryptocurrency.
Yesterday, one of the world's biggest cryptocurrency exchanges submitted a written testimony to US Congress asking for clarity on the regulatory treatment of the new asset class.
On the other hand, popular crypto-trading exchange Binance also announced that it planning to launch its own blockchain network called as the Binance Chain and will be slowly transferring its operations on the trading platform to its decentralized network.
Additionally, the regulatory uncertainty also had a major role in the drop. Good news for the Crypto market as Google and Facebook ban Crypto advertising.
The demonstration of fear and opposition against the cryptocurrency market by large-scale financial institutions and those who fail to understand the technological foundations of cryptocurrencies is an optimistic sign for the long-term growth of the market, as it demonstrates the potential of cryptocurrencies to compete with banks.
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