Thanks to the Cryptoslate website…
Following news of a delayed Bitcoin ETF decision, the overall cryptocurrency market began to fall from its recent recovery. Bitcoin and Ethereum prices are plummeting as selloffs increase this week. At press time, 97 of 100 top cryptocurrencies are in the red.
Bitcoin | BTC
UPDATED: AUGUST 13, 2018 AT 11:57 PM PDT
Bitcoin, currently ranked #1 by market cap, is down 6.33% over the past 24 hours. BTC has a market cap of $103.3B with a 24 hour volume of $4.97B.
Earlier this month, the Securities and Exchange Commission (SEC) postponed Cboe Global Market’s Bitcoin ETF application decision until Sept. 30, 2018. The decision was considered a potential catalyst for institutional capital to enter the cryptocurrency sector.
On Aug. 13, Bitcoin prices fell below multi-month lows and broke key support at $6000.
CNBC’s Brian Kelly: ‘Don’t Sell Crypto After Bitcoin ETF Delay’
The CEO and founder of investment firm BKCM, Brian Kelly, appeared on CNBC’s Fast Money to share his expectations following the SEC’s recent delay of a Bitcoin ETF application. During the show, he said:
Ethereum | ETH
UPDATED: AUGUST 13, 2018 AT 11:57 PM PDT
Ethereum, currently ranked #2 by market cap, is down 17.19% over the past 24 hours. ETH has a market cap of $26.77B with a 24 hour volume of $2B.
Ethereum selloffs have significantly increased following news of ICO cashouts and decreasing market sentiment, reports Bloomberg. The second largest cryptocurrency has dropped below key support at $300 to yearly lows. However, emerging institutional solutions and adoption of Ethereum continue to rise at a rapid pace.
Microsoft Unveils New Ethereum Blockchain-as-a-Service
Microsoft has quietly released Ethereum on Azure–its new Blockchain-as-a-Service (BaaS) that allows enterprises to use and customize their own permissioned Ethereum blockchain networks.
Instead of utilizing Ethereum’s standard Proof-of-Work consensus mechanism, Microsoft has opted for Proof-of-Authority (PoA), which they maintain is a “more efficient” choice with no mining required.
Where the Ethereum main network may be appropriate for trust-less environments, Microsoft points out that such a consensus mechanism falls short in permissioned blockchain deployments—the target market of the software giant, evidently.
In contrast to Ethereum’s current protocol, PoA grants approved individuals the right to validate transactions and blocks without the competitive and consumptive process of mining.
Crypto Adoption Frenzy: More Than Half of Americans Familiar with Bitcoin, Litecoin and Ethereum
A new study published by the AICPA, conducted in partnership with The Harris Poll, has revealed that more than 50 percent of all Americans are aware of cryptocurrencies, with 54 percent of respondents anticipating the crypto market to either remain stable or increase in value in the next year.
The survey also revealed that cryptocurrencies are set to constitute 5 percent of the total U.S. investment pool in the next year as retail investors enter the crypto market on a large scale.
Conducted on April 5-8, the AICPA’s survey asked 1,014 adults in the U.S. and concluded that one in 20 respondents planned on investing in the cryptocurrency market within the next year.
While the number of new investors entering the market may be small compared to the 16 percent of respondents planning to invest in traditional markets, the level of cryptocurrency awareness demonstrates growing blockchain literacy in the general population.
The AICPA survey also sheds light on the low level of research conducted by market participants regarding investment strategy—nearly 30 percent of all respondents revealed that they do not research business fundamentals such as quarterly financial earnings, profit margins and market positioning to ensure investment opportunities fit their portfolio before investing.
The global cryptocurrency market cap stands at $191.31B with a 24 hour volume of $14.67B. The Coinbase Index is currently sitting at 2395.84. Bitcoin dominance is currently at 53.96%.
The recent market drop indicates that the overall cryptocurrency sector is still transitioning out of the ICO fervor that drove price rallies into late last year. With institutional solutions and emerging regulation on the rise, the shifting cryptocurrency landscape is finding ground in legitimization. Traders are reminded to be cautious during market drops and invest only what they can afford to lose.