It Might Not be CryptoNite, But This Weekend Was a Bomb!

in #bitcoin6 years ago (edited)

Today's Crypto Digest is loaded with bad #news. And I don't mean the your-wife-ran-away-with-another-woman variety. It's actually much worse (but it could be good if you look at it the right way, which makes this bad news something like bitter-sweet).

Okay, so it's more bitter than sweet. You'll kiss me at Christmas.

It's not that there's not any good news in the #crypto world today, but the good news is overshadowed by the gutwrenching awl shot the market took to the kneecap. Can you hear the echo?

I don't mean to be all melodramatic (actually, I do), but--holy Bitcoin, Batman!--the joke's on all of us this time. Keep reading and you'll see what I mean.


Photo by Sebastian Spindler on Unsplash

Crypto News

Let's start with the big picture. Remember in December when everyone opened their Christmas gifts and found gobs and gobs of Bitcoin, and Ethereum, and #Ripple, and all sorts of other sweet crypto flavors just falling all over Mom's living room floor? Yeah, it wasn't your imagination. It was the market going ka-ching! ka-ching! ka-ching! And you can still hear it in the far-off distance if you turn your head just right.

Well, this weekend was an almost near reversal of that delightful time. It started with a simple hack of a minor crypto exchange known as #Coinrail, and that led to 28 million GBP getting stolen. The word is, Bitcoin lost 10% of value just on that fiasco alone.

After the Coinrail heist, things went downhill from there. Crypto enthusiasts woke up Monday morning $42 billion less wealthy than before. The evil villains just weren't nice to the superheroes in this episode.

If that wasn't enough, #Litecoin hit its lowest trading level in two months. Feel like crying now?

Sorry, this is no crying game.

As if things couldn't get any worse, the Commodity Futures Trading Commission (CFTC) laid it on thick for #Coinbase, #Kraken, #Bitstamp, and #ItBit. In fact, the CFTC put them all under its nose for a real long sniff to see if the commission could smell any price manipulation. And I'm thinking, if there has been any, the CFTC will start sniffing around under places and likely shoving things up certain canals (but probably not the one down in Panama).

Speaking of hacking, it wasn't all done to Coinrail either. Some serious schmucks cracked into Ethereum and stole more than $20 million from misconfigured (as opposed to disconfigured) clients.

But here's the good news: #Binance is going to offer fiat to crypto trading on a Malta-based platform, and Ethereum Classic blushed when Coinbase patted her on the backside, promising a nice and pretty wedding ring. I'd blush too if I knew I was going to be the king of crypto exchanges' fifth mistress. He's got a long way to go to catch up to King Solomon.


Public domain image from Wikipedia

Crypto Analysis

As you probably know, Bitcoin lately has been struggling with direction (like a teenager in his senior year of get-high school). Still, someone is here to show you three models to explain Bitcoin's market cap. Don't take this word lightly.

So, we've talked about hacking. It's a terrible thing. Unless, of course, you're ripping out a tree trunk, in which case you should probably get to hacking on those roots. But otherwise, hacking causes trouble. It wreaks havoc on the markets, not to mention causing tooth decay. But #Forbes says it will make cryptocurrencies stronger.


Photo by Markus Spiske on Unsplash

To set the record straight on the Ethereum Classic news. Yes, Coinbase got frisky. But 41 minutes later, Binance put his arm around the girl and led her to the dance floor, doubling her trading pairs. That's the real reason the little lady went nuts and showed her $350 million diamond-studded necklace to everyone but the janitor.

Cryptomining has been a hot topic all year. Last year, the craze was GPU mining, and both Nvidia and AMD enjoyed the profits from that one. But Bitmain introduced the Antminer E3, and now everyone's talking about ASICs. Will they spell the end of GPU mining?

To wrap it up, did you know 94 of the top 100 blockchain projects were built on Ethereum? Now who's taking this little bitch to the prom?

If you're wondering whether I take any compensation or accept any gifts for mentioning these companies, the answer is no. I'm just a humble #editor at Blockchain Times.

#BlockchainTimes #Crypto-News #Crypto-Analysis


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I don't understand half of this post — never heard of Coinrail, know nothing about Binance, can't imagine why a Malta-based company has advantages, etc., etc. — but that's okay. I can tell by your style of writing that you are going to be colorful addition to the #steemitbloggers community! Welcome aboard! 😊

Thanks for reading, and for the vote of confidence.

#steemitbloggers

Due to circumstances, I had not looked at the market for weeks, nor did I follow any cryptonews.
Yesterday, I visited Coinmarketcap for the first time in a long time to check the price of Steem.
I assume you can imagine I was a little shocked when I saw what was going on. And the worst part was that I didn’t have a clue what had caused this.
So thanks for shining a little light on the mystery for me. After reading your post, I must say I’m a lot less worried :0)

Coins mentioned in post:

CoinPrice (USD)📉 24h📉 7d
BTCBitcoin6303.150$-4.28%-17.35%
ETHEthereum470.940$-4.75%-22.3%
LTCLitecoin92.562$-7.68%-23.41%
XRPRipple0.521$-7.15%-22.58%

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