Bitcoin’s (BTC) plunged today, dragging the whole crypto space along with it. The total crypto market capitalization has broken below the $209 billion mark from where it had bounced on two previous occasions in late September. It has psychological support at $200 billion and below this point the total market capitalization could drop to $170 billion. Cryptocurrency daily performance. Source: Coin360 At the moment, there is not a direct reason that explains today’s strong correction. Some analysts believe that Facebook CEO Mark Zuckerberg’s testimony before the United States Congress on Libra might have triggered the fall. They believe that the …

The global economy is on weak footing. This has led to rate cuts by several central banks across the world and many are planning to implement additional measures to support their respective economies. This has ballooned the balance sheets of the central banks and there appears to be no end in sight. Since mid-September, the Federal Reserve has resumed its bond buying initiative, leading its balance sheet to expand by $210 billion. The Fed’s balance sheet is now about $3.97 trillion. While the supply of fiat currencies has been steadily increasing for the past few years, Bitcoin’s (BTC) block rewards …

The traditional financial system is heading to a disaster with about $17 trillion in global bonds returning negative-yields. “The whole concept of negative yields, of people paying for the privilege of lending money, is insane behavior to me,” said William Eigen, a veteran fund manager at JPMorgan Asset Management, in an interview with Bloomberg. Gemini crypto exchange co-founder Cameron Winklevoss believes that the staggering amount of negative-yield bonds is a compelling reason why investors should gravitate towards Bitcoin (BTC). Stafford Masie, the general manager of WeWork South Africa, also believes that Bitcoin is the best technological gift to mankind and …

The crypto market has been struggling since topping out in June but this does not mean institutional interest in crypto has diminished. The Chicago Mercantile Exchange (CME) Group tweeted that customer interest in CME Bitcoin (BTC) futures remained strong in Q3 2019 compared to Q3 2018. The total increase in open interest during this period was about 61%, which shows that the involvement of institutional traders is on the rise. Similarly, digital asset manager Grayscale Investments reported that its products received a total investment of $254 million in Q3 2019. That was a sharp increase over Q2 2019 when the …

A draft report by the G7 group of nations outlined the risks associated with “global stablecoins.” The report said: “No stablecoin project should begin operation until the legal, regulatory and oversight challenges and risks are adequately addressed.” This report is likely to increase the troubles for Facebook’s Libra project. Former Commodity Futures Trading Commission chairman Christopher Giancarlo believes that Libra and the prospects of central bank digital currencies will increase regulator's intrusions into the crypto space. This can work as a double-edged sword. If regulators provide clarity, it is likely to attract large institutional players into the game, but if …

The wait for a Bitcoin (BTC) exchange-traded fund got a bit longer as the United States Securities and Exchange Commission (SEC) shot down the proposal by Bitwise Asset Management and NYSE Arca. The regulators felt that the application did not satisfy the requirement that it will “prevent fraudulent and manipulative acts and practices.” However, there was no noticeable reaction to this news, which shows that the market participants did not have high expectations of an approval. Meanwhile, as Bakkt’s volumes continue to unimpress, the Chicago Mercantile Exchange (CME) Group is upbeat on its forthcoming Bitcoin options product. Tim McCourt, CME …

Tron and the Stellar Development Foundation are part of a new alliance that will provide university students with a working knowledge about blockchain technology. Teach students about blockchain In a news release shared with Cointelegraph on Oct. 10, it was announced that top crypto projects Tron and Stellar will work together to form a new educational alliance that will provide university students with the connections and knowledge needed to successfully enter the blockchain industry workforce. Tron and Stellar, together with 11 other members of the Blockchain Education Alliance, will jointly develop and fund a number of educational initiatives to bring …

Grayscale director of sales and business development Rayhaneh Sharif-Askary said that institutional interest in the crypto space has been strong throughout this year. The second quarter inflow was $85 million with 80% coming from institutions. Though this is positive, it shows that the inflow is only a trickle and a fraction of the firepower the institutions hold. A Bitcoin (BTC) exchange-traded fund (ETF) can also boost interest in the asset class. The United States Securities and Exchange Commission (SEC) will announce their decision on Bitwise Asset Management’s ETF proposal before the Oct. 13 deadline. Bitwise managing director and global head …

Total crypto market capitalization has held the $200 billion mark for the past few days. This is a positive sign, as it shows that market participants are not panicking at lower levels but are using dips to buy. The first leg of the bull phase was led by Bitcoin, which saw its dominance rise from just above 50% at the start of the year to about 71% in early-September. In the last few days, the action has been gradually shifting to altcoins, which can be seen from the gradual decrease in Bitcoin’s dominance, which is down to 66.7%. This increases …

Apple CEO Tim Cook said that he is not comfortable with private companies creating their own cryptocurrencies. Therefore, he ruled out plans of Apple releasing its own currency token. Though Facebook has announced plans to launch the Libra stablecoin, it is facing a lot of regulatory hurdles. Due to this, a few early backers of the project are reportedly planning to drop out, prominent among them being PayPal. The United States House Financial Services Committee has announced plans to question Facebook COO Sheryl Sandberg about Libra and the company’s advertising policies. After this, the committee wants Facebook CEO Mark Zuckerberg …

Manuel Andersch, senior FX analyst at the Bayerische Landesbank has published a report, which suggests that the “forthcoming halving effect has hardly been priced into the current Bitcoin (BTC) price.” Using a stock-to-flow ratio metric, the report projects a target price of $90,000 for Bitcoin in 2020. Though there were great expectations for the launch of Bakkt, it turned out to be a dud. A new report by Binance research suggests that the disappointing trading volume on Bakkt might have triggered the recent fall in Bitcoin. Chicago Mercantile Exchange (CME) Group has said that they do not have any plans …

Tuesday, Oct. 1 — After signs of recovery in recent days, Bitcoin (BTC) has maintained its price above the $8,000 mark. However, the top 20 coins chart on Coin360 is showing mixed signals, with modest gains and losses. Cryptocurrency market daily overview. Source: Coin360 Bitcoin is up 2.23% over the last 24 hours, and is trading at about $8,364 at publishing time. BTC has seen low volatility during the day, having dropped to as low as $8,191, while the intraday high reached $8,529. In terms of a weekly view, Bitcoin is down by almost 15%, with $9,542 as its highest …