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On-chain data shows the demand on the Ethereum network has continued to drop recently, a sign that could be bearish for the asset’s value.
As pointed out by an analyst in a CryptoQuant post, the ETH transaction count has observed a significant plunge recently. The “transaction count (total)” is an indicator that measures the total number of transfers taking place on the Ethereum blockchain on any given day.
Analysts at JPMorgan now assert that optimism among individual investors in cryptocurrencies is on the rise, with a brighter market forecast following extreme downturns.
JPMorgan revealed in a research released on Friday that it expects retail demand for cryptocurrencies to increase. The bank added that the severe phase of deleveraging brought on by falling digital currency prices and deleveraging by prominent lenders is also coming to an end.
Following months of prolonged dips, the global market capitalization for cryptocurrencies has surpassed $ 1 trillion, with small advances. Consequently, investors are closely monitoring the market for the next price movement.
July 1 was an important day for all of the electric vehicle manufacturers. The federal tax incentive for purchasing electric vehicles was cut in half, from $ 3,750 to $ 1,875. Tesla Hides a Price Cut Along with this price-cut came no change in Tesla Model 3 lease deals. In other words, the price to purchase a […]
The post Tesla's Stealth Price Cut Suggests Demand Isn’t What Elon Musk Claims appeared first on CCN Markets
By CCN Markets: Goldman Sachs analyst David Tamberrino delivered some ugly thoughts about Tesla’s stock, and it relates the sustainability of demand. There is a lot of that going around. Tesla’s annual revenue: 2019: $ 25.0 billion*2018: $ 21.5 billion2017: $ 11.8 billion 2016: $ 7.0 billion2015: $ 4.1 billion 2014: $ 3.2 billion2013: $ 2.0 billion2012: $ 413 million2011: $ 204 million2010: $ 117 million2009: $ 112 million2008: $ 15 million *analyst forecasts pic.twitter.com/wDjKbRODSR — Jon Erlichman (@JonErlichman) June 21, 2019 Tesla’s Success is Due to Government Rent-Seeking One of the many criticisms regarding Tesla is its reliance on government handouts, including tax incentives. The federal government provided a whopping $ 7,500
By CCN Markets: In the wake of high-profile hacks such as the $ 44 million recently removed from Binance’s coffers, BitGo CEO Mike Belshe spoke at Coindesk’s Consensus 2019 on matters including security and how this is hindering the will of institutions to involve themselves in Bitcoin and other digital assets. He told an audience at the event that “we are bringing to market a risk-less, efficient and compliant digital asset clearing and settlement” in a move that sees the security and custody solutions company stake a claim for institutional investors by moving crypto transfers off-chain. If a custodian settles
Cryptocurrencies have been trending upwards in price over the last few weeks, but in certain countries around the world digital assets have become far more valuable. For instance, in Argentina, the nation’s sovereign currency has lost considerable value and cryptocurrencies like BTC are seeing all-time price highs. The surge in value is not just taking place in Argentina as a few other countries suffering from hyperinflation are seeing significant demand as well.
With cryptocurrency markets back to life, hodling sounds like a smart strategy once again. Cryptocurrency owners are now more likely to pledge coins to borrow fiat if they need it, rather than sell their appreciating digital assets. The spread of crypto-backed loans could also be a good indicator of investor sentiment. According to a source from the industry, the customer base has been growing.
Also read: Online Bank Mistertango Offers Crypto Companies Multiple Accounts and Ibans
The crypto community has been laser focused on the current dilemma between Bitfinex exchange and New York prosecutors over the alleged loss of $ 850 million of co-mingled customer and corporate funds. After the craziness last week, the New York Attorney General’s (NYAG) office has now demanded that Bitfinex must show transparency by turning over documents tied to the firm Tether.
Also read: Crypto Community Monitors Bitfinex Wallets and the Strange 6% BTC Premium
This article was originally published by 8btc and written by Chloe Jiang.
The former director of Bitmain’s mining farm, a leading bitcoin mining operation, once said the wet season may not be as much of a boon for miners as many thought. As he expected, mining farms in Sichuan currently report that the supply of slots for mining equipment has far exceeded the demand.
The wet season in Sichuan usually begins in April and ends in October every year. During this time, the cost of electricity can be as low as 0.25 yuan for a Sichuan mining farm, which should be very attractive for miners. The price of electricity is around 0.35 yuan in Xinjiang and Inner Mongolia.
Shares of Sony (SNE) plunged on Monday after the company reported weaker profits in the PlayStation business and cut its annual revenue forecast. The stock fell 8.1% in Tokyo on Monday, which marks the steepest fall in more than three and a half years, and has traded sideways through Tuesday’s session. The stock is now down 30% […]
SludgeFeed
Following last Friday’s drop, bitcoin has found itself coiled, once again, at the bottom of the range it established back in December. With the current market unable to close a new high, the market finds itself in a precarious position:
Figure 1: BTC-USD, Daily Candles, Range Support Test
The blue support level shown above illustrates the boundary of the multi-week range bitcoin has been bound by. At the time of this article, the market is testing the support level but has yet to close and continue below. We did see a temporary close below the support level, but there was a very short-lived rally on low volume shortly after popping the fresh low.
Four Hong Kong investors have come out to demand refunds of the capital given to Wong Ching-kit, a businessman who sells Bitcoin mining equipment, after claiming that the 24-year-old crypto promoter scammed them. According to a report on the South China Morning Post (SCMP), the affected investors have suffered losses around HK$ 20,000 (roughly $ 25,000) to
The post Investors Demand Refund from Hong Kong Millionaire over Crypto Mining Scam appeared first on CCN
The website of Dublin’s light rail system, Luas, has gone down after it was hacked, the Irish Examiner has reported. Consequently, visitors to the website, which has been offline for more than three hours now, are being greeted with a message that the hacker(s) posted citing their demands. The unidentified hackers are demanding to be … Continued
The post Hackers Demand Bitcoin After Taking Down Dublin’s Tram System Website appeared first on CCN
An Indian cryptocurrency exchange, which is now live in 45 countries, reports that it is “seeing immense enthusiasm and buyer activity in Venezuela,” a spokesperson for the exchange told news.Bitcoin.com. Compared to other countries, “Venezuelans are looking more at the longer-term yield of bitcoin.”
Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations
Indian cryptocurrency exchange Instashift is now live in 45 countries. After launching in India and Canada in February, the exchange began to roll out service in a slew of countries in November, offering support for 45 fiat currencies. A spokesperson for the exchange told news.Bitcoin.com on Thursday:
Coinbase probably had its best quarter so far, launching several products over the fourth quarter of 2018. The company which Lightspeed Venture Partner Semil Shah called ‘The Breakout Company of 2017’ recently concluded its 12 Days of Coinbase which introduced features such as instant PayPal withdrawals, Coinbase Earn which is a modified version of Earn.com (Coinbase
The post Coinbase is ‘Adding the Assets Our Customers Have Come to Demand’: Brian Armstrong appeared first on CCN
Several reports over the past week have suggested that the stock price of Nvidia has dropped due to a drop in demand for crypto mining. Fool.com’s report, for instance, read: NVIDIA’s revenue growth is expected to drop into the single digits this quarter. The reason: weak demand for graphics cards. Cryptocurrency mining was a key
The post Nvidia: Why Low Crypto Mining Demand Didn’t Cause Share Price Woes appeared first on CCN
Nearly three months have passed since Goldman Sachs, a $ 73 billion investment bank based in the US, said that it is not ready to facilitate the delivery of “physical Bitcoin” to its clients. The banking giant is still not able to hold cryptocurrencies on behalf of its clients, despite growing demand from clients. At a
The post Goldman Sachs Still Can’t Hold Crypto on Behalf of Clients Despite Growing Demand appeared first on CCN
The tough year for Nvidia (NVDA) continues as Goldman Sachs (GS) has now removed the company from its conviction list, saying it was “clearly wrong on the stock.” This news comes a week after disappointing Q3 earnings results that included a very weak forecast. As a result, Goldman has cut its price target from $ 283 to $ 200, which is the […]
SludgeFeed
After months and months of consolidation, the yearly support finally broke and now bitcoin has found itself in the lower $ 5000s for the first time since 2017:
Figure 1: BTC-USD, Daily Candles, Broken Support
Bitcoin managed to drop a staggering 16% yesterday as the market sliced through the long held support like a knife through butter. The high volume and wide candle spread does not bode well for the bulls as we are currently witnessing an excess of supply in the market. We have blown through two levels of support and haven’t seen a significant retest just yet:
According to a study conducted by Deidre Campbell, Global Chair of Financial Services at Edelman, reported by the New York Post, crypto still remains as a preferable long-term investment amongst millennial investors. “Anyone that has crypto tells me they wish they bought it sooner,” said Campbell, whose study revealed that more than 25 percent of
The post Study: Demand For Crypto From Millennials Continuing to Rise Rapidly appeared first on CCN
