Markets are sleeping again this weekend; only Veritaseum and Ravencoin going anywhere.

Sunday has seen a small upward shift in crypto markets as predicted in yesterday’s market update. With a series of small higher lows over the past 24 hours market capitalization has crept back over $210 billion.

Bitcoin has climbed back over $6,500 again but is only up around half a percent on the day. There are no solid signals for movement in either direction as BTC looks to stay here for a while as it faces solid resistance at this level. Ethereum is a similar situation with a one percent gain to $207 during Asian trading today.

The altcoins are mostly green at the moment but as in previous days gains are very small. In the top ten Bitcoin Cash has made the most progress with a 2% rise to $450. The rest have made between zero and 1.5 percent on the day.

The top twenty is a very similar pattern with Zcash making the biggest gain of 3.4% to trade at $126. Some altcoins such as Dash and VeChain have not moved at all but most are up around a percent since this time yesterday.

Today’s fomo pump is Veritaseum which has entered the top one hundred and is surging 33% at the time of writing. Tomorrow it will probably be the opposite for VERI. Ravencoin is also doing well at the moment with a 22% climb as is Bytom which has jumped 19% on the day. Nexo has made 13% and Siacoin is also in double figures with a 10% gain.

Two altcoins are topping the red end of the chart with CyberMiles and Digitex Futures both losing over 6% right now. Losses are very small for the rest of them.

One percent has been added to the total crypto market capitalization which currently stands at $211 billion. Trade volume has dipped below $10 billion again and things are still very slow and very sideways in crypto land. Bitcoin dominance as dropped a touch to 53.6% but none of the top altcoins are showing any significant movements this Sunday.

This post credited to News BTC  Image source: News BTC

Friday, Oct. 12: after yesterday’s carnage, crypto markets are seeing some relative price stability. The top cryptocurrencies by market cap are seeing mild movement, both red and green.

Market visualization

Market visualization by Coin360

Bitcoin (BTC) has has seen little price action on the day, and is up 0.5 percent to trade at $6,318 as of press time. Ater a strong week of sustained trading around $6,600 – briefly trading as high as almost $6,670 Oct. 8 – the top coin took a plummet yesterday, hitting as low as $6,201.

On its weekly chart, its cliff-like performance yesterday has brought Bitcoin down to around 4.7 percent in the red, although it continues to practically break even on the month, at around 0.3 percent in the negative.
Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) is down around 1 percent on the day to trade at $197 at press time. Its weekly chart shows a similarly stark sudden drop yesterday, after the altcoin had circled $230 levels throughout much of the week. Yesterday’s losses brought Ethereum as low as around $194.

On the week, Ethereum is now almost 13 percent in the red; monthly growth remains around 8 percent.

Ethereum 7-day price chart

Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index

Ripple (XRP) is faring better, and is up close to a solid 7 percent to trade at $0.43. Nonetheless, the asset was not spared yesterday’s market-wide losses, and is showing a 17 percent loss on its weekly chart.

Buoyed by its outstanding price performance in September, Ripple’s monthly gains remain at 60 percent.

Ripple 7-day price chart

Ripple 7-day price chart. Source: Cointelegraph Ripple Price Index

The remaining top ten coins on CoinMarketCap are all seeing a mix of red and green. After Ripple, Litecoin (LTC) has made the strongest recovery, although it has seen a relatively mild 2 percent gain to trade $53.32. Stellar (XLM) is up around 1.6 percent and is trading at $0.216.

Meanwhile, anonymity-oriented altcoin Monero (XMR) is down a further 1.8 percent on the day and is trading at $102.79; EOS (EOS) has also shed around 1.46 percent in value at $5.21.

In the context of the top twenty coins, the picture is mostly red: Tezos (XTZ) is down the most, losing 3.5 percent to trade at $1.21, and Ethereum Classic (ETC) is down a round 3 percent at $9.51. Dash (DASH) and IOTA (MIOTA) are seeing smaller losses, at around 2.2 percent ($158.59) and 1 percent ($0.502) respectively.

Tron (TRX) has grown 2.2 percent to trade at $0.227 and is the only other top twenty crypto to see green.

Total market capitalization of all cryptocurrencies is down to around $202.2 billion as of press time – slightly recovering from a 24-hour low of $196.3 billion, yet remaining almost $20 billion down from an intra-week high at around $222 billion Oct. 8.

7-day chart of the total market capitalization of all cryptocurrencies

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Earlier today, Cointelegraph reported that the U.S. Financial Crimes Enforcement Network (FinCEN) has issued an advisory that calls on cryptocurrency exchanges to monitor Iranian use of crypto to evade sanctions.

According to the agency, as of 2013 Iranian use of cryptocurrency includes “at least $3.8 million worth of bitcoin-denominated transactions per year”; FinCEN goes on to warn that cryptocurrencies represent an emerging “payment system that may provide potential avenues for individuals and entities to evade sanctions.”

 

This post credited to cointelegraph  Image source: Cointelegraph 

Just when we thought that a real recovery was about to occur for cryptocurrencies, they have all dumped again today, several by double digits.

Since last Friday crypto markets have performed well regaining almost $30 billion to a three week high capitalization of $229 billion. This momentum has largely been the work of XRP which went on an epic pump over the weekend, almost doubling in price.

Today, however, the pattern has been reversed once again as markets plummet, losing all of those gains in one big rout. Almost $20 billion has been lost over the past day or so as markets tumble back towards the $200 billion level. Any lower will see them back to their 2018 low point on September 12 when total cap dropped to $186 billion. Ethereum is hurting once again with a 10% slide on the day back to yearly lows of $210.

XRP is rapidly wiping out all of that positive momentum which took it to a four month high of $0.69 on Friday. In just 24 hours its price over doubled as XRP trade volume surged from $400 million to $4 billion enabling it to surpass Ethereum, albeit briefly, and take second spot for market cap. Those monumental gains, not seen since last year, are being eroded today as XRP has plunged 19% to $0.450 at the time of writing.

EOS is also having a bad day with a dump of over 11% to $5.15 according to coinmarketcap.com. Over the weekend EOS reached $6.20 but those gains are now distant memories. Since its all-time high of almost $22 back in April EOS has crashed 76% to its current levels along with most of the other altcoins. Market cap for the fifth most popular crypto is down to $4.67 billion.

Another altcoin in pain at the moment is Stellar Lumens as XLM sheds 11% on the day to $0.235. The past week has been a good one for XLM has it has gained almost 20% from $0.196 this time last Tuesday however those gains are now going down the digital pan.

Cardano has been one of 2018’s biggest losers, getting hammered 94% since its all-time high of $1.30 back in January. Today has not been kind either as ADA dumps over 11% to $0.077. Cardano is close to slipping out of the top ten as market cap is perilously close to falling below $2 billion.

Other altcoins also in the red double digit doldrums today include Monacoin, Wanchain, Ontology, Status and Siacoin.

 

This post credited to Ethereumworld News  Image source: Ethereumworld News 

Two cash-strapped football clubs are trying to circumvent financial issues by planning a tokenized crowdfunding round, reports the Times.

Newcastle United and Cardiff City, the English Premier League teams, are reportedly in talks with SportyCo, a decentralized sports investment & funding platform, to launch their Initial Coin Offering (ICO) round. SportCo has earlier partnered with Avaí Futebol Clube to raise them about $20 million via a public sale of AVAI tokens. The company is also a principal sponsor of Espanyol, the world’s top football team.

The partnership would enable the clubs to begin the sale of their private digitized tokens as securities/utilities. As interested participants purchase these tokens, they would either gain a particular stake in the clubs’ revenue or receive additional benefits for using the token on game-related purchases.

The Mag highlights the poor financial health of both Newcastle United and Cardiff City. While Newcastle United earlier has been named for losing profits off to bad managerial decisions – those taken by the club owner Mike Ashley – Cardiff City is facing a debt burden of over $150 million, bulk of which they owe to Vincent Tan, a Malaysian investment tycoon.

Cardiff even cut the wage bill to £20.6m, 18% lower than the previous year.

Both Newcastle United and Cardiff City have admitted that they are fighting for survival with lower budgets.

Sir John Madejski, a prominent figure in the Premier League once said that running a football club is not for faint-hearted; that one has to have deep pockets to run them smoothly especially when most clubs run at a loss.

Some common issues prevent football clubs from governing their finances properly. The wages of footballers are considered too high and paying unnecessarily hefty commissions to their agents adds up to the overall profit-deficit. Whatsoever, football continues to be a key part of a state’s – or even nation’s – economic strategies.

Understanding that running a football club cannot always be a one-rich-man show, football clubs are waking up to the possibility of going public. ICOs somewhat simplifies the process by allowing organizations to raise funds by selling digitized tokens that could either be used as proof-of-ownership or tools to avail discounts and offers from the issuers. The digitized crowdfunding method, so far, has appealed to startups that look to raise funds to build blockchain-enabled applications.

“Money raised from the crowd sale goes straight into club infrastructure which will stay with the club forever,” Marko Filej, SportyCo’s co-founder, stated. “With this initial money offer, we are opening a new chapter in football and the sports industry in general.”

This post credited to ccn Featured image from Shutterstock.