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A Review of this weeks Market Collapse, this was one of the Most Dramatic Daily Selloffs in The Entire Year.

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It’s been a rocky week in crypto land. This week the crypto market took a deep nosedive, losing $26 billion – a staggering amount by any metric. This was one of the most dramatic daily selloffs in the entire 2018. Bitcoin, which remained exceptionally stable in August-November, suffered a drop of more than 11% over a 12-hour period. This unexpected fall in the BTC rate created a domino effect for other major cryptocurrencies. The market is yet to bounce back.

Daria Generalova, Managing Partner at ICOBox, commented “I believe there are several reasons for the latest market collapse. First, there was a massive cryptocurrency selloff, which was partly related to the news of the hardfork of Bitcoin Cash.”

November 15 marked the date for the Bitcoin Cash network update, which resulted in the currency splitting into two forks – Bitcoin ABC and Bitcoin SV. This was the biggest hardfork of the recent months. Although the event was extremely exciting and advantageous for most industry players, it was also capable of revamping the market.

Daria thinks there is more to the recent collapse. ”The crypto market is continuing to react to the situation in securities markets, which are also falling in response to the decline in oil futures. And third, since the start of the week bitcoin hashrate dropped by 20%. This may have to do with the suspension of operations in Chinese provinces Xinjiang and Guizhou for the duration of their tax audit. All of these factors combined might’ve resulted in the recent massacre in the crypto market.”

“But knowing that pretty much any fall is usually followed by a rise, I have no doubt that eventually we’ll return to a relatively even keel. This is crypto – things are meant to be dynamic. So buckle up and take a ride!”

Wieke Beenen
  • A Review of this weeks Market Collapse, this was one of the Most Dramatic Daily Selloffs in The Entire Year. – November 21, 2018
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  • Switcheo Network Launches First Exchange to Support both NEO and Ethereum blockchains. – November 20, 2018
  • Datametrex and Nexalogy Environics develop Fake News Detection Filter – November 19, 2018
  • Kinesis Money and Allocated Bullion Exchange seek to create a commercial blockchain venture with Jakarta Futures Exchange in Indonesia – November 16, 2018
  • Transform Group CEO Michael Terpin Named one of the Most Respected ICO Advisors and Influencers – November 10, 2018
  • WISeKey Announces Release of WISePhone, the First Ever Secure Android Blockchain Phone with Cryptocurrency Payment Capabilities – November 9, 2018
  • WISeKey Announces WISfans, a Platform that Deters Counterfeiting of Branded Sports merchandise and Connects Clubs with their Fans – November 8, 2018
  • Radiant Earth Foundation teams up with Blockchain software company ConsenSys to Make Geospatial Data More Accessible – November 8, 2018
  • A Class Action Lawsuit Has Been Filed Against India Globalization Capital, Inc. by Gainey and McKenna & Egleston – November 7, 2018
  • Blockchain used to empower African smallholder farmers to enter the global food market – November 6, 2018
  • Blockchain Company Reveals a Powerful Fitness App Aiming to Reward Workouts with Tokens. – November 2, 2018
  • WeedMD and Blockstrain launch Proprietary Genome Tracking Software to Protect Cannabis Genetics & Intellectual Property – October 25, 2018
  • Richard Branson’s Extreme Tech Challenge announces 2018 Winner of its fourth annual Competition on Necker Island – October 25, 2018
  • Investx stabilizes Token by adopting Holo’s Ethical ICO model – October 25, 2018
  • MIT Silvio Micali’s Algorand announces $62M in Funding and Appoints new Executive Team – October 24, 2018
  • Partnership between Charity Game Master and SilverLogic Marks Beginning of a Worldwide Charity Health Network – October 22, 2018
  • Blockchain-enabled supply chain platform ensures legal flow of products through the Canadian cannabis market – October 19, 2018
  • New Documentary Funded by Crypto Shows People’s Problems and Tangible Solutions through Blockchain – October 19, 2018
  • Number of Blockchain Startups have Tripled In Israel – October 18, 2018

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