The global market cap of all cryptocurrencies has fallen to $350 billion today, with pretty much all of them down around 5%.
Ethereum has fallen to $650 after failing to hold onto $700. Bitcoin is now below $9,000. While Bitcoin Cash is just about keeping $1,000, even though it was previously somewhat bullish.
Sentiment has clearly changed and some even speak of despair. Goldman Sachs is now out there, pretending they know anything, saying bitcoin’s price could go down to $6,000. Some say eth might fall as low as $400.
It’s doom town all around, but since no one knows what the tea leafs really say, let’s go to Binance. They’re apparently now developing a blockchain of their own to decentralize their exchange.
The announcement hardly says much, but it was enough to send the price of Binance Coin from $8 to $11, now nearing a market cap of $1 billion.
Interestingly, some commented there was no price bump before the announcement, but there was one immediately after, suggesting Changpeng Zhao was able to manage restrictions on insider trading.
Circle has ruffled some feathers by restricting Wyoming citizens from having access to their new Circle Invest app, which is slowly rolling out.
You can only trade BTC, ETH, BCH, LTC and ETC on there for now, but that list might grow far longer after their acquisition of Poloniex.
“Hey Circle — why did you exclude Wyoming from your new app? Wyoming officially EXEMPTED crypto from its money transmission law last week. Many Wyomingites want access to bitcoin. You’re missing an opportunity! #noexcuse.”
So says Caitlin Long. Well Caitlin, they’re Goldman Sachs backed. Giant corporations are not known to move fast, adapt fast, or keep up. So maybe they just don’t know things have changed.
Ah, here’s an interesting one. Bankers and their finance ministers, who will meet at G20 this 19th of March, are now admitting that having a choice of money could “undermine trust in the global financial system.”
We wonder why that would ever be the case or why would one consider such alternatives. These central command economy money managers could never make mistakes, could they? They would never be greedy and corrupt, would they? We quote reuters at some length:
“The financial leaders will say the technological innovation behind crypto-currencies has the potential to improve the efficiency and inclusiveness of the financial system.
‘Crypto currencies, however, raise issues with respect to consumer and investor protection, tax evasion, money laundering and terrorist financing. At some point they could have financial stability implications,’ the draft communique adds.
‘We agree that international standard setting bodies strengthen their monitoring of crypto-assets and their risks… and assess whether multilateral responses may be needed.’
Regulators globally have raised the alarm over cryptocurrencies, saying they may aid money laundering and terrorist financing, hurt consumers and undermine trust in the global financial system.”
Yes, yes, consumers, terrists. They mean money printing and discriminatory laws that allow them to get away with a tiny fine, or no fine at all, while the rest are sent to prison.
“Ads for aggregators and affiliates for the following will no longer be allowed to serve… Cryptocurrencies and related content.”
Bitcoiners are saying this is good news. Yes, we know, it’s a meme. But it isn’t good news for Google. They’ve now become an arm of the state because their algorithm is sufficiently sophisticated to ban scams, rather than an entire ~half a trillion industry.
But then, it isn’t Google’s fault. Yet whose fault it is exactly, isn’t easy to untangle. Economists tell us these monopolies are natural, but there is nothing natural about the ability to freely invest in Google shares while unable to invest in the super cool search engine start-up shares.
The latter is for our own good, of course, it’s not there to have easy “institutions” you can just use as an extension of the government. And then we call Chinese companies state owned… although freedom does have degrees.
We should perhaps fall so low as to mention a friendly rivalry of sorts. Cashers now have an in-running joke whereby Bitcoin Core supporters boycott Microsoft, EFF, Tor, BitPay, Coinbase, Openbazaar, and pretty much everyone.
Their two minutes of hate used to be limited to just one a day, but recently… no, now we think of it, it is still one a day. Microsoft yesterday, although subtly. OpenBazaar today, with a casher trolling a bit on EFF.
They’ll forget tomorrow, like schoolchildren. So they’ll need to find a new “cool to hate for two minutes.” Just don’t hate the fees.
Although to be fair to them, they did hate the fees and they still hate the fees. But there isn’t much they can do about it, so like the fox that couldn’t catch the grapes, they say low fees are not for them.
They could, of course, simply convert their currency, but then they wouldn’t enjoy the two minutes of hate dopamine. Eventually, they get over it, but there are far more potential new bitcoiners than “established” ones.
Which is what makes that signal of centralized media so powerful. But the internet has diluted it considerably even as the new monopolies of Facebook, Reddit and the rest try to re-instate it.