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  1. OCT 12: cryptocurrency overview and news At present, the total market capitalization of cryptocurrency is around 200.7 billion US dollars, a large decline of 0.46% compared with the previous day of 217.4 billion US dollars. Bitcoin price temporarily reported at 6,294 US dollars, accounted for -5.09%; Ethereum Price reported at $199.7, -11.83% decline in comparison to yesterday; Bitcoin Cash Price reported at $449.7 US dollars, -12.89% decline; EOS price reported at $5.29 US dollars, -10.65% loss, according to Citicoins. Note: 1. The price change within half an hour can better reflect the dynamic changes of the coins and tokens. 2. The trading volume refers to the liquidity (influentially holders’ activity and interests) to the market within a certain period of time. The trading volume rated high indicates the liquidity is great. However, it often has strong speculation extents and usually been favored by “whales” for price control and operation. Thus the risk is relatively large as the price fluctuation is big. POSITIVE NEWS: 59,828 Ethereum in total has been transferred to OKex The data shows that at 17:06 today, more than 10 addresses transferred totally 59,828 Ethereum to OKex at the same time. The account 0x0a0fed0ff3495fe93749cde2b692b7e217dc739c had transferred approximately 40,000 ETHs to the address 0x976fd26bc177542c3ade3aa28b374f866e7dde4b. Soon after the transaction received, 4,000 Ethereum has been loaded to the Kraken exchange. Citicoins predicted that the subsequent 40,000 Ethereum would be transferred to Karken. According to data, the account used to frequently trade cryptocurrency thru Bitfinex and Kraken. A nearly $6 million Bitcoin Cash transaction The address beginning with 1KRhALQL transferred 15,000 BCHs to the address of with19PYCucp (about $6.687 million). A account transferred more than 15,000 Bitcoins in the last evening The address starting with 35gwu7 transferred more than 15,000 BTCs to 2 addresses, respectively starting with 3LvLL5 and 3NwYr. 3LvLL5 is a new address created yesterday. None of the above addresses are marked and claimed. OKex blows up 120 million USDT within an hour Future traders on OKex has lost 120 million Tether (USDT) within an hour. The loss of Bitcoin was reportedly 7,990 pieces, Ethereum was 96,000 and EOS was 2.19 million pieces. Aside above, OKex also supports Ripple(XRP), Litecoin(LTC), Ethereum Classic(ETC), Bitcoin Cash and Bitcoin Gold (BTG), etc. All data used for market analysis was collected from Citicoins.com
  2. OVERVIEW: At present, the total market capitalization of cryptocurrency is around 217.5 billion US dollars, a slight decline of 0.46% compared with the previous day of 218.5 billion US dollars. Bitcoin price temporarily reported at 6603.3 US dollars, accounted for -0.81%; Ethereum Price reported at $226.9, -0.63% decline in comparison to yesterday; Bitcoin Cash Price reported at $516.8 US dollars, -0.58% decline; EOS price reported at $5.92 US dollars, -0.03% loss, according to Citicoins. Note: 1. The price change within half an hour can better reflect the dynamic changes of the coins and tokens. 2. The trading volume refers to the liquidity (influentially holders’ activity and interests) to the market within a certain period of time. The trading volume rated high indicates the liquidity is great. However, it often has strong speculation extents and usually been favored by “whales” for price control and operation. Thus the risk is relatively large as the price fluctuation is big. POSITIVE: Dogcoin team: The team is preparing for listing on Coinbase Ross Nicoll, a core member of the dogcoin, said in a recent interview that the team was preparing for submission to Coinbase exchange listing, according to Cryptorecorder. The first unmapped user has retrieved 2643.35 EOS EOS Cannon Bean said, after the proposal to deliver unmapped users assistance to retrieve EOS was approved, a user, created an EOS account through the EOS Authority, retrieved 2647.35 unmapped EOS coins. Analysts believe the concentration of mining pools in China will endanger Bitcoin Bitcoinist reports a paper by Princeton University and Florida International University notices that the impact from China on Bitcoin infrastructure (mining) is growing. Also it says China is able to destruct Bitcoin market. The data shows more than 80% of Bitcoin in circulating was produced by 6 mining pools, 5 of which were organized or managed by Chinese. Cryptocurrency payment service provider CoinGate now supports Binance Coin (BNB) According to CoinGate, cryptocurrency payment service provider CoinGate now supports BNB payments. The average BNB price was $10.28, a decrease of 2.46%. Institutional investors’ interest in Ripple (XRP) has increased Dailyhodl reports 12.5% of institutional investors now chose XRP as their cryptocurrency market funds, which is higher than the previous quarter 9.9% according to Grayscale. In addition, Ethereum, Bitcoin Cash and Litecoin price have declined in the past few months, whereas Bitcoin market dominance has risen from 57.6% to 66.8%. NEGATIVE: 17,999 ETHs thru intermediate accounts have been transferred into Binance, Bitfinex and other exchanges The account of 0xd7d3c75920590438b82c3e9515be2eb6ed7a8b1a, which participated in ETH early ICO, transferred 17999 ETHs to the address 0xdf114d41c1c09297e80fdcdcb249d69f8aacabea. Then ETH was transferred to the Binance, Bitfinex and other exchanges. Citicoins found that all transfers have passed through an intermediate account. It may intend to hide the transactions record from something else. All data used for market & price analysis collected from Citicoins.com
  3. OVERVIEW: At present, the total market capitalization of cryptocurrency is around $218 billion US dollars, a slight decline of 1% compared with the previous day of 220 billion US dollars. Bitcoin price temporarily reported at $6,623.7, accounted for 0.68% gain; Ethereum Price reported at $227.49, 1.1% decline in comparison to yesterday; Bitcoin Cash Price reported at $518.25 US dollars, -2.45% decline; EOS reported at 5.87 US dollars, -1.0% loss, according to Citicoins. Tips: 1. The price change within half an hour can better reflect the dynamic changes of the coins and tokens. 2. The trading volume refers to the liquidity (influentially holders’ activity and interests) to the market within a certain period of time. The trading volume rated high indicates the liquidity is great. However, it often has strong speculation extents and usually been favored by “whales” for price control and operation. Thus the risk is relatively large as the price fluctuation is big. NEWS: 1. EOS node registration reaches 445 in supernode campaign According to IMEOS, EOS network mortgage rate reached 39.455%, 0.06% changes in comparison with yesterday. In a total of 29,718 accounts have participated in the campaign, 92 account differ from yesterday. The registered nodes reached up 445. However, EOS price has dropped 1.06% from yesterday. 2. A $100-million transaction of Tether (USDT) shows up on Bitfinex exchange The data shows that address beginning with 1KYiKJ transferred $100 million USDT to the Tether Treasury address beginning with 1NTMak. 3. Analyst: the up limit of Bitcoin price theoretically is $100,000 for now According to Seekingalpha, analyst Hans Hauge said that he found the theoretical up-limit price of Bitcoin by calculating the maximum productivity of the Bitcoin network. The higher the Bitcoin community activity, the higher the price of Bitcoin. Through the calculations, the current maximum transaction volume is 693,000, thus the theoretical up-limit price is $100,000, says Hans Hauge. 4. 7 million BNBs transaction on Binance Citicoins spotted a transaction of 7 million BNB (Binance Coin) on Binance exchange, in a total value of about $73.82 million as the BNB price at $10.47. 5. Bitcoin Jesus: Bitmain to hold 1 million pieces of BCH is the signals of bull market According to Cryptoglobe, although many analysts believe that Bitmain holding of 1 million pieces of Bitcoin Cash is a bearish signal, Bitcoin Jesus Roger Ver believes it is a “very bullish” signal because it has the endorsement from the largest company in encryption industry. All data used for analysis collected from Citicoins.com
  4. Cryptocurrency market is always changing. A few months ago, mining competition held by exchanges has been completely vanished. The cryptocurrency exchange right now seems to have entered the intermission with the occasional rights period. In recent, a survey jointly released by the European exchange Decoin and PANews resulted somewhat unexpected. 70% of users are satisfied with current exchanges, nearly half are recommended by friends The survey was set up in a blockchain community of nearly 40,000 users. The effective questionnaires collected showed that 72.7% have used exchanges;. the rest of participants who have never used exchanges were accounted for 27.93% of the total. It also showed that 70.77% participants were satisfied with current exchanges. 17.17% were dissatisfied with the exchanges they have used, and 12.06% were neutral. Significantly, 49.88% of exchange users were recommended by friends. Others were thru internet search engines, accounted for 28.54%; 13.46% were recommended by internet personalities and 8.12% by cryptocurrency issuers. According to Decoin CEO Shay Perry, the circle of cryptocurrency investors looks more like an organizational community. The members prefer the recommendations by other members in common, than by the internet personalities on Youtube or somewhere else. Among the participants, the users of Huobi was accounted for 44.31%, Binance for 32.11% and OKEx for 24.58%. They attract the vast majority of traders. Then FCoin, Bitfinex and Bitmumb were 12.21%, 10.37% and 7.19%, respectively. The rest use other exchanges. (Some participants have been using multiple exchanges at the same time.) Moreover, 49.50% of participants said releasing exchange tokens (such as Huobi Token and Binance Coin what are used as medium for trade in specific exchange) for dividends would effectively motivate users to adopt an exchange. 43.31% prefer transaction dividends and 32.61% prefer repurchase. Licensing is more concerned What are users most concerned with exchanges? Security is mostly and firstly concerned, then the convenience and the extents of trading volume. The survey shows 76.87% of participants worry the security issues of the wallets provided by exchanges and they hope to use a safer platform. The participants have also paid attention to transaction fees, the number of trading pairs and customer service. Financial Services Agency in Japan One of the important indicators to judge the security extents of an exchange is whether the exchange received a local finance license. The survey indicates that up to 90.47% of participants are more reassured about licensed exchanges whereas 9.53% think it doesn’t matter. Shay Perry analyzed that transaction security was the main factor and secondary was convenience. These two factors are the core competition strength for cryptocurrency exchanges. Nearly 60% of major coins holders own exchange tokens Bitcoin has the largest market dominance but not the wildest among the survey. The survey shows 36.89% of participants have major altcoins and accounted for the largest proportion of their total assets, whereas 32.71% have Bitcoin accounted for the largest proportion. That is, 69.60% of people mostly hold major altcoins and Bitcoin. 15.31% hold exchange tokens as main, and 15.08% hold less-known altcoins. (In passage, major altcoins were defined as the coins that issued after Bitcoin, including Bitcoin’s derivative Bitcoin Cash, Ethereum and derivative Ethereum Classic, Ripple, EOS and Litecoin. However, Tether is not counted here since it represents stablecoins but it indeed takes big proportion in survey.) In fact, investors are more optimistic about the exchange tokens. In the survey, 59.86% of participants already have exchange tokens. 24.59% of potential investors are seeking to invest in appropriate exchange tokens in the future. Thus 84.45% participants keeps positive sentiment for exchange tokens whereas 15.55% never intend to hold. Surprisingly, up to 80% of participants considered, or are considering leverage contracts. 46.4% said they would adopt leverage, and 39.91% might in future. The proportion of investors who used and potentially to use leverage has reached up 86.31%. The rest, 13.69% never considered to adopt the leverage contract. At the end of the survey, many users suggested the exchange to strengthen the knowledge of trading and to provide more derivatives. In general, even though the market experienced great downtrend led by the falling of Bitcoin price, it has yet wiped out investors positive sentiment.
  5. According to Recode[1], Coinbase, the US major cryptocurrency exchange, currently works on a $500 million funding. After the funding completed, Coinbase’s overall valuation reached up to $8 billion. Meanwhile, the valuation almost hits the brand value of Goldman Sachs which worth in $8.2 billion, and surpasses Dell and PayPal. (Figure 1) This 6-year-old company has successfully become one of the most valuated startups in the United States with constant sharp growth after succeeding in each funding round. The rumor says that after the rapid uptrend of Bitcoin market, Coinbase is expected to be listed on stock exchange, which may cause a positive impact on the legalization of the cryptocurrency market overview. Every move Coinbase made also affects the cryptocurrency market such as the uptrend of Ethereum Classic since launched on Coinbase, whereas it so far has only 5 major cryptocurrencies supported, including Bitcoin, hard fork Bitcoin Cash, Ethereum, Litcoin, and Ethereum Classic. Coinbase had in total 6 funding rounds in the past 6 years. Since 2018, Coinbase has never paused to interview new investors and expects the next round, purposely to clear up current shareholders from the table. The investor Coinbase concerned in this case is Tiger Global, a hedge fund institution based in New York, with $500 million. Many think that $250 million of the fund will be deposited into the Coinbase’s account, and the rest to repurchase the shares from existing shareholders. The amount has not yet been finalized. Coinbase has always been working on “licensing”. It firstly obtained BitLicense from New York State Department of Financial Services (NYDFS), later acquiring a fully licensed securities firm. (What about Binance which has average daily trading volume $600–700 million? Think about it). Coinbase itself claimed $8 billion valuation as when [2] it has acquired the mining firm Earn for $120 million on April 2018. The Earn’s shareholders received a portion of Coinbase’s shares instead of cash. The estimate of Coinbase’s $8 billion valuation at the time eventually was not recognized by Earn. In fact, the Coinbase [3] “doubled its user base from late 2016 to the end of last year, while bitcoin price rose from less than $1,000 to its highest point, near $20,000.” (CNBC) This investor, Tiger Global a 16-year firm had used to operate several large investments that have shocked the industry, including $2 billion shares in the music firm Spotify, India’s transportation application Ola, and ecommerce firm Flipkart. Some rumors say Tiger Global has exited from the last two firms, earning a net profit of $1 billion. According to PitchBook, Tiger Global has invested in at least 24 venture investments worldwide in 2018. Latterly Tiger Global seems have great interest in cryptocurrency. Just a few days before the news of the collaboration with Coinbase, Tiger Global just invested $245 million in the payment platform Stripe. [4] Coinbase’s shareholders include personal investor Andreessen Horowitz, the firm Union Square Venture, private equity firm IVP and the incubator firm Y Combinator and surprisingly NYSE. (Crunchbase) Source & Reference: [1] Theodore Schleifer, Coinbase, the startup at the core of the crypto craze, is now considered an $8 billion company, Oct 2, 2018 https://www.recode.net/2018/10/2/17928274/coinbase-tiger-global-8-billion-funding-deal [2] Earn.com joins Coinbase, Apr 17, 2018 https://news.earn.com/earn-com-joins-coinbase-a282a36411d2 [3] Kate Rooney (CNBC), Coinbase: A bitcoin start-up spreading its bets to dominate cryptocurrency economy, May 22, 2018 https://www.cnbc.com/2018/05/22/coinbase-a-bitcoin-start-up-spreading-its-bets-on-the-crypto-economy.html [4] Crunchbase :Coinbase investors https://www.crunchbase.com/organization/coinbase/investors/investors_list#section-investors
  6. In general perspective, the market currently experiences fluctuation (steady, no big up & down) after it underwent a sharp downtrend. In the stock market phenomenon, a big uptrend usually will come up after the fluctuation. Phenomenons, or rules in stock market may not be well applied in cryptocurrency, but the sentiment of investors in either stock or crypto is the same. Thus as long as the investors expect a skyrocket, it comes.
  7. Bitcoin reached the highest price in the beginning of 2018. Since then, it has been falling all the way down to $6,000 below. Eventhough Bitcoin price has once quick regained to $7,000 over, it soon after fell back to $6,500 around in a steady condition “no gain, no loss”. Bitcoin vs. Altcoins The contribution of Bitcoin to the entire market cap has dropped down from nearly 60% earlier this month to slightly above 50% (Citicoins), other major cryptocurrencies, influenced by the uptrend of Ripple (XRP), Bitcoin cash and Litecoin, has started to recover. Bitcoin dominance reached 50% for the first time in August (it reached 37% in the beginning of 2018) because many of altcoins fell dramatically as when market trending up. The current Bitcoin market capitalization is $117 billion, $10 billion down from $127 billion at the beginning of this month(September 2018). While, the other major cryptocurrencies have made significant progresses — the market has reactivated the sentiment of traders and investors. The recent rapid uptrend of bitcoin price was reportedly triggered by a Bloomberg article that hinted an important positive price changes “based on an analysis of the RIG lines”[1](Bloomberg), an advanced technical standard combined with RSI and market momentum research. However, the positive sentiment of financing companies to Bitcoin and cryptocurrency has gradually faded in September (2018). Percentage of Total Market Capitalization (Dominance) The US Securities and Exchange Commission (SEC), which delayed cryptocurrency ETF approvals earlier this month, made decision to thoroughly sight the Bitcoin market [2](Bloomberg), whereas the banking giant Goldman Sachs seems going to cut out the plan which to provide Bitcoin financing service [3](Reuters). Many still hope the SEC will approve the Bitcoin ETFs and look forward ICE (NYSE owner) to launch the exchange Bakkt “using Microsoft Corp’s (MSFT.O) cloud technology and work with companies including Starbucks Corp (SBUX.O) and Boston Consulting Group (BCG)”.[4](Reuters) In another perspective, some banks starts to largely adopt XRP for cross-boarder transaction. Under the factors, the Ripple price latterly had doubled. On September (2018), the Ripple’s market dominance has gained from 5% to 10%. Earlier this week (September 24 to 30, 2018), Ripple briefly surpassed Ethereum market dominance for a short moment. Ripple and Ethereum respectively has a market capitalization of about $22 billion. Although Ripple has succeeded in surpassing Ethereum, both Ripple and Ethereum have fallen sharply from their highest peak price. Indeed, the market dominance of Ethereum after reaching 21% (peak), has fallen throughout 2018 and is now around 10%. Moreover, Bitmain’s IPO proposed in Hong Kong this week has led Bitcoin cash price to a significant uptrend, so did Litecoin after SFOX announced Litecoin listing on Sep 29, 2018. (Bitcoin Cash accounted for 1% gained in the dominance from 3%). Top 100 Cryptocurrency by Market Capitalization However, the decline of Bitcoin market capitalization may be for a short moment. There were several reports in recent months that many influential investors have said that bitcoin prices have reached out bottom and were expected to reach as high as nearly $20,000 in the end of 2018. Source & Reference: [1] Vildana Hajric (Bloomberg), Chart Suggests the Next Bitcoin Bull Run On the Horizon, September 27, 2018 https://www.bloomberg.com/news/articles/2018-09-27/momentum-gauge-suggests-next-bitcoin-bull-run-on-the-horizon [2] Rachel Evans (Bloomberg), Bitcoin ETFs Delayed Again as SEC Seeks Comment on Fund Plan, September 21, 2018 https://www.bloomberg.com/news/articles/2018-09-20/bitcoin-etfs-delayed-again-as-sec-seeks-comment-on-fund-proposal [3] FINTECH (Reuters), Goldman drops bitcoin trading plans for now: Business Insider, September 5, 2018 https://www.reuters.com/article/us-goldman-sachs-cryptocurrency/goldman-drops-bitcoin-trading-plans-for-now-business-insider-idUSKCN1LL1M0 [4]John McCrank (Reuters), NYSE-owner ICE to form new company for digital assets, August 3, 2018 https://www.reuters.com/article/us-ice-cryptocurrency-bakkt/nyse-owner-ice-to-form-new-company-for-digital-assets-idUSKBN1KO1QN Data used for price & market analysis collected from Citicoins.com
  8. There is a view that cryptocurrencies are outside the scope of state regulation. However, according to the latest research report of the Bank for International Settlements (BIS), regulatory still have a huge impact on the cryptocurrency market (Members of BIS grouped 60 central banks or financial management authorities, account for 95% of the global GDP). The BIS report said that for the central banks to create their own cryptocurrency or issue non-specific warnings about cryptocurrency, the marketplace usually did not have a significant reaction; however, it would be significantly affected by some regulatory policies, such as cryptocurrency legal status such as regulatory announcements, ICO legal status, AML (anti-money laundering), KYC and CFT (counter terrorism financing) regulations expansion and enforcement. (Figure 1) There is a certain relationship between Bitcoin price fluctuation and regulatory policies There are 3 major aspects to the relationship between cryptocurrency market and regulatory actions and announcements: 1. The Bitcoin market has the most significant response to related events such as cryptocurrency, ICO restrictions and prohibition. If the news directly involves regulatory decisions or the legal status of cryptographic assets, the market’s response is usually strong. Specifically, the price of Bitcoin always affects the entire marketplace, including the other major coins: Ethereum, Ripple, NEO, etc. : This also includes matters of securities regulators, such as the SEC’s pending ambiguity about the Bitcoin ETF. For example, to establish positive news for Bitcoin and cryptocurrency and ICO new legal framework, the market will respond actively. Despite on stablecoins Tether USDT which react accordingly to the market trend, nor the price. 2. Regulations on anti-money laundering or counter terrorism financing measures, and regulatory news restricting the integration of cryptocurrency and traditional financial systems have also had a significant impact on the market: Cryptocurrency exchanges are often denied access to banking services in the formal financial system — such messages have a significant negative impact on local market. However, news about cryptocurrency startups in corroboration with regulated financial institutions, such as an exchange or company successfully licensed under New York BitLicense, will have a positive impact. 3. The impact of non-specific warnings about cryptocurrency investment and trading risks on the market is almost negligible. Financial regulators and central bank’s issuance plans of cryptocurrency that have little impact on the market: Markets generally ignore such news either is good or bad. For example, the European Union earlier cracked down Estonia’s plan to issue national cryptocurrencies — the market apparently had no negative response. Meanwhile, Venezuela introduced Petro coin backed by oil reserve that was recognized by the country — the market did not react actively, either. (Figure 2)The impact of Bitcoin news messages among bitcoin price history Conclusion The BIS analysis report shows that despite the intangible and borderless feature, regulatory actions and related news will have a strong impact on the market, at least in terms of price and volume. Presently, governments still have the ability to effectively monitor the cryptocurrency market. Forwardly, governments will confront 3 key challenges: 1. To effectively address regulatory issues and achieve technical neutral regulation, the government ought to officially clarify activities related to cryptocurrencies, based on cryptocurrency economical purpose, rather than the use of blockchain technology. The responsibility boundaries of national regulators correspondingly has to be redefined. 2. In present, there are various segments of the cryptocurrency market in the world. If when a regulatory event occurs in a certain region, it may result cross-border transaction overpriced. As the market continuously develops, more banks and funds participating in cross-border arbitrage, regulation and enforcement rules under a jurisdiction will spread this phenomenon to the other regulatory extents where the regulations are weaker. For example, governments often seek ways to treat similar products and services based on their functions and risk profiles (such as the 2015 Financial Action Task Force), and coordination between regions can help the efficiency of anti-money laundering standards. In order to maximize impact and avoid defunctions, the cryptocurrency industry should also form an internationally consistent approach. 3. Although the illegal use of cryptocurrencies transcends national borders, it seems difficult to adopt cryptocurrencies to bypass regulation on a large scale. The new crypto products, such as cryptocurrency funds and derivatives, are bridging additional relevance with the financial system. Cryptocurrencies and other assets can be applied on traditional financial systems. If the public loses trust in the cryptocurrency market, it moreover, will lead the entire financial system and regulators become distrusted. Although the current cryptocurrency does not provoke a risk to global financial stability, governments should remain cautions and closely monitor the development of the market. Source: Raphael Auer, Regulating cryptocurrencies: assessing market reactions, 23 September 2018 Data used for price & market analysis are collected from Citicoins.com
  9. Yes. Many of major coins are experiencing this situation since the entire market undergoes bear market.
  10. The “Tokyo Whale” recently sold $230 million in Bitcoin (and Bitcoin Cash), which possibly have caused recent price declines. The investor concerns about whether there would be a bigger sell-off. (Bloomberg) Since the beginning of this year, the trustee of the cryptocurrency of the Mt. Gox exchange, which is no longer in existence, has been selling Bitcoin and Bitcoin Cash, $400 million worth bitcoin at the time. Since March, the Mt. Gox’s trustee Nobuaki Kobayashi has claimed that he had sold Bitcoin and Bitcoin Cash worth in $630 million, which has made investors to speculate that this had a direct correlation with market collapse. However, the reaction of Bitcoin market to the recent sell-off did not much trigger big negative impact than in the past. The price dropped from 6,600–6,800 USD to the 6,450 USD (then Bitcoin price eventually had a little come-back, according to Bitcoin history price by Citicoins). In comparison to the previous collapse, that is a slight decline, so does the Bitcoin Cash price. After the recent sell-off, Mt.Gox trustee Nobuaki Kobayashi said that he still had about $621 million in Bitcoin and Bitcoin Cash in his account, which means that future massive selling may lead to further decline in the cryptocurrency market. Kobayashi explained in his trustee’s notice that he had established an independent trust fund in order to retain statutory funds to pay the debt of the bankrupt creditor. He also explained the hundred-million selling in the past year — he said it was necessary to obtain an appropriate amount of funds to secure the creditor’s interests and delay the loss of the determined and undetermined bankruptcy claims. For creditors who want to repay the lost cryptocurrency in Mt. Gox by legit currency, the sell-off is pleased because it indicates the aftermath of economic loss is in process, which has begun in this June. However, investors feel uncomfortable that the remaining $621 million of bitcoin will be sold in the market, especially in the ongoing bear market, where Bitcoin adoption rate is noticeably decreasing. At the time, the average daily trading volume of Bitcoin is around $4 billion (slightly increased during the price uptrend). Although a large amount of large sales becomes absorbed by the marketplace, a massive sell-off may downtrend the price, meanwhile, traders are caused to empty holds to prevent bigger loss, thereby to lower the price further, Furthermore, the other major coins such as Ethereum, were also affected, leading the entire market collapsing. The timing the Mt.Gox decided to sell off has also affected to the past price trend. Assuming the market runs uptrend, the investors choose to buy in Bitcoins as when he choose to sell off, the negative impact is greater than the last market collapse. Although the price decline should not be assumptively related to the sell-off time, it will exacerbate the market collapse, therefore lead to weak market and abandon, enlarging the decline. Source: Todd White, Tokyo Whale Sells $230 Million of Bitcoin in Mt. Gox Wind-Down Sep 25, 2018 (Bloomberg) Data used for price & market analysis is collected from Citicoins.com
  11. Yes, you're right, actually they don't. But still many of them treat Bitcoin as a currency for commodity purchase.
  12. According to the journal Diar on September 17, there are more than 55% of the bitcoin in circulation is stored in wallets. In the past 11 months, the value of bitcoin in these wallets has exceeded $1 million (as the Bitcoin price reached up remarkably $5,000). Impressively, one-third of the bitcoins in these wallets have never been traded. This possibly means that either the owner has lost the wallet key, or hodlers believes Bitcoin’s future use (although the bitcoin market underwent bear in 2018, long-term investors are confident in Bitcoin). The figure from Diar shows more than 87% of Bitcoins are stored in wallets with least 10 bitcoins (more than $60,000 based on the bitcoin history value) of each — the total value is slightly less than the $100 billion of the total market cap. However, these wallet addresses only accounted for 0.7% of all bitcoin addresses. Meanwhile, wallets with the balance (at least) 100 bitcoins ($640,000) is less than 0.1% of total Bitcoin addresses, whereas they account for 62% of total Bitcoin circulation. Briefly, the person who has the most bitcoins is not the wealthiest investor but exchanges who hold most bitcoin on behalf of the customers. In fact, the wallets owned and managed by the five major exchanges currently have 3.8% of the total bitcoin supply stored, valued approximately at $4.2 billion. When Bitcoin price reached highest peak on December 2017, 42% of Bitcoins have never been transferred from the wallets what are with at least 200 Bitcoins in balance. Since then, the bitcoins contained in approximately 27% of wallets has continued to increase. (The effect was also led to the Ethereum market — The adoption rate of Ethereum has noticeably increased in the past a few months. The secondary reason to store ETHs is that the Ethereum community has deployed numbers of dApps specified in games, gambling and high-risk funding what actually attract a lot attentions, though the ETH price falls rapid in recent). However, an analysis conducted earlier this year by the firm Chainalysis showed that between December 2017 and April 2018, the total selling of Bitcoin was as high as $30 billion. The report also mentioned nearly one-third of the bitcoin supply was concentrated in the hands of 1,600 people, as early as April this year. However, for long-term investors, this is a good thing. Chainanalyze indicates that up to 30% of the bitcoin supply is in status of loss or untapped. And a recent analysis by Diar is also consistent with Chainanalyze’s estimating. All data used for price & market analysis collected from citicoins.com DISCLAIMER: this work is a duplication since licensed under CC-BY-SA 3.0. (https://medium.com/@scryptoxic/tons-of-bitcoins-are-stuck-in-wallets-5aaa172a4d45)
  13. True, better way is to conduct restriction on ICO projects not to the marketplace tho.
  14. Bitcoin surely will remain leadership for several years. In near future, it is possible that another cryptocurrency replaces Bitcoin. ETH might become the one but less than 50% chance. The most winner may be the cryptocurrency by major bank since they have authority backed and sufficient economical power.

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