Crypto market takes 10% hit – October 11

Current Bitcoin Price: $6261 (as of 9:00 AM PST)

We’ll save the price-focused introduction of our newsletter for today’s first story, as the cryptocurrency market has taken a pretty significant hit…

Top Bitcoin & Crypto News Stories for 11th October 2018

 Crypto market takes 10% hit

The bullish sentiment has gaining more traction in the cryptocurrency market of late, as we come to the close of a 10 month price wedge and the price of Bitcoin stabilizes.

Earlier this week, we heard from some technical analysts that the coin had broken through the primary resistance line, closing the day on the upside. Naturally, this depends on how analysts draw their trend lines.

It’s starting to look like this was a false breakout, as the cryptocurrency market has proceeded to take a significant hit over the last 24 hours. While Bitcoin is down less than 5%, Ethereum, Ripple, Stellar, Bitcoin Cash, Cardano, and a vast majority of other coins — both big and small — are down more than 10%.

Canadian bank to support for crypto businesses

ATB Financial is an Alberta-based bank that manages over $51 billion of assets, and they’re opening their doors to help out crypto businesses in the country.

This means that these “unconvential” business clients might find a lot more luck in getting their traditional banking services set up, which is essential for the development of new fiat exchanges — among other things!

Former Bitmain engineer looks to compete

Yesterday we looked into how China’s mining pools have a scary amount of control over the network. These pools include Antpool, which is owned by world-famous ASIC — a mining tool — producer Bitmain.

In the name of decentralization, we are happy to announce that a former Bitmain chip designer, Yang Zuoxing, will be taking on the challenge to produce better mining rigs.