Correction was due. Correction did happen. Today we witnessed the biggest Bitcoin sell-off since mid-July.
Although, Bitcoin price did reach much anticipated all time high of $5000 this morning, but only to come down crashing to as low as $4500. The achievement didn’t last long and triggered off a comprehensive market sell-off.
When Bitcoin goes up it takes all the major cryptocurrencies up with it. Now that Bitcoin suffered a decline, every major cryptocurrency – including ethereum, Ripple, and IOTA–experienced significant price decreases.
Before the pullback the entire cryptocurrency market cap reached $179.7 billion–a new all-time high. However, nearly $13 billion of that has evaporated in the past 12 hours, bringing the current market cap to about $167 billion.
At the time of writing Bitcoin is doing some heavy lifting trading at $4553. There is a good chance the prices will hover between $4600 and $4800 range after some consolidation.
Top Stories from the Crypto World
1. Vitalik Strikes a Deal with a Russian Bank to Create ‘Ethereum Russia’
According to a report by Futurism, Vitalik Buterin, founder of Ethereum, has struck a deal to create a completely new entity, called Ethereum Russia, with Russia’s state-owned Bank for Development and Foreign Economic Affairs, otherwise known as Vnesheconombank (VEB).
The report goes on to say Ethereum Russia was founded by Vitalik and Vladislav Martynov, CEO of Yota Devices, a mobile communications and connectivity devices company based in Russia.
It was created to enhance the country’s ability to implement blockchain technology.
2. BTC-e Withdrawals to Begin Today
Yesterday one of the BTC-e domains got back online. Today, the exchange claimed that users will be able to withdraw their funds beginning Saturday.
In the past BTC-e domain was seized by the law enforcement following the arrest of a Russian national and the levying of a $110 million fine for money laundering violations.
3. China issues ICO warning
China has once again issued a warning to its members about the dangers of initial coin offerings (ICOs). The warning stated that ICO projects are a threat to the stability of China’s financial sector.
The National Internet Finance Association of China (NIFA), a self-regulatory organization established by the People’s Bank of China (PBoC), said that ICOs are “disrupting [the country’s] socioeconomic order” and creating “greater risk” for the public.