Current Bitcoin Price: $6326 (as of 9:00 AM PST)
The cryptocurrency market had been trading sideways for the last 24 hours — that is, until a few hours ago, when there was a sudden drop in prices. Bitcoin has fallen by 3.81%, bringing the market down with it and further with a 4.51% reduction in total market cap.
Ethereum and XRP, which make up about three quarters of the cryptocurrency market cap together with Bitcoin, have fallen by similar percentages.
Top Bitcoin & Crypto News Stories for 29th October 2018
Bitcoin less volatile than NASDAQ
Bitcoin, or cryptocurrencies in general, are often compared to stocks — despite having very different fundamentals. The NASDAQ Composite is one of the world’s biggest indexes for stock movement, and needless to say it’s had a rough month.
As a result, Bitcoin’s performance has been less volatile in Q3 of 2018 than the NASDAQ Composite’s. Unfortunately, this source was published before today’s drop!
Ethereum co-founder: Crypto isn’t going to collapse
The cryptocurrency ecosystem really did take a hit this year, both in terms of price and popularity. However, the charts have been moving sideways for a few months now, and some speculators view this as the mark of a reversing trend.
Ethereum’s co-founder Joseph Lubin says that digital currencies aren’t going to collapse — and in fact, the fundamentals are booming.
MapleExchange “hacked”; shuts down
There’s been yet another exchange “hacking”. This time it’s MapleExchange, which claims to have been hacked — and is shutting down as a result — despite closing off all communication channels. Perhaps it’s an exit scam, with that in mind.