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Image of The Day, 12 of December: Forbes, FxStreet, Mashable and Others

12 December 2018 20:48, UTC
Daniil Danchenko

We're presenting "the image of the day.” Bitnewstoday.com has chosen the most  important news about the digital economy and virtual currencies. Only the most valuable stories from only the trusted sources. Each and every event from this list will change the world of the digital economy either way. The most important stories of this day in the most indicative quotes are below!

1. THE BULL HAS FALLEN (Forbes)

Bitcoin bull Mike Novogratz sas a stark warning for the crypto community

Bitcoin bulls have sobered up in the face of an overwhelming bear market that continues to maul the Bitcoin price and former Goldman Sachs partner and founder of cryptocurrency merchant bank Galaxy Digital Holdings Mike Novogratz has a stark warning for the crypto faithful.

"I did think Bitcoin was going to hold at $6,200," said Novogratz. "It stayed there for four months. It felt like the selling was finished. But then Bitcoin Cash decided to fork again." Novogratz warned in an interview with Bloomberg. "While I believe in the underlying technology and believe in the crypto movement, when prices get stupid, I sell. A lot of my friends in crypto just couldn’t let go. They were saying, “This is going to change the world.”

2. A GLIMMER OF HOPE (FxStreet)

Bitcoin price breaks above $3,400: hope returns in the market

There is a glimmer of hope in the cryptocurrency market as digital assets correct higher on Wednesday. The market capitalization has also increased slightly from yesterday’s $107 billion to $110 billion.

Bitcoin has been oversold to great levels, therefore, warranting a bullish correction. Some experts that Bitcoin has bottomed out and a bull rally looms. However, it is not clear when this bull run will take place.

3. THE 1% (The Next Web)

80% of wallets holding Bitcoin contain less than $100

Recent analysis run by digital asset research firm Delphi found 22.9 million Bitcoin addresses currently hold some Bitcoin (as in, more than none). Uncomfortably, nearly half contain less than 0.001 BTC ($3.40), and almost 90 percent hold less than one-tenth of a BTC ($340).

At this stage, the “#HODLgang” seems to be more of a “#HODLskeletoncrew.”

4. ON THE GO (Mashable)

Cryptocurrency exchange Gemini launches mobile trading app

Users of U.S.-based cryptocurrency exchange Gemini can now trade on the go with a new mobile app, launched for iOS and Android on Tuesday. The app lets you buy and sell cryptocurrencies, including Bitcoin, Ether, Litecoin, Bitcoin Cash and ZCash. Besides buying, selling, sending, receiving and storing cryptocoins, the app comes with a couple of advanced features. These include setting recurring buy orders and buying a basket of cryptocurrencies (called Cryptoverse) with a single order.

And even if you're not a Gemini customer, you can still use the app (provided it's available in your region) to check prices and access historical price data for the cryptocurrencies that are available on Gemini.

5. STAND FOR XRP (The Daily Hodl)

CEO of Bitcoin and crypto exchange Binance defends Ripple and XRP, Ethereum devs lock hard fork, and IOTA launches Alpha and Omega

The CEO of leading cryptocurrency exchange Binance is weighing in on the debate on whether Ripple violated US securities laws through its sale of XRP. Changpeng Zhao says he believes XRP is not a security, and if the SEC were to declare it as such, a large number of investors in the US would be adversely affected.

“The court case may take years. But if XRP is ruled as a security, it would seriously hurt a lot of US users, and to a certain extent, other users around the world too. It certainly doesn't look like a security to me, but that's just one person's opinion,” said CZ about the case.

6. HOW LOW IT WILL GO (Independant)

How low will Bitcoin go? 'Crunch time' for cryptocurrency as experts predict 2019 price

In December 2017 the price of Bitcoin was approaching $20,000 after months of miraculous growth had pushed its price up by more than 2,000 per cent since the start of year. There seemed no end in sight to the cryptocurrency being hailed as the future of money, as newly-minted early adopters encouraged newcomers to invest in the digital gold rush.

But twelve months later the Christmas miracle has transformed into a bleak midwinter for Bitcoin. A series of swift price crashes in late December and early January, followed by months of steady decline, has left Bitcoin trading at just $3,450 — its lowest value since August 2017. The question investors are now asking is how much further Bitcoin can fall?

7. OUR OWN BITCOIN! (Quartz)

Cameroon’s Anglophone separatists have created their own cryptocurrency

Increasingly determined and bold separatists seeking the international recognition of the self-proclaimed “Federal Republic of Ambazonia” (Southern Cameroons) have created a crypto-currency which they claim is the first to be fully nation-backed.

Known as AmbaCoin, 20,082 of the Ambazonian crypto bond had already been bought, out of 100,000,000 on pre-sale as of Nov. 10. One AmbaCoin sells for 25 cents (circa 140 CFA franc) and the main initial coin offering of the crypto-currency is scheduled for Dec. 24. It is said to be backed by the “rich natural resources” of the breakaway region.

8. HEATED DEBATE (Forbes)

Blockchain's impact on the billion dollar art market debated during Miami Art Week

Blockchain and cryptocurrency enthusiasts gathered alongside renowned art collectors, billionaire investors, and colorful fashionistas during this year’s Miami Art Week. Kicking off the slew of weeklong discussions was The Art of Blockchains, an event hosted by billionaire Adam Lindemann, an avid art collector who has been studying blockchain technology for over a year now. Lindemann also serves as an investor in multiple blockchain ventures, including Artblx, the company that organized the conference.

Discussions during the event focused on blockchain technology’s growing role in the billion dollar art market, specifically in terms of the ability to tokenize artwork and offer investments to multiple stakeholders through fractionalization.

9. FURTHERING THE DIP (Market Watch)

Bitcoin moves lower as retail investors increase their bets against the cryptocurrency

Bitcoin traded lower on Tuesday, extending Monday’s losses and taking the No.1 digital currency near a 15-month low. In Tuesday trading, a single Bitcoin was changing hands at $3,402.07, down 1.1% since Monday at 5 p.m. Eastern Time on the Kraken exchange. A move below $3,220 would mark the lowest level since Sept. 17, 2017 for the cryptocurrency.

“Retail trader data shows 70.1% of traders are net-long with the ratio of traders long to short at 2.35 to 1. The percentage of traders net-long is now its lowest since Nov. 28 when bitcoin traded near $4,200.66,” wrote Nancy Pakbaz, analysts at DailyFX.

10. TEACH ME CRYPTO (The Next Web)

Binance launches a new platform to teach you about blockchain and cryptocurrency

Exchange desk Binance wants to introduce you to the basics of cryptocurrency and blockchain with its latest offering. The company has launched its own education platform to help users get more familiar with the technology.

The new undertaking, called Binance Academy, features a wide array of explainer pieces. It is also available in 15 different languages, including French, German, Spanish, Russian, and Chinese. You’ll find information on fundamental concepts like the “history of blockchain” and mining.