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Cryptocurrency Market Cap Has Once Again Dropped Below $300 Billion

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98 of the top 100 cryptocurrencies have badly dropped within the 24 hours and once again we’re seeing a day in the red for the cryptocurrency markets. The price of Bitcoin headlined the retreat by seeing an 80-day low decline, and other top coins have also fared quite poorly. The cryptocurrency market cap has declined by more than $60 billion and is currently valued at $292 billion, which represents a single-day reduction in the price of all cryptocurrencies.

Bitcoin Price Falls Below $7000:

The decline has reduced the price of Bitcoin by almost 23% and has brought the most leading cryptocurrency to an 80-day low. The price of Bitcoin is currently trading at $6,307, with the market cap of $106 billion only.

Fintech platforms like Square’s Cash App and Robinhood Crypto will probably play an important role in the coming time. Robinhood’s cryptocurrency trading platform could literally see a speed in its recovery real soon. Plus, other financial institutions are also trying to ban their customers from using their credit cards to buy these cryptocurrencies.

Cryptocurrency Market Cap

Ethereum Price Drops Below $700:

Well, many investors believed that the downturn in the cryptocurrency market would provide an opportunity to Ethereum for finally becoming the largest cryptocurrency and surpassing the Bitcoin’s price. But it didn’t go so well in that case because the price of Ethereum also got largely tracked with the Bitcoin’s decline.

The price of Ethereum dropped below the $700 mark today and is currently trading at $618 with the market cap of $43 billion, which clearly shows a single-day decline of 27%.

 Drop in The Altcoin Markets:

Overall altcoins declined worse than the Bitcoin, which represents that diversifying into the altcoins won’t essentially provide the investors with a hedge against the declines in the major cryptocurrencies market. Both, the price of Bitcoin Cash and the price of Ripple has declined by more than 20%, which reduces the 3rd and 4th largest cryptocurrencies to the current values of $0.62 and $820, respectively.

Number 5th cryptocurrency in the ranking, Cardano, showed the worst performance as compared to any top 10 cryptocurrencies, as it has dropped by 23% and is currently valued at $0.28. Meanwhile, Litecoin and EOS have returned single-day declines of 24% and 27% respectively.

Stellar, which is ranked on number 8th has seen a decline of 25% today, which demonstrates the austerity of this downturn. NEO and NEM have finished out the top 10 with the declines of 34% and 24%, reducing their prices to $71 and $0.40.

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Social Media Platforms Banned Crypto-Related Ads- Did It Affect the Cryptocurrency Market?

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Recently, major social media sites, including Twitter, Facebook, and Instagram have banned ICOs (Initial Coin Offerings) and cryptocurrency advertisements, whereas Google is going to introduce the same regulations from June 2018. The series of bans have damaged the crypto-market, certainly. However, few experts claim that the restriction might lead to the industry’s legitimization.

social media sites

Ban on Cryptocurrency Advertisements

Facebook

Facebook announced it in a blog post, on 3rd January, that it will be banning advertisements that use deceptive promotional techniques, specifically mentioning the cryptocurrencies as well as ICOs.

Certainly, this move by Facebook seemed to agree with the US SEC’s (Securities and Exchange Commission) public announcement about the crypto-related investments and ICO. In the statement, Jay Clayton (SEC chairman) advised that the trend of deception and manipulation is growing day-by-day in the ICO and cryptocurrency markets due to their mounting popularity. However, Clayton also alerted investors that no ICOs were registered with the SEC.

Google

Soon after the reports from crypto advertisers related to the suspensions and account deletion of Adwords started to circulate, on 14th March, the company announced that all crypto-related advertisements will be banned by it, no matter whether they are wallets, exchanges, and ICOs. Google also announced that it will pull the crypto-mining extensions from its Chrome Web Store as well.

Twitter

The rumours about twitter banning all crypto-related advertisements were confirmed on 26th March as the social media giant twitter banned advertising only for ICOs and token sales. According to the policy, the ban was imposed on wallet services and cryptocurrency exchanges, unless they are public firms or are registered on major stock exchanges.

Snapchat

A report related to Snap Inc. (the company behind Snapchat) was also confirmed that since February, the company has been silently banning ads for token sales, however, its future plans related to rest of the cryptocurrency ads are unclear.

Did the Bans Affect Cryptocurrency Market?

  • After the announcement of Facebook about crypto-related bans, Bitcoin collapsed from $10,000 mark to $6,914 however, it managed to come back.
  • When Google announced its plans to ban crypto and ICO ads, the price of Bitcoin dropped below $8,000and loss 9% of its value.

After Twitter’s announcement to ban crypto-related ads, Bitcoin fell below $7500 on March 29, which shows that the bans have affected the overall cryptocurrency market.

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Supply Chain Blockchain: Eximchain Raises $20 Million!

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Eximchain was established in 2015 at the Massachusetts Institute of Technology’s (MIT) media lab and is a supply-chain focused blockchain startup, which has managed to raise more than $20 million from a group of investors. Eximchain is basically an MIT-based software development company which uses blockchain to advance the SCF (supply chain financing).

blockchain supply chain

Supply Chain Financing

SCF allows investors to fund an organization through its supply chain procedure by providing them further operating capital and functioning cash flow to upsurge its effectiveness and lessen risk. Companies that effectively succeeded this cash flow have reduced their inventory by almost 30%, heading to substantially lower working costs.

Even as a startup, it has managed to raise the funds to advance its own public blockchain which runs by private smart contracts, in order to offer multiple solutions for recording, executing and disseminating information for supply chain shareholders.

Who’s behind the funding?

One of the major cryptocurrency hedges from China, FBG Capital was behind the funding. There were also many other participants included such as;

  • INBlockchain, which is a blockchain capital firm. It was founded by a Chinese cryptocurrency activist, Li Xiaolai.
  • Kinetic Capital, which is a Hong Kong-based investment firm.

Now moving towards the token airdrop, Eximchain says that it will see approximately 1.5 million ERC20-based EXC tokens disseminated to contributors after verifying their identity. According to the company, EXC can be also transformed into the native tokens, on the blockchain of Eximchain itself.

Hope Liu’s Statement

Eximchain’s co-founder and CEO, Hope Liu stated;

“After experimenting [with proofs of concept] on ethereum or private blockchains, the enterprise world is looking for technical solutions that can be deployed immediately to solve real supply chain problems. There is a huge potential for blockchain technology to revolutionize supply chain processes, and we are all excited to see the progress that Eximchain will help bring to this industry.”

The funding is actually what makes the firm one of the latest ones to join the highly popular trend of distributing airdrops, through which firms allot tokens for free to the concerned parties, rather than holding token sales in the existing ambience of regulatory obscurity.

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How to Buy Bitcoin with Bank Account/Transfer?

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How to Buy Bitcoin with Bank Account

Are you looking to buy bitcoin via bank transfer? Here is a list of companies that let you buy the cryptocurrency through these methods.

There are generally two transfer types – SEPA (Single Euro Payment Area) and ACH (Automated Clearinghouse).

As obvious from the names, SEPA transfer mode is for those living in European countries, while ACH is only for the US citizens.

The list of companies that provide these transfer options includes:

  • Coinbase
  • BitPanda
  • GDAX
  • CEX.io
  • Gemini

Coinbase:

The largest Bitcoin broker in the world. The US citizens can buy bitcoins with a connected bank account via ACH bank transfer. On the other hand, those living in Europe are required to connect their bank accounts via SEPA transfer.

The coin delivery time of tow SEPA and ACH slightly differs from each other. ACH transfer takes 5 days while SEPA only 2 days to deliver the coins.

Coinbase charges a flat fee of 1.49% on all transactions.

Pros of Going to Coinbase To Buy Coins:

  • High buying limits
  • High liquidity
  • Ease to understand process
  • “Instant buy” option for credit/debit card users

Cons of Using Coinbase:

  • Slow delivery. May take up to 5 days to complete
  • Low privacy as it may track the record of bitcoin transactions you make

BitPanda:

BitPanda only accepts Online, SEPA and SOFORT bank transfer. BitPanda is named amongst the most trustworthy bitcoin brokers and charge lower fees from credit/debit card users.

A downside of BitPanda is that the service charges are included in the bitcoin buying price and not mentioned on the site.

GDAX:

GDAX offers ACH transfer for US residents and SEPA for those living in EU and UK. It is one of the cheapest Bitcoin brokers out there and sometimes charges zero fees from Bitcoin buyers.

However, there are a couple of downsides of using GDAX, such as poor interface and closure of account in case the bitcoins are transferred to a legally suspicious site.

CEX.io:

Similar to GADX, CEX also provides its US users with ACH transfer option while those living in Europe and the UK the SEPA transfer.

CEX.io Pros:

  • Available in several countries
  • The trading fee is extremely low. 0.2% to be precise
  • Trustworthy bitcoins broker

CEX.io Cons:

  • The verification process requires you to provide personal information, along with a photo. The whole process may take a while to complete.
  • Lacks liquidity

Gemini:

Available only in the US. The citizens can buy coins through ACH transfer.

Pros of Gemini:

  • Trusted brokers
  • Through instant deposit, you can quickly buy the coins
  • Lower fees

Cons of Using Gemini Services:

  • Not available in all 50 states in the US
  • Somewhat confusing to new users

These are some top Bitcoin exchanges for the US and European citizens. The list doesn’t end there. There are many more trusted brokers such as Coinfloor, Bittylicious, Confinity, etc.

Before making the purchase, dig more about these brokers and choose one that perfectly matches your requirements.

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Microsoft Is Not Accepting Bitcoin Anymore

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On the r/Bitcoin subreddit, it’s all about Microsoft and Bitcoin, as the tech giant apparently stopped accepting the leader cryptographic money, as per numerous top threads. One focuses on Microsoft following Steam’s footsteps in never again accepting Bitcoin. The talk comes from a Bleeping Computer article that claims the software and hardware monster halted Bitcoin payments.

On a top thread, an r/Bitcoin administrator stickied a post expressing different clients tried to discover the Bitcoin payment choice, however, were not able. His remark notes he trusts it’s “evident that little retail payments don’t bode well for Bitcoin at this moment,” and that despite the fact that everything points to the talk being valid, it is still unverified as there was no official explanation on Microsoft’s end.

Another top thread on Reddit claims Microsoft does still acknowledge Bitcoin payments, and that shills are simply endeavoring to fill the subreddit with fear, uncertainty, and doubt (FUD). Per this thread, Microsoft enables clients to include a predetermined measure of dollars to their balance utilizing Bitcoin, so the tech giant does indirectly acknowledge the top digital currency.

So, Does Microsoft Still Accept Bitcoin Or Not?

Chatting with Microsoft’s client support, we were told the organization no more acknowledges Bitcoin as a payment option. Eminently, the organization has apparently chosen to quit accepting the crypto money since July 2017.

image credits: ccn.com

Given the unsatisfactory answer we were given, we pressed the issue and were linked to an individual from the Higher help from Microsoft’s Accounts and Billing group. He affirmed Microsoft has quit accepting Bitcoin because of “different issues we are getting with respect to it.” When pressed, he uncovered that “we have no other information on why Microsoft quit accepting Bitcoin payments besides the problems in processing the payments.”

Not The First Time:

This isn’t the first time Microsoft stopped accepting Bitcoin. The tech giant put the breaks on digital currency payment in 2016, soon after the organization’s move started making headlines, it apologized for what it deemed “inaccurate information,” and revealed that Bitcoin payments would still be accepted.

Microsoft initially began accepting Bitcoin by means of BitPay in December 2014. At the time, the move was met with huge fanbase, as the organization joined the ranks of other substantial organizations like Dell, Newegg, and TigerDirect in accepting Bitcoin.

 

Story credits: ccn.com

Image: Google images

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