Interview with Nye: The Collapse of Bitcoin in 2018 is All About the Market Cycles

The end of 2018 became a real challenge for cryptocurrency traders and holders. In a year, the BTC peak values have decreased by almost 4,5 times in price. Many people have left crypto community during this period, however many crypto experts not only “remain at duty” but also truly believe in the future of the cryptocurrency.

Today we want to show you this situation from the insider’s perspective. Nye is a specialist in digital marketing in the sphere of cryptocurrency and blockchain.

Since 2017, Nye has been doing crypto business and trading, he is also creating his own brand and running his Elevated District company.

Good day, Nye! You are telling everybody about blockchain’s advantages globally. Tell us, please, how did you come to the point when you realised that blockchain is the technology of the future.

I think it came with learning more about our current financial systems, our current economic models; and seeing the potential that Bitcoin has, and the potential that blockchain has to change all those thing.

In your opinion, what problems is blockchain industry experiencing or why do so few people know about it?

I think a lot of people know about it. I don’t think the problem is knowledge, the problem is adoption. There isn’t any clear use cases. Well, let me rephrase that: there are clear use cases, but there have not been any clear implementations of those use cases on a broad mass scale yet. And until that happens, we are going to see some struggles.

What was the reason for the crypto market collapse in 2018? How soon will cryptocurrencies recover?

It is just about market cycles, so we are obviously at the very top of the market cycle, at around 19-20 thousand US dollars for a Bitcoin; and we’ve seen a significant, over 80%, drop in the last 12 months. That’s just how markets work – it can’t go up forever, it just doesn’t work that way. How soon will it recover – no one knows, that’s not an answer that anyone could predict.

Our usual question: what will be the rate of BTC in 2019?

I can’t predict the future. I have no idea.

Nye, please tell our readers, where will they be able to see or hear you in the near future?   

You guys can find me on Twitter @CryptoShillNye. My website is https://iamnye.com/. Any of those places.

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CoinMarketCap Site has Digital Coin Rating System Now

Perhaps the most important resource of monitoring cryptocurrency CoinMarketCap has got a new feature. The developers introduced Fundamental Crypto Asset Score (FCAS) rating system. This product was developed by specialists of a blockchain startup Flipside Crypto. The correspondent information posted Dave Balter – CEO of the above-mentioned startup – in his blog.

Source: https://medium.com/@davebalter/

This project has been monitoring the dynamics of development of a huge amount of cryptocurrency projects for more than two years (since 2017). Flipside Crypto tracks consumer interest as well as developers activity. Based on the data obtained it makes a conclusion about “vitality” of a certain project. The system has its own evaluating scale which totals 1000 points.

From today a new tab “Rating” is available on CoinMarketCap site where users can get to know the analysis of more than 450 cryptocurrencies.

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Circle: Even Though There Was A Bearish Market Last Year, The Business Is Growing

The crypto project backed by Goldman Sachs is opening about its current situation of the company. The CEO of Circle, Jeremy Allaire, gave a small interview to Fortune where he talked how bearish market influenced its profit last year.

Let us recall what happened with crypto market in 2018. The beginning of 2018 was quite pleasant, the Bitcoin price accounted for approx. $13,000. Later, the prices of cryptocurrencies began falling down. The fall in prices in the first half of 2018 was quite predictable, as nothing lasts forever. Some crypto experts, like Tom Lee and John McAfee,  even tried to predict the crypto price which would have been by the end of December, however, their predictions were not correct, which caused dissatisfaction investors who invest money in the crypto market.

In the second half of 2018, the price of all cryptocurrencies started to drop significantly. The crypto’s doomsday is considered to be November 15, when Bitcoin Cash had a hard fork, which caused crypto to go down. At the end of the year, the price of Bitcoin reached its lowest minimum of $3400 since 2014.

How did it influence the global crypto finance company? The chief executive of Circle assured everyone that business goes well.

“We had very significant growth year last year, even though there was a crypto bear market,” he said.

In addition, he mentioned that the total company’s revenue and customer base had grown last year.

Allaire also shared Circle’s plans for future. The company has recently acquired a crowdfunding site – SeedInvest, which helps company to issue securities. The CEO emphasized that tokenized securities would become a bigger part of Circle’s business in the near future.

“We’re going to look at ways that we can bring the benefits of digital assets, crypto technologies, and blockchains into this whole area of issuing securities over the internet.”

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Japan Released New Rules In Crypto Margin Trading

Japan is a progressive country in terms of economy, as well as cryptocurrency regulation. This time Japanese financial authorities have released a new set of rules regarding crypto margin trading.

Margin trading is a strategy that allows a trader to buy more stocks than you can afford on money borrowed from a broker (similar to loan).

The Cabinet of Japan approved draft amendments to Japanese financial instruments and payment services laws on Friday. In fact, they will limit leverage in virtual currency margin trading at two to four times initial deposits. Such restrictions are a common practice in foreign exchange trading.

All crypto exchanges throughout the country are bound to get governmental registration. This type of registration will differ from that adopted in 2017, which was mostly focus on preventing money laundering. However, these rules make exchange operators be monitored in a way similar to securities traders to protect investors.

These crypto exchange operators will be classified into categories to differentiate those who involved in margin trading from those who issued ICO tokens. This will help to distinguish unsavory offerings that are similar to frauds or Ponzi schemes and protect investors from losing their money. The new rules will come into force in April 2020. All margin cryptocurrency exchange operators have to be registered within 18 months of that date.

Such a time limit is set to take down unregistered “quasi-operators” which conduct operations without governmental approval. A senior FSA official said:

“We intend to motivate operators to do what they can to become registered.”

We remind you

Japan’s Biggest Bank Is Not Going To Create Its Own Cryptocurrency: Fake News Is Not Confirmed

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Cryptocurrency Prices Today, March 19: Bitcoin Remains in Place

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the online platform Coin360, Bitcoin (BTC) remained stable over the past 24 hours and lost 0.08%. The price at the time of writing is $3982 per coin.

Cryptocurrencies are mostly in the green zone:

Bitcoin Cash added 0.75%, Bitcoin SV lost 1.84%, the value of coins is $157 and $65, respectively;

Ripple minus 1.78% and costs $0.31;

EOS plus 0.13%, and its price is $3.7;

Litecoin added 0.3%, and its value is $59;

Cardano dropped by 0.65%, and its cost is $0.049;

Stellar added 6.7% and costs $0.11;

IOTA gained  1.7%, and its cost $0.29;

Dash fell by  1.36%, and its price is $91;

Monero added 1.25% and costs $52

Over the past 24 hours, Ethereum lost 0.5%. The rate of the coin is $136.

The total market capitalization is $140 billion. Bitcoin accounts for 50.8% of the total volume. In monetary terms, this is $71 billion.

Bitmain Corporation Closes its Office in Norway

Representatives of the leading manufacturer of network equipment Bitmain announced their plans to close their branch in Norway. This office will be moved to Germany because the company believes that conditions for business there are more favorable. It should be noted that this office worked only for 12 months.

A former general manager Julie Hvideberg stated that the main reason for the closure is the removal of electricity subsidies. She believes that in the near future all the biggest mining pools will be concentrated in countries which have cheap electricity (Russia, China, etc.).

We want to remind you

Bitmain Closed Its Branch In Israel Due To Crypto Market Situation

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American Mining Company Riot Blockchain To Launch Crypto Exchange In The USA

According to a SEC filing, U.S.-based Bitcoin mining company Riot Blockchain plans to launch a crypto exchange by the end of July 2019.

Exchange Details and Current Situation

Riot Blockchain has partnered with SynapseFI, a major software company, and invested approx. $250,000 in the project. It has also form a special subsidiary to operate the exchange. The budget of the exchange is expected to be more than $2 million after its launch.

The software company will take care of banking services of the exchange, the provided API will connect Riot Blockchain’s accounts to other American banking institutions. Moreover, SynapseFI will track locations and identities of customers to “prevent fraud and improper use of its RiotX exchange.”

The SEC’s filing reads:

“SynapseFi’s API will enable to Company to know where the user is when accessing RiotX, thereby enabling the Company to prevent a user from Montana, a state where the exchange of digital currencies is permitted, from traveling to neighboring Wyoming, where the exchange of digital currencies is not permitted, and using RiotX in the prohibited jurisdiction.”

The exchange will be available in 48 states (without Hawaii and Wyoming) by December 2019. RiotX has already been provided a license in five states.

Rumours of Launching Before Official Statement

Back in March 2018, there were rumours based on facts that Riot Blockchain planned to launch crypto exchange since the company acquired Logical Brokerage Corp.. The public filing published at the same time stated that the company wanted to investigate futures brokerage operations and details of launching a digital currency exchange.

In November 2018, RiotX “entered into a Master Services Agreement with Shift Markets, Ltd. to provide RiotX with its crypto exchange platform. These services will enable RiotX to further execute its plans to launch a U.S. focused cryptocurrency exchange.

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