LIVE FOREX CHART >>

 


Author Topic: Crypto Prices Slip; Ethereum Co-founder Says Past Year’s Surge Was Bubble  (Read 183 times)

FXshooting

  • Administrator
  • Hero Member
  • *****
  • Posts: 1785
    • View Profile
Crypto Prices Slip; Ethereum Co-founder Says Past Year’s Surge Was Bubble



Investing.com - Cryptocurrency prices slipped on Thursday, while Ethereum co-founder Joseph Lubin’s comments raised some eyebrows as he said the surge in crypto prices last year was bubble.

Bitcoin (Bitcoin) was down 0.4% to $6,303.7 at 1:40AM ET (05:40 GMT) on the Bitifinex exchange.     

Ethereum traded 0.6% lower to $284.1on the Bitifinex exchange.         

Ripple slipped 1.4% to $0.28159 in the last 24 hours on the Poloniex exchange, while Litecoin lost 1.5% to $54.946. 

Lubin said on Wednesday in an interview with Bloomberg that he believed speculative “trader types” are driving volatility but he is not overall concerned that recent slump in prices would slow down the development of core infrastructure and adoption.

“We’ve seen six big bubbles, each more epic than the previous one, and each bubble is astonishing when they’re happening but when you look back they look like pimples on a chart,” Lubin said during an interview on Bloomberg Television. “With each of these bubbles we have a tremendous surge of activity and that’s what we’re seeing right now.”

The digital currency industry recovered in the previous session after seeing its market capitalization dropping to about $190 billion this week, down from a peak of about $835 billion in January.

“The crypto market appears to be in its final stretch of its bearish state,” Chris Yoo, a portfolio manager at Black Square (NYSE:SQ) Capital, said in an email. “This correction is not unexpected due to the over-valued nature of many blockchain projects and regulatory uncertainty.”

In other news, Ripple’s vice president Jeremy Light said the blockchain company is interested in the Chinese market and its distributed ledger technology designed to speed up cross-border payments.

"China is definitely of interest, it is definitely a target," Light said in an interview with CNBC. "China is definitely a country and region of interest."

China is home to a number of large fintech (financial technology) firms, with payment apps like Ant Financial's Alipay and Tencent's WeChat Pay proving popular with Chinese consumers.


Ref. www.investing.com/news/cryptocurrency-news/crypto-prices-slip-ethereum-cofounder-says-past-years-surge-was-bubble-1576276

https://www.fxshooting.com

Share on Facebook Share on Twitter


 







Pay For Premium Forex Signals FXSHOOTING

Payment Premium Signals

 



NEWS & ANALYSIS VIDEO



 










InstaForex



   


Risk Disclosure: Fusion Media will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. Currency trading on margin involves high risk, and is not suitable for all investors. Trading or investing in cryptocurrencies carries with it potential risks. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Cryptocurrencies are not suitable for all investors. Before deciding to trade foreign exchange or any other financial instrument or cryptocurrencies you should carefully consider your investment objectives, level of experience, and risk appetite. Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures), Forex and cryptocurrencies prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn’t bear any responsibility for any trading losses you might incur as a result of using this data. Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.