Crypto Recap March 8: 'Crypto Summer' Will Return but Patience Needed

in #bitcoin6 years ago

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Market Summary

The tumultuous week in cryptos continues, as the interest towards selling cryptos did not abate on Thursday. Bitcoin, and as a consequence, the rest of Alts, were pushed into fresh multi-week lows. In the short term, a sea of recent FUD has led to depression setting in, as the price action dynamics in cryptos suggest. Bitcoin lost over 5%, closing around $9.4k, with Monero and Cardano hit the hardest. On the flip side, NEM and Ethereum Classic were surprisingly bid, printing gains for the day.

The market value is currently at $380 million, fast approaching the low for the year around $342 million. The Bitcoin dominance is steadily anchored above the 40% mark, reminding us of the current Bitcoin cycle we are in. We've entered a phase known as 'crypto winter', however, don't forget that the sun will rise again and summer will follow.

If you know of individuals who were boasting large profits in the latest bullish run and now they are all gone, that should speak heaps of the quality of participants we had involved in the industry, as we mature into a more professional crypto landscape with sound regulations to protect your interest. Remember, top quality assets are getting quite cheaper and cheaper, which is when accumulations pay off the most.

The warning by the SEC on potentially unlawful online crypto trading platforms, the temporary ban to operate cryptos by two Japanese exchanges, the scare at Binance after a failed hacking attempt, the findings of the Mt.Gox trustee dumping Bitcoins earlier this year, with more liquidation possible if approval is given by a court of law...

Now we also must throw into the mix tentative evidence that based on the sharp drops seen in Google ad performances, Google might be toughening its stance. "While Google already bans misleading and fraudulent ads, it doesn’t want to prevent the entire industry from advertising on its platform. Right now it seems that it might have changed its mind," said Michael Pearl from Finance Magnates.

How will we transition from the cold winter into the much-awaited sunshine of summer? By having patience and being undeterred to all the daily noise one reads. At CoinLive it's our job to narrate and distill that noise in a way that is objective as we aim to bring you the news market participants and the industry talk about. However, by no means, it should affect your outlook in the cryptos you were so supportive on. If the team, technology, value proposition is there, hold tight as summer is coming back.

Cryptos will be a multi-trillion dollar industry. The gap between awareness and adoption will close, the trend in the denationalization of fiat currencies will progress and institutions will come in mass to diversify their portfolios as more legal frameworks are established. Whether or not you are part of it to capitalize on the potential is your own personal decision. The main factor that will determine your survival through winter will be the battle within you for that precious gift called 'patience'. Storms come and go.

* Headlines below are listed in chronological order, as seen in CoinLive News Terminal

Top Headlines Industry / Regulations

Top Headlines Crypto-Asset Fundamentals

Key Events on Top Cryptos for Mar 8 (Thur)

  • Agoras Tokens (AGRS) - Bittrex Exchange Delisting
  • Binance (BNB) - ENJ Airdrop for the Top 100k BNB holders on Binance
  • Byteball Bytes (GBYTE) - Blockchain Leadership Summit in Zurich
  • Dragonchain (DRGN) - AMA on Reddit
  • FeatherCoin (FTC) - Feathercoin 0.13 will signal support for SegWit on block 2,120,000
  • Gnosis (GNO) - Moinblockchain Conference in Hamburg
  • IOTA (MIOTA) - Moinblockchain Conference in Hamburg, SXSW Conference in Austin
  • MaidSafeCoin (Maid) - Bittrex delists MAID
  • Monero (XMR) - Charitable cryptocurrency donations with Monero are now accepted by the Multidisciplinary Association for Psychedelic Studies
  • NEM (XEM) - Blockchain Leadership Summit in Zurich
  • NEO (NEO) - Workshop in Cambridge
  • Qtum (QTUM) - Meetup in Seoul
  • Ripple (XRP) - SYNC 2018 in Singapore
  • Zcash (ZEC) - Moinblockchain Conference in Hamburg

source: www.coinmarketcal.com

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Good Job Fri...

Great article.

we might be officially going bear trend now

hard to tell but there's lots of positive developments as well!

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