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Hype on the cryptocurrency market is over

Mar 6, 2019

Over the past few days, significant changes in the cryptocurrency market did not occur. BTC, ETH, and XRP remain the leaders by capitalization. At the same time, the capitalization of ETH exceeds the capitalization of XRP by $1.6 billion, or by 12.3%. The other nine billionaires have capitalization less than ETH and XRP together.

The growth leaders are EOS and LTC, adding in value 11.5% and 15.3% respectively.

Google Trends: the number of requests “Bitcoin” is minimal

The number of “Bitcoin” requests in the most popular Google search engine has been greatly reduced. This week we observe very low activity, which was observed in April 2017, when the price of BTC did not exceed $2000. This indicates that the hype significantly drop. A decline of interest in this market among private investors is a negative fundamental factor for all cryptocurrencies. However, it is necessary to take into account the increasing popularity of blockchain technologies among institutional investors, which is a positive fundamental factor, but in the longer term.

Bitcoin mining revenues are gradually increasing

Diar statistics confirmed that Bitcoin (BTC) mining revenues began to rise after falling to its lowest level over 18 months. Diar confirmed the progress, also noting that the gross profit for those who work with Bitmain Antminer S9 increased compared to the profit that miners received a month ago.

But only a further increase in the price will increase the profitability of mining. With the current level of prices for the TOP-15 cryptocurrency, miners cannot make extra profits comparable to those of the end of 2017 and the beginning of 2018.

Investing in mining

Despite the fact, that the “winter” in the cryptocurrency market is not over yet, the Bulgarian-Chinese Chamber of Commerce and Industry (BCCI) plans to invest €18 million in two projects related to mining.

“The Bulgarian side expressed a desire to place its mining farm on the site of Technopark, using the advantages provided by the current investment law, as well as guaranteeing stable business conditions,” – said representatives of Technopark.

All this once again confirms the fact that mining remains profitable and continues to attract investors, including in Europe.

Reliability and safety

The representatives of Coinbase, without naming a specific company, claim that their previous analytic service provider was disseminating customer data. As a result, they decided to work with Neutrino.

At the same time, Elliptic, London-based analytical company, which provides technology for Coinbase in the United States, refuted claims that it collects and sells customer data to third parties for financial gain. In an official statement issued on March 4, James Smith, the CEO, and co-founder of Elliptic said that the firm never “violated the financial integrity of private individuals” and that such accusations represent a fundamental misunderstanding of Elliptic’s role in the industry.

Chainalysis, the American analytical company, which previously collaborated with the Coinbase cryptocurrency exchange, also officially announced that it had never collected and sold personal data of the customers.

“Any link from a transaction back to the person or people involved in that transaction must be made outside of Chainalysis because we do not collect any personally identifiable information from exchanges.” – says the company.

The fact of the theft and dissemination of confidential information on the cryptocurrency market is not an isolated case. Moreover, each of them is a negative fundamental factor, scaring large investors.

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