Welcome to the Crowdify digest of interesting and important news and views about Bitcoin and Cryptocurrency.
Black Tuesday For Crypto Markets As $10 Bln Wiped In 24 Hours, Ethereum Down 20%
Cryptocurrency investors are reeling today as markets lose $10 bln of value in 24 hours in a new slide.
Data from Coinmarketcap at press time Tuesday shows Bitcoin down almost 10 percent at under $2,300, while Ethereum (ETH) slid below $200 for the first time since May.
Across the top ten assets, losses extended to levels rarely seen in the past few months, with prices still dropping.
Current losses for altcoins represent around 20 percent, with Ripple and IOTA falling closer to 30 percent.
Full story at http://bit.ly/2u8tFOI
Source: CoinTelegraph
Bitcoin could reach $5 trillion in five years, predicts Novogratz
Famed investor Michael Novogratz, who recently said he has 10% of his money in Bitcoin and Ether, now states that digital currencies could reach a value of $5 trillion in five years — if the industry will be able to reach massive adoption.
“The Nasdaq got to $5.4 trillion in 1999, why couldn’t it be as big? There’s so much human capital and real money being poured into the space and we’re at the takeoff point. Pay your taxes, because nobody in that space pays taxes. It’s a bunch of libertarians. There really is a revolutionary spirit amongst the guys that are building this system.”
In order to obtain this value, companies will have to develop businesses and projects that are able to satisfy regulators, but right now bitcoin’s reputation is not going to the correct street as it is popularly perceived as a currency favored by black markets and hackers.
The cryptocurrency industry took a new reputational collapse a few days ago when a cyber attack spread around the world, disabling computers and demanding users pay $300 in cryptocurrency. Back in May, a similar thing happened with the WannaCry hack.
Full story at http://bit.ly/2tprndB
Source: NewsBTC
The world's cryptocurrency mining uses more electricity than Iceland
Today’s cryptocurrencies are worth a great deal of “real” money. Both Bitcoin and Ethereum, the two most widely adopted cryptocurrencies, are close to their all-time highs in value, and that’s creating some real consequences that might not be completely obvious and intuitive at first glance. Two such consequences are based entirely on the fact that mining cryptocurrency is incredibly compute-intense and requires powerful components to be profitable.
The first such impact has been to devastate the supply of the midrange and high-end GPUs that are used for mining and to dramatically increase their prices if available inventory can be located. The other impact is that the use of ultra-powerful mining systems with multiple GPUs sucks down some serious electricity and is resulting in some pretty impressive statistics, as Digiconomist reports.
According to Digiconomist, Bitcoin and Ethereum mining taken together consume more power than countries like Jordan, Iceland, and Syria, with the two combined ranking 71st among all countries. This is based on Ethereum mining consuming 4.69 terawatt-hours (TWh) of power and Bitcoin mining consuming 14.54 TWh.
Full story at http://bit.ly/2u7brNN
Source: https://digitaltrends.com
Wolf of Mt. Gox Mark Karpeles Faces Music in Tokyo
The biggest and most notorious Bitcoin exchange hack will be scrutinized in a Tokyo court this week as Mt.Gox’s Mark Karpeles is brought before the law to answer charges of embezzlement and data manipulation.
“He is keeping calm as the trial gets under way," his lawyer Kiichi Lino said, also stating that Karpeles plans to plead not guilty.
Full story at http://bit.ly/2uMcMGY
Source: CoinTelegraph
Ethereum's Ether Token Falls Below $200 to Hit 40-Day Low
The price of ether, the native cryptocurrency powering the ethereum blockchain, fell below $200 today for the first time since 30th May.
During the day's session, the price of one ether token hit an inter-day low of $192.22 across major exchanges, its lowest value in over 40 days of trading, according to data from cryptocurrency price information provider Coinmarketcap.
At press time, the value had recovered to $198, but the fall to $192 still marked a more than 50% drop from all-time highs above $400 observed in early June, a time when excitement over initial coin offerings (ICOs) and new mainstream attention were perhaps driving new users more aggressively to the platform.
Even with the declines, though, the price of ether is still up substantially over the course of 2017, having risen over 2,000% from roughly $8 on 1st January. Further, while it has yet to surpass bitcoin's total value, as some had predicted, there is still broad optimism about the asset among traders, who believe it to be a rare cryptocurrency that has established a viable value proposition by enabling token issuance.
Full story at http://bit.ly/2u8kXzW
Source: CoinDesk
Despite Black Tuesday At Crypto Markets, Some Experts Say It’s Best Time To Buy
Very few cryptocurrencies out of Top 100 Coin Market Cap list were in green on Tuesday morning. The carnage was as brutal as the Rwanda massacre some 27 years ago.
Many analysts are of the view that it was evident the month of July was going to be a crucial one. They assert this as a result of the caustic ongoing Bitcoin network scaling battle.
As we get closer to August 1, the crisis has worsened, with three main battling fronts. We now have SegWit, SegWit2x and Bitmain's UAHF.
Full story at http://bit.ly/2u8fzgc
Source: CoinTelegraph
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