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Bitcoin and Ethereum Plummet Further, Market Sheds $60 Billion Over Past Week



Bitcoin, currently ranked #1 by market cap, is down 6.33% over the past 24 hours. BTC has a market cap of $103.3B with a 24 hour volume of $4.97B.

Chart by CryptoCompare

Bitcoin is down 6.33% over the past 24 hours.

Earlier this month, the Securities and Exchange Commission (SEC) postponed Cboe Global Market’s Bitcoin ETF application decision until Sept. 30, 2018. The decision was considered a potential catalyst for institutional capital to enter the cryptocurrency sector.

On Aug. 13, Bitcoin prices fell below multi-month lows and broke key support at $6000.

CNBC’s Brian Kelly: ‘Don’t Sell Crypto After Bitcoin ETF Delay’

The CEO and founder of investment firm BKCM, Brian Kelly, appeared on CNBC’s Fast Money to share his expectations following the SEC’s recent delay of a Bitcoin ETF application. During the show, he said:

Ethereum, currently ranked #2 by market cap, is down 17.19% over the past 24 hours. ETH has a market cap of $26.77B with a 24 hour volume of $2B.

Chart by CryptoCompare

Ethereum is down 17.19% over the past 24 hours.

Ethereum selloffs have significantly increased following news of ICO cashouts and decreasing market sentiment, reports Bloomberg. The second largest cryptocurrency has dropped below key support at $300 to yearly lows. However, emerging institutional solutions and adoption of Ethereum continue to rise at a rapid pace.

Microsoft Unveils New Ethereum Blockchain-as-a-Service

Microsoft has quietly released Ethereum on Azure–its new Blockchain-as-a-Service (BaaS) that allows enterprises to use and customize their own permissioned Ethereum blockchain networks.

Related: Microsoft Unveils New Ethereum Blockchain-as-a-Service

Instead of utilizing Ethereum’s standard Proof-of-Work consensus mechanism, Microsoft has opted for Proof-of-Authority (PoA), which they maintain is a “more efficient” choice with no mining required.

Where the Ethereum main network may be appropriate for trust-less environments, Microsoft points out that such a consensus mechanism falls short in permissioned blockchain deployments—the target market of the software giant, evidently.

In contrast to Ethereum’s current protocol, PoA grants approved individuals the right to validate transactions and blocks without the competitive and consumptive process of mining.

Crypto Adoption Frenzy: More Than Half of Americans Familiar with Bitcoin, Litecoin and Ethereum

A new study published by the AICPA, conducted in partnership with The Harris Poll, has revealed that more than 50 percent of all Americans are aware of cryptocurrencies, with 54 percent of respondents anticipating the crypto market to either remain stable or increase in value in the next year.

The survey also revealed that cryptocurrencies are set to constitute 5 percent of the total U.S. investment pool in the next year as retail investors enter the crypto market on a large scale.

Related: Microsoft Unveils New Ethereum Blockchain-as-a-Service

Conducted on April 5-8, the AICPA’s survey asked 1,014 adults in the U.S. and concluded that one in 20 respondents planned on investing in the cryptocurrency market within the next year.

While the number of new investors entering the market may be small compared to the 16 percent of respondents planning to invest in traditional markets, the level of cryptocurrency awareness demonstrates growing blockchain literacy in the general population.

The AICPA survey also sheds light on the low level of research conducted by market participants regarding investment strategy—nearly 30 percent of all respondents revealed that they do not research business fundamentals such as quarterly financial earnings, profit margins and market positioning to ensure investment opportunities fit their portfolio before investing.

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