May 24, 2019

Crypto Market Wrap: $8 Billion Back as Correction Gets Quashed

Crypto markets bounce back; No correction for BTC yet, NEM, THETA and Waves flying.

Market Wrap

Crypto markets have rebounded as another correction gets quashed. The big dump from yesterday was expected to accelerate today and throughout the weekend but bitcoin and its brethren appear to have settled at higher levels of support and have even started to rally again. Total market capitalization as a result is back over $240 billion.

bitcoin did fall back to an intraday low of $7,530 but did not hang around there for long. The bulls took over and BTC started to head north again topping out at $7,940 a few hours ago. It is currently trading at $7,850, up almost 3 percent on the day.

Ethereum has followed suit with a slight recovery from yesterday’s dump. ETH moving back towards $245 and is likely to hit $250 again within the next few hours. Daily volume is still solid at over $10 billion.

The top ten is back in the green during Asian trading today as altcoins bounce from their dumps yesterday. Gains are not that great though and most are only adding between 2 and 3 percent.

More movement can be seen in the top twenty where NEM has made back nearly all that it lost. With a 9 percent surge NEM has managed to flip NEO which has hardly moved. Tezos and Cosmos are also doing well today adding 4 percent each since yesterday. The rest are up a couple aside from bitcoin SV which continues to slide.

FOMO: Theta Fuel Fires Up

Yet again Binance has been the instigator of today’s pump as TFUEL gets listed on the world’s leading exchange. The video delivery based token spiked 150 percent in the past two hours as South Koreans load up on Upbit which has 90 percent of the volume in KRW. The fomo pump is likely to fade very quickly though.

#Binance Will List @Theta_Network Fuel ( $TFUEL )https://t.co/RvrTlZQ9YR pic.twitter.com/NGJeoKEaFb

— Binance (@binance) May 24, 2019

As expected the associated THETA token is also pumping but it only gets 30 percent. Santiment Network Token has surged into the top one hundred with a 27 percent surge and Waves is also doing well with 26 percent.

At the red end of the table is Insight Chain still dumping, losing another 12 percent today. It is the only altcoin in double digits as most are on the make today.

Total market capitalization 24 hours. Coinmarketcap.com

Total crypto market capitalization has recovered $8 billion from yesterday’s slide and is currently at $244 billion. Daily volume has dropped back marginally but the formation is still sideways for markets. Since the same time last Friday markets have gained 6 percent.

Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.

Published at Fri, 24 May 2019 07:00:57 +0000

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Venezuelan Senate Outlaws the Creation of the Petro Cryptocurrency

Most people are well aware of how Venezuela wants to create its own cryptocurrency. Known as the Petro, this new form of money is backed by the country’s natural oil reserves. Although president Maduro has planned to issue quite a few of these coins in the near future, that may not happen after all. More specifically, the Venezuelan Congress outlawed the Petro cryptocurrency altogether. In their opinion, this new currency is an “effort to illegally mortgage the country’s oil reserves”.

Venezuela is a country on the verge of collapsing financially. A lot of problems have arisen in recent years and the situation only grows direr. Coming up with a solution to these problems has not been easy. President Maduro has experimented with a few different solutions, but not made any real progress. Instead, he wants to resort to creating a national cryptocurrency, known as the Petro. Backing the value of this currency are Venezuela’s natural oil reserves.

What Will Happen to Venezuela’s Petro?

On paper, this concept makes a lot of sense. It would provide some financial relief for the struggling nation in the coming months and years. Unfortunately, Venezuela’s government isn’t too keen on this idea whatsoever. In fact, they outlawed this cryptocurrency from being created and issued altogether. A remarkable turn of events, although such a move was to be expected at some point. The opposition-run parliament feels President Maduro wants to illegally mortgage the country’s oil reserves. Some very harsh language is being used to make this point even more apparent.

Issuing the $6bn worth of Petro will not happen anytime soon due to this decision. Venezuela needs hard currency and evade financial sanctions at the same time. Without this cryptocurrency, that may become an insurmountable challenge. At the same time, financial experts tear this currency will lead to even more financial mismanagement by the government. The big question is whether or not investors are even interested in the Petro at this stage. Right now, that doesn’t appear to be the case, but things can always change in the future.

For the time being, it remains to be seen how this situation will evolve. It is evident Venezuela’s economy is crumbling as we speak. This situation has gone from bad to worse in quick succession. A national cryptocurrency may very well be the country’s last resort. Unless the Senate reverses its decision, that currency will never exist in an official capacity. This is a very interesting situation well worth keeping an eye on. After all, the Petro may set an international precedent in more ways than one.

Header image courtesy of Shutterstock

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