Crypto market took another turn south at the beginning of this week. It is far from over as another $12 billion had flown away off the market at the market opening this week. Ethereum dropped below $160 and is currently trading around $122. Thus Ethereum has lost its place as the second largest crypto in market cap giving way to Ripple. Bitcoin has also dropped below $5500 and is currently trading around $4300.
The BCH blockchain has successfully forked into 2 separate blockchains, resulting in Bitcoin Cash ABC (BCHABC) and Bitcoin Cash Satoshi Vision (BCHSV). Both coins are now trading on exchanges and are in competition for survival by gaining dominance over the hash power. For now BCHABC has accumulated more proof-of-work (PoW) than BCHSV by almost 50%, while their respective hash rates are almost identical at this point.
North Korea is going to hold a cryptocurrency and blockchain conference. It was announced that some of the foremost cryptocurrency experts will attend it to share their knowledge during the conference which will last for a week.
Because of restrictions placed on North Korea, experts from South Korea, Israel and Japan are denied from attending Pyongyang Blockchain Conference while Americans are welcomed to attend.
TOP-5 wealthiest Bitcoin addresses are owned by exchanges. Binance, Bitfinex, Huobi, Bittrex and Bitsamp hold about 3,5% of the total BTC in circulation. All of them hold 592 943 BTC, which is currently worth $2,54 billion.
Binance cold wallet currently holds 141,096 BTC worth $606 712 800 while Bitfinex comes in second with 138 661 BTC which are worth $596 242 300. The third place is borrowed by Singapore-based exchange Huobi.It has 108,135 BTC in its cold wallet which are currently equal to $464 980 500. The fourth richest BTC address belongs to Bittrex with 107,203 BTC which is worth $460 972 900. Bitsmap holds the fifth wealthiest BTC address with 107,203 BTC on board. This is worth $420 746 400.
Nvidia stock dropped by more than $23 billion and some analysts claimed that it was caused by an overall fall in demand for crypto. At the time, Nvidia CFO Colette Kress said that the company doesn’t expect any contribution from its cryptocurrency-focused venture.
“Our revenue outlook had anticipated cryptocurrency-specific products declining to approximately $100 million, while actual crypto-specific product revenue was $18 million. Previously we had anticipated cryptocurrency to be meaningful for the year, however, now we are projecting no contributions going forward,” – Kress said.
Goldman Sachs analyst Toshiya Hari added that the stock price of Nvidia plunged mainly due to its mid-range gaming GPU inventory and a correction in-game console SoCs.