Thursday, October 11, 2018

It's crunch time y'all⏰

10/11/18 Read in Browser

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Price Drop / Liquid Network / YoBit Pump / Bitfinex

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$BTC (1:21 p.m. EST): $6,298.24 (-4.16%) // 90-day high: $8,209.07 // 90-day low: $6,253.11/ / More

$BCH (1:21 p.m. EST): $448.93 (-11.93%) // 90-day high: $844.12// 90-day low: $420.58 // More

$ETH (1:22 p.m. EST): $202.11 (-10.35%) // 90-day high: $531.53 // 90-day low: $171.58 // More

$LTC (1:22 p.m. EST): $52.66 (-8.84%) // 90-day high: $107.31 // 90-day low: $49.35 // More

$XRP (1:22 p.m. EST): $0.40 (-11.72%) // 90-day high: $0.57 // 90-day low: $0.22 // More

Here are the 10 most important stories about bitcoin and cryptocurrencies today

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1. The prices of bitcoin, ethereum and XRP all dropped significantly early Thursday as the crypto market lost more than $13 billion. The drop coincides with a report from the International Monetary Fund, which warned that bitcoin and other cryptocurrencies could introduce new vulnerabilities in the international financial system. The losses all came during a 3-hour period. –CNBC

Crypto prices take big hit early Thursday
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2. Blockstream's Liquid Network is now live. The network concept was first introduced more than a year, described as "an inter-exchange settlement network." It was originally deemed to be a complement to the Lightning Network, but now appears to be able to stand on its own. While the Lightning Network focuses on micropayments, the Liquid Network has been designed to handle larger transactions. –BITCOIN MAGAZINE

Blockstream Liquid Network goes live
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3. YoBit, a Russian cryptocurrency exchange, has received criticism for promoting a plan to overtly pump ten random altcoin markets. The effort was apparently a publicity stunt to gain attention for the exchange, opposed to a nefarious effort to manipulate prices. Social media reacted quickly, many doubting the intelligence of the exchange's leadership and calling for governmental bodies, like the SEC, to shut down the platform. –ETHEREUM WORLD NEWS

YoBit criticized for pump promotion
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4. Bitfinex has temporarily suspended fiat deposits. While there is hope that the exchange will resume accepting payments within the next week, there is speculation that the Bitfinex has suffered from larger financial problems. The Hong Kong-based exchanged reportedly held a large amount of funds in Puerto Rico's Noble bank, which is in the process of finding a new buyer. There is also speculation that Bitfinex has become insolvent. –CRYPTO GLOBE

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5. A research firm believes bitcoin whales have little impact on the cryptocurrency's price. –MARKET WATCH

6. The Fibonacci sequence can be useful for analyzing bitcoin trends. –BITCOINIST

7. "Bitcoin and guns" are the only way to save Ukraine. –BLOOMBERG

8. Litecoin founder Charlie Lee does not like the term bitcoin cash. –AMB CRYPTO

9. A tournament will be held to pick the best blockchain application for vehicles. –COIN TELEGRAPH

10. CoinDesk offers four reasons why bitcoin's price could drop below $6,000. –COINDESK

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Written and curated by David Stegon. He has been a reporter for 15 years, the past 10 focused on technology. Follow him @davidstegon.

Editing team: Lon Harris (editor-in-chief at Inside.com, game-master at Screen Junkies), Krystle Vermes (Breaking news editor at Inside, B2B marketing news reporter, host of the "All Day Paranormal" podcast), and Susmita Baral (editor at Inside, recent bylines in NatGeo, Teen Vogue, and Quartz. Runs the biggest mac and cheese account on Instagram).

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