Crypto prices were down sharply at the start of Friday trading, with the total market capitalization falling $22 billion over the past 24 hours.
At the time of writing, cryptocurrencies were collectively valued at $361.6 billion, according to the latest data from CoinMarketCap. The asset class peaked above $391 billion roughly 20 hours ago.
Trading volumes slipped to roughly $18.8 billion, with Hong Kong and South Korean exchanges accounting for the largest share of total activity.
Like previous declines, the bulk of the losses were concentrated in the altcoin class, allowing bitcoin to boost its market share to nearly 38%.
Bitcoin prices breached the $8,000 floor early Friday, with prices shedding 4.8% to $7,974.
In terms of percentage losses, IOTA was the worst performing cryptocurrency in the top-ten. The coin shed 13% to $1.67.
Bitcoin cash continued its post-fork decline, with prices shedding 9.1% to $1,183. BCH is currently trading near its lowest level in a month.
Ethereum prices declined 6.6% to $664. Ripple’s native XRP currency was down more than 7% at $0.658.
Cryptocurrencies are on track for their second consecutive weekly decline, with prices shedding nearly 14% from last Friday.
New Study Quantifies Bitcoin Mining Energy Consumption
The first peer-reviewed study examining bitcoin’s energy consumption was released Wednesday, and the results aren’t endearing.
Research that appeared in a monthly publication by Cell Press estimates that bitcoin mining consumes at least 2.6GW of power, which is equivalent to the entire electric power grid harnessed by the Republic of Ireland. The report, titled Bitcoin’s Growign Energy Problem, predicts that power consumption from mining could reach 7.7GW before the end of 2018. That’s roughly the same amount as electric that Austria currently requires.
Author Alex de Vries made it clear in his report that the numbers he is using are speculative given the decentralized and secretive nature of the mining industry. The paper shows that current energy consumption could be as low as 2.6GW if we factor in the latest and most efficient mining hardware from Bitmain.
The so-called energy problem associated with bitcoin is expected to become more cumbersome as the network’s size increases. Some have speculated that mining could account for 5% of global energy consumption in the future.
Globetrotting crypto miners are constantly on the look out for the best energy deals, especially in the wake of China’s ban on the practice. Interestingly, several countries have stepped forward to highlight their favorable energy policies toward miners.
EOS Technical Analysis: AUGUST 20, 2018
EOS Technical Analysis
From the News
- Huobi Global resumes EOS withdrawal after earlier suspension citing insufficient CPU resources.
— Huobi Global (@HuobiGlobal) August 19, 2018
Two days after the conclusion of that three-bar reversal pattern we mentioned in our last EOS trade plan, upsides are unexpectedly limited.
Notice that EOS prices are still consolidating inside Aug 17 bullish engulfing high low but are likely to edge higher this week providing opportunities for short traders to load up positions at $7, our immediate resistance line and previous break out level.
Remember, despite these higher highs, bears are overwhelmingly in charge considering the last two or three months trend.
Crypto News Flash: Bitcoin (BTC), Ethereum (ETH), Ripple and XRP, VeChain (VET), Cardano (ADA), IOTA
From Bitcoin’s expansion in North America to a new crypto conference on Capitol Hill, here’s a look at some of the stories happening in the world of crypto.
Bitcoin (BTC) and Ethereum (ETH)
Square’s Cash App now supports Bitcoin in all 50 states across the US, which means all 33.5 million users can now use the platform to buy and sell BTC.
Meanwhile, a new partnership is bringing more than a million people to a zero-fee trading platform for Bitcoin and Ethereum. The new pact brings BRD’s 1.2 million customers to Canada’s crypto trading platform Coinberry.
— Coinberry (@coinberryio) August 15, 2018
Ripple and XRP
Republican Congressman Warren Davidson has invited Ripple and 32 leaders in the crypto space to talk about ICO regulations. The list of invites includes NASDAQ, Kraken, CME Group, Circle and Intercontinental Exchange (ICE), which is forming Bakkt, a new crypto trading platform.
The meeting is scheduled to happen on Capitol Hill on September 25th.
Cardano has released its latest weekly. Th report highlights progress on the platform’s IELE testnet and Daedalus wallet. The company has also listed new job openings.
The latest Cardano Weekly Technical report by IOHK is out! You can have a look here: https://t.co/1t8Cadr8Yq
— Cardano Foundation (@CardanoStiftung) August 17, 2018
IOTA’s lead developer has dropped a new update on IOTA’s Trinity wallet, announcing that the desktop release is on the horizon.
VeChain CEO Sunny Lu is gearing up for a Q&A. The YouTube link is already live, with the session scheduled for 6:00 a.m. PST Monday.
EOS price analysis: Trapped in a triangle; some time before a breakout
- EOS stuck in a triangle on the medium term chart.
- Retraces from upper end.
EOS is stuck in a triangle that is slopinhg on the downside and the price has started retracing from upper end of the triangle on the medium term chart, although it is still some time before the breakout of this traingle occurs.
EOS/USD is up nearly 3 percent at $5.07 just around high point of the day. On the 480-minute chart, this crypto has got itself stuck in a downward sloping channel and the price is retracing from the upper end of the triangle.
Next move is on the downside where the lower end of the triangle will come at the rescue and then comes probably a breakout point – most likely on the upside.
EOS/USD 480-minute chart: