Cryptocurrencies Are Selling Off | Hacker News Reader

Cryptocurrencies Are Selling Off

bloomberg.com

17 pointsineedasername16 comments

Err, Ethereum hit an all-time high yesterday (~$1250) and at time of writing is up for the day: https://www.coingecko.com/en/price_charts/ethereum/usd

Don't get me wrong, I'm also expecting the bubble to burst, but I see no signs that this particular decline is "the big one".

Ethereum dropped in early morning like Bitcoin, but recovered much faster and is slowly marching up since. It's only 6% off the ATH yesterday right now.

It seems to do well when Bitcoin is crashing as the "safest" crypto harbor, yet increases with Bitcoin and overall market too.

Just goes to show how volatility of these coins. What I find surprising, something which no one is talking about especially with the Mark Zuckerberg comparison and all that, is the drop in Ripple. As I write this, coinmarketcap says a huge 25% drop.

Ripple price compared to Bitcoin/Ethereum was and still is ridiculous. My harebrained theory is that the Arrington $100M crypto fund requiring deposit in XRP drove the price way up.

I thought I had a sense of this market until Ripple...the network is good but XRP isn't much needed to use it.

Not sure what Bloomberg is looking at but most mainstream sites are writing articles with information in it that is just wrong or FUD like.

Ethereum as an example, is near an all time high as PoS nears. Many other tokens with unique use cases like NEO and XMR are at all time highs as well.

It's not because of PoS. Ethereum is just recovering from a bear market in BTC/ETH pair. Look at the orange line https://coinmarketcap.com/currencies/ethereum/.

What is PoS?

Depends greatly on context, but here it refers to Proof of Stake.

https://en.bitcoin.it/wiki/Proof_of_Stake

In relation to price, PoS removes the energy expenditure required to mine coins. Without constant selling pressure of miners selling to cover electricity costs, price may rise.

Proof of Stake. [1]

[1] https://en.wikipedia.org/wiki/Proof-of-stake

> Coinmarketcap.com’s decision to exclude Korean pricing data for coins helped create the appearance of a large drop in prices, which some traders attributed as playing a part in the selloff.

Any particular reason this price exclusion has happened?

Korea has tight exchange controls and it's very difficult to register on the local exchanges unless you're a local resident. This blog post has more detail:

https://medium.com/cryptonight/investigating-the-great-korea...

Autoplays video with sound.

Seriously, such an idiots. I mailed them like a year ago about this crap. Nobody has made anything. I have 2 kids and sometimes you forget to turn off the sound late at night. My god, the worst experience ever.

That is a staple on Bloomberg. Disabling scripts is the only way out.

Or Safari

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