Solume’s Weekly Crypto Digest #2
What a week! Definitely made all of us in crypto hold our breath. In case you’ve missed any of the hottest news, here are our picks for the TOP-3 stories on social and public media.
Global Market Decline — Top 20 Coins Losing 13%
$200 billion dissipated in thin air this Tuesday when crypto market cap crashed to as low as $536 billion.
Bitcoin price dropped below $11,000 for the first time since December 5. At the same time, Bitcoin’s market cap has shrunk to $192 billion with a dominance index of 36,4%.
No wonder such changes reflected in Bitcoin’s +50% social volume at Solume.io.
All major altcoins suffered double-digit percentage losses as well, however, as of writing, the TOP 20 coins bounced back under way to the moon.
Some crypto influencers posted that mid-January was predictable, based on the previous years’ data
Others factors for this bloodbath were voiced too:
- Rumors around Chinese and South Korean markets ban.
- Large number of new investors that have come to the market over past few months.
- Upcoming Chinese New Year
John McAfee tweeted:
Just like any crisis, some players lost their pants while others bought a whole wardrobe for pennies. What’s your bloodbath story? Share with by commenting below and let’s make our own “bloodbath survival guide”.
BitConnect to Close its Lending & Exchange Platforms
Ironically, our top social volume gainer (from 118 to 2619) this week hasn’t earned its name due to the global market decline.
On Tuesday, BitConnect announced that it closes its lending platform and will close an exchange service within five days after the announcement. Afterwards, BitConnect.co will continue operating as a wallet service and educational website.
BitConnect finds many reasons for this decision:
- DDoS attacks to the website
- Negative posts in public media that “created a lack of confidence in the platform”.
- Cease and Desist letters from regulators in Texas and North Carolina claiming that BitConnect was engaging in the sale of unregistered securities.
Though BitConnect blames regulators and media, social media voices accuse the company of using a Ponzi scheme.
But harsh criticism aimed at BitConnect isn’t new. Take Charlie Lee and Michael Novogratz here for example:
Right after their announcement, BCC lost 90% of its price.
Despite all of the above plus some technical difficulties, BitConnect X ICO will surprisingly continue as planned.
And while BitConnect holders are evaluating their losses…
… BitConnect is hoping to get BCC’s value back.
OMNI Accepts $25M Worth Investment in $XRP
Omni, a Silicon Valley storage startup behind the OMNI token, puts a big bet on $XRP by accepting the majority of $25-million investment from Ripple in company’s cryptocurrency, as announced on Tuesday.
Omni CEO Tom McLeod stated that, Omni is looking for the long-term benefits involved with receiving venture funding in crypto.
Apparently, such a move serves as a workaround to traditional Series C and Series D investment rounds by benefiting from XRP’s price rise Omni is hoping for.
Noteworthy, XRP lost 50% of its price the same day the partnership was announced, following the global market decline. Howerew, as of press time, the cryptocurrency has almost recovered its value and is currently trading $1.63.
Such news made Omni one of Solume’s top 5 trending coins by social volume on Wednesday.
That’s it for today. Have a great weekend everyone.
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Community Manager at Solume.io