Crypto Corner: Market Drops on Christmas, Indian Interdisciplinary Committee Against Crypto Ban
December 26th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App @GenesisBlockch
Point Roberts, WA and Delta, BC - December 26, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.
Market Drops on Christmas, Indian Interdisciplinary Committee Against Crypto Ban and Nigerian Experts Believe Crypto Could Promote Trade on Continent
After coming close to hitting a total market cap of $150 billion on Monday, the crypto market took a turn downward and by Tuesday bottomed out at around $125 billion. At press time, total market capitalization is sitting at $127 billion, according to data from CoinMarketCap. And to conclude the Christmas season the top 100 coins listed by market cap are, perhaps quite appropriately a mix of red and green. The top three coins, Bitcoin (BTC), XRP and Ether (ETH), have remained relatively stable in the last 24 hours with prices having not moved more than 1.6 percent.
Mati Greenspan, senior market analyst at social trading platform eToro, said that the market could breakout in either direction and that controversial coins seem to gain more during recent rallies.
Though it was very nice to see a rally in the week leading up to Christmas, it seems the crypto market is once again playing defense.
A very sudden drop was experienced during the Asian session on Christmas morning, snapping through the new trendline and breaking the momentum that the market was working so hard to build.
At this point, the market can be seen within a range from $3,650 to $4,200.
A breakout to the downside could certainly see bitcoin testing the yearly lows once again. On the other hand, a breakout to the upside could have us testing a $6,000, a level that if broken could signify the end of the bear market.
Still, I have noticed a very distinct trend over the last week that the cryptos gaining most during the upswings are the cryptos that have negative stigmas around them. So it is still entirely possible that a good part of the upward pressure we've been seeing lately is due to short covering.
India may see crypto legalization in 2019, albeit with heavy regulation. The New Indian Express reports that an interdisciplinary committee set up by the government to look into cryptocurrency has come out against the existing outright ban. An unnamed senior official said the following:
"We have already had two meetings. There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalised with strong riders. Deliberations are on. We will have more clarity soon."
ThisDayLive reports that experts in Nigeria believe that cryptocurrency could boost trade in the country. At a conference in Lagos organized by crypto exchange Luno, the Chief Operating Officer of Blockchain Solutions Limited, Lucky Uwakwe described the importance of crypto:
"Bitcoin is the first cryptocurrency to use peer to peer technology; It is a simpler implementation of blockchain technology; Functions as a payment tool that can be used to send money, and carries value as an investment tool."
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