Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Crypto Prices Slip; Ethereum Co-founder Says Past Year’s Surge Was Bubble

Published 16/08/2018, 06:49
Updated 16/08/2018, 06:52
Cryptocurrency prices slipped on Thursday

Investing.com - Cryptocurrency prices slipped on Thursday, while Ethereum co-founder Joseph Lubin’s comments raised some eyebrows as he said the surge in crypto prices last year was bubble.

Bitcoin (Bitcoin) was down 0.4% to $6,303.7 at 1:40AM ET (05:40 GMT) on the Bitifinex exchange.     

Ethereum traded 0.6% lower to $284.1on the Bitifinex exchange.         

Ripple slipped 1.4% to $0.28159 in the last 24 hours on the Poloniex exchange, while Litecoin lost 1.5% to $54.946. 

Lubin said on Wednesday in an interview with Bloomberg that he believed speculative “trader types” are driving volatility but he is not overall concerned that recent slump in prices would slow down the development of core infrastructure and adoption.

“We’ve seen six big bubbles, each more epic than the previous one, and each bubble is astonishing when they’re happening but when you look back they look like pimples on a chart,” Lubin said during an interview on Bloomberg Television. “With each of these bubbles we have a tremendous surge of activity and that’s what we’re seeing right now.”

The digital currency industry recovered in the previous session after seeing its market capitalization dropping to about $190 billion this week, down from a peak of about $835 billion in January.

“The crypto market appears to be in its final stretch of its bearish state,” Chris Yoo, a portfolio manager at Black Square (NYSE:SQ) Capital, said in an email. “This correction is not unexpected due to the over-valued nature of many blockchain projects and regulatory uncertainty.”

In other news, Ripple’s vice president Jeremy Light said the blockchain company is interested in the Chinese market and its distributed ledger technology designed to speed up cross-border payments.

"China is definitely of interest, it is definitely a target," Light said in an interview with CNBC. "China is definitely a country and region of interest."

China is home to a number of large fintech (financial technology) firms, with payment apps like Ant Financial's Alipay and Tencent's WeChat Pay proving popular with Chinese consumers.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.