Nicholas Marinoff

The crypto market took another hit over the weekend. And the same can be said for stocks today—all of it seemingly the result of increased panic as the world combats the spread of the deadly coronavirus.

The price of Bitcoin is down to $5,000 per coin, having dropped 5 percent and losing the gains it enjoyed on Friday. Ethereum, the market’s second largest coin, is down 8 percent and trading for around $112 per token. Ripple’s XRP has sunk below $0.15.

Total market capitalization for cryptocurrency has plunged by $120 billion over the last week. On Saturday, March 7, the crypto market stood at around $264 billion. Today, it’s now valued at approximately $142 billion, having lost another $20 billion over the weekend.

 Bitcoin price crash forces miners off network

The stock market has also taken another dive, despite showing signs of life on Friday following President Donald Trump’s declaration of a national emergency. The Dow Jones Industrial Average is down almost 10 percent, losing more than 2,000 points on the day so far. Like Bitcoin, the Dow has lost all of its gains since Friday.

Likewise, oil has now dipped below the $30 per barrel mark, as the stalemate in Russia’s price war against Saudia Arabia-led OPEC remains unchanged.


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<span data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;Bitcoin (BTC) is a peer-to-peer cryptocurrency, originally described in a 2008 paper by the pseudonymous Satoshi Nakamoto. Launched in January 2009, it was the world’s first cryptocurrency, and remains the most popular, with the highest market capitalization of all cryptocurrencies.\r\n\r\nBitcoin was built on several key innovations. Firstly, Nakamoto guaranteed that Bitcoin transactions were immutable, by recording all transactions on a distributed ledger known as a blockchain. Secondly, he ensured Bitcoin’s scarcity by capping the total number of Bitcoin in existence at 21 million. Finally, the community was incentivized to verify transactions by receiving rewards in the form of “mined” Bitcoin for checking the accuracy of the blockchain.\r\n&quot;}" data-sheets-userformat="{&quot;2&quot;:803,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:14281427},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;11&quot;:4,&quot;12&quot;:0}">Bitcoin (BTC) is a peer-to-peer cryptocurrency, originally described in a 2008 paper by the pseudonymous Satoshi Nakamoto. Launched in January 2009, it was the world’s first cryptocurrency, and remains the most popular, with the highest market capitalization of all cryptocurrencies.</span>

Bitcoin was built on several key innovations. Firstly, Nakamoto guaranteed that Bitcoin transactions were immutable, by recording all transactions on a distributed ledger known as a blockchain. Secondly, he ensured Bitcoin’s scarcity by capping the total number of Bitcoin in existence at 21 million. Finally, the community was incentivized to verify transactions by receiving rewards in the form of “mined” Bitcoin for checking the accuracy of the blockchain.

Bitcoin

Bitcoin (BTC) is a peer-to-peer cryptocurrency, originally described in a 2008 paper by the pseudonymous Satoshi Nakamoto. Launched in January 2009, it was the world’s first cryptocurrency, and remains the most popular, with the highest market capitalization of all cryptocurrencies.

Bitcoin was built on several key innovations. Firstly, Nakamoto guaranteed that Bitcoin transactions were immutable, by recording all transactions on a distributed ledger known as a blockchain. Secondly, he ensured Bitcoin’s scarcity by capping the total number of Bitcoin in existence at 21 million. Finally, the community was incentivized to verify transactions by receiving rewards in the form of “mined” Bitcoin for checking the accuracy of the blockchain.

<span data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;First described in a 2013 whitepaper by programmer Vitalik Buterin, Ethereum (ETH) is a cryptocurrency and blockchain platform that allows developers to create programs and run smart contracts using its native language. It can thus be viewed as a virtual computer, whose resources are paid for using Ether.\r\n\r\nIn 2020, Ethereum began the transition to Ethereum 2.0, in which its proof-of-work consensus mechanism is replaced by a proof-of-stake model. The aim of the upgrade is to increase Ethereum’s scalability and security.\r&quot;}" data-sheets-userformat="{&quot;2&quot;:547,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:14281427},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}">First described in a 2013 whitepaper by programmer Vitalik Buterin, Ethereum (ETH) is a cryptocurrency and blockchain platform that allows developers to create programs and run smart contracts using its native language. It can thus be viewed as a virtual computer, whose resources are paid for using Ether.</span>

In 2020, Ethereum began the transition to Ethereum 2.0, in which its proof-of-work consensus mechanism is replaced by a proof-of-stake model. The aim of the upgrade is to increase Ethereum’s scalability and security.

Ethereum

First described in a 2013 whitepaper by programmer Vitalik Buterin, Ethereum (ETH) is a cryptocurrency and blockchain platform that allows developers to create programs and run smart contracts using its native language. It can thus be viewed as a virtual computer, whose resources are paid for using Ether.

In 2020, Ethereum began the transition to Ethereum 2.0, in which its proof-of-work consensus mechanism is replaced by a proof-of-stake model. The aim of the upgrade is to increase Ethereum’s scalability and security.

<span data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;XRP is a cryptocurrency designed to facilitate transfers between financial institutions. Ripple, the project behind XRP, differs from both Bitcoin and Litecoin in several key aspects: it relies on sale as opposed to mining as a means of freeing up new currency, and its transaction speeds are of a different order of magnitude (nearly 1,000 transactions per second to Bitcoin’s 7 tps) .\r\n\r\nWhile the ideas behind XRP date back to 2004, the currency was created in 2012 by Jed Caleb and Chris Larsen.\r&quot;}" data-sheets-userformat="{&quot;2&quot;:803,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:14281427},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;11&quot;:4,&quot;12&quot;:0}">XRP is a cryptocurrency designed to facilitate transfers between financial institutions. Ripple, the project behind XRP, differs from both Bitcoin and Litecoin in several key aspects: it relies on sale as opposed to mining as a means of freeing up new currency, and its transaction speeds are of a different order of magnitude (nearly 1,000 transactions per second to Bitcoin’s 7 tps) .</span>

While the ideas behind XRP date back to 2004, the currency was created in 2012 by Jed Caleb and Chris Larsen.

XRP is a cryptocurrency designed to facilitate transfers between financial institutions. Ripple, the project behind XRP, differs from both Bitcoin and Litecoin in several key aspects: it relies on sale as opposed to mining as a means of freeing up new currency, and its transaction speeds are of a different order of magnitude (nearly 1,000 transactions per second to Bitcoin’s 7 tps) .

While the ideas behind XRP date back to 2004, the currency was created in 2012 by Jed Caleb and Chris Larsen.

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Bitcoin is down another 5 percent just as stocks and oil take another dive. The crypto market is now at its lowest point in a year.

Crypto market sheds another $20 billion over the weekend

Bitcoin is down another 5 percent just as stocks and oil take another dive. The crypto market is now at its lowest point in a year.