Daily crypto: Prices are falling and Japan’s role in the crypto world might be exaggerated

According to Tuur Demeester, an economist and bitcoin trader, it is quite possible that the bitcoin price now has found some kind of bottom, but also that the price will not reach a new record level before 2018 is over.

On Medium, he points out, among other things, that the mining industry for bitcoin has become increasingly competitive and that bitcoin miners earn 90 percent less today compared to January.

He also believes that miners are the ones who are responsible for the big sell pressure in the market recently, while institutional investors have not provided enough on the buy side for the price to push up again, CCN writes.

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The dollar dominates

According to a report by the crypto news site Coindesk, Japan may be a smaller player in the crypto world than people might think.

The report shows, for example, that widely spread exchange data has flaws. The data seems to exaggerate the importance of the Japanese yen as a trading pair for bitcoin. Instead, it is the US dollar that dominates the trades for bitcoin, according to Coindesk.

Red numbers

The largets cryptocurrencies show red numbers during the last 24 hours. The ones that have decreased the most are bitcoin cash (-5,40%) and bitcoin (-3,57%).

The ones that performed the best on top 100 were metaverse etp (+7,42%) and gxchain (+4,02), and the ones who performed the worst were wanchain (-20,26%) and waves (-19,65%), according to Coinmarketcap.

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