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Cryptocurrencies Pick Up After Two-Day Selloff

Cryptocurrency NewsNov 16, 2018 01:34AM ET
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This article has already been saved in your Saved Items - Major cryptocurrencies bounced back on Friday morning in Asia after a two-day sell-off that drove Bitcoin to a one-year-low.

The market is still feeling the impact of the downfall earlier this week, which also caused a nosedive in the share values of chip designers shares while a digital token miner saw it’s application for an initial public offering (IPO) In Hong Kong lapse.

On Friday morning, Bitcoin rose 0.01% to $5,710.80 by 11:26PM ET (03:26 GMT) on the Bitifinex exchange.

XRP also gained 4.3% to $0.48522 on the Poloniex exchange.

Ethereum edged up 1.1% to $183.12, while Litecoin went up 1.07% to $44.353 on the Bitifinex exchange.

The shares of U.S. chip maker Nvidia (NASDAQ: NVDA) slid as much as 19% on Thursday after the company reported a drop in third quarter revenue. The company also forecasted fourth quarter revenue of $2.7 billion, a plunge from Refinitive’s estimate of $3.4 billion, according to CNBC.

The company’s gaming cards have become popular with cryptocurrency miners in recent years. Nividia CEO Jensen Huang said in a statement on Thursday that “near-term results reflect excess channel inventory post the crypto-currency boom, which will be corrected.”

Meanwhile, Canaan Inc., one of the largest Bitcoin mining hardware makers in the world, let its application in Hong Kong for an IPO worth at least $400 million lapse on Thursday, amidst regulatory uncertainty in China and Hong Kong, according to Reuters. The IPO had been already reduced from an original plan to raise $2 billion on the Hong Kong’s bourse.

Reuters cited sources as saying the IPO will not happen this year. The application lapsed after the Hong Kong’s securities watchdog said it would impose licensing conditions on firms that manage investments in virtual assets.

Currency investment management firm BKCM’s CEO Brian Kelly told CNBC that the recent downfall in the value of cryptocurrencies may stem from a “crypto civil war” after bitcoin cash splintered off in August 2017 from traditional Bitcoin as a “hard fork” or “effectively a software upgrade.”

“So, we’ve got ourselves a ‘crypto civil war.’ People started selling. That triggered stops. Everybody got concerned. And that’s what happened today – the entire market sell-down,” he said.

Bitcoin cash plummeted 11.64% to $388.94 on Friday morning.

Cryptocurrencies Pick Up After Two-Day Selloff

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