As stocks dip, crypto market cap loses a cool $157 billion
Unless you've been under a rock, you know the Dow dropped 2.5 percent today--the deepest fall in over a year, marking a 1,000 point drop in five days. Cryptocurrency market capitalization have plunged in tandem, losing $157 billion in the last week.
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"This week, fears of higher rates overwhelmed the upbeat profit picture as the benchmark S&P 500 stock index SPX fell 3.9 percent and raised some concern about a deeper pullback."
"It is amazing that it has progressed so far so quickly, but of course the result is a lot of people coming into the system because of nothing other than price charts."
"A variety of proposals are already making the rounds. All aim in one way or another to generate higher inflation on average than the current regime. Since the 2 percent target was instituted in January 2012, inflation has come in below that level for 66 out of 72 months. To achieve higher inflation, the Fed might have to keep interest rates lower for longer and push unemployment down further."
"Yet, if you were an independent miner in 2011 who enjoyed your GPU setup, the writing was on the wall. FPGAs soon gave way to application-specific integrated circuit (ASIC) systems, and Bitcoin went from hobby to industry."
"There are incentive-driven security issues for Proof-of-Stake protocols not present in Proof-of-Work."
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