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Did Binance Cause A $6 Million Dump On The Market?

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Binance Coin

Following the coming altcoin news which saw Binance delisting Bitcoin SV (BSV) from the exchange, we are also seeing a lot of red in the latest cryptocurrency news. In fact, the total cryptocurrency market cap has now lost more than $6 billion and the sinking is apparently not coming to an end.

The Binance BSV debacle has sent the market in a tailspin as $6 billion left the space a few hours after the official announcement. Currently, the volumes and total capitalization are thinning as the market approaches $170 billion – and no major decline has ensued.

First on the list is Bitcoin (BTC) which managed to go as low as $5,025 on the day but now retraced to $5,095 following the Binance announcement of its smaller sibling. However, there is still a lot of resistance looming above this level.

Ethereum (ETH) is the main spotlight in the altcoin news as it plunged almost 4% and fell back to $160. The markets have been generally bearish over the past 24 hours but ETH took a harder hit this time. Ripple (XRP) which has moved very little in recent days, has receded 2.5% overnight and fell back to $0.32.

Right now, the top ten is all in the red. As featured on many best cryptocurrency news sites, the Asian trading session has managed to mop up some of the losses caused by the Binance BSV debacle – but insufficient enough for them to be completely erased.

The only gainer is Bitcoin Cash (BCH) – and an altcoin that added 5% on the day to reach $313 after an initial surge of 25% to surpass $330 as it continues to benefit from BSV’s misfortune. All of the other altcoins, however, have been dumping and both Litecoin and Stellar managed to drop in the 4% to 5% region, while EOS and Cardano went with losses over 3%.

Bitcoin SV’s epic dump triggered by Binance has also made its the biggest loser on the day as it shredded 21% so far and is apparently still decreasing. This led to a shortage of $6 billion across the entire market.

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Altcoin News

Top Altcoins Record Losses, Bitcoin Drops Under $5,300 Again

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Top altcoins at least most of the 20 top cryptocurrencies are reporting slight losses on the day up to moderate losses to press time. In the altcoin news, we can see that the number one cryptocurrency has fallen below the $5,300 price point again according to the gathered data. Bitcoin is now down just under 1 percent at press time and it tumbled down from the $5,291. It is currently trading at $5,268 but looking at the weekly charts the cryptocurrency is up by 3.7 percent. Some of the top altcoins including Ethereum is still the second largest altcoin by market cap which reached $17.9 billion. Ethereum is down by 2.5 percent over the past 24 hours and is trading around $169. Over the week, the altcoin increased by nearly 3 percent. According to the cryptocurrency bull and analyst Brian Kelly, the next Bitcoin target is going to be $6,000 and that the crypto market is finding its bottom. Meanwhile, the top altcoins see mixed signals over the weekend which shows an unexpected week is ahead of us. As previously reported in our latest cryptocurrency news, the second-largest altcoin-XRP reached a market cap of $13.4 billion. This means that the altcoin is down by 2.7 percent over the past day and is trading at around $0.321. Over the week, the cryptocurrency is up by almost a percent and has a 7 percent lower price since the start of the week. As it was mentioned before, Fundstrat Global Advisors founder Tom Lee explained that the real value by the company’s BTC sentiment indicator dubbed the Bitcoin Misery Index has never previously been seen in a bear market. This contributes to the factor that among the top altcoins by market cap, the coins which report the biggest price actions to include Ethreum Classic, Litecoin, and Ontology. Bitcoin SV (BSV), among the top altcoins, on the other hand, is seeing some of the worst prices actions after previously increasing up by over 35% on the day, but it later tumbled down and is now trading at $56.42. There is no clear indication if this growth is going to continue. However, as it stands, the growth has brought a lot of positive attention towards cryptocurrencies.
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Altcoin News

The Number One Cryptocurrency Stands Strong Over $5,270

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The number one cryptocurrency reports a slight increase of one percent during the day and is trading at $5,276. Other altcoins, on the other hand, see mixed signals capped fewer than 2% so we read more in today’s coming altcoin news. BTC-the number one cryptocurrency is up by five percent by looking at the weekly chart. It reached a previous position at $5,342 but is now trading around $5,275. If we take a look at some of the other major cryptocurrencies, we can see that Ethereum (ETH) is clinging to its position as the largest altcoin by market cap nearly $18.3 billion. The data from CoinMarketCap shows that Ethereum increased by half a percent over the past day. Rather than the number one cryptocurrency (BTC), over the week ethereum increased up to 6 percent. Another one of the largest cryptocurrencies Ripple (XRP) is slightly down by half a percent over the past 24 hours. The cryptocurrency is the second largest cryptocurrency but on the contrary to the number one cryptocurrency, Ripple is trading around $0.329. The data shows that the coin is up by 1.2 percent over the week as we previously updated in our altcoin news. Among the top twenty cryptocurrencies by market cap, the biggest gains had what other than the Binance Coin (BNB). In the previous data analysis, the coin was still among the top cryptocurrencies with the most notable price action and increase in price. It is currently ranked at the seventh position which after it increased up to three percent over the weekend. The Binance Coin increased up to 33 percent over the week which is still a lot more than the number one cryptocurrency. Currently, the total market capitalization of all cryptocurrencies is summed up to $181 billion. This is a four percent increase from the value a week ago. As previously reported during the week, according to surveys, out of 1,000 American retirees who are older than 50 years old, nearly 56 percent of the respondents answered they were aware of the number one cryptocurrency. However, most of the retirees are not interested in investing in BTC while 2.7 percent claimed to have invested in BTC.
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Altcoin News

Privacy Cryptocurrency Monero (XMR) Celebrates Its 5th Birthday

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We have a birthday token in the latest cryptocurrency news - the privacy cryptocurrency Monero (XMR) which is celebrating five years of existence this week. First launched in April 2014, Monero has been crowdfunded from the start. Along with its decentralized and grassroots-based structure, it has been almost entirely developed by volunteers. The privacy cryptocurrency Monero is best described by its contributor Diego Salazar who said:
“Monero is very committed to its decentralized, grassroots structure meaning we took no premine. We don’t take a percentage of the block rewards. There was no [initial coin offering]."
He also estimated that there is anywhere from 100 to 200 volunteers working on the Monero XMR project, a number which is mostly “depending on people’s time and availability." The project itself, according to Salazar, is not just about building a blockchain protocol. As featured on many altcoin news sites, it is also about redefining and boosting a global movement that will be centered around digital privacy.
“We’re not just trying to make global internet money. We’re trying to teach people the importance of things like privacy…It’s a very powerful tool and I think it’s a very necessary tool in our day and age,” Salazar noted.
There is right now a free PDF version of a book titled "Mastering Monero" which talks about the privacy cryptocurrency Monero and is created by an Italian contributor with an alias "SerHack" who released it. Originally published in late 2018, this book was fully funded by the Monero community and is designed to teach non-crypto users the importance of "private and censorship-resistant transactions."
“With monero, for every input that you are spending, you will pull other inputs from the blockchain, other people’s random inputs…and it makes it appear as if all these inputs are spent. It makes it seem mathematically like any one of these [inputs] could have possibly been the [transaction] signers," another report notes.
From Salazar's perspective, however, there are many improvements to the privacy cryptocurrency Monero - one of which is the upgrade of the network's user interface and experience (UI/UX) which are set to happen in the upcoming months.
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Altcoin News

Binance Coin (BNB) Is The First Crypto To Surpass Its 2018 All-Time High

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In the coming altcoin news, we are featuring the Binance Coin (BNB) altcoin which has had a stellar performance over the past week and year, surging by more than 315% since January 1st. The altcoin managed to surpass its all-time high values established on January 12th last year, becoming the first cryptocurrency with such performance. Binance Coin (BNB) is right now trading at $24,47 and continuing to surge. Despite the recent correction, it is featured on many best cryptocurrency news sites as a true winner this month and the first token that managed to soar past its former ATH value against the USD achieved back in January 2019 right around the peak of the historic bull run of the market, when BNB was trading at $24.46. Against Bitcoin, Binance Coin (BNB) is also doing great and surging to new levels. In the latest cryptocurrency news, analysts expect it to get over the $25 mark. For that, it is definitely safe to say that there is more than just one reason for BNB's strong performance throughout 2019. Some of them are as following:
  • Utility - The main purpose of the BNB coin was to allow traders to receive significant discounts on trading fees when using BNB to pay for them - with recurring discounts in regards to listing fees, withdrawal fees, exchange fees and other fees.
  • BNB Burning - Binance Coin (BNB) had a limited supply of 200 million but the Malta-based exchange later said that it would leave just 100 million BNB in circulation.
  • Binance Chain - This is another major development trending in the altcoin news section as one of the recent launches for the decentralized exchange Binance Chain.
  • Changpeng Zhao (CZ) - Last but not the least is the boss of Binance, the popular CZ, who is behind the rise of Binance Coin (BNB) and constantly playing a role as a prominent individual in this market.
The above listed are only some of the reasons why Binance Coin (BNB) deserves to rise and why it has had such a strong performance. It is interesting to see whether the coin will maintain its steady course upwards.
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