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Altcoin News

Bitcoin Reaches $3,885 As Market Gets Closer To $132 Billion

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In today’s crypto news, we are seeing healthy waves of green and nearly all of the twenty leading cryptocurrencies by market cap are recovering after the sell off which occurred yesterday.

The top 20 cryptocurrencies are seeing a firm recovery. Litecoin (LTC) is up almost 12% on the day and is currently seeing gains of more than 13% over the past week. Binance Coin (BNB) is among the top entrants native to the world’s biggest crypto exchange Binance, and is currently up around 20%. The coin is seeing enormous growth over the week and is around 40% at press time.

Bitcoin, on the other hand, is now testing the $3,900 support level and is currently trading at $3,876 – up by more than 3% over the past 24 hours at press time. The dominant cryptocurrency has managed to recover its weekly losses and is up around 0.3% over the past week. With this, BTC’s dominance on the market has slightly dropped from yesterday’s 52.5% to a 51.9%.

While most of the top 20 cryptocurrencies by market cap are still in the red in weekly terms, EOS (EOS) is up by around 3% over the past 7 days. In contrast to EOS, Bitcoin SV (BSV) which is the Craig Wright-supported hard fork of Bitcoin Cash (BCH) is now seeing the biggest losses over the week and is down by around 8%.

The total market capitalization is up to $131 billion and the daily trading volume is also seeing an increase to $30 billion. Currently, there are 2,101 coins at press time according to data from CoinMarketCap.

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Altcoin News

Cryptopia Hackers Are Moving The Funds In At Least Four Wallets

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cryptopia hackers
Last week, we wrote that the hacked exchange Cryptopia officially goes into liquidation - something that was published by many best cryptocurrency news sites. However, it seems like the Cryptopia hackers are tracked and appear to have begun moving the stolen Ethereum into multiple wallets. As the reports show, the Cryptopia thieves cleared more than $16 million and started moving the stolen cryptocurrency into multiple wallets. In January, Cryptopia went offline before announcing that it had “suffered a security breach which resulted in significant losses.” Even though the company never disclosed the amount, analytics firms estimated that a hacker or a group of hackers made off with more than $16 million in Ethereum as well as other tokens. The Cryptopia hackers apparently made the exchange shut down - as it published on May 15 in a statement which was featured in the altcoin news - posting a message regarding its liquidation which said:
“Despite the efforts of management to reduce cost and return the business to profitability, it was decided the appointment of liquidators was, in the best interests of customers, staff and other stakeholders. […] Given the complexities involved we expect the investigation to take months rather than weeks.”
As the new analysis by CoinFirm notes, the hackers are moving the cash into separate wallets including the two CoinDesk which found that were directly connected to Huobi. “The Cryptopia hacker moved 30,790 ETH (~$7.67M) from the last red address to the yellow one which is a new address of the hacker as of May 20, 2019 at 01:43:57 AM +UTC. The yellow address still has got 29,770 ETH,” said CoinFirm’s Grant Blaisdell in a statement that went viral in the coming altcoin news. Two other addresses were also reported by many best cryptocurrency news sites - showing that they received a combined 1010 ETH while another 10 ETH landed in what appears to be a Huobi deposit address and a Huobi hot wallet. This means that the Cryptopia hackers are preparing to pull cash out through these exchanges. Even though there is no telling what is exactly happening to this Ether as it moves from one wallet to another, it is certain that the $16 million is not going to sit still for long.
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Altcoin News

Matic Network Surges 76% In A Day, Slowly Becomes A Favorite

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Matic Network, a crypto project backed by the crypto exchange giant Coinbase, surged up to 76 percent in 24 hours. The project is aimed at scaling ethereum and it traded at $0.31 with a market cap of $66.8 million so we read more about this amazing project in today’s altcoin news. The daily trading volume of the Matic Network is over $250 million which means that the daily volume of some other larger projects such as Monero, IOTA and Cardano is exceeded. Since the beginning of May, the coin increased by more than 600 percent. The main goal of the Matic Network is basically a blockchain solution or a scalability solution. The startup provides an off-chain scaling toll of the Ethereum network but for other existing networks as well. It aims to ensure a better user experience regarding the decentralized applications. The ecosystem incorporates a digital wallet, SDKs, payment APIs, and ID solutions. There are other products that are implemented in the project as well that will enable developers to build and shift dapps developed on other platforms such as Ethereum. The Matic network will use a modified version of Plasma but with a Proof-of-Stake based side chains. The project is still in its early ages. It was launched on Binance less than a month ago which means that Binance is responsible for more than 98% of the token’s trading volume. Matic is one of the Binance Launchpad coins that expressed some impressive returns and benefits. Matic revealed that it has joined the Binance Info transparency initiative that will help investors to always be updated about the progress of the project. The community now hopes that the Matic network will be listed on Coinbase since the team announced they secured funding from the Coinbase Ventures. As reported in the latest cryptocurrency news, Matic will integrate another Coinbase-backed crypto the USD Coin on its sidechains. Coinbase, on the other hand, will let its wallet users use the Matic network in order to transfer and trade cryptocurrencies. Investors believe that Coinbase should list the token but some members of the community believe that the project won't benefit a whole lot from the listing.
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Altcoin News

MakerDAO Token Holders Vote On Whether To Lower Stability Fees By 2%

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MakerDAO token holders
The MakerDAO token holders are in the coming altcoin news because of a vote which would decide whether to decrease the so-called stability fee for MakerDAO's Ethereum blockchain-based decentralized stablecoin named DAI. The vote was officially announced on the organization's blog on May 17.
"The Maker Foundation Interim Risk Team has placed an Executive Vote into the voting system, which will enable the community to enact a new Dai Stability Fee of 17.5%. The Executive Vote (FAQ) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a continuous approval vote," is what the announcement shared in our latest cryptocurrency news notes.
If the decision is approved and the vote comes out positive, the proposal would decrease the stability fee by 2% to 17.5% per year. As the announcement outlined, the need to decrease the fee was discussed by the project's governance and now the MakerDAO token holders need to decide on it. For those of you who don't know, MakerDAO is looking to change the yearly stability fee in an attempt to improve the token's peg to the US dollar - especially after the exchange price has been hovering above the $1 level. The stability fee was a hot topic in the altcoin news and is seen as a charge that is levied by Maker participants when DAI is used for loans. In March, the MakerDAO token holders already decided to raise the stability fee (even twice), first to 3.5% and then to 7.5% per year. In April this year, this fee was further increased by another four percent in the fifth such vote this year which brought it down to 11.5%. The further votes brought the rate up to 19.5% at the beginning of the current month. As we already reported (and many best cryptocurrency news sites did too) at the end of the previous month, DAI has been struggling to maintain its peg. Aside from the MakerDAO token holders and their decisions, the president and chief operating officer claimed that DAI's value had been stabilized as of the beginning of May. On top of this, at the end of April, the chief technology officer at MakerDAO, Andy Milenius, published an open letter dated April 3 to explain his concerns over the project's internal conflicts.
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Altcoin News

Binance Launchpad Projects Make Up To 620% Returns

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Binance Launchpad projects
Binance Launchpad projects seem to be making spectacular returns after the CEO of the company congratulated the platform on Twitter. Following the latest cryptocurrency news, the Binance Coin is also increasing and reached up to 40% increase since the hack. The Binance Coin (BNB) did well after the massive hack where 7,000 bitcoins were stolen from the hot wallets of the exchange. In the meantime, the success of the Binance Launchpad projects in offering new crypto to investors is boosting the business and keeps up the demand for the coin high. Even before the retail investors and Wall Street hedge funds started closing up on bitcoin this spring, the Binance Launchpad was the leading altcoin in 2019. It was the best gainer among the top 100 cryptocurrencies and still manages to hold that position. Back in February as reported in the altcoin news, the Binance Launchpad projects resulted in the issuance of two token-sale sessions for TRON’s Founder BitTorrent (BTT) which was for the purchases in BNB coin and the other for purchases in TRON (TRX). The token sale ended in less than 15 minutes. If binance deployed more computing power it might have influenced the process in terms of time and could have completed the ICO in less time. Binance Launchpad's Fetch (FET) token sale was over in 10 seconds. Those who managed to buy it off the platform have managed to make 119 percent returns on their investments. Also, Celer (CELR) and Matic (MATIC) in April generated up to 126% and %620 gains from the Launchpad prices. All of the Binance Launchpad projects are selected carefully. The applicants that are chosen enjoy the support of the startup accelerator. They also gain resources and direction but most importantly, the reputation that comes along with the Binance name. A large part of the value in the binance Launchpad comes because of the professionals hired to do their job which is helping the investors what coins to buy. The value in Binance comes also with the professionalism, knowledge, and competence of Changpeng Zhao and his team. Crypto investors seem to believe in the largest crypto exchange platform by volume since they are pouring their money into it.
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