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Cryptocurrencies Lose $42 Billion After The Coinrail Hack

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The market has not yet recovered from the Coinrail hack. Right now, it seems like the situation has led a minus of $42 billion in the total cryptocurrency market cap.

The 2018 selloff in cryptocurrencies has wiped off around $42 billion of market value over the weekend and affected Bitcoin’s price. According to some observers, this retreat is because of an exchange hack in South Korea – and others think that it is pointed to lingering concern over a clampdown on trading platforms in China.

What’s a fact is that Bitcoin has dropped about 12% in only a couple of hours – bringing its decline this year to a staggering 53%. Most of the other cryptocurrencies also retreated,  The total market cap, on the other hand, is down from $830 billion in January to less than $300 billion right now.

Even though the South Korean Coinrail hack is much smaller than the $500 million theft from the Japanese exchange Coincheck Inc. in late January, it is still something that can lead to bad news, according to Stephen Innes who is head of Asia Pacific trading at Oanda Corp. in Singapore.

As Innes says, “This is ‘If it can happen to A, it can happen to B and it can happen to C,’ then people panic because someone is selling,”

When asked about the slump and the low market liquidity during the weekend, he said:

“The markets are so thinly traded, primarily by retail accounts, that these guys can get really scared out of positions. It actually doesn’t take a lot of money to move the market significantly.”

Coinrail was among the world’s top 100 most active venues with a 24-hour volume of around $2.65 million according to data. In a statement on their website, Coinrail said that some of the exchange’s digital currency appears to have been stolen by hackers – but they don’t know how much.

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Altcoin News

Crypto Market In Mix Of Red And Green: The Top 10 Cryptocurrencies Are Slightly Increasing

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14,50As we are approaching the end of another unfavorable week for cryptocurrencies, this Sunday we are seeing a slight surge, leading to the top ten coins by market cap up by one to three percent in 24 hours to press time.

After being down about half a percent on Saturday, Bitcoin slightly rebounded and measured 0.80% gains over the past 24 hours. Currently, it is trading at $6,532 and has seen significant fluctuation this week, coming down from $7,623 on June 10th to as low as $6,267 on June 13th. As of today, the coin has retraced some of the losses.

The Ethereum price has been down by a similar margin over the past week. Even though it fell below $500, it is currently trading around the $500 threshold at press time with a market cap of $50.4 billion.

Speaking of market caps, the total cryptocurrency market cap still remains somewhat low. Currently, it sits at $281 billion with around $60 billion lost this week alone.

The strongest decline was seen by EOS which remains one of the more affected coins among the top ten – the altcoin has shed about 3% in 24 hours and is currently trading at $10.68. This is mainly because of the ‘frozen’ EOS mainnet which has been experiencing problems lately.

Ethereum Classic was one of the altcoins that surged by 4% in the past 24 hours, trading at around $14,50 right now.

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Analysis

ETH Below $500 And BTC Below $6,500 In A Downward Turn For The Crypto Market Leaving

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Over the past 24 hours, it is evident that there is a major downward turn in the cryptocurrency market, forcing the price of Bitcoin to go below $6,500 and the price of Ethereum to go below $500 accordingly. This makes the Bitcoin price one step closer to its year-to-date low.

Even though the day started well and some of the major cryptocurrencies took an upswing after the ‘Bloody Sunday’ where more than $40 billion was wiped off the cryptocurrency market cap, it seems like the market failed to sustain the brief recovery.

Everything began in the morning, starting from the Ethereum price which fell below the psychologically significant $500 mark and the price of Bitcoin which fell to less than $6,500 (and is still sinking).

The market cap has lost more than $50 billion with this drop – sinking the major cryptocurrencies below their support points. No one knows what is the precise trigger for this decline – or until when will the major cryptocurrencies sink.

What we know is that many bullish predictions have been made about institutional investors entering the markets over the past couple of weeks – and everything failed to materialize with actual investments and actual news.

Currently, the price of Bitcoin is valued at $6,303 and the Ethereum price sits still at $459.

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Analysis

The Number Of Women Interested In Crypto Investing Doubled Since January 2018

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Over the past six months, there have been more and more women considering an investment in cryptocurrencies. The actual number has gone from 6% to 13% according to City A.M.’s reports.

Basically, this report is based on market research that was conducted by a UK cryptocurrency exchange named London Block Exchange, showing that cryptocurrency is most popular with women in the millennial generation. According to it, one out of five women expresses a desire to invest.

As the research states, there is a difference in the way men and women invest. While women take a more strategic approach as they are 50% less likely to suffer from “fear of missing out” (FOMO). Also, they are more collaborative than men and are twice as likely to consult their family and friends about their investments compared to men who prefer “doing this alone”.

In what many think is an industry dominated by men, the new survey shows that women are also active in the crypto world. Still, men are the majority of investors in it (91.5%) and women only account for 8.5%.

According to London Block Exchange’s senior business analyst Agnes de Roeyer, this could change soon. As he said:

“There’s still a common misconception that cryptocurrency is a game for men, but we’ve seen hundreds of women sign up for our exchange in the last few months and some of the most inspiring and knowledgeable investors, leading the way in the industry are female.”

We all hope to see more women in crypto and promote gender equality.

 

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Altcoin News

Crypto Market Gains Stability – Volume Still Low But More Bullish

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The cryptocurrency market recently started to gain some momentum. The situation has been positive over the past 48 hours, with three consecutive increases recorded by Bitcoin. The tokens such as OmiseGo and DigixDAO were also rising in terms of volume and price – but it is still uncertain whether the market can be classified as bullish.

That is mainly because of the volume of all digital coins which is still low. Most often, the stability in the cryptocurrency sector must signify a potential build-up for a bull rally – and an increased volume in the short-term – especially if several daily buy candles are recorded consecutively.

Tether (USDT), the cryptocurrency whose value is linked to the US dollar, remains as the second most traded cryptocurrency in the market behind Bitcoin, signifying that traders are utilizing the US dollar-backed currency in order to hedge the value of cryptocurrencies.

At this point, we are far from a bullish run. The truth is, the short-term trend of BTC has become more positive but the market is still bearish. In a period like this, large-scale investors must look towards mid-term triggers and factors that could lead to market recovery.

One of the best things that happened for Bitcoin was the introduction of a Bitcoin ETF that will enable institutional investors to enter the crypto market with full protection against any security issues.

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