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Cryptocurrencies Lose $42 Billion After The Coinrail Hack

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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Analysis: Bitcoin And Ethereum Record New Gains After Mid-Week Drops

The past 12 hours have been positive for both Bitcoin and Ethereum. The two largest cryptocurrencies by market cap have risen more than 6% in value. Still, some analysts think that this is still not a confirmation that a positive short-term trend is coming.

The quick recovery was actually a correction which made the Bitcoin price climb to $6,445 and the price of Ether, the native cryptocurrency of Ethereum, to reach $295 (at press time).

Ether, which plunged by nearly 20% two days ago, has been in a stronger movement than Bitcoin and increased from $250 to $295 in less than 24 hours. Investors think that moving above $300 is the crucial level that ETH needs to secure right now. For Bitcoin, they believe that going anywhere near $6,700 will be a confirmation that a positive short-term trend is on its way.

Willy Woo is one of the investors and analysts who were right about the price of Bitcoin dropping below the $6,000 mark since May this year. As he recently stated, the market will likely experience another drop before the next mid-term rally.

Woo said that Bitcoin will test the $6,000 support level in the near future, even if it recovers beyond the $7,000 mark. As he stated:

“Leveraged short positions now near all time high. Anyone got a spare $35m in their trade account? Should be enough to trigger all those stops for a payday.”

Based on Woo’s analysis, a new drop would be a likely scenario for Bitcoin and the entire crypto market, before a proper rally comes on the way. This is mainly due to the lack of momentum, volume, and stability in the market.

Arthur Hayes, the CEO of BitMEX, has expressed his thoughts on the future of Ethereum, naming it a “sh*tcoin” and predicting “double-digit price levels” soon – mostly because of the market and its inability to support a huge spike with the current price trends.

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Altcoin News

Ethereum Classic Surges After Coinbase Listing Announcement

Ethereum Classic just rose 15% ahead of its Coinbase listing. The altcoin recorded gains two days in a row. After Wednesday’s 20% gains, it is now trading at around $14 on Bitfinex.

The surge in price follows Coinbase’s announcement in which the leading exchange officially listed ETC as available for purchase and trading on the platform. Ethereum Classic will actually be listed today (Thursday) at 5PM PST.

After the two-month high which saw ETC climb to $18.50 earlier this month, the price dropped with the recent market crash. However, it seems like Ethereum Classic is recovering well – and the listing on Robinhood also had an effect in boosting its price.

The entire price frenzy started when the rumors about Ethereum Classic being listed on Coinbase began, which happened a few weeks ago. Throughout mid-June, the price of ETC almost reached $20 but fluctuated around $17, falling as low as $11 with the market crash.

ETC has had an all-time high of $45.51 in December 2017 and will hopefully climb to that point again this year, according to analysts. However, the theory of a massive dump is still a possibility – which is why traders need to be cautious. The price should creep up to its pre-listing levels and eventually stabilize in the short to mid-term.

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‘Recent Price Collapses Are No Constraint To Further Growth’, Ethereum Co-Founder Says

The co-founder at Ethereum and the CEO of ConsenSys Inc., Joseph Lubin, recently spoke to Bloomberg in an interview. In it, he expressed his optimism for the crypto market and said that the recent collapses in price are no constraint to further growth of the crypto market.

Lubin also said that the value surges in 2017 were another bubble in the previous “six big bubbles, each more epic than the previous one and each astonishing when it is happening”.

He also added that these peaks look like “pimples on a chart” when seen on close scrutiny. However, those bubbles also brought a significant burst of activity. As he noted:

“…We build more fundamental infrastructure, we see a correction, and the potential gets even more impressive… I absolutely expect that there is a strong correlation between the rise in price and the growth of fundamental infrastructure in the ecosystem and the growth of development in the ecosystem. We are probably two orders of magnitude bigger as a developer community than we were eight or ten months ago.”  

Lubin also addressed the issue of the recent volatility and linked it to the “trader types” or speculative investors, saying that it is not necessarily an indicator of underlying infrastructure enhancement.

He concluded by saying that if we look at the price and make growth plans and projections, we are “still on track” and that the current situation is “not unexpected”. Meanwhile, Ethereum dropped to a 9-month low yesterday and is currently trading at $283, demonstrating a slow rise from yesterday’s rock-bottom price.

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Altcoin News

Crypto Market Struggles Around $200 Billion, Bitcoin And Ether Lack Momentum

The crypto market has slightly recovered over the past 24 hours but is still in the red, after the prices of Bitcoin and Ether led a new drop which saw the market go below $200 billion.

At press time, the total cryptocurrency market cap is somewhere around $203 billion, a number which can soon change. Since August 14th when every major cryptocurrency in the market has plunged, investors are finding it difficult to record gains off their investments.

Still, this may be a good time for buying cryptocurrencies – which is probably what has been happening over the past 24 hours – hence why the prices of Bitcoin and Ether rose. Currently, Bitcoin is standing still at $6,348 while Ether remains below the $300 mark, standing at $282.

Bitcoin Cash, EOS, Litecoin, Ethereum Classic, Ripple and other cryptocurrencies recorded a drop in the range of 15% to 20%, which was triggered by a massive sell-off across the major cryptocurrency exchanges.

There were three major drops in the cryptocurrency market this year. In February, April and June, Bitcoin tested the $6,000 support level and surged to the region of $9,000 to $11,000 over the past few months, only to fall back to $6,000 which is its current position.

If Bitcoin now falls below the $5,800 mark and moves below to the $5,000 region, it is expected that other major cryptocurrencies will suffer and follow the downside trends as well.

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