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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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(Lost) Bitcoins Have A 20% Recovery Rate: Survey

In the latest Bitcoin news, we have a piece of analysis by Reuters that focuses on the retrieval rate of lost Bitcoins. If you own a Bitcoin and fall a victim of a theft, there is a little chance that you will ever see your crypto assets again, in fact, a 20% chance according to the analysis. According to the security experts, only a fraction of these cases ever get reported as victims believe that they are not likely to retrieve stolen cryptocurrency. Reuters also reported that the unique nature of cryptocurrencies has created a double-edged sword where investors don't expect criminals to be caught after the successful crypto heists. The report also showed that cybercriminals are turning to crypto more and more, mostly because of the popularity of the assets. According to Patric Wyman who is a supervisory special agent of the anti-money laundering unit at FBI:
“A decentralized currency system like bitcoin or another form of virtual currency is not governed by any entity, suspicious reporting activity, and any anti-money laundering compliance.”
David Jevans, a CEO of the California-based CipherTrace, was also quoted in the Reuters report, showing that about 20% of stolen crypto ever is recovered, even when trading platforms or exchanges are hacked. One financial research firm called Autonomous NEXT, in partnership with another one called Crypto Aware, estimated that around $1.7 billion worth of cryptocurrencies were stolen between 2012 and the first half of 2018. The data also revealed that over $800 million has already been stolen this year - and 85% of the total crimes are never even reported.    
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Altcoin News

Stablecoins: Could They End The Decentralization?

It all began with Tether (USDT) as the most commonly known stablecoin, issued months ago as the first dollar-pegged stablecoin. Today, there are a few more stablecoins circulating on the market and constantly making the headlines in our crypto news section. The concept of a stablecoin is relatively simple. As a dollar-pegged stablecoin, this altcoin buys one American Dollar from the market before issuing one token on its network, for example. This means that when an American Dollar leaves the active circulation, one Tether enters it. This is why the price of stablecoins is relatively stable over years, and why a swing of fewer than 10 cents is something that should worry everyone out there. If you weren't reading the latest crypto news, this is what Tether's recent price fluctuations looked like. The only problem with stablecoins is exactly their peg. For instance, Tether just took a 4% tumble and fell to $0.92 despite having USD in the bank to back up the token. While everyone predicted that stablecoins would have established a fixed-exchange-rate system that enables simple transitions from fiat currencies to cryptocurrencies, they also introduced the market to some technical issues. In the end, it is safe to say that stablecoins need to be better organized. They are not decentralized, they can cause inflation and they decrease the tax base - which is why people need to be abreast when buying them (or perhaps better buy asset-backed tokens as an alternative). In the end, many experts believe that stablecoins could cause centralization. Instead of being bridges to decentralization, they are only putting things in a never-ending circle.  
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Altcoin News

Altcoin News And Price Analysis: Bulls Are Back With Stellar (XLM) And 0x (ZRX)

A lot of cryptocurrency investors and analysts are positive towards the recent altcoin news, mainly because of the impressive movements which saw a number of coins rise and confirm the bullish trend led by the most dominant cryptocurrency, Bitcoin. One of the altcoins that performed well over the past couple of days is 0x (ZRX) - a cryptocurrency which rose by 30% following its integration on the Coinbase platform. This integration demonstrated the approval of local regulators such as the Securities and Exchange Commission (SEC) to list the tokens that by existing financial regulators are not seen as securities. The most impressive growth, however, was seen by Stellar Lumens (XLM) which is now up 75%, leading the bullish run and now stabilizing at $0.24 with a new 4% rise today. IOTA (MIOTA) has also surged by 3%, as well as EOS which broke outside of its comfort zone ($4) and is now trading at $5.41, correcting after it previously reached a price of $7. TRON was also in the news for rising above its standard price and reaching 500k on its mainnet network. However, there were losses too, mainly seen in the price movement of Litecoin (LTC). Despite the mix of reds and greens, the altcoin market is now relatively stable, holding off before another bullish (or bearish) run.
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Analysts Predict That Bitcoin’s Price Is ‘Unlikely To Fall Below $6,000’ In The Near Future

Bitcoin has been making a lot of headlines on our DC Forecasts cryptocurrency news site, after its strong rally which saw the leading cryptocurrency near the $7,000 margin. However, the Bitcoin price struck a record on exchanges such as Bitfinex - where it got to $7,700. When it comes to the actual volume of Bitcoin, it rose from $3.2 billion to $7 billion at its peak - but has since dropped to $4 billion. Over the past two days, Bitcoin (BTC) has shown a 25% increase in its daily trading volume which can be certainly considered as a positive indicator for the strong short-term trend of the cryptocurrency. Currently, the mid-term price trend of Bitcoin is estimated between $6,000 and $7,000, with the $6,000 margin now being the major support line. Based on the recent stability from BTC, the cryptocurrency has not fallen below the $6,000 mark for months which is why it became more challenging for bears to bring down the value of BTC in the short term. According to one cryptocurrency trader named Eric Thies, it is hard to find an asset (such as Bitcoin) that tests a major support level more than 20 times per week. As he said:
“My core reason on BTC bullishness is simple: Find me anywhere in any market where the floor held 20+ times on a weekly chart, only to break to the downside afterward. You’ll be looking for a while. The only way it happens on Bitcoin would be from an enormous black swan event.”
Another analyst known for his alias SatoshiFlipper said that the $5,800 price of BTC was the bottom for the cryptocurrency market, stating:
“Seeing lots of accounts starting to come to their senses. Some will catch on sooner than others, but eventually everyone will realize that $5,800 or the BTC $100 billion market cap was the correct bear market bottom. Something I’ve told everyone since July.”
We will see what the future holds for Bitcoin, but assuming the recent movements, it looks bright.  
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