$6 Billion Wiped Out of Crypto Market in 48 Hours: Where to Next?

Twitter Facebook LinkedIn Over the last 48 hours, since November 7, the global crypto market has lost $6 billion of its valuation as it dropped from $220 billion to $214 billion, while Bitcoin remained stable. On November 6, major cryptocurrencies including Bitcoin Cash (BCH), Ripple (XRP), Ethereum (ETH), Stellar (XLM), and Cardano (ADA) recorded large gains in the range of 5 to 30 percent, as BCH surged by around 40 percent within a two-day span. Subsequent to demonstrating a significant increase in value, most major cryptocurrencies retraced, which was expected…

Crypto Market Surges in Daily Volume to $13 Billion, Renewed Optimism

Twitter Facebook LinkedIn Over the past three days, the volume of major cryptocurrencies and the rest of the crypto market has increased substantially, from around $10 billion to $13 billion. Bitcoin, in particular, has seen a large increase in volume from $3.1 billion to $4.3 billion within a week, by more than 40 percent. Led by the positive price movement of Bitcoin and its noticeable increase in volume, the value of other major cryptocurrencies like Stellar (XLM), Cardano (ADA), and Tron (TRX) has increased by the range of 3 to…

Bitcoin Cash Volume Surges 7x to $1.4 Billion, Crypto Market Recovering

Twitter Facebook LinkedIn Major cryptocurrencies including Ethereum, Bitcoin Cash, and Litecoin have increased by more than 5 percent in value over the last 24 hours. The cryptocurrency market has started to demonstrate signs of recovery, as the daily trading volume of large digital asset trading platforms has increased over the past week. The volume of Bitcoin, led by an abrupt surge in volume in the cryptocurrency exchange market of South Korea and the BTC-to-KRW trading pair, increased from $3.1 billion to $4.4 billion within a span of seven days, increasing…

EOS Rises 5% as Tokens Record Big Gains, Crypto Market Adds $2 Billion

Twitter Facebook Tokens and several major cryptocurrencies such as EOS have demonstrated strong short-term momentum over the last 24 hours, pushing the valuation of the crypto market to $206 billion. The volume of Bitcoin, which declined to the mid-$3 billion region, recovered to $4.2 billion, showing a clear increase in trading activity across major cryptocurrency exchanges. Affected by the increase in the volume of Bitcoin, tokens and digital assets such as Loom, Status, Bancor, WaltonChain, Pundi X, OmiseGo, and Zcash recorded gains in the range of 8 to 20 percent,…

Tether’s Market Cap Has Dropped by More than $1 Billion in October

Twitter Facebook LinkedIn Tether (USDT), the embattled cryptocurrency token whose value is purportedly backed by US dollars, continues to see massive outflows as it struggles to maintain USD parity amid rising competition from other stablecoins launched by some of the crypto industry’s biggest names. Blockchain data from Omni Explorer shows that yesterday, on Oct. 30, Tether Limited redeemed another 100 million units of USDT, reducing the outstanding supply to about 1.8 billion. Source: Omni Explorer Since the beginning of October, Tether has redeemed a staggering 990 million tokens, more than…

Tether Market Cap Now Sub-$2 Billion as Coinbase Joins Stablecoin Sprint

Tether (USDT), the controversial USD-backed cryptocurrency that has long been the most popular “stablecoin,” continues to shed market share in the wake of its descent below dollar parity. Tether Market Cap Drops to January Low The tether token, which as recently as Oct. 9 had a market cap of $2.8 billion, now has a total valuation of less than $2 billion, representing an intramonth decline of approximately 29 percent. The last time USDT had a market cap below $2 billion was in January when the token eclipsed that threshold for…

Ripple Price Rises 3% as Crypto Market Valuation Jumps to $210 Billion

Over the past 24 hours, the crypto market has added $2 billion to its valuation, rising to $210 billion. The Bitcoin price has experienced a slight increase in price from $6,370 to $6,430, supported by a minor rise in daily trading volume. Still, the volume of the cryptocurrency exchange market remains weak, with the daily trading volume of Bitcoin remaining below $3.5 billion on Coinmarketcap and $2.42 billion on CoinCap. XRP, the native currency of the Ripple blockchain protocol, has surged by around 3 percent on October 24, possibly due…

Bitcoin Volume Approaches Yearly Low Again, Market Deletes $6 Billion

Over the past 48 hours, the volume of Bitcoin (BTC) has fell substantially from over $5 billion to $3.8 billion, and is quickly moving to its yearly low. On CoinCap.io, ShapeShift’s official cryptocurrency market data provider, the volume of Bitcoin remains at around $2.54 billion. If the volume of BTC drops by around 15 percent in the days to come, then a new yearly low could be reached. The low volume of Bitcoin is a concerning indicator for the short-term trend of the market because since early August, BTC has…

Tether Market Cap Sinks to $2.2 Billion as $250 Million Exits Circulation

The loss of its U.S. dollar peg isn’t the only thing driving down the market cap of tether (USDT), the cryptocurrency market’s largest “stablecoin.” Tether Falls Below Dollar Parity The USD-backed token, which as recently as late August had a circulating valuation of nearly $2.9 billion, is now worth just $2.2 billion, representing a two-month decline of nearly 25 percent. A portion of that decline is a direct result of USDT’s price falling below the $1.00 in assets that are supposedly backing each token. As CCN reported, the USDT/USD peg…

Crypto Cybercrime Has Tripled Since 2017; Nearly $1 Billion Lost in 2018

Most digital exchanges are unregulated and therefore unqualified to safely process cryptocurrency transactions. They don’t employ necessary know-your-customer (KYC) tactics, and roughly $1 billion in digital asset funds have been stolen since the start of 2018. These are the unsettling claims made by a new report released by blockchain and virtual currency forensics firm CipherTrace. The most popular target currency still appears to be bitcoin, and one of the document’s key findings is that roughly 97 percent of bitcoin used in illegal transactions or that stem from criminal activity are…