Tag: Cryptocurrencies Market

Categories
Crypto Markets

Cryptocurrencies Market Dropped $37 Billion In Market Cap Since Yesterday – Why Is This Happening?

Economic crisis - Stock market graphs and charts - Financial and business background

The main cryptos on the cryptocurrencies market have experienced significant drops today, a trending followed by the rest of the crypto coins on the market.

Bitcoin (BTC) dropped significantly since yesterday and other coins have followed

The Bitcoin (BTC) seemed to be holding steady at between $9,000 and $10,000 in the past weeks, following a major downturn in the first several months of the year.

In the last few days, however, BTC price has declined to $8,000 and today it has experienced a larger decrease, trading at about $7,900 at this moment.

Other coins have followed this trending, therefore, Ethereum (ETH) dropped by 9.34%, Ripple (XRP) sheds about 7,80%, while the EOS (EOS) registered, at the moment of this article, the biggest drop among the top 10 cryptos, losing about 11%.

Cryptocurrencies market dropped about $37 billion in market cap since yesterday

In fact, since yesterday morning when the leading cryptocurrency of the market started to drop fast, as common, this trending was followed immediately by the rest of the crypto coins in the cryptocurrencies market, massively affecting the global cryptocurrencies market capitalization. During the past day, the total market cap of the cryptocurrencies market shed $12 billion, from $381.6 billion to $369.8 billion.

Today, the crypto market dropped even further reaching to $345 billion, thus, losing about $25 billion more, raising the total loss at $37 billion.

These shifts have no obvious reason, as has been the situation in recent weeks. Even though at the start of this year the massive drop in the value of all the cryptocurrencies has been attributed to the emergence of cryptocurrency regulations, there is currently no strong argument that can be considered to explain this decline, over and above the cash flows that are determined by the daily demand and supply.

The cryptocurrencies market often presents these fluctuations from one time to the next as a result of a spontaneous behavior of the investors.

Categories
Crypto

Ripple (XRP) Dropped Significantly In The Last 24 Hours – Here’s The Background Of This Loss

The third biggest cryptocurrency by market capitalization, the Ripple (XRP), was impacted by a collective lawsuit filed on Thursday, May 3rd, in the United States. The value of the token collapsed this week, with a 24% downtrend on a seven-day basis and an 11.26% drop in the price of the token over the last 24 hours.

The complainant, Ryan Coffey, is demanding an undisclosed compensation and has declared that Ripple Labs is currently marketing unregistered securities. The report notes that the US Securities and Exchange Commission (SEC) has made it quite clear that digital tokens, such as XRP, frequently represent “securities and cannot be sold legally without being registered with the SEC or requesting an exemption from registration.”

Ripple (XRP) prices – XRP dropped hugely

At the moment of this article, XRP trades at $0.70, dropping by 11.26%, due to the negativity that surrounds it but also due to a massive cryptocurrencies market downtrend, recorded today.

Apparently, the crypto market dropped due to the massive selling of cryptocurrency holdings conducted by the majority of UpBit traders.

However, the analysts think this negative correction is only temporary as the traders will re-invest in the following days. Therefore, the Ripple (XRP), along with the other cryptos, will recover.

Ryan Coffey’s case states that XRP is owned by people related to the company and is released in a selective way to boost its value

Coffey’s litigation is addressed to both the company and its CEO Brad Garlinghouse and it is argued that, unlike being mined such as Bitcoin (BTC) or Ethereum (ETH), XRP tokens “are created from scratch” and are possessed by people related to Ripple (XRP) who issue the altcoin in a selective way, as in an unending ICO.

It is alleged, according to the legal action, that these people are quietly marketing Ripple to the masses in an endeavor to boost the demand for XRP and, consequently, the price of the cryptocurrency in an attempt to raise their profits.

Furthermore, a number of recent Bloomberg reports emphasize the circumstance that, as the XRP is still not well understood and clarified, it might indicate that the Ripple (XRP) falls under the SEC’s guidelines for securities.

Categories
Crypto News

Bloomberg Launches The “Bloombers Galaxy Crypto Index” In Partnership With Galaxy Digital Capital Management

Bloomberg, the global financial news leader, announced the launch of a cryptocurrency market capitalization index (Bloomberg Galaxy Crypto Index) upon its partnership with the newly formed cryptocurrency management firm, Galaxy Digital Capital Management LP, founded by well-known Wall Street trader Mike Novogratz.

The launch was announced by the same media group yesterday, where it was confirmed that the index is designed to track the performance and information of 10 crypto coins that are among the most traded in the cryptocurrencies market, which will be represented by their values in U.S. dollars and weighted by their market capitalization.

The initiative will be called the Bloomberg Galaxy Crypto Index, under the acronym BGCI, which is directly owned by Bloomberg and Novogratz’s firms, stating that they will manage the platform under a methodology based on rules and data from proven sources by specialists from both companies.

Bloomberg Galaxy Cryptocurrencies Index will quote Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), among others

Among the cryptocurrencies to be quoted in this index, there are Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Monero (XMR), Litecoin (LTC), Zcash (ZEC), Dash (DASH), and Bitcoin Cash (BCH), which will be diversified into different categories depending on their function as digital assets.

In this way, the index will provide information on data, pricing, analysis, distribution, exchange facilities, smart contract protocols, and privacy-focused aspects.

Both companies stressed that the main objective of the Bloomberg Galaxy Crypto Index is to provide a service to investors that will facilitate the exposure of the cryptocurrencies market in a more diversified manner, thus providing a more transparent and institutional benchmarking.

Alan Campbell, global product manager at Bloomberg, said that the launch of this platform demonstrates the growing interest of investors in the cryptocurrencies, as well as the development and impact of this ecosystem on more traditional finance:

[Yesterday’s] launch of the Bloomberg Galaxy Crypto Index reflects our customers’ growing interest in cryptos. The index takes our rigorous approach to building cryptomarket indices and will provide investors with a transparent benchmark to measure the performance of a broader market.

Categories
Crypto

Ethereum (ETH) Dropped 8% In The European Trading Session But Is Correcting Upwards

SEC news will determine the future of the Ethereum (ETH) project but other cryptocurrencies may also be affected. The ETH is now quoted at around $745 and its immediate support is $700, while a $680 level will provide stronger support.

The US cryptocurrencies regulators have been sending mixed messages for some time now

The Securities and Exchange Commission (SEC) has not been clear that some cryptocurrencies are security tokens. Last week, the Ethereum (ETH) team brought to the attention of the US regulators that today, May 7th, is the day that SEC and CFTC officials have to release the cryptocurrencies classification.

Ethereum co-founder, Joseph Lubin, recently said that impending regulations could shape the future of Ethereum tokens. However, he added that they were not at all concerned about classification as a security asset. Lubin said in a commentary:

We spend a great deal of time with lawyers in the U.S. and other countries, and we’re pretty sure it’s not a security asset; it’s never been a security asset.

On the other hand, Micheal Piwowar, a commissioner at the SEC, has a different point of view:

Is an ICO a security asset? So far, as our president has said, everyone he has looked at, everyone I have seen, is a security. Bitcoin (BTC) itself is not a security but these custom tokens for these initial coin offers, most of them are. There are some legitimate things going on and then… Literally, there are frauds.

Ethereum (ETH) price analysis

Ethereum (ETH) price is correcting upwards, trading now at approximately $745, after falling briefly below the $700 level in today’s European trading session when the ETH/USD dropped about 8%.

The gap between the moving averages is narrowing to indicate that the ETH/USD could continue to roll back to the $800 level. On the upside, therefore, the next target is the $760 level, as the first level for upward correction, the $740 level has been achieved.

On the downside, immediate support has formed around $700, while below this level, the $680 zone is a great support highlight.

Thus, Ethereum (ETH) is suffering today because of the SEC latency in giving a clear classification of cryptos but also due to the fact the Japenese announced stricter cryptocurrency regulations, thus affecting the whole cryptocurrencies market today.

 

Categories
Crypto

Cryptocurrencies Market Is Declining As Japanese Regulators Announced Much Stricter Cryptocurrency Regulations

Cryptocurrencies market have generally declined today, May 7th, as concerns about Japan’s cryptocurrencies regulation have offset indications that South Korea could curb its restrictions. At the moment of this writing, in descending order by market capitalization, Bitcoin (BTC) has dropped by 1.94% in the last 24 hours and reached $9.397, according to Bitfinex cryptocurrency exchange, the Ethereum (ETH) has fallen by 5.27% to $745 in the last 24 hours, while the Ripple (XRP) has dropped by 4.64% to the $0.82 level.

Furthermore, the Bitcoin Cash (BCH), the product of a bifurcation of the Bitcoin (BTC) and currently the fourth crypto coin by market capitalization, has recorded a decline of 5.48% in the last 24 hours hitting the to $1,638 level.

At this moment, the single cryptocurrency for top 10 which is appreciating is the EOS (EOS).

Cryptocurrencies market is declining due to the announcement of much stricter cryptocurrency regulations coming from Japan

Japan’s Financial Services Agency will implement strict guidelines for local cryptocurrency exchange platforms to prevent another cyber attack in the crypto-verse, according to reports coming out at the end of the last weekend.

The FSA will present a “five-point plan” to strengthen regulations for cryptocurrencies transactions which will include stricter security standards such as double authentication for coin transfers and a system to ensure that coins are not stored in online wallets as these are prone to piracy.

A more thorough “know your customer” process would also be developed to prevent money laundering, according to reports.

Japan’s implementation of stricter cryptocurrency regulations has shadowed the more encouraging news that the governor of South Korea’s Financial Supervisory Service, Yoon Suk-Heun, is considering lessening up the local cryptocurrency regulations.

“The Financial Supervisory Service (FSS) will collaborate with the Financial Services Committee (FSC) when an inspection of financial policies and institutions has different configurations relating to different areas. FSC inspects policies, while FSS examines and supervises financial institutions but under FSC supervision,” said Yoon.

In short, cryptocurrencies market is in decline today, with all the major cryptocurrencies showing losses, due to the new announcement that much stricter cryptocurrency regulations will be implemented in Japan.

Exit mobile version