Crypto Recap March 7: Turbulent Times in Cryptos, When It Rains It Pours

in #blockchain • 6 years ago

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Market Summary

The saying goes 'when it rains, it pours', as that's precisely the analogy to be applied in the crypto space on Wednesday. In a series of unfortunate events, and while not uncommon in the crypto arena, the combined effect led to some volatile action with panic selling the name of the game. Bitcoin was one of the hardest hits, taking the whole Alts complex lower in the process. An additional $35-$40 billion in market capitalization was evaporated, with the total value now around $405 billion.

On one hand, it's a turbulent time to be invested in cryptos as the value of one's holdings keeps decreasing, but at the same time, it's starting to become incredibly opportunistic if one stands positive and has a clear vision on certain projects/assets, as the discounts available are quite significant. That said, the market might continue to see further downside pressure short-term, as catching a falling knife is never advisable. Always do your own due diligence. We will help you stay informed along the way.

Back to the tumultuous market events, in no particular order, we saw a barrage of confusing news, leading to a disorderly sell-off in Bitcoin and other cryptos. Firstly, as Reuters reported, Japan is set to punish various crypto exchanges that fail to comply with the Financial Service Agency's customer protection and anti-money laundering measures, with speculation building up that some may be restricted from normal operations indefinitely. This was a first negative input impacting prices.

What's more, the U.S. Securities and Exchange Commission's (SEC) published a public statement titled 'Statement on Potentially Unlawful Online Platforms for Trading Digital Assets', stating that "if a platform offers trading of digital assets that are securities and operates as an "exchange," as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration." While this type of statement will lead to instant confusion and hence panic, the clarification should be perceived as a positive development for investors as the SEC flexes its muscle with the ultimate goal of protecting customers and their assets. if you hear risk of US exchanges shutting down, that's unfounded speculation.

Throw into the mix a temporary drama in Binance as false rumors emerged that the popular exchange had been hacked, although we later learned that trading bots were compromised to sell users' altcoins to buy Viacoin (VIA), hence the spike seen in the crypto asset. One of the moderators on BinanceExchange subreddit wrote: "We are investigating reports of some users having issues with their funds. Our team is aware and investigating the issue as we speak. As of this moment, the only confirmed victims have registered API keys (to use with trading bots or otherwise). There is no evidence of the Binance platform being compromised. Please remain patient and we will provide an update as quickly as possible."

Not enough? We told you, 'when it rains, it pours'. In what has been an ongoing activity over the past 2 months, Mt. Gox trustee Nobuaki Kobayashi, which acts as the representative to liquidate the defunct exchange's assets, has been reportedly selling as much as $400 million worth of Bitcoin and Bitcoin Cash, according to a document made public on March 7. But the main takeaway here is that, as CoinDesk suggests, further liquidations might ensue if given approval by the bankruptcy court. "I plan to consult with the court and determine further sale of BTC and BCC," Kobayashi wrote. At the time of writing, over 166k BTC are in possession of the trustee, worth around $1.7b, while holdings of Bitcoin Cash stand just short of $200 million.

* Headlines below are listed in chronological order, as seen in CoinLive News Terminal

Top Headlines Industry / Regulations

Top Headlines Crypto-Asset Fundamentals

Key Events on Top Cryptos for Mar 8 (Thur)

  • Achain (ACT) - Vietnam Blockchain Week in Ho Chi Minh City
  • Aion (AION) - Blockchain Africa Conferences 2018 in Johannesburg
  • Aragon (ANT) - EthCC in Paris
  • Dash (DASH) - Blockchain Spring School 2018 in Mittweida
  • Ethereum (ETH) - EthCC in Paris
  • Gnosis (GNO) - EthCC in Paris
  • Kyber Network (KNC) - Vietnam Blockchain Week in Ho Chi Minh City
  • Litecoin (LTC) - Cobinhood Exchange Listing
  • Melon (MLN) - Meetup in Zug
  • Nebulas (NAS) - Meetup in New York
  • NEM (XEM) - Meetup in Bergamo
  • NEO (NEO) - Vietnam Blockchain Week in Ho Chi Minh City
  • Nuls (NULS) - Official Website Redesign Publication
  • OmiseGO (OMG) - EthCC in Paris
  • Pura (PURA) - Aurora Release
  • Qtum (QTUM) - Cobinhood Exchange Listing, DC Blockchain Summit 2018 in Washington
  • Ripple (XRP) - Blockchain Africa Conferences 2018 in Johannesburg
  • SimpleCoin(OST) - Release of the OST KIT⍺.
  • SpankChain (SPANK) - EthCC in Paris
  • Telcoin (TEL) - Blockchain Africa Conferences 2018 in Johannesburg
  • VeChain (VEN) - Global Food Safety Conference in Tokyo
  • Waves (WAVES) - Waves will update the token launcher with additional functionality

source: www.coinmarketcal.com

Main Gainers / Losers Top 100 Coins

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source www.coinmarketcap.com

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