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“Winter” in the cryptocurrency market is over

Apr 1, 2019

Analyzing the dynamics of price changes in the cryptocurrency market, we can note a definite improvement. For a long time, we have not seen a sharp collapse of major coins, which indicates an increase in confidence in this market and, consequently, the return of investors. Over the previous week, market capitalization increased by $5 billion, exceeding $145 billion. At the same time, only 12 cryptocurrencies  have a capitalization of more than $1 billion.

DASH shows excellent growth, adding 22% in 7 days. An increase of more than 10.5% was observed over the past 24 hours. As a result of robust growth, the capitalization of this cryptocurrency reached $ 0.996 billion, having shifted to the 13th position in the rating. Monero (XMR), the 14th coin according to the CoinMarketCap,  is close to the $ 1 billion.

Cardano (ADA) and EOS showed the highest return last week, adding 16% and 14% respectively. At the same time, there are no apparent outsiders, since the worst results of Bitcoin SV (BSV) -2% and Tether (USDT)-1% can hardly be called bad for the cryptocurrency market.

Another attack

The cryptocurrency market continues to grow rapidly, capitalization is increasing, which, in turn, leads to a large number of large wallets.

At the end of last week, it became known about the hacking of two large wallets. More than 3 million EOS (about $ 12.6 million at the current rate) and 20 million XRP (about $ 6 million) were withdrawn from these wallets.

On March 30, Bithumb, the Bitcoin exchange, announced that it had stopped accepting deposits and withdrawing funds. Dovey Wan, the partner of Primitive Ventures,  reported the loss of funds. The information was confirmed by the security company responsible for auditing the accounts of Bithumb. According to Dovey Wan, the theft of funds occurred after the private key to the Bithumb account was stolen in the EOS blockchain with the user name g4ydomrxhege. She also led a list of exchanges on which the stolen coins were withdrawn.

cryptocurrency trading

Dovey Wan also posted detailed information on the movement of stolen EOS coins.

cryptocurrency trading

Most of the coins was on EXMO, Huobi, KuCoin, CoinSwitch, ChangeNOW, HitBTC and Changelly. Smaller amounts were withdrawn on Binance and BW.

Bitcoin above $4000

Even though the growth of BTC for the current week was not high, there is optimism in the market. This is since the price manages to be held above the psychological level of $4000. But still, there is no reason for more powerful growth. The United States Securities and Exchange Commission (SEC) has postponed decisions on applications for the Exchange Traded Funds (ETFs) launch previously filed by VanEck and Bitwise Asset Management.

The SEC noted that it got 21 letters with comments regarding Bitcoin-ETF Bitwise. The unwillingness to approve the creation of an investment instrument, one of the most convenient for American investors, is holding back the growth of BTC and the market.

At the same time, market capitalization and trading volumes continue to increase. Although recently we have heard about a large amount of evidence that the data presented by some bitcoin exchanges are unreliable.

OKEX representatives agreed with the Bitwise report, admitting that the exchange has a serious problem with artificially inflated trading volumes. In a conversation with Crypto Briefing, Lennix Lai,  OKEx Director for Financial Markets noted that wash trading is common on this platform, as well as fake market activity and promoting artificially high trading volumes and prices.

We highlight the general optimism in the market, due to the increasingly active integration of financial giants into the cryptocurrency market, as well as the increasing popularity of blockchain technology in all areas.

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