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Crypto Market Update (10 July 2018)

July 10, 2018


General Market Outlook


The market has been taken over by bears once again. Nearly all coins are down in the top 100, but trading volume continues to is rising. KuCoin (KCS) is the only major stand out of the top 100 coins - up almost 10% in the past 24 hours. Bitcoin is right around $6,400 for about -6% change and Ethereum is right at $440 for -9% change in the past 24 hours. Market cap for the overall cryptocurrency market lost about $20 billion doin to $254 billion total.



Major Headlines


South Korea Green Light - India Red Light


Cryptocurrency are now officially recognized in South Korea. The government has finalized plans to create a new classification for the cryptocurrency and blockchain industry-  as “cryptocurrency exchanges and brokerages.” They will be considered regulated financial institutions.

The Supreme Court of India has refused to overturn the Reserve Bank of India's (RBI) order to cease all existing banking relationships with cryptocurrency exchanges. However, there is a hearing still to be held on July 20th to finalize the decision. The RBI must provide detailed reasoning for the ban. The result is local exchanges cannot process fiat-to-crypto trades.


Bancor Exchange Hacked For Over $13 Million


The exchanged tweeted a description of the event yesterday. A vulnerability was exploited for totals of: $12.5 million ETH, $1 million worth of NPXS, $10 million worth of BNT. BNT is the Bancor native token. They exchange was able to secure the BNT using a mechanism built into the Bancor Protocol. Bancor stated that this was built in to “be used in an extreme situation to recover from a security breach, allowing Bancor to effectively stop the thief from running away with the stolen tokens.” The hack occurred at approximately 00:00 UTC using a wallet designated to upgrade some smart contracts. Bancor is now “working together with dozens of cryptocurrency exchanges to trace the stolen funds and make it more difficult for the thief to liquidate them”.


Chicago Exchange Files For Bitcoin ETF


The world’s largest futures exchange Cboe has filed for a bitcoin ETF with the U.S. Securities and Exchange Commission (SEC). This would enable investors in the public market to trade Bitcoin. Cboe would facilitate (OTC) trades amongst accredited investors in the traditional finance market, while insuring funds in bitcoin acquired by investors. Cboe is the third financial institutions to file for a bitcoin ETF with the SEC. The others, by SolidX and Gemini were rejected by the SEC in 2017 due to lack of overseas regulations and price manipulation. However, regulation has been seriously underway since then.




Top 5 Gainers


VeriMI (VME) +31.21% at $0.026049

Matryx (MTX) +25.53% at $0.294154

Cashaa (CAS) +24.62% at $0.040633

Hurify (HUR) +24.51% at $0.043646

CryptoInsight (TKR) +22.16% at $0.017633



Top 5 Losers


Thrive Token (THRT) -37.87% at $0.025091

Super Bitcoin (SBTC) -35.58% at $7.18

SalPay (SAL) -35.52% at $0.054639

Transcodium (TNS) -33.59% at $0.012883

Wowbit (WWB) -27.61% at $0.262860



New Coins Listed


AppCoins (APPC) listed to HitBTC

Bankex (BKX) listed to Bittrex




By: BGN Editorial Staff



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