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Crypto Market Update (04 April 2019)

April 4, 2019



General Market Outlook


The market has now begun to consolidate after a string of strong upward movement. There are still more coins with positive gains than negative from the top 100 by market cap, but gains are significantly lower than the previous two days. Trading volume remains high, reaching over $86 billion, but is now trending between $79 billion and $80 billion in 24 hours. Revain (R) and Doge Coin (DOGE) are the major stand outs of the top 100 coins by market cap - both up over 17% in the past 24 hours. The value of Bitcoin (BTC) has finally leveled out just under $5,000 -1.0% and a total market dominance of 51.0%, and the value of Ethereum (ETH) has actually dropped somewhat to about $160 for -5.0% change in the past 24 hours. Market cap for the overall cryptocurrency market declined by $2 billion, falling to $174 billion total. 



Major Headlines


Potential Stellar Glitch


Only now is a report coming out that the Stellar Lumens network was likely inflated due to a glitch in their network. A New York-based research firm called Messari studies the supply trends of the top 50 cryptocurrencies, and has apparently affirmed an issue with the XLM token. A hacker was able to exploit the issue and create an additional 2.25 billion XLM tokens, which would have been worth roughly $10 million at that time. “Although it cannot confirm where exactly the extra 2.25 billion XLM tokens went, Messari’s research team believes that the large amount of cryptocurrency was mostly likely “moved to exchanges and ... sold amidst the market run-up during the first half of 2017.” The network was launched completely open source, where the developers all shared access to such bugs. 


Japan Railway Group Adds Cryptocurrency Payment


The most prevalent subway and railroad operating company in Japan is the Japan Railways Group (JR Group), and the company is now going to add cryptocurrency as a payment option for their services. The company operates through providing customers with Suica payment cards, which are prepaid e-money cards. These allow customers to pay for goods and services, and will now be re-fillable with cryptocurrency. The platform to facilitate the transactions will be called Decurret, and is already been licensed by Japan’s Financial Services Agency (FSA). Starting on April 16th, customers will be able to use bitcoin, bitcoin cash, litecoin, and XRP. The platform will not have its own native currency, but rather rely on the Yen and Bitcoin.


Augur Major System Breakdown


Decentralize prediction cryptocurrency market platform rose in popularity in 2017 with the massive runup in prices market wide. Augur (REP) rose to the top as the most popular, but a group of traders have figured out how to game the system. In order to trigger a default closing down of bets, invalid trades must be placed. The group learned to take advantage of this by placing bets that reportedly have highly unlikely or impossible outcomes. Then they voted to make their own bets invalid, making the system distributing all the funds collected to all the people who participated in a bet. Funds are distributed equally, not by how likely or unlikely their bet was, and as such the group was able to profit each time.



Top 5 Gainers


Electrumdark (ELD) +210.37% at $0.119668

CoTrader (COT) +174.06% at $0.000212

Wibson (WIB) +81.34% at $0.001509

OVCODE (OVC) +48.70% at $0.234972

Stem Cell Coin (SCC) +36.55% at $0.070280



Top 5 Losers


BitGuild PLAT (PLAT) -38.74% at $0.000487

Presearch (PRE) -36.18% at $0.060571

Diruna (DRA) -34.58% at $0.001330

Content Neutrality Network (CNN) -30.28% at $0.000396

IceChain () -25.62% at $0.000127



New Coins Listed


PIVX ()PIVX listed to ChinRift

Telcoin (TEL) listed to Bibox

Stellar (XLM) listed to BTC Markets

Dogecoin (DOGE) listed to Huobi





By: BGN Editorial Staff


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