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.
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