Topic: Crypto Markets Seeing Red, Total Market Cap Down Almost $15 Bln (Read 123 times)

It's Bancor, and yes, it seems to be another nonsensical project technological wise. Maybe their intentions are good, but the way it's delivered made me expect something like this sooner or later.

We have so many of these weak points, basically MtGox situations in which a ton of funds are a hack or an inside job away from creating these big crashes.

The altcoin bubble will eventually end and Bitcoin will finally be safe from shitcoins crashing and having an impact on the Bitcoin price itself because people are basically idiots that will sell their coins (even Bitcoin) because they learn "crypto hack" in the news.

I think hacking is common in the digital world and it is a risk to exchange if they have to lose to reimburse the cost of losses experienced by investors and traders.
But I think the losses they have to pay are nothing compared to the profits they earn from the exchange they make with the traders and investors crypto money.

It's so sad this year, just an occasional rise but it's continuing downhill, I hope it's over soon, and it's time to get back on track.

Some 4,000,000 Bitcoins will be sold which were purchased before 2011. Bitcoin going to $5,000

well that is what happens when a big shitcoin with a huge supply like ETH gets dumped. today Bancore was hacked and they stole $12 million worth of ETH according to the news.(some sources say $23 million) and as they started dumping it and a lot of its tokens the market cap started declining and pulled the price of all the market down with it.

a 12% dump of ETH is equal to nearly $600 million market cap going up in smokes. that is how fake market capitalization is.

The main reason covered the "black shadow" on the market is Bancor floor decentralized hacked tens of millions of dollars at dawn

crypto markets are mainly seeing red today, with total market capitalization down almost $15 billion from yesterday’s high, according to data from Coinmarketcap.



Market visualization from Coin360

Bitcoin (BTC) is down 1.49 percent over the 24 hour period, trading at $6,672 at press time, according to the Cointelegraph price index.



Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) has seen bigger losses over the past 24 hours, down 3.46 percent, and trading at around $467 at press time.



Ethereum price chart. Source: Cointelegraph Ethereum Price Index

Total market capitalization is above $265 billion, down from yesterday’s high of $280 billion.



Total market capitalization chart. Source: Coinmarketcap

EOS has seen the biggest losses over the past 24 hours among the top ten cryptocurrencies. The fifth largest altcoin by market cap is down 11.94 percent, trading at $7.59 at press time. The coin is down over 13 percent in the past week.

On July 8, EOS’ top block producer, EOS New York, tweeted to notify users that a number of block producers crashed due to RAM overload. In a subsequent comment, EOS New York clarified that “the network is live and did not experience any disruption.”

Tezos (XTZ) is the one of the few cryptocurrencies that has seen gains over the 24 hour period, up over 9 percent and trading at $2.33 at press time. The Tezos Foundation launched its beta network on June 30, despite existing controversy around the project.

Earlier today, three major U.S. economists criticized Bitcoin, arguing that the digital coin will fail as a currency. The financial experts expressed concerns over Bitcoin’s volatility and lack of intrinsic value, as well as its anonymous nature, which contradicts the idea of creating “a transparent banking system.” The world-known economists claimed that global financial regulators will “use the hammer” once the market “becomes significant” in terms of capitalization.