Digital Coin: Cryptos Drop in Market Meltdown
DIGITAL COIN – On Friday, Bitcoin and other cryptocurrencies slipped in Asia. Further, it made double-digit 24-hour losses in an unexpected market meltdown based on reports. The market cap of cryptocurrencies fell to US$122 billion with around US$17 billion or 13% losses.
As of 10:40 PM ET (03:40 GMT), Bitcoin slumped 12% to $3,576.4. Moreover, it went below the US$4,000 level that the cryptocurrency steadied for the first week of the year.
Meanwhile, Ethereum dropped 18.9% to $125.20. There was 17.1% to $0.32244 in the XRP. For Litecoin, it also declined 19.7% to $32.321.
The sell-off for today has no clear catalyst. There are a few who signaled for additional calls regarding tighter global regulations as a possible headwind for crypto prices.
Based on reports, there are 14 out of 21 crypto exchanges in South Korea that failed government scrutiny checks.
“[These crypto exchanges are vulnerable to hacking attacks at all times because of poor security [due to] insufficient establishment and management of security systems such as basic PC and network security,” said the Ministry of Economy and Finance in South Korea.
Additionally, this move backs the call of the financial watchdog for a bill that will regulate domestic crypto exchanges.
The bill was necessary to address loose security, the Financial Services Commission stated last July. With the loose security, hacking attacks were made and caused exchanges particularly Coinrail and Bithumb to lose US$70 million
Meanwhile, as per China’s Cyberspace Administration requires blockchain platforms to censor content. Further, they need to give authorities access to data and user identity. The implementation of the new rules will start in February.
The government organization requires a user to undergo a real-name registration through a national ID or telephone number.
Digital Coin: EOS falls 21% in bearish trade
On Thursday, EOS traded at $2.3079 by, lower 21.07% on the day. Moreover, this was the largest percentage loss of the cryptocurrency for a single day since the 10th of June last year.
The downward movement dragged down the market cap of EOS to $2.3152B, or 1.82% of the total cryptocurrency market cap. Meanwhile, the highest market cap of the EOS was $17.5290B.
Overnight, EOS traded in a range of $2.3078 to $2.9534.
EOS, for the past seven days, made 6.04% loss on its value. Traded in the twenty-four hours to time of writing, EOS’s volume hit $1.1366B or 5.41% of the total volume of all cryptocurrencies. Further, it traded in a range of $2.3078 to $2.9534 in the past 7 days.
Meanwhile, the current price of EOS is lower 89.96% from its all-time high of $22.98 last April 2018.