For most of last week Bitcoin stayed in a narrow trading range of $7400-$7700 with a record low trading volume. Thus, for example, Bitfinex trading volume dropped down to last July’s values, and Bitstamp volumes down to May 2017 values. A fragile balance has been lost this weekend and just in a day, June 10, cryptocurrency market cap collapsed by almost 15%. June 12 night, Bitcoin is trading at the $6600 mark point.
The reason for this drastic fall is investors’ concern about the activity of many major exchanges. The market has learnt that the US CFTC (Commodity Futures Trading Commission) demands Coinbase, Kranken, Bitstamp, and itBit to provide trading data to deny allegations of price manipulation. Another hacker attack contributed to the negative background. This time the victim was the South Korean exchange Coinrail, the estimated loss due to the attack is about $40million.
There was only one altcoin with high cap that managed to restore its positions. Ethereum Classic grew by almost 20% following the news that it’s being added to Coinbase listing in the nearest few months. Presumably, it’s most likely to happen in September. Everyone is dreaming about Coinbase listing, but it’s extremely difficult to get in there as the company chooses the assets at its own discretion.
Developing the exchanges theme, there is some good news as well. June 11, one of the world’s major platforms OKEx finished the first new token listing vote. The winners are the following projects: CyberVein (CVT), Asch (XAS) and Origin Sport (ORS). This voting technique was first used at Binance. In its turn, the exchange announced the launch of fiat-based crypto trading pairs. Euro is most likely to become the first currency of this sort.
Among important technological events, it’s worth mentioning the launch of the EOS mainnet. By the end of the year, we can expect the increase in ICOs launched on EOS and NEO platforms with global developers, followers and investors communities.
Bitcoin is trading at minimums demonstrated at the beginning of April. With no serious rebound, this situation could provoke panic sales and sudden drop down to $6000 and $5400 mark points. The growth wave from November 2017 started exactly at the level of $5400.
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