Market Update 7.10.18 – Bancor Resuming Services in 24 Hours

| Publish date: 07/10/2018

Market News

Bancor Resuming Services in 24 Hours

Bancor, the decentralized crypto platform that had been the target of a security breach on July 9, stated that it was expecting to resume services within the next 24 hours.

The platform has gone offline and halted operations on Monday, July 9 to investigate a security breach that involved a loss of more than $12 million for Bancor. Bancor confirmed that there had been a security breach on Twitter, however, also stated that no wallets had been compromised in this attack.

Reportedly, the hackers exchanged tokens via the conversion service Changelly. The stolen tokens comprised on Bancor’s native crypto BNT, 25,000 ETH (~$12.2 million) and 300,000 NPXS (~$1,200).

Find out more about this story here.

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Benson Oak Raising $100 Million

The investment bank based in Prague, Benson Oak, announced that it is planning to raise $100 million so that it can launch an investment fund that will be dedicated to the Israeli market. Within that market, Benson Oak will focus on Blockchain based startups.

The new venture is to be named Benson Oak Ventures, and it has already managed to secure $25 million in funding and is targeting reaching its goal of $100 million by the end of 2018.

Benson Oak Ventures’ capital will be supplied by private investors as well as family offices, but will not include institutional investors.

Read the rest of the story here.

Block.One to Vote with its EOS Tokens

Block.One announced that it will use its store of EOS tokens to participate in the voting process in the EOS community. The startup announced its decision last week, breaking precedent and surprising the community. This is because the company had originally decided to stand back from the decision making process in the development of the new cryptocurrency and its platform, letting the community handle the reins.

The move has also alarmed many in the community, since Block.One owns about 10% of all EOS tokens in circulation. This puts the startup in a very powerful position and the company can basically pick all 30 of the candidates for the block producers’ position, thereby controlling the entire network.

Read more here.

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Total Market Cap: July 10

Trading volume rose to $13.29 billion in the last 24 hours, but the market slumped further since yesterday, with a capitalization of $264.30 billion, a drop of more than $11 billion.

Bitcoin Price Analysis: July 10

Bitcoin’s price slipped a little further by 1.09% since yesterday to $6683.50 a token.
BTC’s trading volume is $3.86 billion and its capitalization is $114.70 billion.

Ethereum Price Analysis: July 10

ETH’s price dropped 4.03% to $463.46 a token. The virtual currency’s trading volume is $1.61 billion, and its market cap is at $46.58 billion.

State of the Top 10 Cryptocurrencies: July 10

The cryptocurrency market continues to be largely in the red. The top ten cryptocurrencies by market value showed declines with the exception of Tether, which rose by 1% to trade at $1.01 per token. The biggest decline was experienced by EOS, whose token price has plunged by a massive 11.52% so far today. IOTA also saw losses to the tune of 6.48% and Cardano dropped by 5.90%.

  • Bitcoin fell 1.09%, trading at $6683.50. The token’s value is $114.70 billion.
  • Ethereum fell 4.03%, trading at $463.46. The token’s value is $46.58 billion.
  • Ripple fell 2.88%, trading at $0.4621. The token’s value is $18.14 billion.
  • Bitcoin Cash fell 3.11%, trading at $725.98. The token’s value is $12.50 billion.
  • EOS fell 11.52%, trading at $7.60. The token’s value is $6.80 billion.
  • Litecoin fell 4.40%, trading at $78.17. The token’s value is $4.48 billion.
  • Stellar fell 4.07%, trading at $0.200271. The token’s value is $3.75 billion.
  • Cardano fell 5.90%, trading at $0.1349. The token’s value is $3.49 billion.
  • IOTA fell 6.48%, trading at $1.01. The token’s value is $2.81 billion.
  • Tether rose 1%, trading at $1.01. The token’s value is $2.62 billion.

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