Market Update 7.04.18 – Binance Suspends Trading Due to Irregular Transactions
Binance Suspends Trading Due to Irregular Transactions
The world’s largest cryptocurrency exchange in terms of trading volume, Binance, suspended all trading hours after irregular transactions with a cryptocurrency were reported.
According to the report, on Tuesday at about 21:00 UTC, Syscoin noticed an issue with its system and notified all exchanges to stop trading in its token SYS. Syscoin is a distributed network that created from a fork in the Bitcoin protocol. The project confirmed that it had noticed strange trading behavior along with unusual Blockchain activities.
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Join Force of Tax Authorities to Combat Crypto Tax Crimes
The IRS (Internal Revenue Service) announced that a new joint force was being created that would comprise tax authorities from multiple countries and would focus on combating international as well as transnational tax crimes, including cryptocurrency related cybercrimes.
The countries that would partner to create this task force are the US, the UK, Australia, Canada and the Netherlands. The new task force is to be called the J5 (the Joint Chiefs of Global Tax Enforcement). The new team has been formed as a response to the Organization for Economic Co-operation and Development’s call to tax authorities to do more to fight tax crimes.
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Kraken Gives Scathing Response to Bloomberg
Bloomberg had published an article last week, accusing Tether of manipulation on the cryptocurrency exchange Kraken’s trading platform. The article stated that Tether had raised red flags with possible manipulations on Kraken.
Kraken and its associated community issued a scathing response to the article and the authors, saying that they had failed to grasp even the most basic market concepts like arbitrage, currency pegs and order books. Kraken went on to point out several factors that had not been taking into consideration by the Bloomberg article authors.
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Total Market Cap: July 04
The volume of trade in the cryptocurrency market slipped to $14.40 billion and the capitalization market is currently at $267.02 billion.
Bitcoin Price Analysis: July 04
The Bitcoin price slipped 1.80% to trade at $6543.46 per token today. The digital currency’s trading volume is currently at $4.47 billion and its capitalization has slipped to $111.78 billion.
Ethereum Price Analysis: July 04
ETH dropped by 2.98% to trade at a current token price of $467.66. The world’s number two crypto’s volume of trade is currently at $1.63 billion and its market cap is now at $46.83 billion.
State of the Top 10 Cryptocurrencies: July 04
After a good start to the week, all the top ten cryptocurrencies showed declines in their trading prices today. The biggest loss was felt by ADA, which dropped by 7.87%, followed by BCH, which lost 6.34% and finally XRP, which fell by 4.90%.
- Bitcoin’s price slipped by 1.80% to trade at a token price of $6543.46. The crypto’s market value is $111.78 billion.
- Ethereum’s price slipped by 2.98% to trade at a token price of $467.66. The crypto’s market value is $46.83 billion.
- Ripple’s price slipped by 4.90% to trade at a token price of $0.485240. The crypto’s market value is $19.05 billion.
- Bitcoin Cash’s price slipped by 6.34% to trade at a token price of $762.31. The crypto’s market value is $13.12 billion.
- EOS’s price slipped by 3.48% to trade at a token price of $8.85. The crypto’s market value is $7.92 billion.
- Litecoin’s price slipped by 4.27% to trade at a token price of $85.04. The crypto’s market value is $4.86 billion.
- Cardano’s price slipped by 7.87% to trade at a token price of $0.151175. The crypto’s market value is $3.91 billion.
- Stellar’s price slipped by 4.32% to trade at a token price of $0.207144. The crypto’s market value is $3.88 billion.
- IOTA’s price slipped by 1.66% to trade at a token price of $1.18. The crypto’s market value is $3.26 billion.
- Tether’s price slipped by 0.07% to trade at a token price of $0.999158. The crypto’s market value is $2.7 billion.