Market Update 6.14.18 – Bitcoin Controlled By Chinese Miners
Market News
Ripple CEO: Bitcoin Controlled By Chinese Miners
According to the Ripple CEO, Brad Garlinghouse, Bitcoin is actually being controlled by a small group of Chinese crypto miners. At the 2018 Stifel Cross Insight Conference held in Boston this week, Garlinghouse stated that there are 4 miners in China that control more than 50% of Bitcoin.
He also gave his opinion about the technology that underlies Bitcoin as well as Ripple. He said that while Bitcoin’s Blockchain would not disrupt banks, it would still play an important role in the way in which systems work. However, he also added that the BTC Blockchain was also short-sighted in its approach.
Find out more here.
Swarm Launching Equity Tokens
The Blockchain startup venture, Swarm announced on Wednesday that it was going to launch a new “equity token”, which would represent equity in major Blockchain ventures such as Ripple and Coinbase.
In its blog post, Swarm’s CEO Philipp Pieper explained that these tokens would “democratize” investments in cryptocurrencies and would allow Swarm investors to hold equity in the world’s biggest crypto startups.
Ripple and Coinbase immediately pushed back on this idea, with Coinbase already sending Swarm a cease-and-desist order. Coinbase stated that it was a private company and would not allow the trading of its stock in a secondary market.
Read the rest of the story here.
5% of Monero Mined Via Malware
According to new research released by network and enterprise security firm Palo Alto Networks, about 5% of Monero (XMR) coins in circulation were mined using malicious software. The research states that the mining of these coins was done through crypto-jacking.
According to this research, Monero had a massive monopoly on the cryptos that were being targeting by malware. They found that about $175 million worth of XMR had been mined using malicious software.
The report also stated that this research did not include web-based XMR miners or other miners that were off the grid, which means that the 5% figure probably a low estimate.
Find out more here.
Total Market Cap: June 14
Trading volume is up to $17.43 billion since yesterday, however, capitalization in the cryptocurrency market is down to $278.85 billion.
Bitcoin Price Analysis: June 14
Bitcoin fell 1.38% to $6509.87 since yesterday. Trading volume is up to $5.38 billion but the capitalization of the cryptocurrency has fallen further to $111.20 billion.
Ethereum Price Analysis: June 14
Ethereum fell 1.41% to $487.88 since yesterday. Trading volume was up to $2.19 billion but Ether’s market cap fell to $48.77 billion.
State of the Top 10 Cryptocurrencies: June 14
Of the top ten cryptocurrencies, Cardano and EOS were the only gainers, with ADA gaining 3.79% and EOS seeing a marginal increase of 0.48%. BTC and ETH continued their downward slide, but the worst losses were seen by LTC, which fell by 3.79%.
- Bitcoin dropped 1.38% to a trading price of $6509.87. The virtual asset’s market value is $111.20 billion.
- Ethereum dropped 1.41% to a trading price of $487.88. The virtual asset’s market value is $48.77 billion.
- Ripple dropped 0.93% to a trading price of $0.552855. The virtual asset’s market value is $21.69 billion.
- Bitcoin Cash dropped 0.82% to a trading price of $865.71. The virtual asset’s market value is $14.87 billion.
- EOS gained 0.48% to a trading price of $10.27. The virtual asset’s market value is $9.20 billion.
- Litecoin dropped 3.79% to a trading price of $96.18. The virtual asset’s market value is $5.47 billion.
- Cardano gained 3.79% to a trading price of $0.171218. The virtual asset’s market value is $4.43 billion.
- Stellar dropped 1.97% to a trading price of $0.227274. The virtual asset’s market value is $4.22 billion.
- IOTA dropped 0.78% to a trading price of $1.27. The virtual asset’s market value is $3.51 billion.
- TRON dropped 2.15% to a trading price of $0.042480. The virtual asset’s market value is $2.79 billion.