Market Update 6.11.18 – Crypto Market Down on CFTC Probe

| Publish date: 06/11/2018
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Crypto Market Down on CFTC Probe

The cryptocurrency markets across the board saw significant price drops on Sunday on the back of the news that the CFTC (Commodities Futures Trading Commission) has launched a probe into 4 major cryptocurrency exchanges. All the top cryptocurrencies dropped in price, with Bitcoin falling more than 5% – all in the space of 2 hours.

Ethereum’s price fell below the $600 market once again and the total market capitalization for all cryptocurrencies was down by $20 billion within that 2 hour period.

The four major crypto-exchanges that will be investigated are Coinbase, Bitstamp, Kraken and itBit. All four of these exchanges have been providing data for the CME Group’s Bitcoin futures trading, and the agency is now investigating whether there has been any case of price manipulation by any or all of these exchanges.

Find out more here.

Khabarovsk Website Hacked to Mine Cryptos

One of the counties in Russia, Khabarovsk, saw its government website hacked recently. The hackers used the processing power of the visitor to that government website to mine cryptocurrencies.

According to the county administration’s IT officer Vyacheslav Kovalenko, since May-end, anyone who tried to access the county’s government website were redirected to a malicious website, where mining software was secretly launched onto their computers to access their systems’ hashpower.

This malware was active for 10 days before the hack was noticed and removed. Besides fixing the vulnerability on their website, government officials also advised users to block pop-up windows so that they could avoid such attacks in future.

Read more here.

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More Women Investing in Cryptos

According to research conducted by a UK cryptocurrency exchange in London, Block Exchange, the percentage of women investing in cryptocurrencies has gone up from 6% from the beginning of 2018 to 13%. This research also reveals that millennial women are the biggest investors, with 1 in 5 expressing a desire to invest in this market.

According to this research, there is also a difference in investment style between men and women. Women, it seems, take a more strategic approach to investing in cryptocurrencies as they are less influenced by the FOMO (Fear Of Missing Out) factor. Women are also two times more likely to consult with family as well as friends than men when making such investments.

Read the rest of the report here.

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Total Market Cap: June 11

Trading volume is at $19.90 billion for today and the cryptocurrency market’s capitalization is still low at $300.38.

Bitcoin Price Analysis: June 11

Bitcoin plunged 6.84% to $6823 since yesterday. Trading volume is $5.75 billion and the digital asset’s market value has fallen to $116.56 billion.

Ethereum Price Analysis: June 11

Ethereum plunged 6.81% to $536.35 since yesterday. The altcoin’s trading volume spiked to $2.26 billion but its market cap fell to $53.68 billion.

State of the Top 10 Cryptocurrencies: June 11

Thanks to the investigation launched by the CFTC, the cryptocurrency market has gone into the red, with all the top ten cryptos plunging in terms of price as well as market value. BTC dropped below the $7,000 mark and ETH went below the $600 mark. The biggest losers were EOS (which dropped 13.44%) and TRON (which fell 10.68%).

  • Bitcoin plunged 6.84% to trade at $6823. Its market cap is $116.56 billion.
  • Ethereum plunged 6.81% to trade at $536.35. Its market cap is $53.68 billion.
  • Ripple plunged 6.55% to trade at $0.597972. Its market cap is $23.32 billion.
  • Bitcoin Cash plunged 7.82% to trade at $959.31. Its market cap is $16.46 billion.
  • EOS plunged 13.44% to trade at $11.46. Its market cap is $10.17 billion.
  • Litecoin plunged 5.08% to trade at $108.85. Its market cap is $6.18 billion.
  • Stellar plunged 7.41% to trade at $0.251912. Its market cap is $4.68 billion.
  • Cardano plunged 6.81% to trade at $0.178156. Its market cap is $4.61 billion.
  • IOTA plunged 7.23% to trade at $1.41. Its market cap is $3.90 billion.
  • TRON plunged 10.68% to trade at $0.048667. Its market cap is $3.20 billion.
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