Market Update 8.07.18 – Crypto-Trading Groups Manipulated Markets in 2018
Crypto-Trading Groups Manipulated Markets in 2018
According to a study by Wall Street Journal, cryptocurrency price manipulation is managed by organized groups that use messaging services like Telegram to do so. The results of the research show that these groups have carried out several pump and dump strategies to either inflate or bring down the prices of different cryptocurrencies in 2018.
Because of these tactics, WSJ claims that these groups have made millions of dollars for themselves. This research states that in the first 6 months of this year, such groups have already made more than $825 million through various market manipulations.
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LedgerX Sees Record Trading in the Last 2 Months
LedgerX, the trading provider offering Bitcoin derivatives, announced that it has seen record trading volumes in the last two months. According to the firm’s chief risk officer and president, Juthica Chou, the trading provider cleared more than $50 million in volume in derivatives for the month of July alone. Chou also said that LedgerX also executed its biggest ever trade for a strike call of $15,000 for December.
The reason for such high trading volume, according to Chou, is because of a new product that the company launched last month.
Read more here.
West Virginia Offering Blockchain Voting for Midterm Elections
The state of West Virginia is launching a Blockchain based mobile app in all of its 55 counties so that absentee voters in the military can also cast their votes in the upcoming midterm elections. The state had conducted a pilot earlier in May which allowed military personnel as well as their dependents who lived in the counties of Monongalia and Harrison to vote in the primary elections.
Now, the Secretary of State of West Virginia, Mac Warner’s office has claimed that one round consisting of 4 audits was completed for the app after the pilot phase and it showed no problems.
Find out more about the story here.
Total Market Cap: August 07
The volume of trade in the cryptocurrency market has increased slightly in the last 24 hours to its current $12.32 billion. Additionally, the market’s value has also increased to $254.97.
Bitcoin Price Analysis: August 07
While BTC gained 0.70% to trade at $7057.65 per token. Trading volume for Bitcoin is now $4.01 billion and its market value is $121.55 billion.
Ethereum Price Analysis: August 07
Ethereum gained 0.49% to trade at $410.65. The digital currency’s volume of trading is now $1.43 billion and its value is $41.56 billion.
State of the Top 10 Cryptocurrencies: August 07
Mixed results continue in the cryptocurrency market with 6 of the ten cryptocurrencies seeing marginal improvement in the last 24 hours. However, the other four cryptocurrencies continue to decline. The worst performer today so far is IOTA (MIOTA), which has dropped a massive 12.35% in the last 24 hours. IOTA is the outlier in the top ten list as most of the other cryptos stayed either plus or minus 1%. XRP also fell more than the others at 3.96%.
- Bitcoin rose 0.7% to its current price of $7057.65. The token’s value is now $121.55 billion.
- Ethereum rose 0.49% to its current price of $410.65. The token’s value is now $41.56 billion.
- Ripple fell 3.96% to its current price of $0.411373. The token’s value is now $16.16 billion.
- Bitcoin Cash rose 1.47% to its current price of $708.26. The token’s value is now $12.23 billion.
- EOS rose 1.14% to its current price of $7.09. The token’s value is now $6.42 billion.
- Stellar rose 36% to its current price of $0.239753. The token’s value is now $4.5 billion.
- Litecoin rose 0.01% to its current price of $74.74. The token’s value is now $4.31 billion.
- Cardano fell 0.59% to its current price of $0.130231. The token’s value is now $3.37 billion.
- Tether fell 0.28% to its current price of $0.998380. The token’s value is now $2.43 billion.
- IOTA fell 12.35% to its current price of $0.785307. The token’s value is now $2.18 billion.