Market Update 8.14.18 – Cryptocurrency Market Falls below $200 Billion

| Publish date: 08/14/2018
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Cryptocurrency Market Falls below $200 Billion

After days of steady declines, the capitalization in the cryptocurrency market has dropped below $200 billion, the lowest for 2018. Data from Coinmarketcap shows that the lowest the market sank to on Tuesday’s trading so far is $189 billion.

The cryptocurrency to see the most decline is ZIL (Zilliqa), which lost 35% of its market value in the last 24 hours. The decline in the altcoins is correspondingly accompanied by the increase in Bitcoin dominance, which, at the time of writing is up to 53.9%. This is the first time in 2018, that BTC’s dominance has been so high.

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“Unhackable” BitFi Wallet Hacked

According to a report by NextWeb, a group of 12 researchers have claimed to have hacked the “unhackable” BitFi wallet. BitFi’s executive chairman and cybersecurity pioneer John McAfee said that this new wallet was unhackable, and invited security experts around the globe to hack the device, offering a $100,000 bounty to anyone who was able to do so.

BitFi is a hardware wallet, supporting an unlimited number of cryptos. It can be accessed using a user-generated secret phrase rather than the traditional 24-character mnemonic code which is nearly impossible to memorize and needs to be written down. According to the developers of this wallet, BitFi is supposed to be completely open sourced, meaning that the user has complete control of his or her own funds, even if the wallet’s maker doesn’t exist anymore.

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Jeju Island Seeking to Become ICO Hub

Jeju Island in South Korea is trying to become a free zone for ICOs (Initial Coin Offerings). If this plan is approved, then cryptocurrency projects would be able to conduct token sales on this self-governing island despite the fact that the rest of South Korea is facing bans on ICO offerings. According to local news sources, the island’s Governor Won Hee-ryong proposed this idea during a meeting with central government lawmakers and policy makers, including the country’s finance minister.

Governor Won is also looking at creating a task force which would include officers from both Jeju province, the central government and from the cryptocurrency industry to support his government’s focus on Blockchain and crypto development.

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Total Market Cap: August 14

Trading volume fell to $15.31 billion. Capitalization in the currency market has fallen below $200 billion to a current value of $193.05 billion.

Bitcoin Price Analysis: August 14

Bitcoin’s price fell 5.78% since yesterday to $6061.69. The digital asset’s value has dropped to $104.30 and its volume in trading is $5.27 billion.

Ethereum Price Analysis: August 14

Ethereum plunged by 16.54% to a price of $267.13. Ether’s trading volume went up to $2.06 billion and its market capitalization has nosedived to $26.82 billion.

After days of steady declines, the capitalization in the cryptocurrency market has dropped below $200 billion, the lowest for 2018. Data from Coinmarketcap shows that the lowest the market sank to on Tuesday’s trading so far is $189 billion.

State of the Top 10 Cryptocurrencies: August 14

It is currently red across the board in the cryptocurrency market, with 99 of the top 100 cryptos all down. The only exception is TrueUSD (number 84), which was up by 0.12%. In the top ten list, all the cryptos were down in the double digits with the exception of Tether and BTC.

  • Bitcoin fell 5.78% to trade at $6433.67. The digital asset’s value is $104.30 billion.
  • Ethereum fell 16.54% to trade at $267.13. The digital asset’s value is $26.82 billion.
  • Ripple fell 14.67% to trade at $0.262763. The digital asset’s value is $10.34 billion.
  • Bitcoin Cash fell 15.48% to trade at $495.48. The digital asset’s value is $8.56 billion.
  • Stellar fell 10.47% to trade at $0.212786. The digital asset’s value is $3.99 billion.
  • EOS fell 14.52% to trade at $4.40. The digital asset’s value is $3.98 billion.
  • Litecoin fell 14.37% to trade at $51.45. The digital asset’s value is $2.97 billion.
  • Tether fell 0.92% to trade at $1. The digital asset’s value is $2.41 billion.
  • Cardano fell 19.70% to trade at $0.092022. The digital asset’s value is $2.38 billion.
  • Monero fell 11.50% to trade at $85.02. The digital asset’s value is $1.38 billion.
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