Market Update 1.02.19 – HitBTC Account Freezed In Spotlight

| Publish date: 01/02/2019

Market News

HitBTC Account Freezed In Spotlight

Cryptocurrency exchange HitBTC has yet to respond to accusations it deliberately froze account withdrawals on Jan. 1, days prior to entrepreneur Trace Mayer’s Proof of Keys event. In a series of tweets, Mayer joined names such as crypto advocate John McAfee in voicing concern and even suspicion about HitBTC after users reported being unable to withdraw their funds.

On both Twitter and Reddit, users acknowledged that the practice of freezing accounts had occurred often in the past, and that the timing two days before Proof of Keys was not necessarily deliberate. Proof of Keys, which Mayer announced last month, calls on cryptocurrency investors to remove their coins from third party platforms in order to take control of their private keys.

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This, he argues, will educate them about holding reserves themselves and not relying on middlemen, contributing to the spirit of Bitcoin (BTC) and furthering adoption.

“Has (HitBTC) failed (Proof of Keys)?” he asked on Twitter, writing:

“I do not have an account. Asked a friend to initiate a withdrawal. BEWARE!… Result: ‘Withdrawals are temporarily disabled on your account.’”

Read the full report here.

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Crypto Critic Joins 2020 US Presidential Race

United States Senator and cryptocurrency critic Elizabeth Warren has announced her bid for President in 2020. Following her announcement, Sen. Warren made plans to visit the state of Iowa, which hosts the first presidential caucuses in the country in February 2020.

Warren is the senior U.S. senator from Massachusetts and has held office in the Senate since 2013. The senator is known for her criticism of cryptocurrencies, having repeatedly expressed concerns that cryptocurrency consumers could be hurt by scam initial coin offerings (ICOs) while also stating that crypto is “easy to steal.”

Read the full report here.

2019 Has No Safe Haven For Crypto

Venture capital investor Fred Wilson suggested that cryptocurrency will not be a safe haven in 2019 amid a “weakening” economy. Wilson is an American venture capitalist and businessman, who has reportedly backed such companies as Twitter, Tumblr, Zynga, and Etsy.

He is also a cofounder of New York-based venture capital firm Union Square Ventures and an early digital currency investor. In the blog post, Wilson suggests that a range of events including a bear market in stocks, a “weakening” economy, and some major issues with the global economy will make investors wary of the startup sector.

Read the full report here.

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Total Market Cap: January 2

The volume of trade in the crypto market sat at $14.04 billion. The market’s capitalization, on the other hand, reached $130.52 billion.

Bitcoin Price Analysis: January 2

In the past 24 hours, Bitcoin jumped 2.01% to trade at $3,841.29. The leading cryptocurrency’s trade volume trickled to $4.46 billion, while its market slid to $67.06 billion.

Ethereum Price Analysis: January 2

Ethereum’s price jumped 7.98% to trade at $146.91. As for the altcoin’s trading volume, it reached $2.57 billion; whereas its market capitalization hit $15.30 billion.

State of the Top 10 Cryptocurrencies: January 2

In the past 24 hours, all prices were up except for Bitcoin SV’s. Meanwhile, TRON continues to dethrone Cardano at the 10th spot.

  • Bitcoin’s market price jumped 2.01% to $3,841.29, and its value in the market is $67.06
  • Ethereum’s market price jumped 7.98% to $91, and its value in the market is $15.30 billion.
  • XRP’s market price jumped 1.74% to $362866, and its value in the market is $14.80 billion.
  • Bitcoin Cash’s market price jumped 15% to $163.82, and its value in the market is $2.87 billion.
  • EOS’ market price jumped 13% to $2.68, and its value in the market is $2.43 billion.
  • Stellar’s market price jumped 23% to $0.116742, and its value in the market is $2.24 billion.
  • Litecoin’s market price jumped 35% to $32.27, and its value in the market is $1.93 billion.
  • Tether’s market price jumped 0.28% to $1.02, and its value in the market is $1.89 billion.
  • Bitcoin SV’s market price fell 89% to $91.00, and its value in the market is 1.60 billion.
  • TRON dethroned Cardano at the 10th spot, with its market price jumping to 0.88% to $0.019523. As for its value in the market, it is $1.30 billion.

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