Cryptocurrency Market Updates

Market Update 4.08.19 – Kraken Sued Over Alleged Failure to Pay

Chainbits Staff | Publish date: 04/08/2019

Market News

Kraken Sued Over Alleged Failure to Pay

According to a news report published on April 07, an ex-employee of the US-based cryptocurrency exchange Kraken is suing the company for $900,000 for not paying him for his work.

Jonathan Silverman, who joined the exchange in April of 2017, was formerly the trading desk manager for Kraken. He claimed that he had a verbal agreement with the founder of the company Jesse Powell that he would be paid a salary of $150,000 and an additional 10% commission on the annual profit generated by the trading desk. In his lawsuit, Silverman stated that the trading desk generated profits of more than $19 million for 3 months in 2017.

Capitalization of Crypto Market Touches 5-Month High

Earlier on April 08, the capitalization of the cryptocurrency market touched $185.89 billion, which is the highest it has reach since November of last year. While the value of the market has slipped since then, that figure marks the 10^th straight week that the cryptocurrency market has shown bullish tendencies. It also means that there has been a slow but steady gain in the value of cryptocurrencies since the beginning of 2019.

Last week, the cryptocurrency market saw a big jump in its capitalization thanks partly to the sudden surge in Bitcoin’s and Ethereum’s prices. And in the last 24 hours, both the two most valuable cryptos have once again seen jumps in their token prices.

Read the rest of the story here.

AI Helps S. Korean Police Close $18 Million Crypto Fraud

According to local news reports, the South Korean police were able to arrest suspects in a crypto Ponzi scheme with the help of AI (Artificial Intelligence). This scheme had managed to defraud customers of about 21.2 billion won (~$18.3 million) in a 6-month period in 2018.

However, the Seoul Special Judicial Police Bureau for Public Safety managed to end this scheme after it trained robots to identify the miscreants using keywords as well as other identifiers. The bureau’s section chief, Hong Nam-ki, stated that their team was able to teach the robots the Ponzi scheme’s patterns.

Total Market Cap: Apr 08

The crypto market is now worth $181.46 billion in terms of capitalization and its trading volumes are at $61.81 billion.

Bitcoin Price Analysis: Apr 08

Bitcoin’s price is up 1.20% and is currently trading at $5223.18 and its trading volumes are $17.15 billion. Capitalization for BTC stands at $92.10 billion.

Ethereum Price Analysis: Apr 08

Ethereum’s price is now $179.28, up 6.29% in the last one day. The trading volumes of the crypto are at $9.01 billion, and capitalization stands at $18.92 billion.

State of the Top 10 Cryptocurrencies: Apr 08

After the crypto market’s capitalization surged up to over $185 billion earlier today, the prices of cryptocurrencies are now settling back down. Bitcoin is still up by 1.20%. However, the leaders in the top ten cryptos in the world are Ethereum, up 6.29%, and Stellar, which is up 1.47%. The other cryptos in the list are now trading down, with Litecoin leading the losses with a 5.16% fall in its token price.

Bitcoin’s trading at $5223.18, up 1.20%. At this time, the crypto is worth $92.10 billion.
Ethereum’s trading at $179.28, up 6.29%. At this time, the crypto is worth $18.92 billion.
Ripple’s trading at $0.356375, down 1.26%. At this time, the crypto is worth $14.87 billion.
Litecoin’s trading at $88.96, down 5.16%. At this time, the crypto is worth $5.44 billion.
Bitcoin Cash’s trading at $307.44, down 1.43%. At this time, the crypto is worth $5.44 billion.
EOS’s trading at $5.41, down 0.82%. At this time, the crypto is worth $4.90 billion.
Binance Coin’s trading at $18.69, down 2.67%. At this time, the crypto is worth $2.63 billion.
Stellar’s trading at $0.130276, up 1.47%. At this time, the crypto is worth $2.51 billion.
Cardano’s trading at $0.087178, down 4.06%. At this time, the crypto is worth $2.26 billion.
Tether’s trading at $1.01, up 0.48%. At this time, the crypto is worth $2.09 billion.