Market Update 5.12.18 – Bitcoin Drops to Three-Week Low

| Publish date: 05/12/2018

Market News

Bitcoin Drops to Three-Week Low

The price of Bitcoin dropped to the lowest it’s been in the last three weeks in reaction to further sell-offs of the Mt. Gox BTC and BCH stash as well as the flash investigation conducted by South Korean authorities on crypto exchange Upbit.

South Korea’s largest crypto exchange as well as subsidiary of communications behemoth Kakao, was the target for a flash investigation by the country’s financial watchdog, the Financial Supervisory Commission (FSC). Upbit is suspected of having duped its customers by giving false information about it balance sheets.

Additionally, Mt. Gox’s bankruptcy Trustees have sold another block of 8000 BTC (approximately $70 million worth of BTC) in four separate batches of 2000 BTC each.

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Telefonica and Rivetz Partner in Blockchain Project

The Spanish telecommunications giant Telefonica and the security tech startup Rivetz have entered a partnership to create security solutions for smartphones that are using blockchain based-transactions or even messaging services.

The two companies plan to use Telefonica’s network security services and Rivetz’s Blockchain as well as trusted-computing tech to create decentralized solutions to establish security and data controls. The idea is that the finished product will provide cyber-security control as well as protection so that smartphone users can hold cryptocurrencies in their hardware safely.

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IBM and Global Citizen Issue Challenge

The tech giant IBM and anti-poverty movement Global Citizen have teamed up to issue a challenge to all developers across the world to create a solution using Blockchain technology to change the way donations are made for humanitarian causes. This project has been dubbed Challenge Accepted and is inspired by the United Nations’ Envision 2030 proposal, whose purpose is to improve the condition of poverty stricken and at-risk people across the globe.

According to the rules of the Challenge Accepted initiative, developers have to use the IBM Blockchain Platform Starter Plan to create a network which will cover all aspects of the donation process. As developers complete certain actions or tollgates, they will earn points which they can redeem for various goodies, such as access to IBM’s experts.

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Total Market Cap: May 12

Trading volume in the last 24 hours went up to $28.86 billion and the cryptocurrency market’s value plunged to $374.9 billion.

Bitcoin Price Analysis: May 12

The price of the world’s most valuable cryptocurrency, Bitcoin, dropped 7.08% to $8363.67. Trading volume increased to $8.23 billion, however, the digital currency’s market value dropped to $142.31 billion.

Ethereum Price Analysis: May 12

The price of Ethereum dropped by 9.24% to $666.94 since yesterday. The number two crypto’s trading volume is $3.15 billion and its market cap is now $65.92 billion.

State of the Top 10 Cryptocurrencies: May 12

The last 24 hours have been bad for the cryptocurrency market, with all of the top ten cryptocurrencies plunging sharply. This happened because of the South Korean regulator’s investigation Upbit and the release of another 8000 BTC into the market by Mt. Gox Trustees.

While BTC dropped by 7.08%, the altcoins saw massive drops in their prices. EOS was the worst hit, with a price plunge of 23.93% in the last 24 hours.

  • Bitcoin prices plunged by 7.08% to $8363.67. BTC’s current market value is $142.31 billion.
  • Ethereum prices plunged by 3.80% to $734.89. ETH’s current market value is $73.12 billion.
  • Ripple prices plunged by 12.37% to $0.667125. XRP’s current market value is $26.14 billion.
  • Bitcoin Cash prices plunged by 13.71% to $1335.81. BCH’s current market value is $22.87 billion.
  • EOS prices plunged by 23.93% to $13.51. EOS’ current market value is $11.49 billion.
  • Litecoin prices plunged by 8.94% to $135.22. LTC’s current market value is $7.63 billion.
  • Cardano prices plunged by 14.58% to $0.252549. ADA’s current market value is $6.54 billion.
  • Stellar prices plunged by 5.92% to $0.318776. XLM’s current market value is $6.55 billion.
  • IOTA prices plunged by 17.20% to $1.78. MIOTA’s current market value is $5.96 billion.
  • TRON prices plunged by 16.18% to $0.063409. TRX’s current market value is $4.16 billion.

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