Market Update 3.04.19 – QuadrigaCX Reportedly Stored ETH on Other Exchanges
Market News
QuadrigaCX Reportedly Stored ETH on Other Exchanges
According to the latest evidence, QuadrigaCX, the Canadian cryptocurrency exchange most probably stored a large amount of Ether (ETH) with other cryptocurrency exchanges. ZeroNonCense, a crypto-focused research and consulting company, made this claim via a report that it had published on February 28. The report claims that almost 650,000 of QuadrigaCX’s ETH is stored on Kraken, Poloniex and Bitfinex.
The information was further corroborated by data given by the leaders of two cryptocurrency exchanges, the CEO of Kraken Jesse Powell and the CEO of MyCrypto Taylor Monahan.
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Indicators Show Bitcoin’s Price May Have Bottomed
According to a technical indicator that track both the price as well as trading volume of BTC (Bitcoin), there is an indication that Bitcoin reached its price bottom in December 2018. The MFI (Money Flow Index), also called the volume-weighted relative strength index, has a 0- to 100-point range, and identifies buying as well as selling pressure.
When the MFI goes up, it means buying pressure is also going up, and when it goes down, it means the pressure to sell is increasing. Basically, the MFI tracks and confirms trends in prices. Now, the index is showing that the price of Bitcoin may have reached its bottom. Added to that other indicators are also showing bearish exhaustion.
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Buterin: ETH The Solution to BTC’s Limited Functionality
In an interview with Business Insider, the co-founder of Ethereum (ETH) Vitalik Buterin stated that he was attempting to solve Bitcoin’s (BTC’s) issues with functionality by creating the Ethereum network.
In the interview, Buterin had compared BTC to a plot key calculator, while ETH was more like a smartphone. A plot key calculator can only do one thing and does it well, however, a smartphone which can do the work of a plot key calculator as well as a host of other apps. Thus, according to Buterin, the creation of ETH was so that it would be general purpose.
Read more about the story here.
Total Market Cap: Mar 04
The value of the crypto market has dropped to $126.82 billion and its trading volume at this time is $24.99 billion.
Bitcoin Price Analysis: Mar 04
Bitcoin is down 2.16% to its current price of $3780.43 per token. The crypto’s capitalization is at $66.42 billion and volumes of trade are at $7.83 billion.
Ethereum Price Analysis: Mar 04
Ether’s price has dropped by 4.89% in the last one day and its price is $128.54 per token. The market cap is $13.51 billion and trade volumes are at $3.71 billion.
State of the Top 10 Cryptocurrencies: Mar 04
All of the top most valuable cryptocurrencies are currently trading down. EOS is the crypto which has registered the biggest declines with a 5.57% drop in its token price. Bitcoin Cash is next with a 5.03% fall in its token price. And the third biggest drop has been experienced by Ethereum, which has lost 4.89% of its token price.
- Bitcoin’s price is now $3780.43, falling by 2.16%. $66.42 billion is the current capitalization of the crypto.
- Ethereum’s price is now $128.54, falling by 4.89%. $13.51 billion is the current capitalization of the crypto.
- Ripple’s price is now $0.305962, falling by 2.80%. $12.67 billion is the current capitalization of the crypto.
- EOS’s price is now $3.34, falling by 5.57%. $3.02 billion is the current capitalization of the crypto.
- Litecoin’s price is now $46.93, falling by 4.27%. $2.84 billion is the current capitalization of the crypto.
- Bitcoin Cash’s price is now $125.74, falling by 5.03%. $2.21 billion is the current capitalization of the crypto.
- Tether’s price is now $1.01, falling by 0.02%. $2.04 billion is the current capitalization of the crypto.
- Stellar’s price is now $0.083412, falling by 0.29%. $1.60 billion is the current capitalization of the crypto.
- Binance Coin’s price is now $11.35, falling by 2.40%. $1.60 billion is the current capitalization of the crypto.
- TRON’s price is now $0.021813, falling by 4.46%. $1.45 billion is the current capitalization of the crypto.