Market Update 6.26.18 – Tether Briefly Enters Top Ten List
Market News
Tether Briefly Enters Top Ten List
The controversial stablecoin Tether (USDT), supposedly backed 1:1 by the US Dollar, issued another 250 million Tether tokens on June 25, and now the expectation is to see another price increase in Bitcoin.
This release of more Tether tokens has led to a backlash from the project’s critics who are still questioning the stablecoin about its lack of an official public audit to lend credence to its claims of a 1:1 USD backing. A law firm that was given access to Tether accounts last week made an unofficial statement that the project did, in fact, seem to have the ratio of USD backing that it claimed has not appeased Tether’s critics.
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S Korean Exchange Leaks Information on Users
Bitkoex, a South Korean cryptocurrency exchange launched in May this year, has leaked out some critical information about 19 of its users putting some $620,000 worth of cryptocurrencies at risk. According to news reports, an employee of the exchange posted details of the cryptocurrency called Karma (KRM) held by 19 users of the platform on a group chat on the social networking platform, Kakao.
This message to the group chat reportedly contained emails addresses, wallet addresses and private keys to the KRM tokens in the users’ accounts.
Find out more here.
JVCEA Members Quit After Regulatory Warnings
Two key members of the self-regulatory cryptocurrency exchange body, the JVCEA (Japan Virtual Currency Exchange Association), Yuzo Kano and Noriyuki Hirosue announced their resignations from the association after each of their exchanges were issued regulatory warnings.
Both Kano and Hirosue were Vice Presidents in the JVCEA, and the association had produced its first set of best practice guidelines for the cryptocurrency industry last week. Kano is the CEO of bitFlyer and Hirosue is the CEO of Bitbank. Both exchanges were issued business improvement orders by the FSA on June 22.
Find out more about this story here.
Total Market Cap: June 26
Trading volume has gone up today to $18.99 billion. Market capitalization of the cryptocurrencies have gone up to $254.98 billion.
Bitcoin Price Analysis: June 26
Since yesterday, BTC’s price has gone up by 1.14% to trade at $6240.48 per token. The asset’s trading volume is at $5.71 billion and its market value is now $106.91 billion.
Ethereum Price Analysis: June 26
Since yesterday, Ethereum’s token price went up by 0.86% to $455.46. ETH’s trading volume is $4.28 billion and its market capitalization is $45.70 billion.
State of the Top 10 Cryptocurrencies: June 26
The top ten cryptocurrencies of the world by market capitalization showed gains in their token prices, with the exception of BCH, which lost 0.29% and TRX which dropped by 1.14%. In fact, TRON today briefly lost its 10th spot to Tether before making back into the top ten once again.
- Bitcoin went up by 1.14% to trade at a price of $6240.48. The virtual asset’s market is $106.91 billion.
- Ethereum went up by 0.86% to trade at a price of $455.46. The virtual asset’s value is $45.7 billion.
- Ripple went up by 0.69% to trade at a price of $0.481315. The virtual asset’s value is $18.89 billion.
- Bitcoin Cash went down by 0.29% to trade at a price of $748.63. The virtual asset’s value is $12.87 billion.
- EOS went up by 2.77% to trade at a price of $8.14. The virtual asset’s value is $7.29 billion.
- Litecoin went up by 2.03% to trade at a price of $82.15. The virtual asset’s value is $4.69 billion.
- Stellar went up by 3.04% to trade at a price of $0.195996. The virtual asset’s value is $3.67 billion.
- Cardano went up by 2.82% to trade at a price of $0.133864. The virtual asset’s value is $3.47 billion.
- IOTA went up by 1.55% to trade at a price of $1. The virtual asset’s value is $2.78 billion.
- TRON went down by 1.14% to trade at a price of $0.041290. The virtual asset’s value is $2.71 billion.