Market Update: This past weekend was a bloody one. Down, down, down we go. BTC has fallen 7% in the last 24 hours, and broke three critical support levels – $7200, $7000, and $6800. The Top 10 are all red with TRX and EOS experiencing the biggest drops – 10% and 15%, respectively.
- Total Market Cap: $299,400,243,230
- 24 Hour Volume $19,864,888,116
- BTC Dominance: 38.8%
- BTC-O: 7,499.55
- BTC-H: 7,499.55
- BTC-L: 6,709.07
- BTC-C: 6,786.02
Bitcoin plummets 10%, a sign of the apocalypse for sure.
As expected by me and many others, BTC has dumped yet again. This time, it plunged 10% breaking supports at $7200, $7000, and $6800. Yikes.
- It’s statistically safer to be a bear in a bear market. Yes, a godlike green candle could wreck everyone’s shorts at any moment, but why try to trade against the trend? Better yet, why even trade in such terrible conditions?
- BTC is dumping because more people want to sell than buy. It’s not because of Chinese New Year or those mythical institutional investors “waiting on the sidelines”.
- When moon? When lambo? Last December, and whenever the next cycle of clueless retail “investors” FOMO into the market.
Coinrail has been hacked for $40 million.
South Korean-based exchange, Coinrail, has been hacked for $40 million USD worth of cryptocurrency. According to an official statement from the exchange, the hacked coins include NPXS, ATC, and NPER.
- I don’t like how this story is being reported by the mainstream news networks and even crypto-centric publications. Here’s CNN’s headline: Billions in cryptocurrency wealth wiped out after hack. Here’s Quartz: Bitcoin crashed after another crypto exchange got hacked. I like CoinDesk’s objective headline: Crypto Exchange Coinrail Hacked With $40 Million Worth In Cryptos. It’s impossible to prove Bitcoin’s 10% dump was directly caused by a low volume exchange getting hacked, but I guess “journalists” don’t care about the concept of “cause and effect”. Let’s not put too much thought into this. Bitcoin dumped because there are simply not enough buyers to support this price level. It’s really that simple.
- This ETH address (0xF6884686a999f5ae6c1AF03DB92BAB9c6d7DC8De)
allegedly belongs to the hacker. Looks like 26,195,420 NPXS has been transferred to IDEX, a decentralized P2P exchange, for dumping. Aurora has locked deposits and withdrawals on IDEX to assist the Pundi X team in recovery of funds.
- It’ll be interesting to see what happens to these stolen coins. I think Coinrail should do its best to reimburse any users who lost coins. On the other hand, I don’t think the stolen coins should necessarily be locked. In the grand scheme of things, crypto devs should not be allowed to block or reverse transactions at the protocol level if we really want crypto to become a successor to fiat.
Ari Paul accused of pumping and dumping.
Ari Paul is the cofounder and CIO of BlockTower Capital, which manages over $150 million worth of cryptocurrencies. Here’s a leaked conversation with @Kazonomics on Twitter, where Ari Paul is accused of pumping and dumping on his followers.
- First of all, no one even knows if this conversation is real. It’s so easy to photoshop these things. Even if it were real, it the pump and dump accusation makes no sense. Ari mentions he buys cryptocurrencies based on fundamental analysis of the project and that he’s not a technical analysis guy. He then says he likes sharing his favorite coins with his followers. Nowhere does he say he dumps his coins on his followers. I’m not saying he doesn’t, but this isn’t proof that he does. My guess is, like the majority of us, Ari occasionally sells portions of his portfolio, but I don’t think this is done with malicious intent.
- Twitter crypto drama is the best kind of drama.