Crypto Markets Take A Slump After Quiet Week
The top ten coins on CoinMarketCap are in the red, down by a significant percentage today following a possible hack of Binance users.
March 7: crypto markets were relatively quiet most of the week until today, when the top five took a dip of over 8 percent. Bitcoin (BTC) stayed between $10,500 and $11,500, until this morning when it fell to $9,693.95 according to data from Coin360.
Bitcoin is currently trading at $9856.31 at press time, down over 8 percent in a 24 hour period.
Total market cap remained above $430 bln this week until today, March 7, when it fell to around $391 bln. According to data from CoinMarketCap, total market cap is now at around $397 bln.
Ethereum (ETH) has seen a downturn this week, dipping below $800 for the third time since the early February market drop. ETH is trading at around $738.31, down 9.39 percent by press time.
Ripple (XRP) is also down from its intra-week high of $1.08 yesterday, March 6, currently trading around $0.85 and down over 8 percent over a 24 hour period to press time. Yesterday’s spike could be attributed to the announcement of an instant domestic money transfer app to be launched this fall by the Japanese Bank Consortium using Ripple’s technology.
Earlier this morning, Cointelegraph reported on a possible hack affecting the largest crypto exchange by trade volume, Binance. Uncertainty surrounding the security of the major exchange may have influenced trader confidence, resulting in the slump in prices this morning.