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Top 100 coins lose $12 billion of market cap in 1-hour as cryptos face harsh sell-off

Sep 05, 2018

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Top 5 Cryptocurrencies sorted by 24 hour Volume

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Name Ticker Price 1H %Chg 24H %Chg 7D %Chg Market Cap Volume
Bitcoin BTC USD$6958.41 0.2% -5.47% -1.18% USD$120,040,249,813 USD$5,436,045,588
Ethereum ETH USD$246.29 0.55% -13.79% -15.13% USD$25,066,149,482 USD$2,157,145,074
EOS EOS USD$5.45 0.35% -16.03% -11.32% USD$4,940,610,984 USD$971,690,534
Bitcoin Cash BCH USD$543.76 1.25% -13.28% -1.97% USD$9,424,792,949 USD$498,437,255
Litecoin LTC USD$60.48 0.37% -11.06% -1.94% USD$3,517,992,450 USD$403,764,873

Top 5 Cryptocurrencies sorted by 24 hour Price Percent Change

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Name Ticker Price 1H %Chg 24H %Chg 7D %Chg Market Cap Volume
Bitcoin BTC USD$6958.41 0.2% -5.47% -1.18% USD$120,040,249,813 USD$5,436,045,588
Stellar XLM USD$0.21 0.72% -8.26% -6.4% USD$3,994,099,087 USD$73,708,700
Litecoin LTC USD$60.48 0.37% -11.06% -1.94% USD$3,517,992,450 USD$403,764,873
XRP XRP USD$0.3 0.36% -11.19% -14.52% USD$11,703,231,442 USD$331,087,665
Ethereum Classic ETC USD$12.37 1.14% -11.41% -5.28% USD$1,290,354,489 USD$231,702,456

Crypto News

  • Apex Clearing, a digital financial clearing and execution company, announced Wednesday of plans to launch a new cryptocurrency brokerage subsidiary. As a result, Apex’s clients, who are primarily wealth management and financial advisory firms, will have access to investment opportunities in cryptocurrencies. Initially in its brokerage service, Apex will include Bitcoin, Bitcoin Cash, Litecoin, and Ethereum before expanding to other coins.  
  • Cryptocurrencies underwent a harsh selloff Wednesday morning with the top 100 coins losing $12 billion of market cap in just one hour. Most notably, Bitcoin’s price dipped below the $7,000 level and Ethereum lost more than 11% in the last 24 hours. CNBC crypto analyst Ran NeuNer cited that a possible reasoning for this price move could be a large sell-off of digital assets from a crypto wallet that may be associated with the infamous Silk Road.  
  • Goldman Sachs reported Wednesday that it is halting plans to launch a cryptocurrency trading desk. This announcement comes after the investment bank hired seasoned crypto trader Justin Schmidt last year. Goldman Sachs clarified that plans for a crypto trading desk are not a priority for the foreseeable future, and the financial institution will focus its energy on a crypto project that will better serve its large, institutional clients.  
  • MEGA, a popular Google Chrome extension for file upload and sharing services, was compromised by hackers looking to steal users’ login credentials and cryptocurrency keys. Twitter user SerHack was the first to report of the hack on Tuesday. The MEGA extension has been temporarily removed by Google Chrome. 
  • Members of the European Parliament met Tuesday to review a proposal of regulatory framework that would surround initial coin offerings (ICO). If passed, the proposal would cap token sales of an ICO at EUR 8 million and hold offerings to know-your-customer/anti-money-laundering regulations. The framework would allow projects to raise funds in any of the 28 EU member nations.  
  • Ripio, an Argentinian startup that ICO’d last year, has launched its full service, offering microloans to some 200,000 bitcoin wallet users in Argentina. Ripio’s blockchain connects lenders with borrowers from across the globe by leveraging Ethereum smart contracts. Ripio said its microloans can be issued for as much as US$730 and its average loan size is around $146.  
  • Turkey’s state-backed stock exchange, Borsa Istanbul, announced Wednesday of a developed blockchain platform that will store new customer data and share documents. Borsa Istanbul said the platform will assist with Know Your Customer compliance laws, the sharing of secure documents, and the registration of new clients in a fast, reliable, and transparent form.  
  • While testifying in front of a US Congressional committee Wednesday, Twitter CEO Jack Dorsey said the social media giant believes blockchain may be a potential solution to the lack of trust between social media companies and their users. Dorsey cited that a decentralized blockchain would help to establish digital trust between the company and users, and that a blockchain may help to solve problems introduced in social media within the last two years.  

*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio

Sources:

https://cointelegraph.com/news/digital-wealth-management-firm-apex-clearing-to-launch-crypto-investment-subsidiary 
https://cointelegraph.com/news/crypto-markets-see-sharp-decline-as-total-market-cap-drops-12-billion-in-one-hour 
https://www.ccn.com/goldman-sachs-is-abandoning-plans-for-a-bitcoin-trading-desk-for-now/ 
https://www.ccn.com/hacked-mega-chrome-extension-was-used-to-steal-cryptocurrency/ 
https://www.coindesk.com/the-european-parliament-wants-to-make-icos-more-accessible/ 
https://www.coindesk.com/ripio-rolls-out-crypto-powered-loans-across-latin-america/ 
https://www.ccn.com/turkeys-national-stock-exchange-builds-blockchain-database-platform/ 
https://www.coindesk.com/dorsey-tells-congress-twitter-is-thinking-about-blockchain-solutions/