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Cryptocurrencies continue slide as Binance finds major change in crypto correlation

Mar 21, 2019

 

 
High Machine Learning Accuracy Rates for CryptocurrenciesHigh Machine Learning Accuracy Rates for Cryptocurrencies
High Machine Learning Accuracy Rates for CryptocurrenciesHigh Machine Learning Accuracy Rates for Cryptocurrencies

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$4011.92 0.07% -1.15% 2.33% USD$70,617,466,707 USD$10,858,625,087
Ethereum ETH USD$136.19 0.11% -2.21% 1.99% USD$14,345,247,710 USD$5,073,418,353
Litecoin LTC USD$59.02 0.25% -2.22% 4.5% USD$3,599,291,031 USD$1,785,235,558
EOS EOS USD$3.63 0.16% -2.62% 0.63% USD$3,287,204,124 USD$1,487,636,232
XRP XRP USD$0.31 0.1% -2.76% -0.88% USD$12,927,569,813 USD$840,852,385

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
Ethereum Classic ETC USD$4.77 1.95% 3.63% 10.08% USD$520,245,536 USD$311,179,361
OmiseGO OMG USD$1.54 1.05% 0.7% 2.89% USD$216,647,271 USD$76,444,113
IOTA MIOTA USD$0.3 1.95% 0.17% 1.64% USD$833,115,057 USD$19,500,764
VeChain VET USD$0.01 2.6% -0.31% 7.92% USD$309,740,162 USD$26,621,259
Bitcoin BTC USD$4011.92 0.07% -1.15% 2.33% USD$70,617,466,707 USD$10,858,625,087

 

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Crypto Market Recap

  • Cryptocurrencies continued to slide this afternoon with all top 10 coins by market capitalization in the red and the price of Bitcoin (BTC) down 1.14% over the last 24 hours to USD$4,011.96 -- bulls have successfully defended the USD$4,000 resistance level several times in trading today. Binance Coin (BNB) and Stellar (XLM) are continuing to be two of the worst performing major coins in trading, each down 4.00% and 4.45% over the last 24 hours to USD$0.107292 and USD$14.55, respectively. Tezos (XTZ), the 20th largest coin by market capitalization, is moving against the broad market, soaring 16.20% over the last 24 hours to USD$0.711948.

Crypto Developments in Financial Services

  • Changes implemented to the Application Programming Interface (API) of major crypto exchange platform Binance may indicate that the company is working on introducing margin trading. Brought to the attention of the public by a Reddit user, the Binance public API currently differs from what it should, according to official documentation published by Binance on GitHub. The Reddit post notes two new variables introduced to the Binance public API, the first, “isSpotTradingAllowed,” and the second, “isMarginTradingAllowed,”.

Crypto Regulatory Environment

  • After the Wall Street Journal published an investigation claiming USD$9mm of cryptocurrencies were laundered through major cryptocurrency exchange ShapeShift in 2018, blockchain intelligence firm CipherBlade is accusing the Wall Street Journal of using flawed investigative methods. According to a CipherBlade analysis of the Wall Street Journal’s investigation, the USD$9mm money laundering claim was overstated by a factor of 4x. CipherBlade explains further that, “By tracing alleged ‘launder’ through ‘no more than two intermediaries before reaching an exchange’, the WSJ’s stated methodology was fundamentally flawed. The tracing of any funds – illicit or not – over the course of multiple transactions is extremely difficult, and presenting the total contents of subsequent wallets as illicit is forensically unsound.”  
  • Jared Rice, the former CEO of cryptocurrency scam AriseBank, has pleaded guilty to allegations of defrauding over USD$4.2mm from victims, according to an article from Dallas News. Rice was arrested by the FBI in November of last year and later confessed to his activities, said Erin Nealy Cox, the US Attorney for the Northern District of Texas. AriseBank falsely claimed to clients that it could offer, “FDIC-insured accounts and traditional banking services, including Visa-brand credit and debit cards, in addition to cryptocurrency services.”

General Crypto News

  • Price correlations between major cryptocurrencies against the US dollar (USD) increased in 2018 while they fell in Bitcoin (BTC) terms, according to a new report published by Binance. The research by Binance notes the divergence among crypto asset returns depending on if they are denominated in USD or BTC. Binance explained in its research, “Correlations in BTC returns are important as BTC remains one of the best price indicators of crypto markets for two key reasons,”, which are the liquidity and market dominance of BTC compared to other cryptocurrencies.  
  • Anders Fogh Rasmussen, a former NATO Secretary General and Danish Prime Minister, has been hired by Swiss-based blockchain identity network Concordium as a Strategic Advisor, according to a press release. “Anders will play a pivotal role in our global expansion plans to move into areas that require blockchain solutions for secure and private communications, as well as liaising with governmental departments that will benefit from its implementation,” said Concordium Chairman Lars Seier Christensen.

 

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

Sources:

https://coin360.io/  
https://coinmarketcap.com/  
https://cointelegraph.com/explained/margin-trading-explained 
https://cointelegraph.com/news/binance-api-seemingly-reveals-ongoing-margin-trading-implementation 
https://cointelegraph.com/news/cryptocurrency-price-correlations-in-bitcoin-dollar-flipped-in-2018-binance-finds 
https://cointelegraph.com/news/ex-nato-secretary-general-bullish-on-blockchain-as-he-partners-with-swiss-startup 
https://cointelegraph.com/news/fbi-arrests-arisebank-ceo-indicted-for-fraud-of-over-4-million 
https://cointelegraph.com/news/texas-crypto-arisebank-ceo-pleads-guilty-to-deceiving-investors-in-42-million-case 
https://cointelegraph.com/news/wsj-claim-of-9-mln-laundered-via-shapeshift-based-on-flawed-investigation-analysts-say 
https://medium.com/cipherblade/how-truth-disappears-into-the-black-hole-of-shoddy-journalism-bbff158cd271 
https://www.coindesk.com/shapeshift-blockchain-analysis-bitcoin-ether 
https://www.dallasnews.com/business/business/2019/03/21/arisebank-cryptocurrency-creator-pleads-guilty-scheming-4-million-investors 
https://www.prnewswire.co.uk/news-releases/former-secretary-general-of-nato-joins-concordium-as-strategic-advisor-808201069.html 
https://www.reddit.com/r/CryptoCurrency/comments/b341zs/research_margin_trading_features_found_on_binance/

 

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