Bitcoin Goes Downhill While hackers rob VinDAX Exchange
Get the weekly summary of cryptocurrency market trends, news, and forecasts!
This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $233 billion.
- Bitcoin price drops under the $9,000 mark.
- Ethereum continues hovers over the $180 threshold after dropping value points again.
- Ripple loses the Swell effect and embarks on a disappointing downtrend that sees it end the week at $0.26 days.
- Hackers steal more than $500,000 worth of cryptocurrency from Vietnamese exchange VinDAX.
Crypto Trends 11-17th of November 2019: PERFORMANCE & ANALYSIS
It’s been a relatively quiet week for the cryptocurrency market.
Bitcoin was stable throughout the first three days before dropping below the $9,000 mark on Friday. It has been an 8% decline compared to last week’s value that sees the most popular crypto end the week at 8,531.93 at the time of this writing.
Industry experts are still at a loss about the reasons for BTC’s downfall. One event that might have caused the decline is the nearly $500,000 hacked from that Vietnamese crypto exchange VinDAX earlier this week.
VinDAX is a small exchange that deals mostly in token sales of lesser-known blockchain projects. While they immediately confirmed a full recovery from the attack, it seems that they lost the funds over 23 cryptos.
The VinDAX attack has been only the 7th hack of the year and leaked the fewer funds so far. Still, it delivered a blow to the market strong enough to see the Bitcoin price drop. So far, 2019 has seen more than $1.39 billion lost to mischievous hacking attempts.
Bitcoin is currently under heavy selling pressure. Experts believe that the coin may drop again under $8,000 if the bulls do not have a successful charge anytime soon. The price would have to increase past the $8,800 mark to reach a positive stage and a fresh improvement.
XRP lost the positive boost that followed the Swell Conference less than two weeks ago. Investors turned their backs to Ripple’s coin and left it to drown. Now, it ends the week at a disappointing $0.26.
Ethereum maintains a steady decline back to the $180 threshold. After reaching $187 last week, the coin was pulled back by almost 2%, and it ends the current week at $183.20.
What’s in the News?
- Binance is reportedly helping the Ukrainian government in setting up new regulations for digital assets and cryptocurrencies.
- XRP is looking to launch “Ripple Net Home,” a service that will analyze XRP transactions and make market share predictions.
- The UN claims that North Korea is using a blockchain platform to launder stolen cryptocurrencies.
- FBI has its say on cryptocurrency through Director Christopher Wray’s voice, who calls it a serious problem and even a potential tool for terrorist attacks.
- The People’s Bank of China announces that the citizens who will use its upcoming digital currency will be subject to information collecting.
- Anonymous is reportedly launching an “Unknown Fund” in which it will donate $75 million in Bitcoin to startups that contribute to anonymity, in general.
- The Canadian unit of the retail giant, Walmart, has developed a blockchain solution to track deliveries, verify transactions, and automate payments.
- Five cryptos have been added to the Visa debit card of Coinbase. Coinbase made the announcements via its Twitter handle on November 14, 2019.
- Efforts to bring down crypto mining firms in the sovereign province of Inner Mongolia by regulators are still active.
Next Week’s Market Forecast
In the upcoming week, Bitcoin should follow its bearish path toward the $8,000 mark. The key supports near that stand at $8,200 should prevent it from dropping below it, thus forecasting another disappointing week for BTC, but not a disastrous one.
Elsewhere, China’s back-and-forth dance with cryptocurrency regulations may see additional fluctuations on the market, albeit mild ones. The investors are eager to see if the second-largest economy in the world will enter the blockchain game and play it fairly.
The upcoming week is fairly poor when it comes to community events. Only the Lisk Developer Workshop that takes place in Berlin on the 19th of November stands out.