The global cryptocurrency market continues to endure a bearish downtrend. Over the past week, the cryptocurrency market shed 19% of its total market cap, or almost $65 billion. Ethereum has fallen below $500 for the first time since March.
Bitcoin, currently ranked #1 by market cap, is down 4.98% over the past 24 hours. BTC has a market cap of $111.72B with a 24 hour volume of $4.57B.
Chart by CryptoCompare
Following the Coinrail exchange hack on June 10, Bitcoin fell below $7000 for the first time since late March. According to a statement released Sunday, the exchange lost 30% of its total cryptocurrency value and confirmed that NPER, ATX, and NPXS coins, and other cryptocurrencies are now safely stored in a secure cold wallet.
Despite the volatile market, individuals and institutions are still interested in crypto, and Bitcoin exchanges are under pressure to meet increasing demand with proper regulations.Related Article: Bitcoin Exchanges Rushing Toward Regulation
On June 6, Coinbase announced that the platform is “on track” for SEC registration, legitimizing the exchange as a broker-dealer “capable of offering blockchain-based securities.”
In early June, Goldman Sachs-backed cryptocurrency startup Circle also expressed intent to pursue a federal banking license and registration as a securities exchange.
Ethereum, currently ranked #2 by market cap, is down 11.13% over the past 24 hours. ETH has a market cap of $47.67B with a 24 hour volume of $1.91B.
Chart by CryptoCompare
On May 14, the Thailand Securities and Exchange Commision (SEC) legalized Ethereum as one of seven cryptocurrencies available for exchange.
On June 9, the Bangkok Post released a statement reporting on the regulatory update:
Related Article: Bitcoin, Ethereum, Ripple, and Litecoin Among 7 Cryptocurrencies Now Legal in Thailand
“The SEC will allow seven cryptocurrencies, used for initial coin offerings (ICOs), to be traded as trading pairs. They are Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, Ripple, and Stellar.”
In Southeast Asia, Ethereum is enabling a vast population of unbanked citizens to have access to small money loans.
Ripple, currently ranked #3 by market cap, is down 9.15% over the past 24 hours. XRP has a market cap of $21.24B with a 24 hour volume of $295.49M.
Chart by CryptoCompare
On May 14, the Thailand Securities and Exchange Commision (SEC) legalized Ripple as one of seven cryptocurrencies available for exchange.Related: Ripple CEO: ‘Blockchain Will Not Disrupt Banks’ and ‘China Controls Bitcoin’
On June 11, Ripple CEO, Brad Garlinghouse gave his thoughts on the long-term outlook of Ripple’s technology and future of cryptocurrency mass adoption at the 2018 Stifel Cross Sector Insight Conference.
Denouncing Bitcoin as a centralized cryptocurrency with nearly 40% of its mining power located in China, Garlinghouse made bold statements about the world’s largest cryptocurrency:
“Bitcoin today takes 45 minutes to settle a transaction… Bitcoin is really controlled by China. There are four miners in China that control over 50% of Bitcoin… How do we know that China won’t intervene? How many countries want to use a Chinese-controlled currency?”
Describing the long-term goals of the Ripple platform, Garlinghouse stated:
“There are millions unbanked or underbanked… When I think about the transformation, it is fundamentally changing the way millions participate in banking. We can fundamentally change the way this works, to bring an entire population up a step in the system.”
The global cryptocurrency market cap stands at $276.31B with a 24 hour volume of $14.86B. The Coinbase Index is currently sitting at 2966.63. Bitcoin dominance is currently at 40.43%.
At press time, 97 of the top 100 coins by market capitalization are in the red and it’s unclear when the market will turn green. Traders are reminded to remain cautious during market drops and only invest what they can afford to lose.
Cover Photo by Aron Visuals on Unsplash
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