Crypto Hacks Take $1.7 Billion in 2018

Yesterday, a rather shocking cryptocurrency anti-money laundering report was released by the crypto analytics company CipherTrace. This report states that around $1.7 billion worth of cryptocurrency was obtained illegally in 2018. What’s more surprising is that crypto hacks happened three times more than in 2017. No wonder institutional investors don’t want to put big money into the crypto industry yet. Crypto Hacks Worth $1.7 Billion Of the total stolen in 2018, over $950 million was from cryptocurrency exchanges. This is 3.6 times more than what was stolen from exchanges in 2017.…

HSBC Completed $250 Billion in Blockchain-Processed Transactions in 2018

HSBC. Image Shutterstock. According to a press release quoted by the Financial Times on Monday, HSBC, one of the largest banking institutions in the world by total assets, reported $250 billion in settled transactions in 2018, using the blockchain technology. The press release revealed that during the last calendar year, HSBC settled over 3 million blockchain-based foreign exchange transactions. Performed through its blockchain platform, “FX Everywhere,” the bank says it has processed 150,000 payments since the platform launched in February 2018. HSBC completed its first blockchain trade finance transaction in May…

Following $5 Billion Drop in Crypto, Traders See Weakness in Bitcoin

On January 13, the crypto market initiated an intense sell-off as the Bitcoin price fell below the $3,500 mark. The weakness in the short-term price trend of BTC led the market to demonstrate volatility on the downside. More than $5 billion was wiped out of the crypto market and major assets like Ethereum recorded a six percent drop. Where is Bitcoin Headed? Generally, both analysts and traders expect Bitcoin to fall to the low $3,000 region in the days to come. Some have suggested that a strong buy wall below…

Crypto Loses $14 Billion 1 Week, Bitcoin Will Likely Avoid Drop Below $3k

Over the past 48 hours, the Bitcoin price has stabilized at around $3,400 after dropping to a new yearly low at $3,210 on December 7. On a weekly basis, Bitcoin (BTC) is up six percent from $3,210 to $3,400 but the cryptocurrency market has lost $14 billion of its valuation against the U.S. dollar mostly due to the underwhelming performance of major digital assets and the plunge in the value of ERC20 tokens. The Ethereum price has also recovered slightly by a similar magnitude as Bitcoin, with Ethereum (ETH) recording…

Kraken Is Seeking ‘War Chest’ Investment at a $4 Billion Valuation

Crypto exchange Kraken is on a fundraising drive, offering “select” investors a chance to purchase stakes in the firm. The firm’s CEO, Jesse Powell, confirmed to CoinDesk that his company is looking to tap a small number of clients for a fundraising round valuing the firm at $4 billion. “There is presently a limited time opportunity available to a very small, select number of clients to purchase Kraken shares” at a $4 billion valuation with a $100,000 minimum, he told CoinDesk via email. The general public will not have access to…

Crypto Market Adds $12 Billion in Decent Recovery: Major Assets Surge

Twitter Facebook LinkedIn Over the past 24 hours, following a steep decline in the price of major cryptocurrencies, the crypto market added $12 billion to its valuation. Within a relatively short span, the valuation of the crypto market increased from $115 billion to $127 billion as Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Bitcoin Cash (BCH), and many other cryptocurrencies recorded gains in the range of 6 to 12 percent. Bitcoin Cash performed strongly, recording an 11 percent increase in price. But, its price still remains below the $200 support level…

$63 Billion Deleted From Crypto in 7 Days, Ethereum Drops to Double Digit

Twitter Facebook LinkedIn In the past seven days, the crypto market has experienced a drop of more than $63 billion, as major cryptocurrencies recorded double-digit drops. Bitcoin (BTC), the most dominant cryptocurrency in the market, fell by 12 percent from $4.300 to $3,800, achieving a new yearly low. At its lowest daily point, on fiat-to-cryptocurrency exchanges like Coinbase and Kraken, the price of BTC fell to $3,456. Ethereum (ETH), which is currently demonstrating a daily volume that is larger than that of Ripple (XRP) and Bitcoin Cash (BCH) combined at…

$6 Billion Deleted From Crypto Market as Bitcoin Drops Back to $4,100

Twitter Facebook LinkedIn In the last 24 hours, more than $6 billion was wiped out of the cryptocurrency market as Bitcoin (BTC), the most dominant cryptocurrency in the market, recorded a loss of 8.6 percent from $4,500 to $4,110. On fiat-to-cryptocurrency exchanges like Coinbase, Kraken, and Bitstamp, the price of BTC reached a new weekly low at around $4,118. Bitcoin has since recovered to $4,291, but on a weekly basis, BTC remains 21.65 percent down against the US dollar. Where is Bitcoin Heading Similar to Bitcoin’s strength at $6,000 from…

3 Major Factors Behind $65 Billion Wipe Out of Crypto Market

Twitter Facebook LinkedIn Chris Burniske, a Placeholder Management partner, said that the US stock market retracement, sell-off of Ethereum, and the Bitcoin Cash hard fork were the three major factors behind the recent crypto wipeout. In the past seven days, more than $65 billion has been deleted from the cryptocurrency market as every major cryptocurrency including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and other digital assets recorded large losses in the range of 10 to 50 percent. Bitcoin Cash Hard Fork Was the Main Catalyst Source: CoinMarketCap…

Bitcoin Market Cap Establishes New Yearly Low, Drops to $92.53 Billion

Twitter Facebook LinkedIn The market cap of the world’s leading cryptocurrency has established its new yearly bottom. Bitcoin on Monday continued its downtrend, and its valuation dropped to a new bearish low at $92.53 billion. At the same time, the price of the digital currency fell to an average of $5,322, according to aggregate data available at CoinMarketCap.com. Overall, the bearish action intensified the possibility of Bitcoin establishing a double bottom anytime this year. As reported on CCN last week, the forking of Bitcoin Cash has turned out to be…