Crypto Markets Fall Further Amidst Week of FUD From Asian Sector

The crypto markets are continuing to take a tumble today, June 23, following slew of FUD-like news from the crypto sector in South Korea and Japan.

Coin360

Market visualization from Coin360

Leading South Korean exchange Bithumb was hacked for $30 million, and Japan’s financial regulator FSA has apparently renewed their crackdown on cryptocurrency exchanges after sending out six more business improvement notices this week.

Bitcoin (BTC) is edging closer to $6,000, trading for around $6,105 at press time, down less than 1 percent over a 24 hour period.

BTC

Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) is slightly down, trading for around $472 and down almost 1 percent over a 24 hour period to press time.

Eth

Ethereum price chart. Source: Cointelegraph Ethereum Price Index

Of the top ten coins listed on Coinmarketcap, EOS is down the most, a little more than 8 percent over a 24 hour period and trading at around $8.24 by press time.

EOS’s price fall follows the controversy that arose after the mainnet launch when EOS block producers took it upon themselves to lock seven account associated with phishing scams, prompting questions about the coins decentralized system.

EOS is also one of the top traded coins on the hacked exchange Bithumb, which has since fallen from sixth to eleventh place of exchanges by trading volume on Coinmarketcap.

Out of the top twenty Coinmarketcap coins, Dash is up the most, with a value increase of 2 percent over a 24 hour period and trading for around $245.59.

Total market cap is now around $255 billion, a number last seen on April 6.

Total market cap of all cryptocurrencies

Total market cap of all cryptocurrencies from Coinmarketcap

There were positive news this week too: the now-defunct Mt. Gox exchange has ended its Bitcoin sell-offs and formally entered civil rehabilitation proceedings.

Customers have also received reassurance from Bithumb that it will refund all users affected by the $30 million hack.

Crypto commenter Whale Panda tweeted about the Mt. Gox news yesterday, alleging that its positivity has kept it out of the mainstream media:

MtGox news is positive #Bitcoin news so will not be featured by mainstream media. They only do the negative stuff.
— WhalePanda (@WhalePanda) June 22, 2018