Posted on

Monero Reports on Resolving Fake XMR Minting Bugs a Month After Fix

Monero reveals fixes for major security risks for XMR — what does it mean?

Cryptocurrency is so far on the cutting edge that it almost defines it, yet some are finding out the hard way that it’s even sharper than anticipated. The frightening reveal of nine security bugs through HackerOne internet security platform that had affected Monero (XMR) in recent months — ranging from the insignificant and solved to the malicious and live — was a big wake-up call for blockchain enthusiasts. Five of these vulnerabilities constituted a dire DDoS risk (one of that was labeled critica)l, but eight of the bugs are now fixed, including the most severe one discovered.

The big deal with a faux XMR

On June 3, a blockchain developer on HackerOne announced the discovery of a severe exploit in Monero that had granted hackers the ability to “create” fake XMR and send them to exchanges. The report stated:

“By mining a specially crafted block that still passes daemon verification, an attacker can create a miner transaction that appears to the wallet to include sum of XMR picked by the attacker. It is our belief that this can be exploited to steal money from exchanges.”

Though the fake XMR bug is one among a list of issues with Monero — and the biggest losers are exchanges rather than traders or investors — it demonstrates that even the most private and security-centric coins can be compromised. This is nothing less than a very visible threat to the entire ecosystem. Cryptocurrency is absolutely worthless if it fails to deliver on its most foundational promise of security and transparency. With (currently) limited functionality for cryptocurrencies in comparison to fiat money, if coins concede on their primary advantage, then what’s the point? CEO of the exchange Codex, Serge Vasylchuk, told Cointelegraph:

“Most of the vulnerabilities were disclosed few months ago, yet were only now fixed. While Monero developers are doing great work, they cannot guarantee no new coins were minted by deceiving an exchange. If such an attack would occur, it might’ve taken a long time until the exchange would’ve noticed it, unless their security mechanisms are advanced enough to scan its cold wallet storage and compare it with account deposits very quickly.”

Especially for Monero — a self-proclaimed privacy and security coin — these failings may seem unforgivable. They raise significant doubts about the idea that cryptocurrencies are generally infallible and put greater onus on exchanges to complete regular audits and be more selective in the tokens they list. This concept wasn’t as judiciously considered before now, but with the latest problems in Monero, we may see an industry-wide effort to clean up shop. The sheer number of issues revealed simultaneously by Monero, even if most had already been fixed, shows the desperate efforts that projects make to close gaps soon after they appear.

Monero bugs tear down the curtains on crypto

Another issue that has been exposed by Monero is that crypto is highly susceptible to the domino effect, given how the newest solutions are often stacks of first-iteration blockchain software. The other critical issue reported on HackerOne was one affecting all tokens using the CryptoLive application layer, and not just Monero. A CryptoLive bug that led to DDoS susceptibility would affect all projects, cryptocurrency exchanges on which these coins appear and investors as well. This illustrates the idea that crypto is anything but airtight, and that its close-knit ecosystem may instead be ripe for contagion.

However, there’s somewhat of a silver lining to these recent events: There was no report of these bugs appearing elsewhere — and the fact that Monero brought it to the community’s attention willingly does mean a lot — and a progressive angle that capably addresses the potential domino effect. By being historically public (rather than muddying the waters) about the issues in their software, Monero has effectively warned others in the space about potential predicaments and shows that it’s committed to its users. It also harkens to last year when a Monero wallet bug was revealed by the company and immediately solved alongside a public statement warning of crypto’s risks and novelty.

Regarding this, Charles Guillemet, the chief security officer at hardware wallet Ledger,, told Cointelegraph in a conversation that transparency increases the trust one can have in these blockchains. On the other hand, a disclosure putting users at risk would be irresponsible.

No company that was only interested in capital, or in being the “first-mover” rather than a blockchain leader, would publish that their issues are “again an effective reminder that cryptocurrency and the corresponding software are still in its infancy and thus quite prone to (critical) bugs,” like Monero did in a recent blog post.

Another concern that arises from this whole XMR situation is the bug repayment issue. Are bug bounties a sufficient method for raising security issues in the blockchain space, or does Monero’s handling of its own issues demonstrate the need for a better or more prompt solution? Guillemet has also commented to Cointelegraph regarding this:

“Bounty programs are an excellent way to incentive security researchers to behave responsibly. It becomes problematic when companies / organizations use bounties to outsource their security work. Bounties shall not replace red teaming, secure development and third party audits by recognized labs. A common mistake consists in thinking that open source and bounty program guarantees security. It’s clearly wrong and we have seen many examples of this.”

Monero merely the latest

The other major hacks occurring in the crypto industry help put Monero’s troubles in context, and when zooming out, one quickly realizes that the technology may not be ready for the mainstream as it exists now. If a decentralized app or platform on the scale of many that are popular today — Facebook Messenger, WeChat, Airbnb — were to be hacked in the way that Monero was, it would be an international crisis in the same league as Cambridge Analytica or beyond. Frankly, the size of some crypto hacks should make us grateful that digital tokens aren’t a bigger part of how the world works at this point in time.

Earlier this year, the monthly count for vulnerabilities in major blockchain platforms and projects climbed to 43, with issues found in Coinbase, Brave, Tendermint, Ledger and others. At present the white-hat hacker crowd and internal developers are the majority of sweat equity being invested into bug fixes, with tens of thousands given out each month by projects that put bounties on their biggest glitches. 

Regulators are undoubtedly struggling with the overwhelming and precarious pyramid of projects they’ve been tasked to organize, but it must happen (even with a restricting one-size-fits-all set of regulations) before a project with code that resembles swiss cheese is allowed to handle vast public data and funds. Charles Guillemet, believes that, “Monero is not the first example and won’t be the last one unfortunately.” He continued by clarifying the steps such platforms need to undertake in order to protect themselves from such situations: “Red teaming, independent third party audit, peer review of scientific articles. New cryptographic protocols need time to be reviewed and assessed.”

Binance Chain — and its supported initial exchange offering platform, the Binance Launchpad — relies on Tendermint, for example, but what would happen to the nascent projects being nurtured by Binance if a nasty exploit were to fester too long? The consequences beg no guessing. Though Monero has demonstrated the ascent to mainstream may take longer than imagined, it also showed us the safest path up the mountain, and that’s one where blockchain projects support one another rather than racing to the finish line.

Posted on

Price Analysis 15/07: BTC, ETH, XRP, LTC, BCH, EOS, BNB, BSV, TRX, XLM

Can Bitcoin again lead the next leg of the recovery? Let’s look at the charts.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

The sharp recovery from the lows led by Bitcoin was largely based on the pretext that institutional players had finally started to take greater interest in the asset class. The sharp uptick in Bitcoin futures volumes and increased demand for Grayscale Bitcoin Trust shares was thought to be indicative of this. 

However, Binance’s chief executive Changpeng Zhao, in an interview with Bloomberg, said that there has been an equal growth in both institutional and retail trading. The retail traders still account for about 60% of trading volume at Binance, which shows that institutional trading growth “has not increased that tremendously in 2019 yet.”

Strong opposition to Facebook’s Libra project and negative tweets by United States President Donald Trump gave reasons for bulls to book profits. Though some major altcoins have corrected close to their yearly lows, Bitcoin is still holding well above it. Hence, we are viewing the current fall as a buying opportunity. Should traders buy now or wait for lower levels? Let’s analyze the charts.

BTC/USD

Bitcoin (BTC) broke below the symmetrical triangle on July 14, which is a bearish sign. The 20-day EMA is flattening out and the RSI is just below 50, which suggests a balance between buyers and sellers. 

BTC/USD

Currently, the BTC/USD pair is attempting to bounce off the 50-day SMA. The bulls will face stiff resistance at 20-day EMA but if they succeed in pushing the price above it, a rally to the resistance line of the triangle is probable.

However, if the price reverses direction from the 20-day EMA and plummets below the 50-day SMA, it can drop to $8,900 and if that level also breaks down, the next support is way lower at $7451.63. As the pair has been strong and is still quoting above its 50-day SMA, we remain bullish on it. However, we will wait for the price to show signs of a turnaround before recommending a long position in it.

ETH/USD

The bulls could not push Ether (ETH) above 50-day SMA on July 12. The price turned down sharply and broke below the next support of $224.086. Currently, the digital currency is attempting to bounce off the uptrend line. 

ETH/USD

The moving averages are on the verge of a bearish crossover, which shows that bears are back in the game. A breakdown of the uptrend line will be a negative sign that can result in a deeper correction to $160.

Conversely, if bulls succeed in sustaining the price above $224.086, it will indicate demand at lower levels. Any rally will face stiff resistance at the 20-day EMA. We will wait for the price to trade above $224.086 for a few days before suggesting a long position in it.

XRP/USD

Ripple (XRP) has been among the worst-performing major cryptocurrencies. It did not participate in the recovery and has fallen sharply when the sentiment turned negative. The next supports on the downside are at $0.27795 and below it at the yearly low of $0.24508. 

XRP/USD

Both the moving averages have turned down and the RSI is close to oversold territory. This suggests that the bears are in command. A breakdown to new yearly lows will be a huge negative for the cryptocurrency.

However, the XRP/USD pair has not closed (UTC time frame) below $0.27795 since mid-December last year. Hence, we anticipate buying close to the support. Any attempt to recover will face stiff resistance at the 20-day EMA. We will wait for buyers interest to return in the pair before recommending a trade in it.

LTC/USD

Litecoin (LTC) has broken down of the ascending channel. It is currently bouncing off the next support of $83.65. The 20-day EMA is sloping down and the RSI is in oversold territory, which suggests bears are in the driver’s seat. If the digital currency breaks down of $83.65, it can drop to $66.

LTC/USD

Conversely, if the LTC/USD pair bounces off $83.650 and re-enters the channel, it will be a positive sign. Any recovery will face selling at the 20-day EMA. We will wait for the price to sustain inside the channel before suggesting a trade in it.

BCH/USD

Bitcoin Cash (BCH) is in a downtrend. It is trading inside a descending channel. The 20-day EMA is sloping down and the RSI is close to oversold territory, which suggests the bears are in command. 

BCH/USD

The bulls are currently attempting to keep the BCH/USD pair inside the channel. If successful, the price can move up to the resistance line of the channel. A breakout of the channel will be the first sign of a trend change. However, if the price breaks down of the channel, the next support is at $227.70. If this support also cracks, the correction can reach $166.98. 

EOS/USD

EOS plunged below the first support of $4.4930 on July 14 and has bounced off the support at $3.8723. Both the moving averages have turned down and the RSI has dipped into the oversold zone, which shows that sellers have the advantage. 

EOS/USD

If $3.8723 fails to provide support, the next stop might be $3. On the other hand, if the EOS/USD pair bounces off $3.8723, it can move up to 20-day EMA, which is likely to act as a stiff resistance. If the next pullback to $3.8723 holds, we might suggest a trade in it. Until then, we remain neutral on the cryptocurrency. 

BNB/USD

The pullback in Binance Coin (BNB) reversed direction from the 20-day EMA and broke below the critical support of $28.7168. Currently, bulls are attempting to hold the uptrend line. Both the moving averages have completed a bearish crossover for the first time in 2019. This signals a likely change in trend. 

BNB/USD

If the BNB/USD pair breaks down of the uptrend line and the descending channel, it will turn negative and can drop to the next support at $18.30. Conversely, if bulls defend the uptrend line, it will try to move up to the resistance line of the descending channel. A breakout of the moving averages will indicate strength. Though it has been one of the outperformers, we will wait for it to resume its up-move before proposing a trade in it.

BSV/USD

Bitcoin SV (BSV) broke below the descending channel and the critical support of $134.360 on July 14. When the price easily breaks through important support levels, it shows that sellers are in a hurry to get out and buyers are not willing to step in. This is a bearish sign. 

BSV/USD

Both moving averages have completed a bearish crossover and the RSI has dipped into oversold territory. This shows that bears are in command. 

There is a minor psychological support at $100 and below that at $93.680, which is the 78.6% Fibonacci retracement of the rally. If both these supports give way, the BSV/USD pair can plummet to $50.030, a full 100% retracement of the rally. Any attempt to recover will face resistance at the 20-day EMA, which is sloping down. 

TRX/USD

Tron (TRX) plunged below the trendline of the ascending channel on July 14. This is a bearish sign because this is the first instance when price has broken down of the trendline since the end of November last year. The 20-day EMA is sloping down and the RSI has dropped close to the oversold zone. This suggests bears are in command. 

TRX/USD

The next support is at $0.022 and if that breaks, the fall can extend to $0.017. However, before that, we expect a retest of the breakdown level. If the bulls can push the price back inside the channel, the current breakdown will be considered as a bear trap. Nevertheless, if the price fails to stay inside the channel and turns down, it will confirm a downtrend. We will get a clear picture within the next few days. Until then, we suggest traders remain on the sidelines.

XLM/USD

Stellar (XLM) dipped below $0.085 but found support closer to $0.080. Hence, it might remain range-bound between $0.08 and $0.145. Both the moving averages are sloping down and the RSI is close to the oversold zone. This shows that bears have the upper hand. 

XLM/USD

If the XLM/USD pair plunges below $0.080, it can retest the lows at $0.072545. A breakdown to new yearly lows will be very negative. However, with the $0.080–$0.085 support zone holding, bulls will try to keep the pair inside the range. The first resistance on the upside is at the 20-day EMA. A breakout of it will be a sign that the bulls are back in the game. Therefore, we suggest traders wait for the price to bounce off the support and rise above 20-day EMA before initiating a long position.

Market data is provided by the HitBTC exchange.

Posted on

UK Finance Minister Says Regulators Should Decide on Libra, Not Lawmakers

U.K. Finance Minister Philip Hammond said that regulators, not lawmakers, should make decisions regarding Facebook’s Libra stablecoin.

The United Kingdom Finance Minister Philip Hammond said that regulators and not lawmakers should decide on how to regulate Facebook’s stablecoin Libra, CNBC reported on July 15.

In an interview with CNBC’s “Squawk Box,” Hammond said that lawmakers should not decide to require the social media giant Facebook to acquire a bank license as it is “an issue for regulators to determine, not for politicians to determine.” Hammond said that Libra could be “a very positive thing” once it is properly regulated, and added:

“We’re not going to turn our back to it or try to stop it. We’re going to engage with it and try to work with others to ensure that it is effectively regulated.”

Hammond further stressed that without proper scrutiny, Libra has potential to pose great risk to the financial system as it could become a tool for money laundering and financing terrorism. Hammond also pointed out that he sees a difference between Libra and Bitcoin (BTC) because they have contrasting ownership structures.

Earlier in July, Bank of England governor Mark Carney said that people need to acknowledge the issues Facebook is attempting to solve with Libra, regardless of the project’s potential downsides.

Carney also stated that Libra, due to the massive scale of the project, has to be virtually perfect at the outset — at least from a financial security standpoint — in order for it to be released at all.

Hammonds delivered his comment ahead of a hearing on the Libra cryptocurrency project with the Banking Committee of the United States Senate, which will be held tomorrow, July 16. Following the release of the project’s whitepaper, U.S. regulators expressed their concern about the project’s possible effects on financial stability.

Posted on

Buterin Proposes Bitcoin Cash Integration to Scale Ethereum in Short Term

Ethereum co-founder Vitalik Buterin believes that Bitcoin Cash has the best network to become a temporary scalability solution for Ethereum.

Ethereum co-founder Vitalik Buterin has proposed to use the Bitcoin Cash blockchain as a temporary scalability solution for the Ethereum network. The programmer introduced a summary of the idea in a July 13 post on the Ethereum Research.

As previously reported, the Ethereum network has experienced some scalability issues, with its native blockchain capable of processing as few as 15 transactions per second (TPS), while its major competitor Ripple is reportedly estimated to have a TPS capacity of 1,500. 

As such, the Ethereum community has been working on Ethereum 2.0, a major network upgrade that is expected to improve its scalability once ETH shifts from proof-of-work to the proof-of-stake algorithm.

While the first stages of the Ethereum 2.0 shift are expected to come in early 2020, Buterin has now suggested deploying other blockchains as a new option for improving Ethereum scalability in the short term. Specifically, Buterin said the Bitcoin Cash blockchain is a perfect match for this purpose as the hard fork cryptocurrency provides a data throughput of around 53 kilobytes (KB) per second, as opposed to Ethereum’s 8 KB.

Additionally, Buterin outlined three other compelling reasons for using the blockchain, including low fees, the readiness of necessary machinery and the Bitcoin Cash community’s openness to people using the blockchain “for whatever they want as long as they pay the transaction fees.”

In the post, Buterin noted Bitcoin Cash’s 10 minute block time as the main impediment to becoming a good Ethereum scalability solution. However, the expert noted that this problem could be solved by zero-confirmation payments using techniques like Avalanche pre-consensus.

The crypto community on Twitter took a negative view on Buterin’s new Bitcoin Cash integration proposal, with some commentators forecasting that such a scenario could lead both Ethereum and Bitcoin Cash to a faster collapse.

Francis Pouliot, co-founder of blockchain consulting firm Catallaxy, tweeted that the recent proposal by Buterin signifies a failure of the Ethereum project, while Bitcoin integration will just delay and unsolved scalability crisis.

Recently, another Ethereum co-founder, Joseph Lubin, claimed that Ethereum has “already scaled quite significantly.”

Posted on

UK Royal Mint to Provide Custody for New Cryptocurrency

Royal Mint, the sole manufacturer of coins in the U.K., will store private keys for crypto in its digital vault for the first time.

Royal Mint, a government-owned manufacturer of coins in the United Kingdom, will provide crypto custodial services for the first time ever, according to a press release shared with Cointelegraph on July 15.

The 1,100 year-old financial institution is participating in the launch of new cryptocurrency temtum (TEM), which is expected to go live on July 17. 

Specifically, Royal Mint will act as the storage for temtum genesis private keys and currency reserve, while the original private keys will be stored in the Royal Mint vault forever, the press release notes.

The transaction data will be written on temtum’s Temporal blockchain, the company said, adding that TEM will be initially launched for purchases and trading on CoinAll, a major Hong Kong-based crypto exchange and a strategic partner of major global exchange OKEx.

On the official website of the project, temtum is described as a zero-fee peer-to-peer cryptocurrency supporting Temporal Blockchain network to create a “new world of financial freedom away from centralised institutions.” According to its website, the new coin has a block confirmation speed of 12 seconds and mined at a rate of five blocks per minute.

In January 2018, Royal Mint broke the news by announcing the launch of gold-backed coin Royal Mint Gold. However, the company was eventually reported to cancel its plans due to a veto by the government.

Recently, two major financial regulators of the United States, the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA), released a joint statement on crypto custodial services. Specifically, the regulators suggested that crypto custodians may not be able to demonstrate that it actually control the assets it claims to hold, while simply holding a private key is not sufficient to demonstrate ownership of crypto.

Posted on

Bitcoin Price Clings to $10K Support After a Volatile Weekend

BTC price fell to just $9,912 as traders warned a close below $10,580 could spell the start of a longer bearish downturn.

Bitcoin price (BTC) traded above $10,000 July 15 after a weekend of heavy losses spelled disaster for cryptocurrencies across the board.

Market visualization

Market visualization courtesy of Coin360

Data from Coin360 showed BTC/USD holding onto support above the key barrier Monday, having temporarily dropped as low as $9,912. 

The 9.7% daily losses compounded a worrying weekly trend which saw the pair fall rapidly from above $13,000.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

Driving the bearish sentiment, analysts broadly claimed, was a mixture of criticism by United States president Donald Trump and overall market fatigue. 

For many, BTC/USD had long been due a pullback after weeks of successive gains, which culminated in highs of $13,800. 

“It’s healthy to see (Bitcoin) pullback here,” Tom Lee, head of research at Fundstrat Global Advisors, tweeted Sunday. 

Lee, a serial Bitcoin bull, had claimed last week that new all-time price highs were “imminent,” something which Trump’s comments appeared to subject to delays. 

A side-effect of Trump had been increased Google search activity around Bitcoin, something Lee says could in fact be counterproductive and not a helping hand for price growth.

“As for the search traffic for bitcoin being low, I also think that is a good sign. It means the rise in bitcoin has not been accompanied by massive hype,” he added.

In the short term, however, others were warning about impending moves lower. The trader known on social media as Filb Filb said that a close on Sunday below $10,580 would result in a continuation of the downtrend, a prophecy which meanwhile came true.

“The price action has obviously been very bearish having lost the key low I’ve been watching at 10900. Also we are right up against the megaphone trend line. A close below 10580 would mark a new daily low and therefore I’m expecting new lows if/when that occurs,” he told followers of his dedicated Telegram trading channel. 

Nonetheless, it was altcoin traders who suffered the real pain this weekend. A glance at the top twenty cryptocurrencies by market cap painted another dismal picture at press time, with several coins shedding around 17% in 24 hours. 

Ether (ETH) fell 17.3%, taking ETH/USD to just $220 compared to highs of $350 just weeks previously. 

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

Bitcoin Cash (BCH) lost an identical amount, while its hard fork, Bitcoin SV (BSV), fared even worse, losing 21.5% to hit $118.50.

Elsewhere, Tron (TRX), Neo (NEO) and Monero (XMR) all dropped by around 16%.

Posted on

Binance Announces Burn of Team’s BNB Token Supply

Major cryptocurrency exchange Binance announced that it completed the eighth Binance Coin token burn and that it intends to also burn the tokens allocated to its team.

Major cryptocurrency exchange Binance announced that it completed the eighth Binance Coin (BNB) token burn and that it intends to also burn the tokens allocated to its team in an announcement published on July 11.

Per the announcement, 808,888 BNB (equivalent to over $23.7 million at press time) of the Binance’s team allocation have been burned in the event. The exchange notes that the burn is part of the firm’s commitment to burn a total of 100 million BNB tokens and that the team’s supply equates to 40% of the total supply.

As of press time, Binance Coin is about 5% down on the day and is worth $29.37. According to Coin360 data, the coin’s current market capitalization is $4.1 billion, which makes it the sixth biggest crypto asset.

Binance Coin Seven-Day Price Chart. Source: Coin360

Binance Coin Seven-Day Price Chart. Source: Coin360

As Cointelegraph reported at the end of June, about $1.2 billion in BNB was transferred in 1.1 seconds with a $0.015 fee on the Binance Chain. Binance’s CEO Changpeng Zhao commented, “The future is here.”

Also in June, cryptocurrency exchange Bitfinex announced a burn of its UNUS SED LEO tokens, which will see the exchange’s parent company iFinex funnel its gross revenue into purchasing the tokens at market prices to destroy them.

Posted on

Tether Mistakenly Minted 5 Billion USDT and Immediately Burned Them

Stablecoin operator Tether mistakenly minted five billion USDT tokens on the Tron blockchain.

Stablecoin operator Tether accidentally minted and subsequently burned 5 billion USDT tokens, Whale Alert tweeted on July 13.

Whale Alert — a Twitter account dedicated to reporting large cryptocurrency transactions — noted that 50 million USDT tokens were transferred from cryptocurrency exchange Poloniex to the Tether Treasury via the Omni protocol on the Bitcoin (BTC) blockchain. The account subsequently reported that Tether Treasury minted 5 billion USDT tokens on the Tron blockchain, after which it burned them.

Then, Tether minted another 50 million USDT on the same chain, burned another 4.5 billion USDT, and finally transferred 50 million Tron-based USDT tokens to a wallet presumably belonging to Poloniex.

In a tweet, Tether CTO Paolo Ardoino explained that Tether meant to perform a swap of 50 million Omni-based USDT tokens to the Tron blockchain, but a mistake was made with the decimals. Cryptocurrency exchange Poloniex confirmed in a tweet:

“Paolo is correct – this occurred while Poloniex was conducting a USDT chain swap with the help of Tether. An incorrect amount of USDT was accidentally minted, and this has since been resolved to the intended value.”

As Cointelegraph reported earlier this week, New York-based Metropolitan Commercial Bank has shut down accounts associated with Tether. The bank reportedly closed the accounts following a request last year.

Posted on

Bitcoin Falls Under $10,400 as Major Altcoins See Double-Digit Losses

Most of the top 20 cryptocurrencies are reporting losses on the day as Bitcoin falls under the $10,400 mark.

Sunday, July 14 — Most of the top 20 cryptocurrencies are reporting losses on the day by press time, as Bitcoin (BTC) fell below the $10,400 mark.

Market visualization courtesy of Coin360

Market visualization courtesy of Coin360

Bitcoin is currently down by over 9% on the day, trading at around $10,392 at press time, according to Coin360. Looking at its weekly chart, the coin is down by 7.23%.

Bitcoin 7-day price chart. Source: Coin360

Bitcoin 7-day price chart. Source: Coin360

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $24.8 billion. The second-largest altcoin, Ripple’s XRP, has a market cap of $12.8 billion at press time.

Coin360 data shows that ETH has seen its value decrease by about 13.8% over the last 24 hours. At press time, ETH is trading around $233. On the week, the coin has also lost about 21% of its value. 

Ether 7-day price chart. Source: Coin360

Ether 7-day price chart. Source: Coin360

As Cointelegraph reported yesterday, the Ethereum smart contract of 0x decentralized exchange protocol has been suspended after a vulnerability was uncovered in its code.

XRP is down by nearly 9% over the last 24 hours and is currently trading at around $0.304. On the week, the coin is down about 21%.

XRP 7-day price chart. Source: Coin360

XRP 7-day price chart. Source: Coin360

Other major coins are also reporting two-digit losses. Bitcoin SV (BSV) is down 15.69% down, while NEO is down over 16%. At press time, the total market capitalization of all cryptocurrencies is $305 billion.

As Cointelegraph reported yesterday, a draft bill entitled “Keep Big Tech out of Finance” has surfaced online, allegedly from within the United States House of Representatives Financial Services Committee.

Keep track of top crypto markets in real time here
Posted on

Bitcoin Falls under $11,450 as US Stock Market Sees Minor Downturn

Most of the top 20 cryptocurrencies are reporting losses on the day as Bitcoin falls under the $11,450 mark again.

Saturday, July 13 — Most of the top 20 cryptocurrencies are reporting losses on the day by press time, as Bitcoin (BTC) fell below the $11,450 mark again.

Market visualization courtesy of Coin360

Market visualization courtesy of Coin360

Bitcoin is currently down by over 1% on the day, trading at around $11,430 at press time, according to Coin360. Looking at its weekly chart, the coin is up by almost 3.8%.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

As Cointelegraph reported yesterday, the Chairman of the United States Federal Reserve has said that almost nobody uses Bitcoin for payments, and that it is a speculative asset just like gold.

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $28.7 billion. The second-largest altcoin, Ripple’s XRP, has a market cap of $14 billion at press time.

Coin360 data shows that ETH has seen its value decrease by nearly 1% over the last 24 hours. At press time, ETH is trading around $269. On the week, the coin has also lost over 7% of its value. 

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

XRP is down by about 3.87% over the last 24 hours and is currently trading at around $0.333. On the week, the coin is down about 14.11%.

XRP 7-day price chart

XRP 7-day price chart. Source: Coin360

Among the top 20 cryptocurrencies, the only ones reporting gains are Chainlink (LINK), which is up over 3.8%, Monero (XMR), which is up over 1.5%, and Cardano (ADA), which is up a fraction of a percent.

At press time, the total market capitalization of all cryptocurrencies is $313.9 billion, about 5% lower than the value it reported a week ago.

As Cointelegraph reported yesterday, Ethereum’s co-founder Mihai Alisie is extremely concerned that Facebook is attempting to hoodwink regulators into approving a centralized “cryptocurrency.”

Keep track of top crypto markets in real time here