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Total Crypto Market Cap Jumps $12 Million in an Hour as BitMEX Pauses Trading

Crypto markets spiked today, August 21, seeing notable gains amongst the top 100 coins in under an hour, as data from Coin360 shows.

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Market visualization from Coin360

Total market capitalization of all cryptocurrencies shot up over $12 million in just over an hour to peak at $222.8 million, before dropping slightly to $291.7 million by press time.

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1-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Bitcoin (BTC) had been trading sideways today around $6,400-$6,500 before seeing a sharp 5 percent spike in the space of just 45 minutes, peaking around $6,790. The leading cryptocurrency has since dropped slightly to trade around $6,715 at press time, stil up about 6.2 percent on the day.

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Bitcoin’s 1-day price chart. Source: Cointelegraph Bitcoin Price Index

Bitcoin is also boasting almost 6 percent growth on the week, while on the month the coin is down almost 10 percent, according to Cointelegraph’s Bitcoin Price Index.

All except one of the top ten cryptocurrencies have seen major growth during today’s spike, each gaining 4 to 9 percent on the day to press time.

Amongst the top ten coins, EOS (EOS) has seen the most growth over the 24-hour period, up 8.7 percent and trading at $5.19.

In the top twenty coins, altcoin VeChain (VET) has seen the most significant growth on the day, up a whopping 18.67 percent to trade at $0.015.

As a some commentators pointed out on Twitter, the sharp upswing across crypto markets began just as leveraged crypto trading platform BitMEX announced it was halting trading for scheduled maintenance at 1:00 AM UTC.

Crypto persona and self-described “crypto prophet” Beastlorion posted a series of Twitter polls in the hours leading up to BitMEX’s scheduled shutdown suggesting that the move would affect Bitcoin’s price.

BitMEX is not listed on CoinMarketCap’s Bitcoin price and volume averages because, as the tracking service states on their site, “[t]he BTC/USD market on BitMEX is a derivatives market NOT actually spot trading Bitcoin. As a result, it has been excluded from the price and volume averages of Bitcoin.”

On its official website, BitMEX describes itself as a “Peer-to-Peer Trading Platform that offers leveraged contracts that are bought and sold in Bitcoin,” reporting daily trade volumes of $3.76 billion. At press time, CoinMarketCap also lists BitMEX’s total BTC/USD trade volumes over the past 24 hours at around $3.7 billion.

According to CoinMarketCap, currently the largest crypto exchange by daily trade volume is Binance, with around $1.12 billion in total trades of all pairs over the 24-hour period to press time.

At press time, BitMEX’s most recent tweet, posted two hours ago, announced that it would be resuming trading within minutes.

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We’ll Recover Just Like The Past, says veteran BTC Analyst Willy Woo

Willy Woo, a veteran digital currency analyst with a strong focus on Bitcoin (BTC), has correctly predicted BTC trends on two occasions as highlighted by Ethereum World News.

The first time he did so, was back in late May when he had doubts that BTC would hold its levels above $7,000. Mr. Woo would then predict a decline to levels of $5,500 – $5,700 before the end of June. Sure enough, we touched $5,800 on June 29th. His first prediction was as follows:

I think we are gonna go to $5500-5700 next, I can’t see $7000 holding. Most likely we’ll balance a bit, then we’ll slide through. Long time-frames here, looking into June for rough timing of this to play out at a best guess.

The second time was when he predicted on the 1st of August that Bitcoin would flash dump then moon. His full prediction was as follows:

Interesting to see most think BTC will moon. I think BTC will flash dump, then moon afterwards, just like with Gold in WFC 2008. Flight to safety: everything else sells off to USD, then used to unwind leveraged positions, then afterwards havens like Gold and BTC have a bull run.

‘Flash Dump and Moon’ was taken out of context

Willy Woo has since stated that his predictions of a ‘flash dump then moon’ were taken out of context, but the accuracy of his words were stunning. In a tweet explaining how it was never intended to be a prediction, Mr. Woo stated that:

I never predicted a flash dump. It was a discussion on price movements in the context of a hypothetical banking crisis similar to WFC 2008.

We’ll recover, just like the past

As part of his response to the ‘Flash Dump then moon’ discussion, Willy Woo also stated that the current bear market might not be as huge or historic as everybody thinks. He went on to elaborate it in the following way:

Nah. This bear market has strong fundamentals. We’ll recover just like the past. It’s never been stronger on the long view. The fact that the media and big institutional players are talking it down is amazing. BTC used to be laughed at.

It is 2014 all over again for BTC

Bitcoin (BTC) experienced a similar decline back in early 2014. The decline was due to the Mt.Gox saga that transpired from late December 2013, to around March 2014. Back then, BTC fell 82.3% in a period of 21 months up until August 2015. Returning to current events, BTC has fallen 71% since its peak in December 2017.

When the bottom of the decline was reached back in August 2015, BTC would then continue to gain in value, from $203, for 28 months till its recent peak of $20,000 witnessed in December last year. This was a magnificent run that was 9,800% in gains in that time period.

In conclusion, the current BTC and total crypto market decline is normal for it has been witnessed before in the past. What remains to be seen, if we have reached the bottom of the decline in preparation of an upward trend for the next several months.

Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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CoinMarketCap Says Data Glitch Boosted Its Crypto Price Numbers

A CoinMarketCap “data issue” caused significant artificial inflation of several coins listed on the platform on Friday, with some prices inflated by nearly 1000 percent.

While bitcoin’s price spiked 12 percent on the crypto data site, other coins saw more drastic increases. The price of aeternity, the eighth most valuable cryptocurrency, increased more than 951 percent, while MOAC increased by 905 percent and bitcoin diamond saw and 876 percent jump on the site. The site’s exchange tracker feature was also affected, and falsely indicated that bitcoin was trading above $73,000 on some exchanges.

While crypto Twitter speculated about potential price manipulation, bugs and hacking, CoinMarketCap told CoinDesk that the inflation was caused by a data error.

“There was a price calculation error on tether which caused any listing with a tether market to become artificially inflated,” marketing vice president Carylyne Chan said in an email.

While most of the data appeared to have normalized at press time, the 24 hour change percentage for VeChain’s VET token was listed as a question mark and its price graph was unavailable on the home page. The VeChain page also had no historical data listed.

The popular analytics platform has promised to release a “post-mortem” with further details in the near future.

The data error comes just two days after CoinMarketCap launched a new professional-level and fee-based API, including an updated exchange ranking page and the addition of derivatives markets to the site. In July, the site said it planned to introduce new filters and ranking metrics to address what it called “concerns” over fake volume figures.

CoinMarketCap image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Bitcoin Price Dips Below $7,400 Amid Futures Volatility, Eyes $7,000 Support

Bitcoin (BTC) dropped around 2 percent Friday, August 3, failing to find support to stay above the $7,500 barrier for the first time this week.

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Market visualization from Coin360

Data from Cointelegraph’s price tracker and Coin360 show a sudden dip downwards from $7,550 Friday, with BTC/USD trading around $7,363 at press time.

That figure marks Bitcoin’s lowest since the end of July, just after prices shot up from $6,100 in a matter of hours.

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Bitcoin weekly price chart. Source: Cointelegraph Bitcoin Price Index

Since that time, markets have rallied and fallen, with commentators keen to see if support around $7,000 can hold to sustain July’s gains.

Today’s move downwards accompanies temporary volatility at cryptocurrency exchange OKEx, which confirmed it had injected 2500 BTC in order to stabilize impending futures settlements. The crypto exchange added that it will add a new “anti-manipulation policy” on August 4 to avoid such incidents reoccurring at an even larger scale.

Bitcoin has traditionally seen downward pressure in the immediate run-up to futures contract liquidation from various operators.

In altcoin markets, Ethereum (ETH) managed to curb losses compared to Bitcoin, dropping around 1.1 percent in the 24 hours to press time and currently trading around $409.

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Ethereum weekly price chart. Source: Cointelegraph Ethereum Price Index

Bitcoin Cash (BCH) fared worse, losing around 5 percent over a 24 hour period and trading around about $713 to press time.

Altcoins Stellar (XLM) and Cardano (ADA) are also seeing lows among the top ten coins listed on CoinMarketCap, down around 7 and 3 percent respectively on the day and trading for $0.25 and $0.13 by press time.

Total market cap is below $262 billion by press time, a value last seen on July 16.

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Total market capitalization weekly chart. Source: Coinmarketcap

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CoinMarketCap Launches 'Professional' Paid API For Developers and Funds

Crypto data tracker CoinMarketCap.com (CMC) has launched a professional, paid API targeting developers and funds, according to an official announcement published August 1.

The new product, dubbed CMC Pro, aims to serve as a key “pipeline” that will provide accurate and differentiated data for developers and funds across crypto product prices, market capitalization, conversions, and trading pair data aggregated from multiple exchanges.

According to CMC’s announcement, the new features offered on CMC PRO come at a fee, and are tiered between “hobbyist” access that starts from $79 per month to a “professional” contract that starts from $699 per month. This latter option is marketed as “best for scaling crypto projects,” and extends the available historical data across a five-year time span.

CMC presents its new API as a response to the diversification of new crypto products as well as the rising number of institutional funds investing in the nascent industry. The project notes that the API has undergone a month-long beta testing phase by users before today’s launch.

The new API also tracks crypto-based derivatives markets, with support for futures, options and over-the-counter (OTC) exchanges.

Earlier this month, CMC announced its initial move to introduce major changes to its exchange listings method in light of concerns over skewed trade volume data. The site attributed the volume data issues both to the new “transaction fee mining” model that has recently been adopted by some exchanges, as well as to “artificial volumes” and so-called “wash trading” practised by certain actors in the space.

As it continues to rebrand its platform, five-year old CMC has seen spiralling growth, reporting over 60 million unique visits from Jan-May this year.

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Crypto Data Site CoinMarketCap Launches 'More Robust' API

CoinMarketCap, one of the most popular crypto data tracking websites, announced a new update to its API on Wednesday.

While a public API is already offered by CoinMarketCap, the new one will provide “additional endpoints, more calls, higher rate limits, exchange and market and historical data for the commercial tiers,” according to an email response to CoinDesk from Carylyne Chan, vice president of marketing at CoinMarketCap.

Chan said that the new professional API is a result of “a lot of inbound requests” of their data from developers and funds who were looking for a “more robust” API that can scale with their offerings.

The new API is now available at three off-the-shelf tiers, with costs ranging from $79 to $699. Once subscribed, developers and funds will have the ability to utilize CoinMarketCap’s data that it aggregates from hundreds of crypto exchanges.

“Our API comes with a best-in-class developer dashboard that will help every developer – from hobbyist to large-scale cryptocurrency product teams – make the most of our data,” Brandon Chez, founder of CoinMarketCap, said in a statement.

Aside from the much anticipated API, several other “highly-requested” new features have also been added to CoinMarketCap, including data from derivatives markets, a new exchange ranking system, a daily newsletter and an update to its iOS app.

“As our new product releases show, we are constantly updating so that we can help to grow adoption of cryptocurrency. If you also believe in what we want to achieve, we look forward to having you join our decentralized team around the world,” Chez said.

CoinMarketCap image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Digital Asset Trading Platform Unveils Plan to Share Revenue With Users

A digital asset trading platform says its “superior circulation capabilities” can help tokens thrive in the crypto world, through financial-level services that enable tokens to be issued more quickly.

BitForex claims that many of its rivals lack transparency when launching currencies — and their desire to maximize profits can act as a major obstacle when entrepreneurs are attempting to launch new digital currencies.

The company hopes to integrate the token economy into the real world quickly, as it believes this would “promote economic and social innovation.”

One stop shop for crypto users

BitForex says that its suite of services has already gained popularity in the crypto world, with an emphasis on customer service, strong security and a resilient technical infrastructure, as well as internationalization. At present, it offers transaction services for more than 100 types of cryptocurrency and plans to launch an ecosystem for digital asset derivatives, including option contracts and futures contracts.

It is also unveiling the BF Token, which is designed to allow revenue to be shared among BitForex users who trade on the platform. When the token goes live, the company says that this will be the main payment method for trading fees and any other costs that traders incur. It is hoped that this distribution system could see traders cover some — or even all — of their costs.

Although listing the BF Token on exchanges is described as a possibility in the future, BitForex is currently planning to list it exclusively on its platform, and the token is going to become available as soon as its Initial Coin Offering concludes.

Plans to become a market leader

BitForex has the ambition of becoming the world’s number one crypto asset exchange by December 2018, with CNBC recently estimating that the cryptocurrency market is going to be worth $1 trillion by the end of the year.

The company claims it has already soared through the ranks on CoinMarketCap — going from a ranking of 63 in May 2018 to being in the top 10 in July. BitForex claims it currently has more than 1.8 million users, with 15,000 new accounts being registered on a daily basis. Its team says the goal of becoming the market leader is “based on our proven growth history.”

When compared with other exchanges operating in this competitive market, BitForex claims it has amassed an “unfair advantage” through its staff — many of whom have previously worked for major organizations, including Microsoft, Tencent, Lenovo, the World Bank and Merrill Lynch. It says the pedigree of its workforce is what “explains such fast growth in such a short period of time.”

The company says all of its team members possess “deep experience” in blockchain and a passion to see the technology succeed. It claims that senior managers have more than 10 years’ experience in the financial sector, with at least seven years specifically related to the burgeoning blockchain sector.

A win-win ecosystem

BitForex says that its token holders will have the ability to participate in “exclusive airdrop activities,” and they will also enjoy voting rights.

The company’s headquarters is based in Singapore, and it is registered in the Republic of the Seychelles — with teams based in the Philippines, Germany, Estonia, Malaysia, Hong Kong and others.

Its white paper explained: “Currently, most digital asset trading platforms on the market have some problems, such as opaque currency mechanisms, single trading products, closed operations, etc. We believe that openness and co-governance will become the development direction for the digital asset trading platform industry.”

Bidding on BF Tokens is taking place from 12 p.m. to 5 p.m. Hong Kong time from July 27 to 30, with the final results being announced at 8 a.m. on July 31.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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Report: XRP’s Drop in Line with Other Crypto ‘Underscores XRP’s Independence from Ripple’

Ripple has released the second quarter 2018 report for its digital asset XRP today, July 24. According to the report, Ripple’s sales of XRP tokens were a “drop in the bucket” compared to the total XRP market.

Per the report, Ripple sold $75.53 million in Q2 in total. Of this amount, the company sold $56.66 million via programmatic sales, which amounted to 0.125 percent of Ripple’s $45.35 billion in sales during the whole second quarter.

Direct sales amounted to $16.87 million, carried out via Ripple’s subsidiary XRP II, LLC, a registered and licensed money service business (MSB).

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Q2-Q1 2018 XRP Markets Report Chart. Source: Ripple

The report stressed the low volatility of XRP in Q2, pointing out a 9.0 percent price decline in line with Bitcoin’s 8.2 percent drop.

Further, the report covered escrow activity, stating that 3 billion XRP has been released out of escrow contracts in Q2, while 2.7 billion XRP was put into new escrow contracts.

In Q4 2017, Ripple placed 55 billion XRP in an encrypted escrow account, meaning that the company can only access 13 percent of total XRP in circulation. Ripple noted that the 300 million XRP remaining out of escrow has been used to support the XRP ecosystem.

The report also mentioned some new participants to the XRP ecosystem in Q2, including micropayment application Coil, and content monetization platform SB Projects. Ripple noted that both new entrants are supported by Ripple’s venture initiative Xpring, which is responsible for partnerships with companies and projects “run by proven entrepreneurs.”

Regarding the overall market in Q2, Ripple emphasized XRP’s independence from Ripple itself. The report notes that the XRP token price decline was in line with the overall trend in crypto markets, pointing at the drop of total market cap of all cryptocurrencies from $603.7 billion in January 2018 to $254.7 billion by mid-year. The report notes that Ripple had its best quarter ever in Q2 in terms of customers signed:

“It’s also important to note that despite Ripple having its best quarter ever in Q2 — in terms of customers signed — XRP’s price continued to decline with those of other digital assets, underscoring XRP’s independence from Ripple.”

The third largest cryptocurrency by market capitalization, XRP touched its all-time high of $3.81 on Jan. 4, 2018. At press time, the token is trading at $0.46, falling almost 10 percent over the past week, according to Cointelegraph’s XRP price index.

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Ripple (XRP) price chart. Source: Coinmarketcap

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CoinMarketCap Commits To Transparency After Data Manipulation Worries

When you open up your browser what is the first thing you type?

For many enthralled with cryptocurrencies, it is often CoinMarketCap.com (CMC), a premier crypto statistics and price tracking site. The site quickly blew up last year in direct correlation with Bitcoin’s historical run-up, bringing thousands, perhaps even millions of new consumers into the industry.

According to CMC’s five-year anniversary post, the site has garnered over 60 million visits in the first half of 2018 alone, attesting to the fact that it has become an integral part of the cryptocurrency industry.

Despite holding a place that is near and dear to the hearts of many cryptocurrency enthusiasts, CMC has still been subject to harsh criticism from some skeptical players in this industry. This criticism has mainly taken the form of accusations of posting exchange data from platforms that promote wash trading or manipulation.

However, in a July 19th announcement, the CMC team stated that they “stand for data transparency and clarity,” and introduced a variety of new features to help combat falsified/fraudulent points of information alongside their statement.

Statistics Website Brings Falsified Exchange Data Issue To Light

The statistics service first opened up their announcement by stating:

In recent weeks, we have heard increasing concern around exchange volumes and rankings. There are three main concerns that have been brought to our attention, that have been skewing the perception of the data on the site

CMC went on to explain the three primary issues with exchange data today.

Firstly, the issue with fee-free or transaction mining exchanges. For those who are unaware, these exchanges use a fee structure model that rebates users with an exchange’s in-house crypto when transactions or trades are made. Although this may sound innocent enough, this can often encourage consumers to trade cryptocurrencies back and forth with themselves, creating volume artificially.

Secondly, CMC pointed out that low fee exchanges promote their extremely minimal fees to help spark trading activity. While this normally isn’t a problem, for users of CMC this isn’t made apparent when looking at exchanges on the statistics website.

Last but not least, artificial volumes or wash trading, which is by far the most dubious and complex problem with exchanges today. Due to the fact that CMC and other statistics websites list exchanges by volume, long story short, many questionable exchanges may enlist the help of bots or API manipulators to create artificial volume.

CMC’s Proposed Solutions To The Issues

However, CMC has proposed a plan to amend these issues. The site wrote:

Going a step further, we will be progressively updating our exchange rankings to be even more in line with our view that users should be given the power to experience and use the data in a way that fits their needs most.

CMC will now introduce new ways for site users to filter through data given by CMC, namely allowing filtering by volume data and by the fee structure of an exchange. Additionally, the site will introduce new categories of exchange data, such as the 7-day and 30-day volumes, to show if an exchange has consistent volumes.

It is clear that CMC is ready to make a step in the right direction, ensuring that they only have the best intentions when providing data for the cryptocurrency consumers.

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CoinMarketCap Announces Changes to Counter Fake Volume Concerns

The popular crypto data tracker CoinMarketCap is instituting changes in light of what it called “concerns” over fake volume figures.

In a blog post, published on July 19, the site said that it had already dropped a minimum volume requirement for exchanges listed on the site, a policy it said was originally pursued “in order to filter for more popular exchanges that could be listed on CoinMarketCap.”

The site also plans to introduce new filters and ranking metrics in a bid to give users “the power to experience and use the data in a way that fits their needs most.”

The announcement followed a post on CryptoExchangeRankings, which tackled the question of how relatively new exchanges were able to move up CMC’s volume rankings. “The issue of fake volumes on crypto exchanges is like a UFO: some people claim to witness it but there is no evidence and metrics to prove its existence,” the blog wrote.

CMC’s vice president of marketing Carylyne Chan wrote in the site’s post that it may show high trading volumes due to the way it gathers data from exchanges.

In particular, transaction mining, low fees and wash trading on the part of crypto projects might result in artificially high trade volumes appearing on the site.

Chan wrote:

“While we have a relationship with most of the exchanges listed on our site, there is no guarantee that any of them will respond or comply to any specific guidelines, but we have to continue showing users the best approximation of price and volume based on all the data we have available. The evolution of new models such as transaction mining also means that there needs to be new ways to account for volume. Compounding it is the fact that they are, in fact, enabling greater liquidity in the way that users are trading more readily on the platforms.”

CMC is designed around aggregating data sent to it by exchanges, and so the numbers on the site reflect “the best approximation of price and volume based on all the data we have available,” she said, explaining that “even though we try our best to verify the data with the exchanges on our site, we are not in the practice of censoring or policing others.”

That being said, she wrote, “we understand that these concerns are valid and have implications on the community and the impressions that people have about exchanges, even more than we are traditionally used to.”

Bitcoin price chart image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.