Crypto Market Wrap: No Major Selloff in Wake of Binance Hack
Crypto markets pull back slightly; Bitcoin recovering, Ethereum back at support, Tron a rare green gain.
As expected crypto markets have pulled back a little as the news of the Binance hack reverberates around the globe this morning. Unlike in previous times, however, there has been no major dump and crypto market capitalization is still around its highest level for several months.
Bitcoin took a bit of a hit when the news broke that Binance had lost 7000 BTC to hackers. After spending much of the past day over $5,900 it dropped back 2.7 percent to $5,790 before starting an immediate recovery. At the time of writing BTC was trading at $5,880 less than a percent down on the day.
Ethereum took a bigger hit dropping 4 percent to fall back below $170 before a slight recovery back to it. The recent news of possible CFTC contracts approval has been forgotten and there was no push to new highs for ETH which may well drop back to support around $160 again.
The top ten is all red during Asian trading this morning, as to be expected after a major hack. The losses, however, are no greater than normal market action which has been going through the same cycles of green and red for the past month. As expected, Binance Coin lost the most falling below $20 for the first time in three weeks. BNB has since recovered a little but further losses are likely if the exchange needs to use this to cover losses.
Bitcoin Cash, Litecoin and Stellar have dropped around 3-4 percent each and Tron flipped Cardano temporarily being the only coin in the green. TRX has gained 2 percent on the declaration that Justin Sun would donate the lost funds back to Binance in USDT to buy more TRX or BTT on the exchange.
The top ten is also all red with Cosmos getting trounced 9 percent today. Tezos has also taken a big dive with loss of 8 percent and Monero and Dash are ditching over 4 percent each. An altcoin pullback has been expected so this is no surprise to anyone today.
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An obscure entry by something called Japan Content Token may be spurious but Coinmarketcap is claiming that JCT has spiked 50 percent to jump into 69th place in the charts. TrueChain is the third altcoin in double digits adding 12 percent today.
Cosmos is the biggest loser at the moment and the only one dumping doubles. Newton and Ark are not far behind with over 8 percent lost on the day.
Total crypto market capitalization has fallen back off its 2019 high yesterday to around $185 billion. The $4 billion dump is likely related to Binance but is no greater than any other market movement seen over the past few months and a recovery has already started. Bitcoin’s dominance continues to strengthen and is now at a new 2019 high of 56.3 percent.
Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
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