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Top Losers: Binance hack costs market $4 billion as prices of BNB, Cardano [ADA], Ethereum [ETH] fall

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Top Losers: Binance hack induced bear brings down BNB, Cardano [ADA], as market loses $4 billion
Source: Pixabay

Following one of the world’s largest cryptocurrency exchanges, Binance, suffering a hack that cost $40 million in BTCs, the market took a significant hit. The collective market lost $4 billion in a matter of hours, since news of the hack first broke out.

Unsurprisingly, the cryptocurrency that suffered the most was the exchange’s native token, Binance Coin [BNB]. Since BNB’s performance is directly tethered to the operations of its exchange, Binance Coin was the biggest loser in the coin market. Previously, the coin had broken its all-time-high on the back of the Binance DEX launch.

After reaching $24 last week, the coin saw a consistent decline. Following the hack, the coin dropped by 8.56 percent to $19.97, in two hours. With rumors of a possible re-org, which have since been denied, the coin’s price saw waves of movement, before settling on its press time price of $20.89, a 6.62 percent dip against the Dollar over 24 hours.

The market cap of the coin saw a whopping $200 million drop, plummeting to $2.81 billion. Since then however, the native token managed to regain a little over $130 million and was valued at $2.94 billion, at press time.

Binance took the top-two spots in terms of global BNB trade volume, with the BNB/USDT and BNB/BTC trading pairs accounting for 23.36 percent and 15.94 percent of the total volume.

Source: Trading View

Given the dominance of the exchange, a slew of coins was brought down by the Binance hack. Cardano [ADA] recorded saw a 5.17 percent decline in price, dropping to $0.062 in a matter of hours. With the immediate bears backing off, the cryptocurrency however, managed to climb up to $0.0643. The ordeal saw Cardano lose over $70 million in market cap, with the same standing at $1.67 billion, at press time.

Ethereum [ETH] and Stellar Lumens [XLM] also showed notable drops. The top altcoin declined by 3.78 percent over 24 hours, following a massive 10 percent price pump owing to a rumor about the CFTC “being comfortable” with Ethereum futures contract. XLM also fell by 3.74 percent.

The only shining light in the top-15 was Justin Sun’s Tron [TRX], which saw a price incline of 2.54 percent on the back of Sun’s offer to help out the hacked exchange in this dark time.





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TRON & XRP: Market oscillation subsides as resolute bulls take over; rationality over rewards?

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TRON & XRP: Market oscillation subsides as resolute bulls takeover; rationality over rewards?
Source: Unsplash

A mere sighter of the bullish swings within the cryptocurrency space suggests that bulls are temporary; upswings don’t last and market oscillations are a part of normalcy. The cryptocurrency realm’s relationship with bulls is an affair, not a romance, but if one were to go by present market movements, they would think love is in the air.

Since the beginning of the second quarter of 2019, the bulls have blessed the cryptocurrency market, pushing Bitcoin’s price from $4,000 to its current price of $9,150. Even with such a sharp turn for the better, there have been no steep falls, no hairpin bends, and no cliffs along the way.

The price chart for the collective market has been on the up-and-up, with even the worst of pullbacks not halting the bullish march. On the flipside, even positive isolated news for certain coins in the market have not resulted in major rallies. Rather, a calm sober sway up the price path is noticed. Two key tell-tales of this nonchalant, oscillation-less movement up the charts are Tron [TRX] and XRP, each with their own set of buoyant news.

Justin’s Sun’s Tron, on the back of yet another one of Justin Sun’s marvelous marketing masterpieces, was firmly at the centre of the cryptocurrency world, until Libra stole its thunder. However, the humdrum was not due to another Tesla half-kept promise, but due to him winning a charity auction for a lunch-date with none other than the Oracle of Omaha, Warren Buffett.

TRX peaked at $0.041, following the announcement of the lunch date between the investment tycoon and Sun. However, the current price is not a far cry from the aforementioned high. At press time, the 12th largest cryptocurrency in the market was trading at $0.033 and the plummet between the two price points was $0.029, implying the fact that the news did not have any larger implications on the Tron ecosystem or TRX itself.

Source: Trading View

XRP, the bank coin, also did not see a massive pump or dump following the announcement earlier this week. Ripple, the altcoin’s parent company, invested $50 million in MoneyGram, as the price of the coin spiked to $0.454 from $0.428. However with context, this pump pales in comparison to previous XRP spikes owing to announcements from the likes of Coinbase and Nasdaq, further acknowledging the fact that sober, and not erratic bulls, now dominate the cryptocurrency market.

Source: Trading View

Dovey Wan, Founding Partner at Primitive Ventures, attested to the “steady and solid” rise of the market, citing TRON and XRP. She tweeted,





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