Heavily impacted by the 2% drop in the price of Bitcoin (BTC) over the past few hours, B Cash (BCH), Ripple (XRP), and Ethereum (ETH) fell by more than 4%, recording a steep decline for the first time since early October.
As per Einstein Exchange, BCH and EOS recorded a more precipitous drop in comparison to other major cryptocurrencies, as the two assets often reflect the movement of smaller digital tokens during a market downtrend.
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While the state of the market usually depends on the speed of BTC’s recovery, crypto analysts generally believe that the market will initiate a fast corrective rally in the days to come, particularly because the sell-off of major assets were triggered without a large spike in volume.
However, the sell-pressure on most digital assets remain less intense than in August and September, which could be an indicator that the market is set to rebound relatively quickly in the short-term.
Total market capitalization of all cryptocurrencies has slid to around US$203.6 billion as of press time. Since its interweek peak at $211.1 billion Oct. 24., the market had held around or just below the US$210 billion mark for much of the week before today’s tumble.
Canadian Crypto Exchange Suddenly Shuts Down
A small Canadian cryptocurrency trading platform drew ire from investors over the weekend for its sudden departure.
On Sunday morning a lesser-known crypto exchange called MapleChange revealed that it had apparently fallen victim to a hack, resulting in a loss of consumer-owned funds. The platform in question took to Twitter to explain that “due to a bug,” an unnamed group of individuals managed to withdraw funds, adding that it is conducting a “thorough investigation” and will be unable to make refunds.”
Joseph Young, a cryptocurrency investor, analyst, and contributor to Forbes stated:
“A small crypto exchange pulled off an exit scam, taking all customer funds. There is no incentive for using small exchanges. Use established exchanges that are regulated, & transparent. Small exchanges also focus on maximizing profitability, not security or investor protection.”
MapleChange’s messaging changed somewhat throughout the incident, at first tweeting that they had “no more funds” to pay anyone back, then saying investors could private message the account with their email the amount they were missing and where to withdraw it.
Stay tuned.
