Check out last week’s digest on crypto market changes, top 3 cryptocurrencies stats and the most notable cryptocurrency news.
Accusations against Bitfinex, launch of Binance DEX and Indian government’s possible intentions to ban crypto are last week’s hot topics. Hope you find our digest helpful and as usual – happy crypto trading!
Cryptocurrency Market Stats
News about Bitfinex and Tether caused a rapid decrease of crypto market capitalization. As a result, the market lost almost 5% of its value.
|Stat||Value (7d change)|
|Market Cap||$170 874 722 488 (-4.72%)|
|Markets||18 002 (+1.11%)|
|Cryptocurrencies||2 140 (+0.52%)|
|BTC Dominance||54.6% (+3.8%)|
Major Coins’ Price Stats
The week was bearish for top cryptocurrencies, however Bitcoin’s loss is insignificant compared to Ethereum and XRP.
|Coin||Close||7d Gains||7d High||7d Low|
|Bitcoin||5 285.14||-0.55%||5 642.04||5 177.37|
Quote of the Week:
Attorney General Letitia James: “New York state has led the way in requiring virtual currency businesses to operate according to the law. And we will continue to stand-up for investors and seek justice on their behalf when misled or cheated by any of these companies.”
In Case You Missed It:
- New York Attorney General Letitia James’ office has alleged that cryptocurrency exchange Bitfinex used Tether reserves to cover up missing $850 million. As said, iFinex Inc., operator of Bitfinex and owner of Tether Limited, no longer has access to over $850 million handed over to Panamanian firm Crypto Capital Corp without any written contract. This loss was never revealed to investors and “in order to fill the gap, executives of Bitfinex and Tether engaged in a series of conflicted corporate transactions whereby Bitfinex gave itself access to up to $900 million of Tether’s cash reserves”.
- The world’s largest cryptocurrency exchange Binance has launched its decentralized trading platform Binance DEX ahead of the planned schedule. Users can already create wallets and access tools like Binance Chain Explorer, public data nodes and APIs. Binance Coin (BNB) has migrated to a native BEP-2 Binance Chain standard. It will be used to assist network transactions.
- Indian government has renewed talks about complete ban on the issuance and trading of cryptocurrencies. Several departments including Department of Economic Affairs (DEA), the Central Board of Direct Taxes (CBDT), the Central Board of Indirect Taxes and Customs (CBIC) and the Investor Education and Protection Fund Authority (IEPFA) supported the idea of banning crypto according to the officials.