After Unprecedented Calm, Crypto Markets Falter with Bitcoin, Altcoins Seeing Red
Cryptocurrency prices were down across the board Monday, putting an end to two weeks of unprecedented calm for the digital asset market.
The combined value of all cryptocurrencies fell $6 billion to $203 billion, the lowest in over two weeks. Over that stretch, crypto-market values traded steadily above $209 billion, according to CoinMarketCap. At press time, the total market cap was worth $203.7 billion.
The declines were accompanied by a $2 billion spike in daily trade volumes, as global exchanges processed $11.5 billion in transactions on Monday. Trade volumes reached yearly lows last week.
With the exception of Tether (USDT), all major assets listed in the top-20 by market cap were down on Monday. The bitcoin price fell below the $6,400 support to reach $6,349. However, its share of the overall market improved to 54.1%.
Ethereum drifted below $200, falling 3.2% to $197. XRP fell 3.5% to $0.441. Bitcoin cash shed 4.5% to trade at $418.
In terms of percentage losses, Litecoin and Tron were the worst performers among the majors. Each fell more than 5%, based on latest available data. Litecoin was last seen trading at $49. Tron’s TRX token was valued at $0.022.
Coincheck Business Takes the Plunge
Cryptocurrency exchange Coincheck reported a sharp drop in revenue last quarter, underscoring the firm’s ongoing struggles following a high-profile hack at the beginning of the year. The company, which was acquired by exchange operator Monex Group in April, posted a 66% revenue decline in the third quarter. The results were part of Monex Group’s quarterly earnings report, which was released on Monday.
Coincheck generated 315 million yen ($2.8 million U.S.) between July and September, down from 942 million yen ($8.4 million) in the second quarter.
The exchange fell prey in January to a high-profile security breach that wiped out more than $500 million in NEM tokens. It remains to this day the largest single exchange hack ever in Japan, which prompted an immediate response from government and industry.
Fortune reported on Monday that digital currency exchange Bitstamp has been acquired for an undisclosed amount by NXMH, a Belgian investment firm. The deal is the latest in a flurry of mergers and acquisitions in the blockchain market.
The Belgian firm has reportedly acquired an 80% stake in Bitstamp, a deal rumored to be worth as much as $400 million. The exchange is expected to retain CEO Nejc Kodric as well as its 180 employees.
As of Monday, Bitstamp was the world’s 29th largest exchange by adjusted daily volume. The platform processed $53 million worth of transactions over the last 24 hours, according to CoinMarketCap.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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