Did the era of the Dogecoin, the most famous cryptocurrency, come to its end, or it is just a calm before the storm? Let’s find out!
Digital coins head south
On Monday, digital coins slipped with no distinct driver. Meanwhile, the US cabinet returned stolen Bitcoin in one of the several rare examples of thieved crypto assets being recovered.
Evidently, Bitcoin slumped by about 8% concluding the trading session at $3,800.50 on the Investing.com Index. The number one digital coin gave up all the profits it had earned for the last week for several minutes.
In general, the overall market capitalization of crypto assets went down to $129 billion in contrast with Sunday’s reading of $142 billion.
As Ethereum, the number two digital coin, its market value went down by 17% coming up with a result of $137.51. XRP tumbled by 10% ending up with $0.3008. Besides this, Litecoin hit $44.70, losing 16%.
American federal law agencies returned 27.7 Bitcoin, which were thieved from Bitfinex in August 2016. Up to 120,000 bitcoin, worth nearly $72 million, were thieved when the exchange was attacked by hackers.
Bitfinex told that the given amount in Bitcoin is going to be converted to cash and then distributed to up to 5,000 users affected by that hack.
The Bitfinex hack turned out to be one of numerous key thefts, such as Mt. Gox in 2014 as well as Coincheck in 2017, which contributed to investor fears about the security of crypto exchanges.
The previous year, about $950 million worth of crypto assets were thieved, as US-based cybersecurity company CipherTrace uncovered in January.
In addition to this, on Wednesday, South Korean exchange Coinbin that took over the hacked platform Youbit, came up with an application for bankruptcy. In fact, the company owns customers about $30 million. What’s more, it’s on the verge of going out of business because of money laundry by a senior executive.
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Ethereum crossed $3000 recently and is aiming at $3500 already. Is it taking over Bitcoin's place?
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
Every week we expect many interesting events that can shake the market.