$17 Billion Wiped Off As Market Crashes And Bitcoin Trades Below $7,300

The State Of The Market — October 10, 2018BTC: $6,260.24 (-4.69%)ETH: $198.67 (-12.16%)XRP: $0.4009 (-14.32%)

After weeks of stability and low volatility, the crypto market crashed today, wiping out more than $17 Billion in a few hours. Bitcoin went from $6,600 to $6,271.57, losing 4.53%. Ethereum and XRP suffered bigger losses, with Ethereum going below $200 once again. In fact, most cryptocurrencies saw double-digit losses today. Some analysts speculate that today’s crypto market crash was a result of wider losses sustained on the global markets in Asia, Europe, and the US.

In other news, Harvard, MIT, and Stanford have all jumped on the Crypto Bandwagon by investing in cryptocurrencies. Just last week, Yale University revealed that it had invested in a $400 Million Crypto fund. Also, according to Chainalysis Crypto Whales are responsible for stabilizing the market, and not crashing it.

1) The government of South Korea will decide whether to allow initial coin offerings (ICOs) in the country in November, according to a top-level official. Speaking at the National Assembly’s annual audit on government actions, the head of the office of government police coordination Hong Nam-Ki told lawmakers that the country’s regulators have been assessing the issues in the recent months. Hong reportedly said the country’s market watchdog, the Financial Services Commission (FSC), has been surveying ICO’s since September and will make a decision in November based on the findings at the end of October. (Read More)

2) According to Bitfinex shareholder Zhao Dong, the exchange does not have a partnership with HSBC. While they no longer work with Noble Bank, they do not have a partnership with HSBC either. Dong said the funds have been moved to a ‘safer bank’ without disclosing the name of the bank. He said it was to avoid scrutiny from U.S financial regulators. Tether and Bitfinex have only $66.78 left in Noble Bank now. (Read More)

3) Ethereum co-founder Vitalik Buterin has made his Ethereum holdings public. NYU economist and crypto critic Nouriel Roubini, also known as Dr. Doom went on a rant against Ethereum today. He said Ethereum creators, including Vitalik Buterin and Joseph Lubin scammed everyone by pre-mining Ethereum. He continued that they stole 75% of Ethereum supply, making them instant Billionaires. In response, Vitalik tweeted his Ethereum wallet address, which has 365,003 ETH (approx. $74 Million) and $100,000 worth of OmiseGo (OMG). Vitalik also added that he never held more than 0.9% of all ETH at any point, and his net worth never came close to $1 Billion. (Read More)

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