Crypto Market Recovers after Weekend Crash

Journalist:
July 18, 2017

Bitcoin and Ethereum prices plunged more than 25-30% Sunday morning. Bitcoin alone lost some $10 billion in market cap due to the crash. However, Monday morning the markets recovered 30-40%. Meanwhile, concerns regarding a potential hard fork on the Bitcoin blockchain platform linger. On August 1st, Bitcoin improvement proposal 148 (BIP148), which is intended to allow the Bitcoin network to scale more efficiently, is scheduled to be activated. However, if the majority of developers don’t agree on the proposal, Bitcoin could split into two, or more, separate cryptocurrencies. As of today, about 43% of bitcoin’s mining power is signaling for the change.

Ethereum has been making an exponential comeback after the crash seen over the weekend. The digital currency tumbled about 25% to a low of $149.6 per Ether, but has recovered since, and is currently trading around $190.

In total ethereum was down 60 percent at it’s lowest point, from its record high of over $400. The currency has had a remarkable year, after an exponential rise to $410 in June.

Hacker Steals $7 Million Worth of Ethereum

During the ICO (Initial Coin Offering) for CoinDash – an unknown hacker took over the company’s official website three minutes after its launch and modified the Ethereum wallet address for an hour, according to CoinDash’s official statement. Over the course of the hour, the ICO generated around 43,000 Ethereum ($7.8 million).

In their statement, CoinDash has agreed to issue tokens to almost all the investors who sent money to the hacker’s wallet: “CoinDash is responsible to all of its contributors and will send CDTs [CoinDash Tokens] reflective of each contribution. Contributors that sent ETH to the fraudulent Ethereum address, which was maliciously placed on our website, and sent ETH to the CoinDash.io official address will receive their CDT tokens accordingly. Transactions sent to any fraudulent address after our website was shut down will not be compensated.”

This article was first posted on Etoro.com/blog, a Premium Trading Partner.

Last modified (UTC): July 18, 2017 17:53