CoinMarketCap Update Causes Panic Selling

Tweet of the day: Frank Chaparro

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Yesterday at 05:00 UTC CoinMarketCap removed the Korean exchanges from their price feeds, as the Korean markets had large volumes and over 30% premiums on many of the top coins this caused an instant drop of around 10% in the total cryptocurrency marketcap. This led to greater panic selling and a low of $680 billion which was reached in a matter of hours.

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Some Twitter users went as far as to accuse CMC of market manipulation:

 

Bitconnect given Cease and Desist

On Jan 4th, the Texas Securities Commissioner (TSC) signed an Emergency Cease and Desist Order to stop Bitconnect from operating. Many high-profile figures in the cryptocurrency space have publicly stated that they strongly believe Bitconnect is a scam operating some sort of Ponzi scheme. Charlie Lee, Vitalik Buterin, Erik Voorhees and various others have stated on Twitter their suspicions on Bitconnect.

This video of a Bitconnect conference draws some similarities between the conferences of HerbalLife, a nutrition supplement company. Bill Ackman - CEO of PerishingSquare holdings - famously still holds a public $1billion short position on the thesis that herbal life is a ponzi sheme that will collapse.

As always, there are many in the crypto space that just don’t believe in bad news:

TRON's dubious whitepaper

TRON (TRX) has managed to rapidly find its way into the top 10 cryptocurrencies by market cap and climbed to spot number 6 with a $20 billion valuation. The speculation has drawn a lot of criticism particularly for its blatant plagiarism from other projects and whitepapers:

Reddit user rockyrainy put it best with this post “I just read Tron's whitepaper. It raises more Red Flags than a Worker's Parade inside the Soviet Union”.