Crypto Roundup – “Only Criminals Will Use Fiat Money” & Cryptos Need Not Be Clearly Defined Under Current Regulations

  • Six coins from the top 10 coins by 24-hour volume posted negative changes, ranging from 0.90% to 2.57%
  • Billionaire Tim Draper: Only criminals will use fiat money, as cryptos will hit mainstream in next few years
  • Russian Minister: Cryptocurrencies need not be clearly defined under current regulations

MVIS CryptoCompare Top 100 IndexThe MVIS CryptoCompare Top 100 Index has raised 2.29% in the last 24 hours to 1,216.69

Six coins from the top 10 coins by 24-hour volume posted negative changes, ranging from 0.90% to 2.57%. Billionaire Tim Draper: Only criminals will use fiat money, as cryptos will hit mainstream in next few years. Russian Minister: Cryptocurrencies need not be clearly defined under current regulations.

Top 10

CryptoCompare Top 10 Coins

Six coins from the top 10 coins by 24-hour volume posted negative changes, ranging from 0.90% to 2.57%. QTUM ($2.11) showed a loss of 2.31%, followed by Ethereum CLassic ($4.58) that posted a negative change of 2.14%. Bitcoin Cash ($142.67) represented a negative change of 1.78%. ZCash ($55.15) showed a loss of 1.04%, while Binance Coiin ($11.16) and Litecoin ($48.68) revealed gains of 14.70% and 2.42% respectively.

BTC

Bitcoin BTC/USD CryptoCompare Chart

At the time of writing, the Bitcoin price is sitting at $3,943 representing a gain of 0.45% in the last 24 hours. More than 245 Mln worth of BTC were exchanged in the BTC/USD market representing a 14.10% share of the global daily volume. The BTC/USDT pair represents a 67.09% share.

ETH

Ethereum ETH/USD CryptoCompare Chart

The Ethereum price posted a negative change of 1.81% over the past 24 hours and is currently sitting at $145, with over $110 Mln worth of Ether exchanged in the past 24 hours on the ETH/USD pair, which has a 7.39% market share of the daily trading volume. The ETH/USDT pair represents a 47.61% share.

EOS

EOS EOS/USD CryptoCompare Chart

The EOS price is sitting at $3.8 representing a positive change of 4.11% in the last 24 hours. More than $35 Mln worth of EOS were exchanged in the EOS/USD market representing a 2.99% share of global daily volume. The EOS/ETH pair represents a 39.16% share.

XRP

Ripple XRP/USD CryptoCompare Chart

The XRP price has dropped 3.96% over the past 24 hours and is currently sitting at $0.32, with more than $25 Mln worth of XRP exchanged in the past 24 hours on the XRP/USD pair, which has a 5.75% market share of the global daily trading volume. The biggest XRP pair is the XRP/USDT pair, that represents a 30.32% share.

Net Outflows Despite Bitcoin Spike; Court Grants Bitfinex Motion; Poloniex Cuts Altcoins From U.S. Customers

Leading the crypto headlines over the past 24 hours: reports emerged there were more investors cashing out, than in, during the huge crypto price spike this week; Bitfinex had their motion to modify an injunction from the Attorney General granted; and Poloniex made the decision to disable nine altcoin markets for U.S. customers.

The market-wide price rally came to an abrupt halt overnight. At the time of writing, bitcoin (BTC) and ether (ETH) are trading at $7,297.9 (-8.7%) and $239.9 (-8.1%), respectively. Additionally, the MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 3,698.1, a 4.9% rise over the past 24 hours.

Investors Cashed Out Whilst Bitcoin Spiked, Blockchain Data Startup Finds

Despite the substantial price rises seen in the cryptocurrency market this week, there has been more money leaving the market than entering it. That is according to London-based blockchain data startup, TokenAnalyst, who told Bloomberg it estimates withdrawals from trading platforms including Bitfinex, BitMEX, Binance, and Kraken exceeded inflows by roughly $622 million over the past five days.

For Bitfinex in particular, it’s seen customers withdraw more than $1.7 billion worth of bitcoin and ether since April 26, a day after the Supreme Court of New York received a legal petition filed by the New York Office of the Attorney General (OAG). This filing alleged Bitfinex lost $850 million and subsequently used funds from affiliated stablecoin operator, Tether, to hide the shortfall.

New York Supreme Court Grant’s Bitfinex’s Motion to Modify Injunction

Speaking of the OAG’s allegations against iFinex – the parent company of Bitfinex and Tether – yesterday saw the Supreme Court of New York grant Bitfinex’s motion to modify an injunction from the OAG.

According to an announcement by Bitfinex, the “court’s order allows Bitfinex and Tether to continue their normal business activities.” Additionally, the order also states the original injunction by the OAG will expire in 90 days and that any motion to renew will be the responsibility of the OAG.

Poloniex Cuts Off U.S. Customers From Nine Altcoins

U.S.-based crypto exchange Poloniex announced it had chosen to disable the trading of nine altcoins for customers residing in the U.S. The nine altcoins were: Ardor (ARDR), Bytecoin (BCN), Decred (DCR), GameCredits (GAME), NEO Gas (GAS), Lisk (LSK), Nxt (NXT), Omni (OMNI), and Augur (REP).

Poloniex, which was acquired by fintech startup Circle last year, told customers a lack of regulatory clarity in the U.S. was the reason for their decision. Specifically, the crypto exchange explained “it is not possible to be certain whether U.S. regulators will consider these assets to be securities.” Poloniex emphasised the fact the nine altcoins will remain available for trading to customers outside the U.S.