The crypto-markets are in the red, save for two assets: ZCash (ZEC) and Loopring (LRC). ZCash is currently trading at $363 and up less than a percentage point in 24 hours. ZEC has only gained 0.24% in the last 24 hours, but this is still a gain in the current turbulent market. Loopring (LRC) is currently valued at $0.703 and up 5.14% in 24 hours.
With respect to the ‘big’ coins, they are not doing that well this morning.
Bitcoin (BTC) is down 4.38% in 24 hours and currently trading at $8,400. Ethereum (ETH) has climbed briefly above $700 and is currently trading at $707 and down 3.68% in 24 hours. Ripple (XRP) is currently valued at $0.70 and down 6% in 24 hours. Bitcoin Cash (BCH) is down 9.18% and currently trading at $1,302. EOS is also down and by 11% and currently trading at $12.60. Litecoin (LTC) is currently trading at $139 and down 4.67% in 24 hours. EVERYTHING IS IN THE RED!
So what exactly is a happening?
With respect to Bitcoin (BTC) and the general crypto markets, two factors are at play. The first one is the recent raid at popular South Korean exchange, Upbit, by South Korean authorites over allegations of fraud in the form of falsifying the trading data/books at the exchange. The exchange is also facing accusations of suspicious transfer of funds between the exchange wallet and those of top executives at the exchange. Upbit has since released its own internal audit to dispute these allegations and continues to carry out trading.
The second factor affecting the markets is the alleged dump of over 8,000 BTC by the Mt. Gox trustee. The Mt. Gox exchange filed for bankruptcy back in 2014 and has since come to an agreement with the courts, to liquidate its assets to pay off debtors. The trustee of the exchange bears sole responsibility of doing this.
With respect to Zcash, the privacy centered coin that has been praised by even Edward Snowden, is enjoying good times as the Gemini exchange owned by the Winklevoss Twins. The famous twins announced that they will be listing ZEC on the exchange and it will have its own trading pairs. Fully functioning trading on the Gemini exchange will begin on the 22nd of May and this has excited the demand and interest of ZEC.
The stellar performance by Loopring (LRC) is being brought about by the token being listed on Bithumb only today. The announcement was made via Medium.com by Daniel Wong who is a founder at the Loopring Foundation. Bithumb is the most popular crypto exchange in South Korea and is currently ranked sixth on coinmarketcap.com. The exchange is currently doing $789.53 Million in daily trade volume at the moment of writing this.
In conclusion, the markets have resumed to a pattern that was seen late last week with a lack of sustained volume even with the Consensus Summit that is ongoing in New York. The only options for a seasoned Crypto-enthusiast is to keep HODLing or look for a suitable entry point to buy some more of their favorite token or coin in the markets.