The cryptocurrency market is suffering through a major correction today. The entire market has just plunged below $400 billion, again. Yesterday, it was announced that Russia would be drafting up a law to criminalize using cryptocurrency as money. It’s unclear if this sparked the market’s decline, but Binance has caused a major hit to the market too. Some users reported via Reddit that the exchange had sold their altcoins at the market rate without their permission or notification.
The exchange took to the popular forum with a formal response saying, “We are investigating reports of some users having issues with their funds. Our team is aware and investigating the issue as we speak. Please remain patient and we will provide an update as quickly as possible.”
It seems that it may have been more of a technical problem, rather than someone hacking the system. Nonetheless, coins are stip dipping at alarming rates – when will it end?
The majority (59%) of trades that occurred with ADA within the last 24 hours, occurred on UpBit. However, Binance came in second at $26,215,300. Binance being the reason for the dip could still be true. Corrections occur and markets fluctuate, that’s only natural but hopefully, the latest news from Cardano can push its price back the other direction. An hour ago via Twitter (NASDAQ:TWTR), the Cardano community disclosed that the Cardano 1.1.0 software update was released.
At press time, ADA is trading at $0.246 a coin, down -14.60%, in 24 hours.
The majority of TRX’s trading has primarily occurred on the popular exchange within the last 24 hours. Over $110,000 has been traded on Binance in the last 24 hours, and could very well be a reason for the alarming dip. While major details of the technical error remain unclear, TRX had surged in price last Thursday following three large announcements. Many crypto investors are saying their coins got traded for Via coin, without their permission.
At press time, TRX is trading at $0.037 a coin, down -15.82%, in 24 hours.
VeChain Thor (VET) (VEN)
VeChain (VEN) trades on binance seem to the be the highest in the group, ranging around almost 83%. While the dollar figures within 24 hours are much smaller than the other coins, VEN took a huge hit within the last few hours.
This morning via Medium, the VeChain foundation announced its first ever third part decentralized application (dApp) that was built on VeChain Thor. This is HUGE news for the newly rebranded cryptocurrency. It remains unknown when VEN will switch to VET on the major indexes but the VeChain foundation is making some major moves.
At press time, VEN is trading at $4.04 a coin, down –15.67%.
Featured Image: Tau