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12 June

By Ahmed Mamdouh

Category: Cryptocurrencies

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Cryptocurrencies continue to trade in red, yet ETC climbs 25%

Some of the major cryptocurrencies snapped some of the sharp losses incurred over the weekend on the back of a major hack to a crypto exchange in South Korea.

While the hacking had resulted in a loss of nearly $40 million and Coinrail accounts for just 5 percent of the total trade volume in South Korea, it seems that the incident shacked investors’ confidence in the security of the digital market.

All top 100 major cryptocurrencies fell on June 10 after Commodity Futures Trading Commission (CFTC) has launched a probe into four major crypto exchanges.

Overnight, the total market capitalization shed $25 billion, where the total market cap currently stands at $299,872,678,639, according to CoinMarketCap. That’s a sharp drop from a top of $349,654,000,000 recorded on June 7.

The Bitcoin traded 0.18% lower at $6,775.73, Ethereum sagged 1.43% to $524.75 and Ripple lost 0.35% to $0.578.

Ethereum Classic, however, gained 15% after climbing by 25 percent following the news that it is being added to Coinbase's trading options.

Ahmed Mamdouh

Ahmed Mamdouh is the head of the English Fundamental Analysis at D1stp.com, with 9 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from The American University in Cairo and a Bachelor Degree in Economics from The Faculty of Economics and Political Science, Cairo University.