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10 July

By Ahmed Mamdouh

Category: Cryptocurrencies

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Cryptocurrencies continue trading in red after $13.5m theft

Cryptocurrencies continued to trade in red on Tuesday after Israeli start up said $13.5 worth of digital tokens were stolen, reigniting concerns about the safety of crypto trading and conversion.

Cryptocurrency conversion platform Bancor said it was hacked and lost $12.5 million worth of Ethereum and $1 million worth of a token named Pundi X.

The total market capitalization plunged 3.5 percent or nearly $10 billion to $262,474,050,882, according to CoinMarketCap.

Ethereum tumbled 5.15 percent and Bitcoin fell 1.93 percent, where EOS reported the biggest loss among the top 10 cryptocurrencies with 11 percent plummet.  

EOS has edged down 65 percent over the past two months and has recoiled 17 percent since last Tuesday.

Bitcoin Gold, however, saw an 8.05 percent increase and Tezos augmented 5.14 percent.

The trade volume has surged from $11 billion to $13 billion, providing clues that a small rally could be forthcoming.

Despite the fall to $6,640, some analysts still believe the Bitcoin would climb towards $7,000 this week.

The People’s Bank of China said in a report it has reaped the fruits of the crackdown on cryptocurrencies, as yuan meanwhile accounts for less than 1 percent of global Bitcoin transactions.

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.