Market report (Wed, Sept 12th, 2018): Bad news covered the market

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The dark clouds seem not to be fading away on cryptocurrencies.

Cryptocurrency market has suffered another descending movement in the last 24 hours. Most of cryptocurrencies has been diving in the red as seen on the market visualization by Coin360.io.

cryptocurrency market report, cryptocurrency, stellar, tether

Infographics on cryptocurrency market by Coin360.io

According to data reported by Coinmarketcap, only 2 out of 20 top cryptocurrencies by market cap recorded an increase in their prices. Following the indication of the regular bullish divergence signal, Stellar (XLM) surged up 10% to the high of $0.21 then retreated to the current price of $0.20. Meanwhile, Tether (USDT) marked a 0.2% increase.

cryptocurrency market report, cryptocurrency, stellar, tether

Stellar (XLMUSD) H4 chart on September 12th, 2018

 

The pressure which has dragged down the whole market has also driven total market capitalization to a record low. As of press time, the reading was at $190.3 billion, the lowest point since last November.

cryptocurrency market report, cryptocurrency, stellar, tether

Total market capitalization by Coinmarketcap

Reported early yesterday by the local news outlet Sina News, Star Xu, the founder of the top 2 cryptocurrency exchange OKEx, was arrested in China due to a suspicion that he was related to a fraudulent scheme involving WFEE Coin - a company which Xu joined as a shareholder.

In the meantime, Wechat - the top social media platform in China - announced that they officially banned Bitmain’s official sales channels, as well as other accounts accused of promoting “hype news” surrounding cryptocurrencies and initial coin offerings (ICOs).

Elsewhere, in the U.S., Financial Times reportedly cited that crypto fraud allegations can be covered by the U.S. security laws, according to a statement released by Judge Raymond Dearie - a United States District Judge of the United States District Court for the Eastern District of New York.

Written by nami.today

 

 

 

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