The media in recent days because washed with the news of the Bitfinex IEO of $1 billion amidst it’s several lingering scandals as well as the infamous Binance hack and the talk of the Bitcoin Blockchain Network Reorganization.
While the CEO of Binance CZ later dropped the idea of reorganization, the Crypto Twitter irked their dissatisfaction and disappointment on the CEO.
As with every new whether good or bad, the market always respond. Since sentiments drives the market, one would courageously have said the market would tank with the bad new of Binance hack.
As at Press Time, According to data from Coinmarketcap, Bitcoin is currently seeing almost 3% green at a price about $6100 at a market capitalization in excess of $100bn.
As Bitcoin shines other Cryptos are in gloomily in red with the second largest Cryptocurrency the Ether (ETH) trading at $167 posting a 0.91% loss with capitalization of $17.79bn and a volume of $6.46bn.
XRP is currently at -1.23% at a volume. E of $861.14bn. EOS and LTC are both I’m -1.36% & -1.41% respectively.
Bitcoin Cash BCH is currently at a 1.77% red with a capitalization of $4.96bn. Of the top ten cryptocurrencies in Coinmarketcap, BNB is the only asset seeing high losses of 8.97% at a price of $19.21%.
As one of the most powerful Exchange tokens, the hack of on the 7th of May 2019 must have greatly impacted the price of the token tearing down the gains it had accumulated over time especially during the lottery system was adopted for IEOs on its Launchpad.
A day you can be enriched by Cryptocurrency and the next day, you could be worth zero. As Binance is one of the strongest exchange and has already reported it will cover the loss from its SAFU fund, we would probably see the BNB rebounding soon.
As BTC grows, altcoins could suffer more.