0.0390 s - время 42 - запросов

We use cookies in order to improve your experience while using our website. If you continue to use our site, you accept our Cookies Policy, revised Privacy Policy and updated Terms of Use.

BTC $ 4029.37257003 (1.64 %)
ETH $ 138.128183513 (2.16 %)
XRP $ 0.3080885305 (1.36 %)
LTC $ 60.6774737165 (2.03 %)
EOS $ 4.0334761209 (9.92 %)
BCH $ 166.573196594 (3.83 %)
BNB $ 16.5781512262 (-0.98 %)
USDT $ 1.0146293822 (0.98 %)
XLM $ 0.1056116692 (2.98 %)
ADA $ 0.0625055004 (3.34 %)

Top Five Crypto Fails Of 2018

20:45 26/12/2018
Top Five Crypto Fails Of 2018

The expiring year cannot be described as a good time for the crypto market. The downtrend has been reigning on the market since the very beginning of 2018 and will last at least till the middle of 2019, according to the most optimistic analysts.

 

Cryptocurrencies as highly volatile financial instruments are very dependent on news. Perhaps, bitcoin would not be traded at 16-month lows and things would be much better now, if the events described below never happened. But we can only guess. Let’s recall the main failures of the crypto sphere in 2018.

 

Top 5 big losses of crypto industry

 

Coincheck Hack

 

The largest crypto exchange hack took place on January 26, 2018. More than $500 million in NEM was stolen from the Japanese cryptocurrency platform Coincheck. This happened because clients’ funds were stored centralized in "hot" exchange wallets.

Coincheck Cryptocurrency Exchange

The incident made the Japanese financial regulator FSA take a closer look at the activities of crypto exchanges. This entailed serious consequences: now the cryptocurrency market regulation is quite strict, a set of measures is imposed on trading platforms, and their activities are controlled by a self-regulating organization. However, the local crypto market has benefited from such changes. As for Coincheck, it began to restore its functions only in October.

 

Bitcoin rate drop

 

The middle of November 2018 was remembered by crypto enthusiasts as the time of the sharp Bitcoin fall, which took other crypto assets down with it. Analysts see several reasons for such a rapid decline, one of them is the market manipulation.

Bitcoin cryptocurrency rate fall

By the way, BTC fall in September had the same reason, even though it wasn't so sharp and long-term. On September 5-6, the price of the first cryptocurrency fell by 12% in just 24 hours. The same happened on November 14-15, but this time the coin continued to decline. BTC downtrend changed into an uptrend only at the end of December, however, the price still fluctuates in the range of $4,000-4,200.

 

Kobayashi BTC sale

 

We are talking about the elimination of BTC and BCH after the bankruptcy of Mt.Gox — one of the oldest and largest cryptocurrency exchanges. Nobuaki Kobayashi, Mt.Gox bankruptcy trustee, stated that in the first four months of 2018 he sold cryptos worth $230 million. Particularly, he sold almost 25 000 BTC.

Nobuaki Kobayashi, Mt.Gox bankruptcy trustee

As analysts say, the dump of such a significant amount of the cryptocurrency onto the market has affected it in a negative way. Kobayashi was blamed for bitcoin dumping, but he rejects his responsibility.

 

The 2018 Cryptocurrency Crash

 

This is a new term that appeared after November’s events described above. The rapid Bitcoin rate drop led to other cryptocurrencies decrease: ether, Ripple, EOS, Stellar, Litecoin — they all lost about 12%. By December 15, the market volume lost almost 90% compared to its maximum.

The fall of the cryptocurrency market

It is noteworthy that the cryptocurrency market volume reached its highest level in 2018, too! On January 8, the capitalization reached $830 billion, while in December 2018 it is no more than $150 billion.

 

Billion stolen funds

 

According to the report of the audit company CipherTrace, the total amount of cryptocurrency losses may hit $1 billion by the end of 2018. The experts analysed seven hacker attacks that took place in the first three quarters of 2018. The analysis includes attacks on blockchain, crypto exchanges, ICOs, and trading platforms.

Audit company CipherTrace

The total amount of funds stolen over three quarters was $927 million, which is the record sum. The total losses for the entire 2017 were less than in the first half of 2018. CipherTrace analysts came to the conclusion that the biggest part of cryptos was stolen in countries with weak cryptocurrency market regulation policies and AML laws. But given the fact that the world tends to tighten control over the crypto sphere, this sad record will likely remain the stain of 2018.

Found a mistake? Highlight it and press Ctrl + Enter to notify the administrator.

Up-to-date Blockchain and cryptocurrency news. Be the first to know!

What is it for?