Crypto markets are seeing a tentative recovery today, June 25, as data from shows, after yesterday saw leading cryptocurrency (BTC) hit its lowest level yet this year.
Market visualization from
(BTC) is trading around at press time, up about 1.3 percent over the 24-hour period. Yesterday, June 24, BTC plummeted to $5,833, its lowest price level in 2018, and a price point it had not hit since October 2017. A rapid three-hour bounce yesterday between 2 and 5 PM UTC saw the coin recover back to around $6,200, today reclaiming a further $100.
bitcoin price chart. Source: Cointelegraph
Earlier today, the of 250 million more (USDT) tokens – a stablecoin that to be backed 1:1 by the US dollar, but has yet to prove its basis in a public – raised concern amongst crypto commentators. Tether issuance has previously drawn of suspicious positive knock-on effects on BTC price performance.
According to Tether’s , today’s issuance occurred just before 3 PM UTC:
Starting at 3 PM UTC, bitcoin did see a solid rise from $6,166 to $6,305 in the space of about 45 minutes – but the coin’s price spike today appears to have set in earlier, when the coin began to recover from its intraday low of $6,108 around 2 PM UTC.
A paper June 13 by John M. Griffin and Amin Shams of the University of Texas argued that Tether has been “used to provide price support and manipulate cryptocurrency prices,” extending the allegations to connected crypto exchange Bitfinex, and suggesting that price manipulation was behind bitcoin’s peak in 2017.
(ETH) is trading around to press time, up just under one percent over the past 24 hours. The leading altcoin dropped down to $427 yesterday, and has been trading below the $500 threshold since June 22.
Ethereum price chart. Source: Cointelegraph
Almost all of the top twenty cryptocurrencies by market cap are seeing small positive gains over the 24-hour period, according to , with anonymity-oriented altcoins (XMR) and (ZEC) seeing particularly strong growth, both up roughly 5 percent on the day.
Negative news has been ongoing in response to a regulatory crackdown on crypto exchanges in , with the two vice presidents of Japan’s self-regulatory exchange body after both of their exchanges regulatory warnings last week.
Total market capitalization of all cryptocurrencies is at around billion at press time, up from its intra-week low of around $235 billion yesterday.
Total market cap of all cryptocurrencies from
Published at Mon, 25 Jun 2018 20:54:00 +0000
