The total crypto market cap increased by $5.3 billion since Monday, April 29 and now stands at $175.6. Top ten currencies are all in green for the 24-hour period with Bitcoin Cash (BCH) and Litecoin (LTC) being the best performers with 13 percent and 7 percent of gains respectively. At the time of writing bitcoin (BTC) is trading at $5,312 on the Bitstamp daily chart, while ether (ETH) stands at $159 and Ripple’s XRP climbed to $0.32.
BTC/USD
We continue to follow the Bitfinex saga as the BTC/USD pair is trading with a $300 premium on the exchange compared to other major platforms. The difference is most probably caused by traders exiting their positions in Tether (USDT) and converting them in Bitcoin. Given the current circumstances and for the purpose of our analysis, we’ll be switching to Bitstamp charts.
Stuart Hoegner, general counsel to Tether and Bitfinex confirmed in a recently filled affidavit with the Supreme Court of the State of New York, that 74 percent of the USDT reserves, or $2.1 billion, are covered by cash and cash equivalents. This means the stablecoin is not fully backed and the 1:1 ratio with the US dollar is compromised.
In the light of these news, Bitfinex is about to make a move by issuing an exchange token. This was suggested by Dong Zhao, whale trader and Bitfinex shareholder. If true, it will allow iFinex owners to secure funding and compensate for the $850 million lost to Crypto Capital Corp by following the popular Initial Exchange Offering (IEO) procedure.
Bitcoin closed the trading session on Sunday, April 28 with a small loss to $5,162, which represented a 2.4 percent decline for the 7-day period.
The new week started with a volatile trading session on April 29. We saw the most popular cryptocurrency trading in the $5,198 – $5,077 zone, still it did not experience any price changes at the end of the day.
On the last day of the month, the coin formed a solid green candle and gained 2.2 percent climbing back up to $5,270. It was 28 percent up for the month of April.
ETH/USD
The Ethereum Project token dropped to $153 on April 28 and was dangerously close to the important psychological level at $150. It lost 9.4 percent of its value during the previous week as the overall market condition severely impacted the Top 10 currencies.
The ETH/USD pair broke below $150 during daytrading on April 29, still bears were not able to keep the momentum and the session ended at $152. On April 30, last day of April, we saw a 5.2 percent increase as the coin moved up to $160.
One of the most popular altcoins grew by 14 percent for the 30-day period.
Ethereum core developers informed during their last meeting held on April 26, that they have successfully secured funding for the third-party audit of the upcoming ProgPoW ASIC-resistance algorithm. 50,000 DAI coins have been accumulated through donations and will be used to hire an external company, which will evaluate the efficiency of the newly suggested Proof of Work concept for Ethereum.
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