Market Analysis Report

10 June 2024

Bitcoin Drops $300 in One Hour as Price Falls Abruptly and Rebounds

The price of bitcoin topped $3,000 for the first time only to fall abruptly, dropping more than $300 in a span of minutes from $2,980 to a daily low of $2,650. Bitcoin dropped to as low as $2489 before beginning its recovery. Currently sitting at $2,743, Bitcoin is still up in comparison to the beginning of the month. Volumes are extremely high with roughly $600M exchanged in the last 24hours.

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Ethereum Price Continues to Surge; Closes in on $400

Going as high as $398 in the ETH/USD market yesterday, Ether continues to surge at unprecedented rates, breaking previous records and setting new all-time highs constantly. Currently sitting at $385.65, Ethereum has grown 82.94% in two weeks fueled by the creation of ICOs within the network, the upcoming Metropolis stage and the recent news regarding Vitalik Buterin and Vladimir Putin.

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$150 Million: Bancor Completes Largest-Ever ICO

An initial coin offering (ICO) for a blockchain project called Bancor has set a new industry record, raising approximately $153m in Ether as part of a token crowdsale. A smart contract connected to the sale had collected more than 390,000 ether by the time it ended, an amount worth $152.3m at current prices. As such, the figure is higher than even the funding raised by The DAO, the notorious failed fundraising project that made headlines last year when it lost millions to a hack.

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Coinbase Suffers ‘Major Outage’ Amid Trading Frenzy

Citing high customer traffic, prominent cryptocurrency exchange Coinbase went down ‘for maintenance’ and has since then recovered. Users accessing the homepage saw a message that simply reads “Service Unavailable”. A closer look at the exchange’s real-time status page showed much of the damage coming from a rapid surge in customers trying to access the website. Coinbase’s own status for its website read ‘Major Outage’ in red during the outage.

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State of the Crypto

Bitcoin is down 6.51% at $2,746.74 with a volume of Ƀ 227k - $603M on the USD pairs.

Litecoin is down 6.81% against the dollar for the day at $29.41 and down 0.28% to Ƀ 0.01072 on volumes of Ƀ 12k.

Ether is up 11.62% against Bitcoin at Ƀ 0.1402 per Ether and up 4.43% against the dollar to $385.09 with average volume Ƀ 295.8k on the ETH/BTC pair.

Dash is up 2.11% at Ƀ 0.06624 with Ƀ 11.3k volume and down 3.73% against the dollar at $178.43.

Ripple is up 2% to Ƀ 0.00009282 with volumes of Ƀ 15.4k and down 5.57% against the dollar at $0.2543.

Zcash is up 6.34% for the day to Ƀ 0.1191 per ZEC and down 0.46% against the dollar to $321.9 with an average volume of Ƀ 8.1k for the 24 hour period.

Monero is down 8.56% against the dollar at $52.54 and down 2.29% against Bitcoin at Ƀ 0.01920 on volumes of Ƀ 5.7k.

Ether Classic is down 2.98% to Ƀ 0.007398 with volumes of Ƀ 22.5k and down 9.59% against the dollar at $19.89.

Stratis is up 9.44% to Ƀ 0.003072 on Ƀ 6.3k volume.

Waves is down 3.26% to Ƀ 0.001958 on Ƀ 865.5 volume.
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