The catastrophic drop continued as total market cap has plummeted to 335b and indeed was even lower overnight. BTC is now at 7650, which represents a -3.9% movement in the last 24h. ETH is at 592 (-7.4%), but had dipped to a low of 580 overnight.
As is typically the case, altcoins have mostly dropped by a larger amount than BTC and ETH. There were still some significant winners however, such as Skycoin (SKY +45.5%), 0x (ZRX +8.6%) and Steem (STEEM +6.6%).
The biggest losers of the past 24h include a dozen altcoins with double digit percentage losses. These include Zcash (ZEC -10.5%), Polymath (POLY -11.2%) and Kin (KIN -11.1%).
Bitcoin Gold (BTG) got hit by a similar 51% attack that affected XVG yesterday, with the so-called “Double Spend” exploit meaning that as much as $18.6 million could have been stolen from exchanges. BTG is the 3rd major crypto to come under attack in the past week, and raises concerns about crypto security.
Coinbase has acquired the crypto exchange Paradex, which they hope will allow them to offer their services to non-US customers. Paradex is powered by 0x, which explains why 0x has spiked despite the general malaise of the market.
IBM have announced plans to hire 1800 people in France specifically for blockchain and AI projects. France has been very positive on blockchain, particularly their Finance Minister Bruno Le Maire, and could well become a major crypto hub going forward.
Insight of the Day: What is a 51% Attack?
We have recently seen a spate of so-called 51% attacks, with 3 in the last week. A 51% attack refers to when a miner/group of miners accounts for at least 51% of the blockchain’s mining output. This gives them control of the network and the ability to alter timestamps and reverse transactions. Altering timestamps allows for mining large numbers of blocks in a very short period and collecting the reward coins, as happened in the case of XVG. Reversing transactions allows for double spending of coins, as happened in the case of BTG. Given that millions of dollars worth of coins are being swindled in this way, it is important for the reputation of the crypto markets as a whole that such exploits are made unfeasible — else retail and institutional investors may be scared away.