Cryptocurrency News

Crypto Market Watch: Bitcoin Rejected From $11K (Again), BTC Dominance Still Above 65%

After breaking the resistance at $11,000 in the early hours of today, Bitcoin’s price rose as high as $11,040. However, it quickly retraced to $10,500 where it’s been trading for the majority of the past few days. At the time of this writing, BTC is trading at $10,583, marking a slight increase of about 0.1% in the past 24 hours. 

It’s worth noting that Bitcoin’s dominance rate is still holding relatively strong, as it currently sits at around 65.2%. This showcases the fact that altcoins haven’t been able to capitalize on Bitcoin’s most recent dump and have continued to struggle.

Ethereum, the second-largest cryptocurrency by market cap, is down about 0.6% on the day while Ripple (XRP) is down 0.3%.  

The total market cap is ~$290 billion | Bitcoin’s market cap is ~$189 billion | BTC dominance rate is 65.2%

Major Crypto Headlines

Margin Trading? Binance Received $900M In-flow Cash (Past 30 Days), Biggest Loser: Bitfinex. The world’s largest cryptocurrency exchange, Binance, continues to break new ground as recent research shows that the exchange received over $900 million of new money over the last month. The Bitfinex exchange, however, experienced a massive decline in its inflow. 

A Suspicious Crypto Site Stole His Identity – and He’s Furious. One of Coindesk’s news editors, Daniel Palmer, reported today that a fraudulent cryptocurrency project dubbed “US Veteran Token” had stolen his identity and listed him as one of its advisors. 

Could Donald Trump Ban Bitcoin? After US President Donald Trump openly bashed cryptocurrencies and Bitcoin, the crypto community has started to contemplate a potential American ban on Bitcoin. Whether or not that is possible or would impact Bitcoin at all remains a heated debate.

Today’s Most Significant Winners and Losers

Soma (124.85%)

A 124.85% gain against the dollar within the last 24 hours has made SCT the day’s biggest winner. The cryptocurrency, which is built on the Ethereum platform, recorded a few massive drops last week and traded around $0.02 yesterday. Today’s surge represents a recovery to its high from last week. At the time of writing, the token was trading at $0.047 with a market cap of $463,948. 

Transcodium (49.18%)

Transcodium (TNS) marked an increase of 49.18% against the US dollar, with its value hovering around $0.0022. The notable growth today represents a bullish reversal after a 50% decline within the past week. The token currently has a market cap of $111,651 with a daily trading volume of $90,370 across all exchanges. 

BBGC (32.53%)

Today is not very different from the past seven days for BBGC, as the token’s price has recorded a 32.53% decline against the US dollar. The cryptocurrency has been trending downward since the start of last week, having lost 93.42% of its value over the past 7 days. Fundamental analysis shows that the project has weak publicity and that the price may dip further. BBGC is currently trading at $0.001798 with a daily volume of $307,938. 

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