Bitcoin and Ether Market Update: November 28, 2019
Total crypto market cap added $10 billion to its value since Sunday, November 24 and now stands at $204.4 billion. Top ten coins are mostly in green for the last 24 hours with Cardano (ADA) being the best performer with a 6.1 percent increase. At the time of writing, Bitcoin (BTC) is trading at $7,450 on the Bitstamp daily chart, while ether (ETH) stands at $151 and Ripple’s XRP moved down to $0.225.
Bitcoin lost another 6 percent of its value on Sunday, November 24 and stepped down to $6,898. The coin closed the week 19 percent lower compared to the previous seven-day period.
The trading session on Monday, November 25 started positively for bulls as the BTC/USD pair climbed up to 7,133. It successfully regained positions above $7,000 and added 3.4 percent after moving in the wide $7,400 – $6,514 area during intraday.
The most popular cryptocurrency continued to move upwards on Tuesday, November 26 and closed with a small increase of $7,149.
The mid-week session came with a third consecutive green candle on the daily chart. Bitcoin jumped up to $7,526 suggesting a short-term reversal in trend.
South Korea’s National Assembly, which is the country’s national legislature passed a bill on Tuesday, November 26, that according to some is the first step towards cryptocurrency legitimization. According to local web media, the new document will help categorize virtual currencies as digital assets. It will also outline certain rules for crypt-related companies like the requirement for an Information Security Management System certificate from the Internet and Security Agency and registering with the local financial regulators.
The bill still needs to be approved by the judiciary committee in order for it to become a law.
Upbit, one of the leading cryptocurrency exchanges, suffered a hack attack on November 27. The South Korean platform reportedly lost 342,000 ETH worth $50 million during the breach as the funds were moved out from the Upbeat Ethereum hot wallet to an unknown wallet. According to the local media Chosun, the events took place around 1 pm Korean Time (4:00 UTC ) when the ETH tokens were stolen alongside smaller amounts of Bittorent (BTT) and Tron (TRX). Stellar (XLM), OmiseGo (OMG) and EOS (EOS) tokens were also transferred but to another crypto exchange – Bittrex.
The Ethereum Project token ETH continued to slide during the last trading session of the previous week and erased another 7.9 percent of its price. It dropped down to $139 closing up the last seven days with a 24 percent of a loss.
The ETH/USD pair was extremely volatile on Monday, November 25 and was trading in the $132-$152 zone. Bulls managed to avoid breaking below the $130 mark and successfully pushed the price up to $145, adding 3.5 percent.
On Tuesday, November 26 it climbed up to $147 in its second-straight day of gains.
The third day of the workweek was no different as the major altcoin continued to climb and reached $152 after peaking at $156 during the day.