In the midst of a bearish week, the global cryptocurrency market begins to bounce back. In the past 24 hours, the total cryptocurrency market cap has gained $5 billion.
At press time, 79 of the top 100 cryptocurrencies by market cap are in the green. Bitcoin, currently ranked #1 by market cap, is up 1.24% over the past 24 hours. BTC has a market cap of $112.8B with a 24 hour volume of $4.75B.
Bitcoin is up 1.24% over the past 24 hours. On June 13, the University of Texas released a study that exposed possible Bitcoin price manipulation through Tether supply in the global marketplace. The study identified patterns that demonstrate less than 1% of hours in which large-scale Tether purchases occur are associated with 50% of the market movements that resulted in the rapid rise in the value of Bitcoin and 64% of the positive action expressed by other cryptocurrencies.
In the paper, Griffin states that the patterns expressed within the examined data are indicative of market manipulation: “These patterns cannot be explained by investor demand proxies but are most consistent with the supply-based hypothesis where Tether is used to provide price support and manipulate cryptocurrency prices.” Amidst a recent market downturn, the SEC has announced that Bitcoin, unlike most ICOs, will not be regulated as a security. On June 14, the Head of SEC’s Corporate Finance Division William Hinman released a statement addressing the current state of cryptocurrency regulation: “The network on which Bitcoin functions is operational and appears to have been decentralized for some time, perhaps from inception.
Applying the disclosure regime of the federal securities laws to the offer and resale of Bitcoin would seem to add little value.” Ethereum, currently ranked #2 by market cap, is up 4.15% over the past 24 hours. ETH has a market cap of $50.77B with a 24 hour volume of $2.29B. Ethereum is up 4.15% over the past 24 hours. On June 13, it was revealed that over $20 million in Ethereum was stolen from users of the Geth Ethereum client. Read more from cryptoslate.com…
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