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Crypto Market Cap Loses $100B as Bitcoin Drops Over $4K in 2 Days (Market Watch)

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The cryptocurrency market cap is down by $100 billion in two days as bitcoin dropped to a weekly low of $38,000.

After several consecutive days of riding high, bitcoin has reversed its trajectory and lost more than $4,000 of value. Most alternative coins have followed suit, with the total cryptocurrency market cap dropping by about $100 billion since Sunday.

Bitcoin Slides to $38K

Following the Friday retracement to $38,300, bitcoin went on a tear during the weekend and went to $42,400 first before initiating another leg up to $42,600. The latter became BTC’s highest price tag since the mid-May crash.

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At this time, the asset had added about $13,000 of value since July 20th. However, the bears regained control and pushed it south. Firstly, bitcoin dipped below $40,000 as reported yesterday, but that was not the end.

Since then, BTC kept declining and earlier today dropped to $38,000 (on Bitstamp), which became its lowest level since July 27th.

As such, the cryptocurrency’s market capitalization has decreased to about $720 billion after touching $800 billion on Sunday. Its market dominance has remained above 46%, as most of the altcoins are in the red as well.

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BTCUSD. Source: TradingView
Alts Bleed Out Too
The alternative coins enjoyed the weekend as well but are in red for a second consecutive day. Ethereum went to a new seven-week high of $2,700 but has lost over $200 of value since then. As a result, ETH currently stands below $2,500.
Binance Coin also performed rather well and touched $340. As of now, though, BNB is down to $320 after another 4% decrease on a 24-hour scale.
Cardano (-3.5%), Dogecoin (-4.4%), Bitcoin Cash (-3%), and Litecoin (-5%) are also in the red. Furthermore, Ripple (-5.5%), Polkadot (-6.2%), and Uniswap (-6.2%) have lost even more value since yesterday. Chainlink is the only larger-cap alt that has remained at the same level.
Cryptocurrency Market Overview. Source: Quantify Crypto
Decred leads the adverse trend from the lower-cap altcoins with an 11% slump to $130. Telcoin (-10%), Amp (-9%), DigiByte (-9%), Siacoin (-8%), and XDC (-7%) are next.
Although some tokens, like VGX, STX, RUNE, and EGLD, are in the green, the total crypto market cap has suffered in the past few days. The metric has lost more than $100 billion in this timeframe and is down to $1.550T now.

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Crypto Newcomer Explodes After Abrupt Altcoin Listing on Binance

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A small-cap altcoin is shooting into the stratosphere after earning support from the global crypto exchange Binance.

The governance token Tranchess (CHESS) officially began trading today.

News of the coin’s listing triggered a 185% rise in the price of the asset – from $2.77 to $7.91. Its value has since settled to $5.09 at time of publishing.

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CHESS is listed in Binance’s Innovation Zone, a dedicated trading area where users can buy and sell newer tokens that are likely to have higher volatility and pose a higher risk to traders.

According to Binance Research,

“Tranchess is a yield-enhancing asset tracker with varied risk-return solutions on Binance Smart Chain (BSC), which consists of 3 tranche tokens (QUEEN, BISHOP, and ROOK) and its governance token CHESS. 

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The platform offers various features including a DEX (Tranchess Swap), money markets (Primary Market), staking, and network governance.”

Tranchess recently raised $1.5 million from Binance Labs, Three Arrows Capital, and other crypto venture firms.

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Binance proposes a real-time token burning mechanism to boost BNB value

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  • Binance has proposed the BEP-95 aimed to burn a percentage of transaction fees as a deflationary measure.
  • BEP-95 will occur alongside the quarterly token burn and well after the 100 million token supply is achieved.

Binance Smart Chain (BSC) is taking further steps to incorporate an additional deflationary mechanism to increase token valuation. As announced today, Binance (BNB) is introducing a new Binance Evolution Protocol (BEP) known as BEP-95. The BEP stands out from the network’s occasional token burns since it introduced a real-time burning mechanism.

According to Binance, a fixed portion of gas fees collected by validators in each block will be sent to the burn address. The ratio initially set at 10 percent, is adjustable according to changes proposed by the Binance community. BSC validators get to vote on community proposals, where voting power is based on staked BNB.

For a proposal to be reviewed by the validators, it has to receive a minimum deposit of 2,000 BNB (mainnet). All BNB is returned to holders after the finalization of the voting process. A proposal that wins is that which gathers 50 percent of the total voting power on the mainnet. Binance notes that voted-upon parameters are implemented immediately.

Details of Binance BEP-95 token burning mechanism

BEP-95 became relevant as it speeds up the BNB token burn, and makes the network increasingly decentralized. The BNB supply cap is about 168 million tokens and Binance intends to burn until 100 million tokens remain in circulation. This will take about 5-8 years to complete, according to Binance. The network’s most recent quarterly burn wiped out over 1 million tokens, worth about $639 million, from circulation.

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However, the latest update from its blog now says the BEP-95 burn “will continue functioning” even after the above target is attained. With the burn, Binance expects the intrinsic value of the BNB token to increase in tandem with demand. The network notes that validators and delegators may receive fewer tokens from staking, but the “fiat-denominated value of their rewards may increase.” Moreover, BNB has multiple use cases that benefit all holders of the token.

Currently, BEP-95 is in the draft stage and the network is yet to give a specific date for its implementation.

Several blockchains use the crypto-burning mechanism to create token scarcity and a subsequent increase in token value. Ethereum, for instance, uses the EIP-1559 for this purpose. 

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BNB price action

BNB, the fourth-largest cryptocurrency by market cap, was trading at $494 at press time, according to our data. The token has gained 0.8 percent in the day, and 4.8 percent week-over-week. Similar to other digital assets, BNB has rallied fueled by the Bitcoin-led gains. Crypto investor and YouTuber Lark Davis expects “good things” for the BNB price following its launch of a $1B growth fund.

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Google warns crypto investors of Youtube scams amidst high hacking

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  • Google warn crypto investors to be weary of Youtbe scams.
  • Google says hackers impersonate crypto influencers to run scams on YouTube.
  • YouTube, a hotbed for crypto scams.

Google’s Threat Analysis Group has warned crypto investors to beware of cryptocurrency scams on Youtube as phishing and impersonation on the video-sharing platform surges.

The Google group noted that a group of hackers is taking over Youtube, rebranding popular Youtube channels of well-known crypto or tech companies. “The channel name, profile picture, and content are all replaced with cryptocurrency branding to impersonate large tech or cryptocurrency exchange firms,” the group said, adding that hackers would live stream videos promising crypto giveaways in exchange for “initial contributions.”

According to the Google group, if these hackers don’t rebrand, they sell pages to the highest bidder depending on how many subscribers the channel has. They note that fake Youtube pages sell anywhere from $3 to $4,000.

The Google group notes that a group of hackers recruited in a Russian-speaking forum are actors behind the campaign.

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Crypto investors should be warned as YouTube remains a hotbed for crypto scams

The video-sharing platform so many times has been used as a tool to dupe unsuspecting crypto investors. In December, American crypto exchange Gemini exposed two fake YouTube channels that were pretending to be from the exchange.

“These scam accounts are not our company. We have reported these accounts to YouTube,” Gemini tweeted.

Funny enough, it was not the first time Gemini was being impersonated on Youtube.

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Crypto scams have been well perpetrated on the platform that the video giants ban crypto content on its platform. Authorities in the UK also warned young crypto investors with campaigns on Youtube and TikTok against being victims of crypto scams.

The cycle of crypto scams across all platforms is one that may never end. As much as crypto exists, crypto scams would remain a thing. The rise in crypto scams recently has been attributed to the surge in price and adoption of cryptos globally. It is safe to say that with crypto prices going up and more people, corporate organizations adopting cryptos, more scammers will be threatening the burgeoning space.

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