Indian Bitcoin Ponzi Schemer Offers to Repay Initial Investments to Victims

Indian Bitcoin Ponzi Schemer Offers to Repay Initial Investments to Victims


The alleged bitcoin Ponzi kingpin, Amit Bhardwaj, has reportedly offered to pay back the initial investments in Indian rupees to those who lost money through his scheme. However, victims want the current value of their cryptocurrencies, not the initial investments. Zebpay, one of India’s largest crypto exchanges, has also been called in to help with the investigation.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Bitcoin Ponzi Kingpin Offers to Compensate Victims

Indian Bitcoin Ponzi Schemer Offers to Repay Initial Investments to VictimsAmit Bhardwaj, the founder of GBminers and Gainbitcoin, has offered “to pay back investors their initial investments in Indian rupees,” the Factor Daily reported Wednesday.

He has been accused of duping thousands of investors with promises of unrealistic returns on bitcoin investments. According to the news outlet, “dozens have filed police complaints in Pune, Mumbai, Nanded (Maharashtra), Kolkata, Delhi and others cities.” One of the victims was quoted as saying:

We want the returns in (today’s) cryptocurrency value and not the value of the cryptocurrency when we invested. Today, the bitcoin price is much higher than what it was when we invested. It is like Bhardwaj will keep the profits and just return the principal amount which is wrong.

Indian Bitcoin Ponzi Schemer Offers to Repay Initial Investments to VictimsSince the middle of 2015, more than Rs 1,000 crore (~US$146 million) is estimated to have been invested in the Bhardwaj-led Gainbitcoin empire, the publication detailed.

Citing that Zebpay, one of India’s largest crypto exchanges, was called in to help with the investigation, Inspector Jayram Paygude of the Pune Cyber Crime Cell explained to the publication:

Zebpay is the platform through which investment and sale of bitcoins were done in this case, which is why they were called for an enquiry.

Challenge Recovering Crypto

Indian Bitcoin Ponzi Schemer Offers to Repay Initial Investments to VictimsDuring an assembly session held last week, Nationalist Congress Party member Hemant Takle raised questions about the delay in recovering bitcoins “and the inability of the police to nab the remaining absconders in the case,” according to the news outlet. He also raised the question regarding the compensation that Bhardwaj’s victims will receive, pointing out the difference in the price of BTC now and at the time of their initial investments.

In response to Takle’s statement, Deepak Kesarkar, a member of the 13th Maharashtra Legislative Assembly, explained the difficulty in recovering some of the victims’ money which has been invested in bitcoin, stating:

Some of this amount is recovered by the police department through the e-wallets of these companies. The value of these digital currencies in the wallet will be recovered but it is difficult to recover the investment made in foreign companies.

Last week, the Indian state of Maharashtra announced that it is establishing a special unit to investigate all cases related to cryptocurrency, a move which follows the crypto banking ban by the Reserve Bank of India taking effect.

What do you think of Amit Bhardwaj offering to repay investors their initial investments? Let us know what you think in the comments section below.

Images courtesy of Shutterstock and Zebpay.

Need to calculate your bitcoin holdings? Check our tools section.

Coinbase Retracts Announcement of Regulatory Approval to List Coins Considered Securities

Crypto exchange and wallet Coinbase has retracted its previous statement that it received approval from the U.S. Securities and Exchange Commission (SEC) to trade in securities, Bloomberg reports July 18.

Last week, Coinbase reported that it could now operate as a broker dealer, offering digital tokens considered to be securities, after its acquisition last month of Keystone Capital Corp., Venovate Marketplace Inc., and Digital Wealth LLC.

As reported at the time, the acquisition occurred with the blessing of two regulators: the SEC and Financial Industry Regulatory Authority (FINRA).

Coinbase has since reversed its statement, telling Bloomberg it had not in fact received any such regulatory endorsement.

In emailed comments to Bloomberg, Coinbase spokeswoman Rachael Horwitz wrote that it is “not correct to say that the SEC and FINRA approved Coinbase’s purchase of Keystone because SEC was not involved in the approval process.”

While FINRA “declined to comment” on the matter, the SEC confirmed that they did not give Coinbase “explicit approval” for the deal. Horowitz wrote that Coinbase’s communication with the SEC had instead been of an “informal” nature, noting

“The SEC’s approval is not required for the change of control application. Coinbase has discussed aspects of its proposed operations, including the acquisition of the Keystone Entity, on an informal basis with several members of SEC staff.”

Several other crypto-related companies have also reportedly begun the process of seeking similar licenses with U.S. regulators.

At the beginning of June, stock and crypto trading app Robinhood was rumored to be in talks to obtain a U.S. banking license. Peer-to-peer payments app Circle has also been pursuing both a banking license and registration as a brokerage and trading venue with the SEC.

Market Analysis Report (18 Jul 2018)

State of the Crypto

Bitcoin is up 9.69% at $7,378.850 with a volume of Ƀ123.7k – $895.6M on the USD pairs.

Ether is down 3.69% against Bitcoin at Ƀ0.06787 per Ether and up 5.42% against the dollar to $500.4 with average volume Ƀ88.8k on the ETH/BTC pair.

Bitcoin Cash is down 1.76% to Ƀ0.1169 with volumes of Ƀ19.6k and up 7.99% against the dollar at $860.48.

Ripple is down 2% to Ƀ0.00006943 with volumes of Ƀ10.8k and up 7.26% against the dollar at $0.5114.

Zcash is up 6.42% for the day to Ƀ0.02916 per ZEC and up 17.09% against the dollar to $216.31 with an average volume of Ƀ7.1k for the 24 hour period.

Litecoin is up 8.28% against the dollar for the day at $89.97 and down 1.13% to Ƀ0.01222 on volumes of Ƀ18.2k.

Dash is down 3.8% at Ƀ0.0357 with Ƀ4.6k volume and up 5.54% against the dollar at $262.94.

Iota is down 4.49% to Ƀ0.000153 on Ƀ2.0k volume.

Ether Classic is down 4.86% to Ƀ0.002426 with volumes of Ƀ10.6k and up 4.5% against the dollar at $17.89.

Monero is up 5.34% against the dollar at $145.44 and down 4.08% against Bitcoin at Ƀ0.01973 on volumes of Ƀ3.1k.

Neo is down 2.47% for the day to Ƀ0.00534 per NEO and up 7.28% against the dollar to $39.37 with an average volume of Ƀ5.1k for the 24 hour period.

Waves is down 2.31% to Ƀ0.0004223 on Ƀ1.9k volume.

Stratis is up 10.54% to Ƀ0.0004403 on Ƀ1.3k volume.

Cardano is up 5.19% to Ƀ0.00002411 on Ƀ6.5k volume.

NEM is up 2.11% to Ƀ0.00002666 on Ƀ968.068 volume.

EOS is up 0.93% to Ƀ0.001194 on Ƀ17.6k volume.

Tron is down 2.01% to Ƀ0.00000536 on Ƀ8.5k volume.

Stellar is up 10.29% to Ƀ0.00003826 on Ƀ3.8k volume.

Kodak-Branded Bitcoin Mining Scheme Collapses

Kodak-Branded Bitcoin Mining Scheme Collapses


The Kodak-branded bitcoin mining rigs unveiled at the CES technology trade show this year will no longer be available to mine for customers. Amid scam accusations, the company behind the Kodak Kashminer crypto mining scheme has reportedly confirmed the plan has collapsed, citing intervention by the U.S. Securities and Exchange Commission.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Kodak-Branded Mining Rig is No More

Kodak-Branded Bitcoin Mining Scheme Collapses
Kodak Kashminer on display at CES.

A Kodak-branded mining rig was on display on Kodak’s official stand at the CES technology trade show in Las Vegas in January. The Kodak Kashminer is a product of Spotlite USA, one of many companies that license the Kodak brand to put on its own products. The miner was unveiled at the same time as Kodakcoin, as previously reported.

According to Spotlite’s CEO, Halston Mikail, the company planned “to install hundreds of the devices at the Kodak headquarters in Rochester, New York, to take advantage of cheap electricity offered by an on-site power plant,” the BBC reported. He also claimed that “80 devices were already in operation.”

However, Kodak told the news outlet that “the venture was never officially licensed and that no devices had ever been installed.” While Spotlite is licensed to use the Kodak brand for LED lighting products, it is not licensed to use the brand for mining rigs. A company spokesman was quoted explaining:

While you saw units at CES from our licensee Spotlite, the Kashminer is not a Kodak brand licensed product. Units were not installed at our headquarters.

Change of Plans

The licensee planned to rent out the machines for an up-front fee and let customers “keep a cut of any bitcoins generated,” the news outlet detailed. Spotlite’s promotional material claims:

An up-front investment of $3,400 would generate earnings of $375 a month for two years by mining bitcoin.

However, the publication pointed out that critics have called this offering a scam, citing unachievable and misleading profit advertisement. Furthermore, the calculation does not take into account the mining difficulty that has been increasing.

Kodak-Branded Bitcoin Mining Scheme CollapsesEconomist Saifedean Ammous was quoted asserting,”there is no way your magical Kodak miner will make the same $375 every month,” noting that anyone signing up for this service “would have made a loss on their investment.”

Claims of a steady income from bitcoin mining are often debunked. Each miner earns less from the shared pool of block rewards and mining fees as more people add their mining hashpower to the network. Since the beginning of the year, bitcoin miners’ revenue has declined from approximately $33 million per day to less than $10 million.

Kodak-Branded Bitcoin Mining Scheme Collapses

Mikail told the publication that “the U.S. Securities and Exchange Commission (SEC) had prevented the scheme from going ahead.” Instead of renting out mining capacity, his company will now “run its mining operation privately with equipment installed in Iceland,” he described, confirming that “the [original] plan has collapsed.”

What do you think of this Kodak-branded mining scheme? Let us know in the comments section below.

Images courtesy of Shutterstock,, BBC, Kodak, and Spotlite USA.

Need to calculate your bitcoin holdings? Check our tools section.

New Mining Pool Vows to Enhance Profitability While Reducing Power Consumption

A startup blockchain company, with a team featuring former executives from Samsung Electronics, have unveiled plans to invigorate the way cryptocurrency mining is performed – creating an infrastructure designed to enhance profit and help blockchain technology become more prolific in everyday life.

12SHIPS says it wants to tackle some of the issues that miners currently face as they use air cooling systems. The company claims many of the methods used at present are incredibly energy intensive and create dust – byproducts which have a detrimental effect on the performance of semiconductor chips. To maximize their output, the firm is introducing an immersion cooling method which reduces levels of heat generation substantially.

“Transparent and democratic”

12SHIPS says three smart operations have been decided upon as their core policies for managing its mining pool “transparently and democratically.”

The first is smart monitoring. This allows users to access a real-time dashboard where they can check the current status of mining, and assess how well the infrastructure is performing. Real-time footage from CCTV cameras can also be analyzed.

According to the company, token holders will also receive earnings on a monthly basis in line with the terms set out in an Ethereum-based smart contract. This is the income left over once costs such as maintenance have been accounted for. Users enjoy transparency through smart monitoring, as they will be able to see itemized expenses and ensure that the finances are all in order. 12SHIPS says 10 percent of the cryptocurrency mined through its pool would be spent on operating costs, 30 percent would be reinvested, with the remaining 60 percent being distributed proportionally to contributors based on how many tokens they hold.

Finally, a smart voting feature enables token holders to decide which cryptocurrencies are mined and when – giving them a say in the future direction of the company. Again, the number of votes a member has is directly linked to how many tokens they have.

More than 60 percent of 12SHIPS’ team are from Samsung Electronics – and advisers include the company’s former president Young Bum Koh.

Tackling the status quo

According to 12SHIPS’ white paper, the total amount of power consumed while mining for Bitcoin would see it rank 41st highest country in the world in terms of electricity consumption – in between Chile and the Czech Republic.

The company argues that there is an urgent need to create a safe, clean environment for mining – and it claims that immersion cooling is 100 times more effective than the cooling fans used in rigs currently.

12SHIPS says its mining rigs would be more compact because of their sophisticated cooling technology, meaning they can be installed in 20ft containers. The excess heat which is generated can equate to many tons of hot water per hour, and this can then be recycled and repurposed for factories, farms and other businesses – helping them to save millions a year on their energy bills.

Helping blockchain thrive

According to 12SHIPS, blockchain technology has the potential to change the world, just like the internet did in the 1990s. However, progress has been stymied because hash power is concentrated to a few mining pools.

In time, the company hopes to diversify beyond mining pools – developing games and e-commerce platforms that would enable 12SHIPS tokens to be used for a plethora of purposes.

12SHIPS’ presale is open until July 31, with a public sale taking place through August. It is hoped that development of Panokseon II, its mining machine, will be completed by October – paving the way for its infrastructure to be constructed. From here, the company aims to distribute its first mining profits to token holders in December.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

Market Analysis Report (17 Jul 2018)

State of the Crypto

Bitcoin is up 5.46% at $6,729.840 with a volume of Ƀ79.3k – $529.3M on the USD pairs.

Ether is down 0.53% against Bitcoin at Ƀ0.07076 per Ether and up 4.63% against the dollar to $474.83 with average volume Ƀ77.2k on the ETH/BTC pair.

Bitcoin Cash is up 4.12% to Ƀ0.1189 with volumes of Ƀ18.1k and up 9.54% against the dollar at $797.75.

Ripple is up 1.27% to Ƀ0.00007078 with volumes of Ƀ10.7k and up 6.82% against the dollar at $0.4761.

Zcash is down 0.07% for the day to Ƀ0.0274 per ZEC and up 5.51% against the dollar to $184.63 with an average volume of Ƀ3.9k for the 24 hour period.

Litecoin is up 6.2% against the dollar for the day at $83.19 and up 0.57% to Ƀ0.01235 on volumes of Ƀ17.2k.

Dash is up 2.83% at Ƀ0.03702 with Ƀ5.0k volume and up 8.28% against the dollar at $248.47.

Iota is up 1.78% to Ƀ0.0001601 on Ƀ1.4k volume.

Ether Classic is down 1.99% to Ƀ0.002565 with volumes of Ƀ10.2k and up 3.3% against the dollar at $17.24.

Monero is up 12.05% against the dollar at $138.01 and up 6.53% against Bitcoin at Ƀ0.02056 on volumes of Ƀ3.5k.

Neo is up 4.34% for the day to Ƀ0.005483 per NEO and up 9.8% against the dollar to $36.75 with an average volume of Ƀ5.4k for the 24 hour period.

Waves is down 0% to Ƀ0.0004317 on Ƀ1.1k volume.

Stratis is up 4.09% to Ƀ0.0003971 on Ƀ553.232 volume.

Cardano is up 1.6% to Ƀ0.0000229 on Ƀ4.5k volume.

NEM is up 2.71% to Ƀ0.00002617 on Ƀ772.271 volume.

EOS is up 2.86% to Ƀ0.001188 on Ƀ16.5k volume.

Tron is up 1.48% to Ƀ0.00000547 on Ƀ10.2k volume.

Stellar is up 0.17% to Ƀ0.00003471 on Ƀ2.6k volume.

P2P Markets Report: Latin American and Hungarian Volume Surges

P2P Markets Report: Latin American and Hungarian Volume Surges

Markets and Prices

Latin American peer-to-peer (P2P) markets have seen an influx of volume in recent weeks, with the Localbitcoins markets of Argentina, Brazil, and Venezuela posting significant spikes in volume. In other news pertaining to international P2P markets, the Hungarian Localbitcoins markets produced near-record volume in recent weeks, whilst Canada’s recent surge in volume appears to have subsided.

Also Read: Japan Tax Agency Says Individuals Earning $1,800+ in Crypto a Year Will Declare Tax

Latin American P2P Trade Volume Increases

According to data published by, the Localbitcoins markets of numerous Latin American nations have posted an influx of volume this past week.

Argentina posted a new record for the fiat-value of weekly P2P trading last week – with nearly 6.05 million Argentine Pesos (approximately $220,000 USD) worth of trade taking place during the week of the 7th of July. Despite just 31 bitcoins changing hands via the Argentine P2P markets, the week saw the strongest weekly volume for ARS trading on Localbitcoins since August 2017.

The week of the 7th of July also saw significant market action taking place on the Brazilian Localbitcoins markets – with the 3.2 million Brazilian Real (roughly $830,000 USD) worth of BTC traded comprising the third highest fiat-denominated weekly volume in the market’s history. With 128 bitcoins exchanging hands, the week also comprised the strongest volume since September 2017 for Brazil’s P2P markets.

This week, Venezuelan trading on Localbitcoins established a new volume record for the eighteenth time in the last twenty weeks, with nearly 11.75 trillion Venezuelan Bolivars (approximately $98 million USD) worth of BTC exchanging hands during the week of the 14th of July.

Despite the consistent records, the 590 BTC traded on the Venezuelan P2P markets comprises the ninth strongest weekly volume witnessed in the history of the Venezuelan Localbitcoins markets.

Hungarian Localbitcoins Markets Rally

Hungarian P2P trading enjoyed a sudden spike in activity in recent weeks, with Hungarian Localbitcoins trading producing the second and third highest weekly volume candles during two of the last three weeks.

During both the weeks of the 30th of June and the 7th of July, Hungarian Localbitcoins listing facilitated 7.3 million Hungarian Forint worth of BTC changing hands. Despite the seemingly significant volume when measured in forint, both weeks saw only 4 BTC (approximately $26,500) worth of trade.

Canadian Surge in P2P Trading Subsides

Trade volume on the Canadian P2P markets appears to have normalized, with between 70 BTC and 80 BTC (roughly $600,000 – $700,000 CAD or $450,000 – $530,000 USD) worth of trade taking place for the fourth consecutive week.

The apparent stabilization has occurred following several months of anomalously strong trading activity on Canada’s P2P markets – with between $4 million CAD (approximately $3.05 million USD or 900 BTC) and $12 million CAD (roughly $9.15 million USD or 1265 BTC) worth being posted weekly from mid-March until late-May.

What do you think caused the sudden spike in Canadian P2P trading? Share your thoughts in the comments section below!

Images courtesy of Shutterstock,

At there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

Market Analysis Report (16 Jul 2018)

State of the Crypto

Bitcoin is up 1.28% at $6,381.120 with a volume of Ƀ36.4k – $233.6M on the USD pairs.

Ether is up 2.27% against Bitcoin at Ƀ0.0711 per Ether and up 3.68% against the dollar to $452.4 with average volume Ƀ63.8k on the ETH/BTC pair.

Bitcoin Cash is up 1.6% to Ƀ0.1142 with volumes of Ƀ17.8k and up 3.03% against the dollar at $727.15.

Ripple is up 0.14% to Ƀ0.00006999 with volumes of Ƀ7.4k and up 1.11% against the dollar at $0.4456.

Zcash is down 1.51% for the day to Ƀ0.02735 per ZEC and down 0.28% against the dollar to $174.08 with an average volume of Ƀ3.1k for the 24 hour period.

Litecoin is up 1.87% against the dollar for the day at $78.49 and up 0.65% to Ƀ0.01233 on volumes of Ƀ15.6k.

Dash is up 2.38% at Ƀ0.03617 with Ƀ5.1k volume and up 4.2% against the dollar at $230.45.

Iota is up 1.55% to Ƀ0.000157 on Ƀ983.74 volume.

Ether Classic is up 0.42% to Ƀ0.002621 with volumes of Ƀ8.9k and up 1.89% against the dollar at $16.69.

Monero is up 1.15% against the dollar at $123.92 and down 0.26% against Bitcoin at Ƀ0.01945 on volumes of Ƀ2.3k.

Neo is up 2.02% for the day to Ƀ0.005309 per NEO and up 2% against the dollar to $33.73 with an average volume of Ƀ4.2k for the 24 hour period.

Waves is down 0.46% to Ƀ0.0004322 on Ƀ1.1k volume.

Stratis is up 1.98% to Ƀ0.0003819 on Ƀ370.979 volume.

Cardano is up 3.25% to Ƀ0.00002253 on Ƀ3.0k volume.

NEM is up 0.95% to Ƀ0.00002555 on Ƀ431.322 volume.

EOS is up 3.6% to Ƀ0.001152 on Ƀ14.9k volume.

Tron is up 0.74% to Ƀ0.00000541 on Ƀ10.2k volume.

Stellar is up 2.75% to Ƀ0.00003471 on Ƀ2.9k volume.

Why Governance is the Greatest Problem That Blockchains Must Solve

Why Governance is the Greatest Problem That Blockchains Must Solve


A chain is only as strong as its weakest link, and in a blockchain that link lies in the form of its founders. Getting nodes to achieve consensus is easy compared to the difficulty of getting humans to achieve consensus. The greatest challenge that new blockchains must solve isn’t speed or scaling – it’s governance.

Also readHave You Tried Blockchain 5.0 Yet? Nobody Else Has Either

Governance: Easy to Define, Hard to Achieve

There wasn’t much thought given to on-chain governance when bitcoin was created; Satoshi was too busy reinventing the wheel on several other fronts. But the arrival of bitcoin spawned a wave of blockchains, and with it, the first faltering attempts at introducing a means of reaching consensus between network users, over and above that attained by validating nodes.

Dash first popularized the concept of blockchain governance, which is achieved through the use of masternodes, whose operators can vote on budget proposals. Its system provides a simple means of reaching agreement among community members who are most heavily invested in the project. Scores of subsequent crypto projects, including many that don’t use masternodes, have since copied Dash’s governance model. Often, they’ll tack voting rights onto their token as a means of shoring up its weak use case, but not all projects are as slapdash or cynical with their approach to governance – some aim to genuinely innovate, and in doing so, to overcome the weaknesses that are inherent to human structures.

Why Governance is the Greatest Problem That Blockchains Must Solve

The Quest for Human Consensus

While bitcoin core has muddled on without any sort of governance, and is all the more decentralized for it, other blockchains have tried to enact more formalized systems of governance. The idea is that by enacting an efficient means of achieving consensus among token-holders, decisions can be made promptly, without sacrificing the decentralized principles that make blockchains so appealing in the first place.

When Tezos was birthed last summer, governance was one of its big selling points. Its protocol promised, “a formal process through which stakeholders can efficiently govern the protocol and implement future innovations”. The subsequent fallout between Tezos foundation members emphasizes the frailties of humans, whose squabbles and power struggles can stymie even the most well-intentioned of projects. Tezos’ off-chain failures, ironically, may have strengthened the case for its onchain system of governance.

Governance is a Tough Nut to Crack

As well-known crypto commenter Nic Carter mused, “Creating a cryptocurrency corrupts… creating a billion-dollar cryptocurrency corrupts absolutely.” Due to the huge economic incentives at stake, getting token-holders to act in the interests of the community, rather than fixating on their own pecuniary gains, is a tall order. Storecoin is a zero-fee, high throughput blockchain whose most interesting feature is not a technical one – it’s a human one.

Why Governance is the Greatest Problem That Blockchains Must SolveIts creator, Chris McCoy, explains: “For today’s public blockchains to move past prototypes and low usage dApps – to where entities trust a decentralized blockchain enough to process $10 million+ of utility-based daily transaction volume – blockchains need an enforceable rules engine that has no centralization of power, that key network participants trust, and that is censorship resistant. To shape the future of trade and commerce, blockchains need an enterprise-grade governance [model] that is trusted, enforceable, and reaches finality in a democratic process.”

Storecoin’s governance is inspired by the US constitution, with consensus on change, McCoy explains, “reached by four separate branches that check and balance each other on protocol-level, key people, and monetary policy decisions”. Another blockchain that relies on a constitution, EOS, has come in for flak, prompting its founder Dan Larimer to return to the drawing board to draft a new one. MakerDAO, meanwhile, has been conducting deep research into a “governance risk framework” that aims to diversify trust in trustless systems.

Why Governance is the Greatest Problem That Blockchains Must Solve

The history of cryptocurrency is littered with hard forks, acrimonious splits, exit scams, lawsuits, and public fallouts. The case for governance does not need to be overstated. But the means of achieving it is a complex task that has taxed some of the cryptoverse’s brightest minds. So long as humans are in charge, internecine conflict and greed will be inevitable. Blockchains can’t eliminate avarice, but that won’t stop their architects from trying their damnedest to divest protocols from the fallible humans who control them.

What blockchain do you think has the best system of governance? Let us know in the comments section below.

Images courtesy of Shutterstock, Twitter, and Storecoin.

Need to calculate your bitcoin holdings? Check our tools section.

Crypto Markets Keep Building Momentum, Bitcoin Inches Towards $6,400

Sunday, July 15: crypto markets continue building momentum, with nine out of the top ten cryptocurrencies by market cap firmly in the green, according to Coinmarketcap.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin (BTC) has gone above the $6,300 mark, up about 1.5 percent over the past 24 hours, trading at $6,354 at press time. The top cryptocurrency continues its growth after dipping to an intraweek low of $6,180 on Friday.

Bitcoin price chart

Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) is up 3.4 percent on the day, trading at $448 at press time. The coin has gone as low as $424 during the week, and it is still down around 10 percent over the past 30 days.

Ethereum price chart

Ethereum price chart. Source: Cointelegraph Ethereum Price Index

After plunging to $242 billion on July 13, total market capitalization of all cryptocurrencies is back to its average monthly levels, currently just below $256 billion.

Total market capitalization chart

Total market capitalization chart. Source: Coinmarketcap

Stellar (XLM) is currently the biggest winner among the top ten coins by market cap, up 6.1 percent and trading at around $0.218 at press time. XLM is also the only coin among the top ten that has seen gains over the week, amounting to about 3.3 percent.

In terms of losses over the past week, EOS has suffered the most among the top ten. Despite the fact that the coin has gained almost 6 percent in 24 hours to press time, it is still down 15.7 percent over the past 7 days, trading $7.40 at press time.

On July 12, Chile’s Court of Appeals ruled in favor of crypto exchange Orionx, ordering the state-owned bank Banco Estado to reopen the company’s previously closed deposit account. It also stated that the bank’s original decision to close the account was “arbitrary and illegal.”