Share This Article

Facebook LinkedIn
Twitter Reddit
Print Email
Pinterest Gmail
Yahoo
Money Morning
×
  • Invest
    • Best Stocks to Buy
    • Stock Forecasts
    • Stocks to Sell Now
    • Stock Market Predictions
    • Technology Stocks
    • Best REITs to Buy Now
    • IPO Stocks
    • Penny Stocks
    • Dividend Stocks
    • Cryptocurrencies
    • Cannabis Investing
    • AI Investing
  • Trade
    • How to Trade Options
    • Best Trades to Make Now
    • Options Trading Strategies
    • Weekly Trade Recommendations
  • Retire
    • Income Investing Guide
    • Retirement Articles
  • More
    • Money Morning LIVE
    • Special Investing Reports
    • Our ELetters
    • Our Premium Services
    • Videos
    • Meet Our Experts
    • Profit Academy
    • Postcards
Login Archives Your Team About Us FAQ
  • Invest
    • Best Stocks to Buy
    • Stock Forecasts
    • Stocks to Sell Now
    • Stock Market Predictions
    • Technology Stocks
    • Best REITs to Buy Now
    • IPO Stocks
    • Penny Stocks
    • Dividend Stocks
    • Cryptocurrencies
    • Cannabis Investing
    • AI Investing
    ×
  • Trade
    • How to Trade Options
    • Best Trades to Make Now
    • Options Trading Strategies
    • Weekly Trade Recommendations
    ×
  • Retire
    • Income Investing Guide
    • Retirement Articles
    ×
  • More
    • Money Morning LIVE
    • Special Investing Reports
    • Our ELetters
    • Our Premium Services
    • Videos
    • Meet Our Experts
    • Profit Academy
    • Postcards
    ×
  • Subscribe
Enter stock ticker or keyword
×
Join 100,000+ Like-Minded Investors Today
Twitter
Tags: Currencies
Stocks: TWTR

Binance Hacking Rumors Pound Bitcoin and Other Cryptocurrencies

By Garrett Baldwin, Executive Producer, Money Morning • March 7, 2018

View Comments

Start the conversation

Leave a Reply Click here to cancel reply.

You must be logged in to post a comment.

Garrett BaldwinGarrett Baldwin

The global cryptocurrency sector plunged below a total market capitalization of $400 billion as Binance hacking rumors spread across the crypto community.

"Binance just sold all my alts at market rate and I have got just the Bitcoin now," a customer wrote on the exchange's official Reddit page.

"Is it because of account getting hacked or Binance bot issue?"

Other users expressed similar concerns with their crypto holdings.

After the posting, the exchange's moderator announced a freeze on withdrawals on the platform. Other individuals reported unauthorized orders on their accounts, which led to a 400% pump surge for a smaller altcoin called Viacoin.

Binance.com CEO Changpeng "CZ" Zhao said on Twitter Inc. (NYSE: TWTR) that the company is investigating the incidents.

"All funds are safe," he wrote at 12:34 p.m. EST.

"There were irregularities in trading activity, automatic alarms triggered.  Some accounts may have been compromised by phishing from before. We are still investigating."

Here is a recap of the top cryptocurrency prices at 3:30 p.m. EST.

  • Bitcoin: $9.857.10, -8.41%
  • Ethereum: $742.58, -8.85%
  • Ripple: $0.853, -8.97%
  • Bitcoin Cash: $1,086.34, -7.39%
  • Litecoin: $181.57, -7.39%

Now that we know all of today's price movements, here's what has been moving these cryptocurrencies...

Cryptocurrency News Today

On Wednesday, the market capitalization of the global cryptocurrency sector hit $398.45 billion.

The top performer of the day was Nexus, which added 5.68% on the day. Nexus was the only cryptocurrency in the top 100 by market capitalization today to show any gains.

The worst performers from the top 50 largest cryptocurrencies by market capitalization included Waltonchain (down- 22.62%), DigixDAO (down -16.97%), Verge (down -16.22%), Qtum (down -15.44%), Populous (down -15.21%), Siacoin (down -15.02%), and Steem (down -14.29%).

Bitcoin Prices Slide Below $10,000

The price of Bitcoin plunged 8.4% and pushed back under $10,000.

In addition to the hack rumors of Binance, markets are digesting news that the U.S. Securities and Exchange Commission (SEC) is stepping up regulation of the sector.

Today, the SEC announced that digital currency exchanges must register with the agency. Markets are concerned that such regulation could make it more difficult to trade cryptocurrencies in the future.

Don't Buy Bitcoin Until You See This: Tom Gentile just shared an urgent video giving the name of a cryptocurrency he thinks could surge in the very near future. Click here to see his crypto trade recommendation now...

However, the SEC made it clear that it is trying to ensure that protections are in place for users who misinterpret the relationship between the government and these exchanges.

"The SEC staff has concerns that many online trading platforms appear to investors as SEC-registered and regulated marketplaces when they are not," the SEC said in a statement.

"Many platforms refer to themselves as 'exchanges,' which can give the misimpression to investors that they are regulated or meet the regulatory standards of a national securities exchange."

Japan Could Crack Down on Cryptocurrency Exchanges

The SEC wasn't the only regulatory agency to say it was exploring new rules on cryptocurrency exchanges.

Japanese regulators are looking at issuing administrative punishment notices to several cryptocurrency exchanges.

The Financial Services Agency is considering these steps due to concerns about issues related to consumer protection and anti-money-laundering efforts.

Twitter to Tackle Crypto Scams

Twitter CEO Jack Dorsey said this week that his company will tackle the rise of cryptocurrency scams on the social media platform.

In recent months, Twitter profiles of major exchanges and coin project leaders have been copied and used to scam naïve cryptocurrency investors.

The scam profiles promise to send a large amount of Litecoin, Ethereum, or another cryptocurrency after the user sends a small amount to the scammer's wallet.

Venezuela Strikes Back at Nicolas Maduro

The Assemblea Nacional (National Assembly) in Venezuela has declared that the nation's recent cryptocurrency project called the "Petro" is unconstitutional.

Lawmakers in the country called the nation's dictator Nicolas Maduro's cryptocurrency project a fraud and a threat to any investor.

According to previous reports, the Maduro government was able to use the Petro ICO to raise $735 million, a large amount of money that circumvents ongoing sanctions against the socialist government.

Maduro has claimed that the Petro is backed by the nation's vast oil and natural gas reserves.

The nation has the largest proven supply of crude oil in the world, but its energy sector has collapsed due to the failings of nationalization and government ineptitude.

Man Crushes S&P 500... Now He's Taking on Crypto

Last year, Tom Gentile used his pattern-trading software to help give his readers a shot at beating the S&P 500.

Now he's using that technology to help pinpoint recommendations in a market that grew 164 times faster than stocks: cryptocurrencies.

The windfall of profits he expects is staggering.

Click here to learn more about Tom's system - and see the No. 1 cryptocurrency he's buying right now on camera!

Follow Money Morning on Facebook, Twitter, and LinkedIn.

Here Are 10 “One-Click” Ways to Earn 10% or Better on Your Money Every Quarter

Appreciation is great, but it’s possible to get even more out of the shares you own. A lot more: you can easily beat inflation and collect regular income to spare. There are no complicated trades to put on, no high-level options clearances necessary. In fact, you can do this with a couple of mouse clicks – passive income redefined. Click here for the report…

Claim My Free Report

Garrett BaldwinGarrett Baldwin

About the Author

Browse Garrett's articles |

Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.

… Read full bio

Subscribe
Login
Notify of
guest

guest

1 Comment
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Carole J.
Carole J.
5 years ago

I would like to see Tom Gentile address the urgent buy alert that he put out on the alt coin ETHLend on the Binance Exchange. With the rumors of hacking and the price plummeting on this coin, I would like to know if we should get out or if he still feels this is going to work itself out.

0
Reply


Latest News

September 22, 2023 • By Shah Gilani

earnings
Why the Fed's "Higher for Longer" Message on Interest Rates is Bogus

September 22, 2023 • By Tom Gentile

This is the Top 'Worst-in-Breed' Stock Heading into October

September 21, 2023 • By Shah Gilani

earnings
The Best Auto Stocks to Buy (or Avoid) Right Now
Trending Stories
ABOUT MONEY MORNING

Money Morning gives you access to a team of market experts with more than 250 years of combined investing experience – for free. Our experts – who have appeared on FOXBusiness, CNBC, NPR, and BloombergTV – deliver daily investing tips and stock picks, provide analysis with actions to take, and answer your biggest market questions. Our goal is to help our millions of e-newsletter subscribers and Moneymorning.com visitors become smarter, more confident investors.

QUICK LINKS
About Us COVID-19 Announcements How Money Morning Works FAQs Contact Us Search Article Archive Forgot Username/Password Archives Profit Academy Research Your Team Videos Text Messaging Terms of Use
FREE NEWSLETTERS
Total Wealth Research Power Profit Trades Penny Hawk Midday Momentum
PREMIUM SERVICES
Money Map Press Home Money Map Report Fast Fortune Club Weekly Cash Clock Microcurrency Trader Hyperdrive Portfolio Rocket Wealth Initiative Quantum Data Profits Flashpoint Trader Darknet Alpha Accelerators Brutus Alerts Resource Traders Alliance L.A.U.N.C.H. Investor Rob Roy Trader Long-Term Equity Profits

© 2023 Money Morning All Rights Reserved. Protected by copyright of the United States and international treaties. Any reproduction, copying, or redistribution (electronic or otherwise, including the world wide web), of content from this webpage, in whole or in part, is strictly prohibited without the express written permission of Money Morning.

Address: 1125 N Charles St. | Baltimore, MD, 21201 | USA | Phone: 888.384.8339 | Disclaimer | Sitemap | Privacy Policy | Whitelist Us | Do Not Sell or Share My Personal Information

wpDiscuz