It’s been a crazy week in the crypto sphere. The majority of coins are down today, Monero (XMR), VeChain Thor (VEN) (VET), and Nano among them.
First, rumors[1] abounded that Ripple would finally be joining Coinbase – these turned out to be false[2]. Instead, Coinbase announced that it would be starting its own crypto index fund[3].
Then, panic swept many crypto users as Binance experienced technical issues, causing their altcoins to be sold. Binance has now released a statement claiming that “We have localized the irregular trades, they will be reversed. All funds are safe, thanks to the fast alarm. Please learn to secure your accounts against phishing.”[4][5]
As if that wasn’t enough, the SEC later released a statement[6] dictating that cryptos need to be considered securities and all crypto exchanges, therefore, need to register in order to be properly regulated.
Phew!
So what’s happening today?
>> Russia trusts blockchain but not crypto[7]
Monero (XMR)
Monero is currently selling for $292.11, putting the coin down 13.32% in the past 24 hours.
Source: CoinMarketCap[8]
With the sudden drop below $300, it’s hard to believe that Monero had previously been ramping up. Despite the lead up to the Monero hard fork, MoneroV (XMV)[9], XMR has dropped off.
The dip in Monero, along with many of the other coins today, is likely due to a mixture of the described events above. For Monero in particular, its losses may also have to do with the recent discovery that WordPress sites are getting hacked[10] to mine the coin.
>> Want to pay tax in Bitcoin? These three US states might let you[11]
VeChain Thor (VEN) (VET)
Although this crypto has technically swapped over to its rebranding of VeChain Thor (VET), the transition has yet to fully complete and the coin is still being listed as VeChain (VEN).
Regardless of what you want to call it, VEN/VET is currently selling for $3.64, putting the coin down 10.73% in the past 24 hours.
Source: CoinMarketCap[12]
VeChain Thor has been jumping all over the place in the last day, dipping below $4.00 several times before settling to $3.64. Will the coin continue to drop?
>> VeChain Thor partners with BMW[13]
Nano
Nano is currently selling for $10.10, putting the coin down 15.58% in the past 24 hours.
Source: CoinMarketCap[14]
Nano has lost ranking and is now ranked as the 22nd largest cryptocurrency with a market cap of $1.3 billion.
>> Lisk, Nano, and NEO plummet in a dropping crypto market[15]
What’s going to happen to crypto next?
