Crypto Slides as Coinbase Volume Plunges 83% Since January

Welcome to your daily crypto roundup on Block Explorer. Here’s everything you need to know on the markets on Tuesday:

Bitcoin struggles on in “purgatory” mode – a term coined by Wall Street for this seemingly endless $6,000 – $7,500 range. Most of the top 20 coins are treading water today or making small losses.

1. Bitcoin – $6,451 (+ 0.1%)
2. Ethereum – $284 (- 2.8%)
3. XRP – $0.33 (+ 0.6%)

Bitcoin is still rejecting any attempts to pass $6,500, while ethereum battles against the $300 mark. Keep your eye on these numbers because a move higher could trigger a stronger recovery.

(Prices correct at time of publishing: 6.45am ET).

Biggest winner and loser in the top 20

vechain logo

Biggest winner – Vechain (+ 5%)
Biggest loser – Tezos (- 14%)

Vechain is among the few tokens in the green today as it thrives on its new mainnet, Vechain Thor. Vechain has gained more than 50% in a week.

XRP also finds some strength today compared to the rest of the market. Ripple (the company linked to XRP) revealed that xRapid – its pioneering money transfer platform – is finally ready. xRapid, which actively uses the XRP token for liquidity, will now enter production mode after a year of pilots.

Coinbase volume down 83% since January

coinbase logo

Today’s market weakness was triggered by news from Coinbase. Trading volume at the largest cryptocurrency exchange in the US is down 83% since bitcoin-mania peaked in January.

Here’s where it gets interesting, though. While Coinbase, which executes trades between USD and crypto, has seen a decline in volume, rival exchange Binance reported an increase in the last month.

Binance only executes crypto-to-crypto trades. In other words, even though investors aren’t rushing to the market with USD, trading among the core crypto community remains relatively stable.

The best blockchain? EOS, according to China

EOS logo

China has released its official blockchain ranking for August. The blockchain projects are ranked according to their technology, innovation, and application.

Bitcoin finds itself in tenth position, while Ethereum comes in second place. At the top of the charts is EOS, likely due to its transaction speed and ability to host decentralized apps (dApps).

Venezuela pegs its hyper-inflated currency to crypto

Venezuela’s national currency, the Bolivar, is fighting against 1 million percent inflation. People in the country are fleeing to neighboring Ecuador or turning to bitcoin to protect their money.

But the government thinks it has a solution. As of today, the Bolivar will be pegged to a cryptocurrency called petro. Petro was created by the Venezuelan government, and its value is derived from oil reserves in the country.

Yet again, we see people (and now governments) turning to crypto when economies fail.

That’s all for today, folks. We’ll see you tomorrow for another blockchain roundup.

Today’s long read: What is EOS? The world’s best blockchain, according to China

Ben Brown

Editor, Block Explorer News. Reach me at benjamin-brown.uk

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