Crypto Market Watch: Bitcoin Rejected From $11K (Again), BTC Dominance Still Above 65%

After breaking the resistance at $11,000 in the early hours of today, Bitcoin reached as high as $11,040. However, it quickly retraced to $10,500 where it was trading for the majority of the last few days. At the time of this writing, BTC is trading at $10,583, marking a slight increase of about 0.1% in the past 24 hours. 

It’s worth noting that Bitcoin’s dominance is still holding relatively strong as it currently sits at around 65.2%. This showcases that altcoins haven’t been able to capitalize on its most recent dump and continue to struggle.

Ethereum, the second-largest cryptocurrency by market cap is down about 0.6% on the day while Ripple (XRP) is down 0.3%.  

The total market cap is ~$290 billion | Bitcoin’s market cap is ~$189 billion | BTC dominance at 65.2%

Major Crypto Headlines

Margin Trading? Binance Received $900M In-flow Cash (Past 30 Days), Biggest Loser – BitFinex. The world’s largest cryptocurrency exchange, Binance continues to break new grounds as recent research shows that the exchange received over $900 million of new money over the last month. BitFinex exchange, however, experienced a massive decline in its inflow. 

A Suspect Crypto Site Stole My Identity – and I’m Furious. One of Coindesk’s news editors, Daniel Palmer, reported today, that a fraudulent cryptocurrency project dubbed “US Veteran Token” stole his identity and listed him as one of the advisors of the project. 

Could Donald Trump Ban Bitcoin? After the US President Donald Trump openly bashed cryptocurrencies and Bitcoin, the community has started to contemplate a scenario of a potential ban on Bitcoin on behalf of the US. Whether or not that’s possible and if it will have an impact on Bitcoin at all remains a heated debate.

Related  Jeff Schumacher at Davos: Bitcoin Price Will Go To Zero

Most Significant Winners and Losers

Soma (124.85%)

A 124.85% gain against the USD within the last 24hours has made SCT token the biggest winner in today’s trading session. The cryptocurrency, which is built on the Ethereum platform, recorded a few massive drops over last week and traded within the $0.02 range yesterday. SCT’s price surge today is a recovery to its high from the previous week. At the time of writing, the token trades at $0.047 with a market cap of $463,948. 

Transcodium (49.18%)

Transcodium (TNS) marks an increase of 49.18% against the US dollar with its value hovering around $0.0022. The notable growth today is a bullish reversal from a 50% decline within the last week. The token currently holds a market cap of $111,651 with a daily volume of $90,370 across all exchanges. 

BBGC (32.53%)

Just like the last seven days, today is not very different for BBGC as the token is recording a 32.53% decline against the US dollar. The cryptocurrency has been on a downward trend since the start of last week and has lost 93.42% of its value over the past 7 days. Fundamental shows that the project has weak publicity and the prices may dip further. BBGC is currently trading at $0.001798 with a daily volume of $307,938. 

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