Despite the prolonged downtrend seem over he last few months, the cryptocurrency market still remains a point of interest for millions of international traders and investors. Many of them still belive that blockchain is going to change the global financial market to make it simpler, more transparent and easy-to-comprehend. Some experts share this idea, especially as they report about more sophisticated and improved technologies used in trading these days.
At the same time, FortFS experts report that after a short-term rally, the cryptocurrency market is going down again. In the first 24 hours alone, the market cap shrank by more than 2 billion dollars from 113,7 billion dollars down to 111,2 billion dollars.
It's interesting to note that even before the downtrend, when the rally was still underway, the experts that the weakness is backed by fundamental factors while the temporary growth was triggered by purely technical aspects. Still, due to the absence of positive news, the bearish bias forced the market into resuming the downtrend.
On top of that, the information about various vulnerabilities and multiple hacker attacks that ended up with major losses for the crypto exchanges and their users clearly added the fuel to the fire, thereby scarying many of international traders and investors away from the market. Indeed, few people are actually willing to risk their money when the security of those exchanges is compromised and questionable at best.
For instance, some of the user of Electrum and MEW wallets fell prey to fishing attacks. The system called Monero turned out to have some security issues.
Also, several sources are reporting about some vulnerabilities found in the JSONRPC protocol, which, in its turn, compromises the security of Ethereum. This definitely affected the market by reducing the degree of trust to cryptocurrencies.
For now, Stellar seems to be they key loser (the token lost some 7% over the first several hours of the overall downtrend). The list of losers can be extended with such coins as Litecoin (-5%), TRON, Bitcoin Cash and Ethereum (-4%), Bitcoin (-2%). Bitcoin has always been used as the benchmark for the entire cryptocurrency market since this is the first and biggest coin in the world. The overall bias remains bearish.
