RATE Group | Cryptocurrency Market Plunges over the Weekend
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Cryptocurrency Market Plunges over the Weekend

06 Aug Cryptocurrency Market Plunges over the Weekend

Posted at 10:30h in Cryptocurrency News by

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This weekend was not a good one for the cryptocurrency market, with all of the top 10 cryptos losing market capitalization as well as token price.

News of the Year

The total market cap of all cryptocurrencies fell by more than $13 billion over the weekend. The value of the cryptocurrency market was also a massive $50 billion less than the July 26 spike, where the markets touched $303.7 billion.

The poor performance of the cryptocurrency market is in contradiction to the big news that broke just before the weekend started. Intercontinental Exchange (ICE), which is the parent company of not just the New York Stock Exchange (NYSE), but also of 23 other leading global exchanges, announced that it was creating a global exchange for digital assets called Bakkt.

ICE said that Bakkt would be covering crypto offering ranging from federally regulated markets right up to consumers’ and merchants’ needs. The new exchange would also be delivering BTC to its customers, rather than the current…

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