Total Market Value of Cryptocurrency Fell by 30%

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Data shows that in the bear market of May, 2018, the total market value of cryptocurrency fell from the high point $472.2 billion to $324.2 billion, decreasing by 31.34%. While in April, this data maintained a rising trend, with the increasing rate of 65.20%.

Data indicates that the cryptocurrency turned into bear market since May, and some cryptocurrency funds also suffered a great loss in the same month. According to Barclay Hedge Fund Index, the trading index of the cryptocurrency fell by 19.09%. 

One of the drawbacks bear market brings is that the Exchange is accused. Huobi.pro is one of the biggest cryptocurrency trading platforms worldwide, and its innovative trading platform HADAX launched a total of 33 trading currencies during the period from March to May, of which 27 have fallen below their issue price currently. The issuing team of Influence Chain even denounced Huobi.pro’s under-the-table deal with the transaction price, for after launching Huobi.pro’s HADAX, it lost 50% of its market value. Although Influence Chain made an apology afterwards, Huobi.pro was thus trapped in a passive situation. In addition, some media also pointed out that the bear market made the 26 items of Huobi. pro launched in March lose 448 million dollars. 

U.S. Commodity Futures Trading Commission (CFTC) once required many cryptocurrency exchanges to provide a large amount of trading data to investigate whether there was price manipulation in cryptocurrency market. In May 24, Bloomberg News has reported that the United States Department of Justice (DOJ) and CFTC are jointly conducting a criminal investigation of the price manipulation of Botcoin and Ethereum, which is indirectly proved by a recent report from The Wall Street Journal, apparently, DOJ is researching the underlying price manipulation issue. 

Even though the market price of cryptocurrency in May falls in value and fluctuates greatly, with increasing participation of institutional investors, people are still full of confidence in the future. The CEO of Blackmore and Wealth Chain, Phillip Nunn states that he still believes Bitcoin will reach 60 thousand dollars this year. The CEO of eToro, Yoni Assia says, in the long run, selling the cryptocurrency now is like selling the stocks of Apple Inc. in 2001.

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