Total Crypto Market Cap Jumps $12 Million in an Hour as BitMEX Pauses Trading

Crypto markets spiked today, August 21, observing noteworthy gains among the top 100 coins in under an hour, as information from Coin360 displays.

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Sector visualization from Coin360

Complete market capitalization of all cryptocurrencies shot up above $12 million in just above an hour to peak at $222.8 million, just before dropping slightly to $291.7 million by push time.

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1-working day chart of the full market capitalization of all cryptocurrencies from CoinMarketCap

Bitcoin (BTC) experienced been buying and selling sideways today about $6,400-$6,500 just before observing a sharp 5 per cent spike in the space of just 45 minutes, peaking about $6,790. The foremost cryptocurrency has because dropped slightly to trade about $6,715 at push time, stil up about 6.2 per cent on the working day.

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Bitcoin’s 1-working day price tag chart. Supply: Cointelegraph Bitcoin Selling price Index

Bitcoin is also boasting almost 6 per cent advancement on the week, while on the month the coin is down almost 10 per cent, according to Cointelegraph’s Bitcoin Selling price Index.

All apart from a person of the top ten cryptocurrencies have seen key advancement through today’s spike, every single gaining 4 to 9 per cent on the working day to push time.

Among the top ten coins, EOS (EOS) has seen the most advancement above the 24-hour period, up 8.7 per cent and buying and selling at $5.19.

In the top twenty coins, altcoin VeChain (VET) has seen the most sizeable advancement on the working day, up a whopping 18.67 per cent to trade at $.015.

As a some commentators pointed out on Twitter, the sharp upswing across crypto markets commenced just as leveraged crypto buying and selling platform BitMEX introduced it was halting buying and selling for scheduled maintenance at 1:00 AM UTC.

Crypto persona and self-described “crypto prophet” Beastlorion posted a series of Twitter polls in the hrs foremost up to BitMEX’s scheduled shutdown suggesting that the move would affect Bitcoin’s price tag.

BitMEX is not shown on CoinMarketCap’s Bitcoin price tag and volume averages due to the fact, as the monitoring service states on their web-site, “[t]he BTC/USD market on BitMEX is a derivatives market NOT really spot buying and selling Bitcoin. As a result, it has been excluded from the price tag and volume averages of Bitcoin.”

On its official web site, BitMEX describes alone as a “Peer-to-Peer Investing Platform that gives leveraged contracts that are purchased and sold in Bitcoin,” reporting each day trade volumes of $3.76 billion. At push time, CoinMarketCap also lists BitMEX’s full BTC/USD trade volumes above the previous 24 hrs at about $3.7 billion.

According to CoinMarketCap, now the major crypto exchange by each day trade volume is Binance, with about $1.12 billion in full trades of all pairs above the 24-hour period to push time.

At push time, BitMEX’s most latest tweet, posted two hrs in the past, introduced that it would be resuming buying and selling within just minutes.

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