Litecoin Sees Biggest Q1 Gain In History, BTC Pushes Past $4,100, Another Crypto Exchange Hacked And Bitmain Could Be Facing Big Losses — The Crypto2Cash Chronicle
It’s the first day of the new month! Here’s today’s most important and interesting crypto news, coming to you straight from the Crypto2Cash Office.
Litecoin Sees Biggest Q1 Gain In History
Litecoin, the fourth biggest cryptocurrency by market capitalization, is currently trading at $61 and therefore notes it’s best first quarter performance on record, noting a 100 percent gain on January’s opening price of $30. Last month, the coin also reached a six-month high of $64.20. The price gains could be associated with the upcoming mining reward halving that will take place on August 8th, with prices usually spiking a few months before these happenings.
Bitcoin pushes past $4,100
Bitcoin pushed past the $4,100 mark for the first time since the end of February, noting a small gain of around 1 percent in the last 24 hours. The biggest cryptocurrency in total market capitalization also noted the second green month in a row, gaining around 7,5 percent since March 1st.
Another crypto exchange hacked
South Korean crypto exchange Bithumb has reportedly been hacked on the 29th of March. More than 3 million EOS (about $12,5 million) and 20 million XRP (around $6.2 million) were stolen form the exchange. Bithumb stated that it was “an accident involving insiders”, meaning that the hackers had ties to at least one employee. All of the stolen cryptocurrencies belonged to the exchange and customer’s funds remained untouched as they were stored in cold wallets. Most of the stolen funds are already being distributed to exchanges, as the hackers are trying to cash out quickly.
Bitmain could be facing big losses
A leak spreading through social media showed that Bitmain, the leading producer of ASIC miners, may be facing a disastrous first quarter of 2019. The China based firm is looking at losses of around 90 percent, compared to the most successful months at the start of 2018. The financial results of the company follow a significant decline in prices for older mining models, with overall demand for mining gear also declining during the bear market.
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