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What Happened to BitConnect, the Worst Performer on January 19?

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BitConnect rout

The top cryptocurrencies—Bitcoin, Ethereum, and Ripple—saw another day of rising prices on January 19, 2018. Bitcoin rose 1.7% over 24 hours as of 7:15 AM EST on January 19 and was trading at $11,877. Ethereum rose 3.4% and was trading at $1,080.20. Ripple rose 9.8% and was trading at $1.68. The total market of all the cryptocurrencies together was about $590 billion, and the trading volume was $43 billion.

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Among the worst performers of the day were BitConnect, KuCoin Shares, and SmartCash. They fell 43.7%, 18.5%, and 14.3%, respectively. BitConnect, which was considered among the top performing cryptocurrencies in 2017, has seen its lending and exchange operation shutting down. Many investors have been unable to sell their coins at a reasonable price. BitConnect was earlier alleged to be a Ponzi scheme. Ethereum founder Vitalik Buterin and Litecoin founder Charlie Lee have both slammed BitConnect on Twitter. It was trading close to $32.20 and has witnessed a fall in price of about 90%.

Outperformers

Most of the other cryptocurrencies (ARKW) are out of the rout situation, but Ripple and Stellar have seen a remarkable reversion in price.

Among the top gaining cryptocurrencies on January 19, 2018, were Cindicator, Maker, BitcoinDark, and Kyber Network, which rose 108.3%, 40.5%, 35.7%, and 31.6%, respectively.

After the launch of the first two cryptocurrency-based ETFs (read Cryptocurrencies Saw Some Sunshine on January 18 for more details), the SEC (U.S. Securities and Exchange Commission) still seems to be reluctant to allow more crypto ETFs. Dalia Blass, the director of the SEC’s investment division, wrote a public letter that says cryptocurrency-linked funds could have protection issues that need to be examined. You can read more about this in a CoinDesk article.

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