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Bitcoin News - Bitcoin (BTC) Down 5.44 Percent After CoinMarketCap Glitch, Binance CEO Comes to CMC’s Defense

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📚📉CMC, which has more than 80 mln monthly page views, send shockwaves around the crypto community due to one glitch
Bitcoin (BTC) Down 5.44 Percent After CoinMarketCap Glitch, Binance CEO Comes to CMC’s Defense
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Many crypto enthusiasts were caught off guard by Bitcoin’s sudden 5.44 percent drop. As it turned out,   CoinMarketCap (CMC), the most popular cryptocurrency website where you can find information about more than 2,000 digital assets, has erroneously displayed the BTC price.

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An unusual pattern

The glitch was reported by Reddit user on r/CryptoCurrency. That was the first time when the BTC price drastically declined while the whole market remained in the green. Other users were quick to point out that such an unusual pattern was due to a CMC glitch.

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The bug seemed to affect only the desktop version of CMC given that its iPhone app accurately displayed the BTC price. Meanwhile, alternative platforms in the likes of LikeCoinWatch showed similar numbers.    

At press time, Bitcoin price is sitting at $3,881.83 with a 3.09 percent increase over the last 24 hours.

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Pure manipulation?

Twitter users were quick to criticize CMC for manipulating the market by allegedly showing the wrong BTC price on purpose. Hence, there is a need for a decentralized coin tracker that wouldn’t let this happen.

However, Binance CEO came to CMC’s defense by claiming that one glitch (which was swiftly fixed) doesn’t erase everything the project contributed to the cryptocurrency space.

CMC accusations

CMC was previously criticized for reporting fake trading volumes of (mostly) Chinese exchanges. Due to ‘wash trading’, some exchanges tend to exaggerate their volumes by a whopping 95 percent. That prompted the appearance of a project called ‘Honest CoinMarketCap’ that strives to show a true picture of the global trading activity.

As reported by U.Today, CMC did address the issue by designing new tools that would help to detect artificially inflated trading volumes.

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Jack Thomas

Bitcoin News - LTC, BNB, TRX, and Others Can Make This a True Altcoin Season — How Can Bitcoin React?

☀️📈Since the Crypto Winter started thawing, all the main action has come from altcoins, and now a few are breaking key moving averages
LTC, BNB, TRX, and Others Can Make This a True Altcoin Season — How Can Bitcoin React?
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While the cryptocurrency market may not be fully bullish and breaking new records in terms of gains and growth, one thing that seems to be apparent is that the total bear market is starting to draw to a close. There has been a lot more positive sentiment in the past few weeks and months.

A lot of this has had to do with a few altcoins putting on good performances in the market. Thanks to positive news with a number of top 20 coin projects, their own token value has been rising – as well as importantly staying up.

Now, there is technical analysis that suggests that coins like Litecoin, Tron and Binance Coin, as well as lesser-known Maker, are trading above their 200-day moving averages, a development typically considered a sign of a healthy market.

This is good news across the board, but what is interesting to keep an eye on is whether Bitcoin will manage to keep up, outdo the altcoins, or potentially start falling behind, enforcing a true altcoin season.

Making a move

Of the top 20 largest cryptocurrencies by market capitalization as per CoinMarketCap, both the BTC and USD pairs of Litecoin, Binance Coin, Tron, and Maker are currently trading above their respective 200-day moving averages.

A moving average is simply an ongoing calculation of the closing prices of an asset over a specified period of time, but is also a tool traders use to gauge the asset’s trend direction as well as support and resistance levels.

These positive moves by top ranked cryptocurrencies are thus reinforcing the notion that the cryptocurrency market is heading towards spring again.

However, Bitcoin, as the head and the mover of the cryptocurrency market, is still trading below its own 200-day moving average, which could also be a reason why people are skeptical of flooding back into the market.

Altcoin season?

While Bitcoin has often been the catalyst and mover of the direction of the markets – and still predominantly is today – there have been times where the remainder of the coins take charge of the direction of things.

It is still early in the supposed Crypto Spring, but with altcoins making the biggest movements and helping prop up the market, one could assume that the market is heading for another altcoin season.

The last one was seen soon after Bitcoin’s All Time High as the remaining coins caught the tailwind of that astronomical growth, but things could well be reversed here if a few more major altcoins catch up and can cross their own 200-day moving averages.

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