Cryptocurrencies rise slightly as World Economic Forum starts
The price of cryptocurrencies rose slightly in overnight trading. In total, the combined market cap of all currencies rose to $120.5 billion from $119.7 billion yesterday. The small upward momentum came as the World Economic Forum (WEF) started. Traders expect some positive headlines from the gathering in Davos, Switzerland. In last year’s meeting, the price of cryptocurrencies moved up slightly after a number of participants talked positively about them.
However, the industry continues to face a major security challenge. Last year, it was reported that cryptocurrencies worth more than $800 billion were stolen. Yesterday, two executives from Komid, a South Korean exchange, were sentenced for faking trading volume. They were also sentenced for deceiving investors with the goal of inflating the price of currencies. In security news, Coinzest, another South Korean exchange announced that it was investigating the loss of $5.3 million worth of cryptocurrencies.
When Bitcoin was founded, one of the goals was to have a secure digital currency. Ten years later, cryptocurrencies worth trillions of dollars have been stolen, which has made many people and businesses avoid the industry.
The price of ETH rose to a high of 117.38, which is slightly higher than the YTD low of 109.9. In the past few days, the pair has been moving sideways in a consolidation manner. This is an indication that major movements could happen soon. If they do, the price will likely drop to below $100 or move up to $150.