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Nxt Market Report: 18 August 2014

Market Cap

Welcome to this week’s market report. We start by having a look at the current market capitalizations. Since the last market report NXT has decreased in price by 14.1%. The trading volume, much bigger than we have seen in the past few weeks,  reached a peak of USD 200’000 (12 August) but after the 15 August, when the popular NXT exchange Bter.com got hacked, the volume drastically decreased, according to coinmarketcap.com (in which the Multigateway trading volume is NOT currently included). You can see the transaction history of the hack and subsequent partial repayment here: Bter’s NXT account. More information about this incident below. 

coinmarketcap 17082014Source: coinmarketcap.com

Hack of Bter’s main account

As already mentioned Bter’s main NXT account was hacked on the 15th August. You can see part of the negotiation in the NXT blockchain. In Bter’s last update (17 August) they confirm the receipt so far of 43m Nxt and that they are working to recover the 8m Nxt which is still missing. Surprisingly this incident didn’t affect the NXT price in a big way – at the time of writing, the market price at Multigateway is around 6700 satoshis, even higher than before the hack. More importantly, the end result of all this doesn’t include a hacker’s account with 51m NXT in it and the continuing downward pressure on the NXT price which that would have inevitably meant.

What’s going on in the Asset Exchange?

MGW: The asset representing the Multigateway has seen a huge rise over the past few days.  The price increased from around 4 NXT per share to more than 10 NXT! An explanation for this price rocket is definitely Bter’s hack, which shows the downsides of centralized exchanges. As a second result of the hack the volume traded on the Multigateway increased a lot – in the last 30 days 8’354’746 NXT were traded, 1’820’136 NXT in just the last 24 hours!

Fuzon: A fund which holds crypto currencies as long-term investments. The fund is managed by whale who, although still quite new to the Nxt community, is well known in the Bitcoin as well as the Ripple communities. More information about the offering can be found in the announcement thread. Note that the asset is already being traded on Poloniex. For live updates monitor fuzon’s twitter account where you will find details about new investments.

That’s it for another week! We are looking forward to your feedback and suggestions!

This market report is for general information and news purposes only. It does not take into account the reader’s personal circumstances, objectives or attitude towards risk. It is not (and is not intended to be) any form of advice, recommendation, representation, or endorsement by the author or the web site owner and should not be relied upon when making (or refraining from making) any investment decision.

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