There’s a lot of red out there in the big ol‘ ocean of crypto. The shining stars of the top ten cryptocurrencies are Stellar (XLM) and EOS.
The week is hardly halfway over yet and already, brand new crypto regulations loom as more bodies of government warn against splashing in the waves that are cryptocurrencies. On Monday, the European Supervisory Authorities (ESAs) expressed concerns that too many people were investing in crypto without knowing what they were doing. The group warned, “that VCs (virtual currencies) are highly risky and unregulated products and are unsuitable as investment, savings or retirement planning products … You should not invest money you cannot afford to lose.”
The central Bank of Thailand has also warned all banks in Thailand to avoid cryptocurrency. However, the Thai Finance Minister Apisak Tantivorawong earlier emphasized that the government would not be banning cryptocurrency altogether, only carefully regulating it. In the meantime, banks are to steer clear of anything crypto-related.
The looming threat of regulations and anti-crypto sentiments may be why the market is struggling today. At the moment, the only coins within the top ten that are up are Stellar and EOS.
The seventh top cryptocurrency, Stellar, has a selling price of $0.412327 at the time of writing. XLM is currently up 5.07% in the past 24 hours.
Since its inception, Stellar has increased by 13,755%. For the day, XLM is beating out its main competitor, Ripple, which is currently down 4.53% in the past 24 hours.
EOS is the only other top ten cryptocurrency, other than Stellar, that is currently up for the day. With a market cap of $5.99 billion, EOS is ranked as the 9th largest cryptocurrency. The coin is only just up, however, at 1.24% in the past 24 hours. EOS is currently selling for $8.98.
Will other coins recover today and balance out the market? Or will Stellar and EOS also plummet?
Featured image: spirit111