Search ForexCrunch
  • Cryptocurrency market is still snoozing in ranges with marginal gains across major coins.
  • Tron loses have of Monday’s gains.
  • Dr. Doom blasts cryptocurrencies, claiming they are more centralized than North Korea.

Cryptocurrency market edged higher on Monday; however, all major coins are still rangebound as both volatility and trading volumes are depressed. The total capitalization of the market has settled at $220B, marginally higher from $218B the day before.

BTC/USD spiked to $6.657 on Monday, but the upside movement proved to be unsustainable as the digital coin No.1retraced to $6,600 by the time of writing. While the short-term technical picture signals that more upside may be in store, we need to see a sustainable move above $6,600-15 (SMA50, 15-min chart) to confirm the extended recovery.

Ethereum has settled under $230 handle after a short-lived movement towards $232 on Monday. ETH/USD is changing hands at $228 at the time of writing, 1.4% higher on a day-on-day basis.

Ripple’s XRP is trading at $0.4859, after a failed attempt to break above critical $0.50 on Monday. The coin is down 0.5% on a day-on-day basis, though the bearish momentum is limited by $0.4820 (SMA50, 1-hour chart).

Tron (TRX), 11th largest cryptocurrency, has turned from a growth leader to an outside. The coin has lost nearly 5% of its value in recent 24 hours to trade at $0.0257 by press time.

Worse than North Korea

Nouriel Roubini also known as Dr. Doom for his apocalyptic economic forecasts that eventually proved to be correct, took another portion of fierce criticism of cryptocurrencies to his Twitter account, and shocked crypto enthusiasts by comparing blockchain technology and cryptocurrency to North Korea.  

“Decentralization in crypto is a myth. It is a system more centralized than North Korea: miners are centralized, exchanges are centralized, developers are centralized dictators (Buterin is “dictator for life” ) & the Gini inequality coefficient of bitcoin is worse than North Korea”.

Sure enough, his comments had little effect on the cryptocurrency market, as his stance is well-known and it would much more surprising and market-moving to hear something crypto-positive from Mr. Roubini.