Crypto exchange loses $190 million – February 5

Current Bitcoin Price: $3443 (as of 10:00 AM PST)

The price of Bitcoin has budged just one dollar over the last 24 hours, while prices for XRP and Ethereum have dropped by 1.2% and 0.7% respectively. Big movers today include Binance Coin, up 7%, NEM, down 6%, and Maker, down almost 9%.

Top Bitcoin & Crypto News Stories for 5th February 2018

Crypto exchange loses $190 million

QuadrigaCX was a cryptocurrency exchange that also featured fiat-crypto currency pairs, allowing you to buy, sell, and trade cryptocurrency on one single platform. In January, the exchange experienced significant delays in cryptocurrency and fiat withdrawal.

The exchange claims that CEO Gerald Cotten, who held private keys to all of the exchange’s funds, recently passed away while in India. As such, they are unable to recover users’ funds.

Facebook makes first foray into blockchain

Tech giants have been slow-moving when it comes to blockchain. In fact, the only blockchain and cryptocurrency development from giants like Facebook and Google has been the banning of some crypto related advertisements on their platforms.

However, Facebook has just made its first blockchain-related acquisition. They recently bought Chainspace, a blockchain startup which was building smart contracts to facilitate payments and other services with blockchain.

Bitcoin Lightning grows to $2 million cap

The Bitcoin Lightning network is an off-chain solution to scaling Bitcoin, reducing transaction times to seconds and fees to mere cents. Adoption of the Lightning network has been slow, though, especially considering it’s still in development.

With that said, the total market capitalization of the Bitcoin Lightning network has grown to more than $2 million, pulling it into the top 500 cryptocurrencies by market cap.