In today’s edition of Crypto Daily News, we’ll cover why Bithumb has dropped nearly 40% in its trade volume and why Bitcoin (available on Coinbase) (BTC) was unaffected by the NYSE news.

Crypto Daily News: August 3rd, 2018

Bithumb Sees Slump in Trade Volume

The world’s 13th largest cryptocurrency exchange by its current trade volume, Bithumb, has dropped a substantial amount since it was hacked back in June. Three days ago, the South Korean exchange halted all new user accounts, plus deposits and withdrawals, and its exchange volume dropped even further.

In just 72 hours, Bithumb has dropped 40 percent in trade volume.

Back in June, the exchange suffered a $31 million hack. On August 1st it announced it was undergoing “service improvements.”

[Re-open deposit and withdrawal services]■ Timeline for the first round deposit and withdrawal services: 4 Aug, 2018 11 AM[KST]
■ List of cryptocurrencies (10 in total): BTC, ETH, XRP, ETC, QTUM, LTC, BCH, XMR, ZEC, MITH
▶ https://t.co/Usl99VGvD1
— Bithumb (@BithumbOfficial) August 3, 2018

It seems the exchange should be somewhat functional starting tomorrow but will not be fully functional for a while.

Bitcoin (available on Coinbase) (BTC) Unaffected by NYSE News

The world’s largest cryptocurrency, Bitcoin (available on Coinbase) (BTC), is currently trading in the red today despite the major news breaking about the Intercontinental Exchange (ICE).

ICE currently operates 23 leading global exchanges, including the New York Stock Exchange (NYSE), and this morning it officially announced its plans of opening its own Microsoft cloud-powered “open and regulated, global ecosystem for digital assets.”

The official press release was released early this morning and Bitcoin (available on Coinbase) has yet to see any major spike.

At press time, BTC is trading at $7,561.03 a coin, down -0.01% in 24 hours. You would expect the cryptocurrency price to rise with the announcement of the new company being started by ICE, named ‘Bakkt,’ which is meant to make it easier for individuals to use Bitcoin (available on Coinbase) in day-to-day purchases. However, so far, the BTC price has barely reacted.

There’s still time though. Perhaps the cryptocurrency will be affected once the Microsoft-based platform is up and fully functioning.