Today In Cryptocurrency: Oscar Mayer's Bacoin, SEC Chair Flexible On ICOs, Security Firm Alleges EOS Vulnerability

The cryptocurrency market started of the week on a relatively calm note, with most major currencies moving less than 3 percent on Monday. Here’s a look at some of the headlines that were moving the cryptocurrency market today and which currencies were on the move.

Headlines

Hot dog maker Oscar Mayer announced the launch of a new cryptocurrency called bacoin. The coin, which is redeemable for bacon, is intended to be nothing more than a promotional tool and not meant to be taken seriously. Other joke coins like Dogecoin, however, have ended up reaching billion-dollar market caps.

The U.S. Securities and Exchange Commission said it's not committed to banning initial coin offerings nor is it necessarily on the verge of more regulation. SEC commissioner Robert Jackson told CNBC on Monday that investors are “having a hard time telling the difference between investments and fraud,” and the SEC will keep investor safety as its top priority.

According to Crypto Coin Spy, a security audit firm called Chengdu LiaAn Technology Co claims it has identified a “critical vulnerability” in the EOS smart contract architecture. LianAn Tech said the vulnerability is similar to the “batchOverflow” bug that resulted it the downfall of a number of ERC-20 tokens, including BeautyChain. Some investors disputed the severity and legitimacy of the alleged vulnerability on social media, but the confusion alone was enough to send the price of EOS down more than 11 percent on Monday.

Price Action

The Bitcoin Investment Trust GBTC traded at $15.79, up 1.8 percent.

Here’s how several top crypto investments fared Monday. Prices are as of 3:45 p.m. ET and reflect the previous 24 hours.

• Bitcoin declined 0.2 percent to $9,318;
• Ethereum gained 0.1 percent to $680;
• Ripple declined 1.3 percent to 84 cents;
• Bitcoin Cash declined 2.7 percent to $1,390;
• EOS declined 11.1 percent to $18.33.

The three cryptocurrencies with at least $1-million market caps that have made the biggest gains over the past 24 hours are:

• BunnyCoin: $6.9-million market cap, 196.5-percent gain.
• GCN Coin: $5.3-million market cap, 121.4-percent gain.
• FlappyCoin: $7.5-million market cap, 82.4-percent gain.

The three cryptocurrencies hit hardest in the past 24 hours were:

• Dero: $5.5-million market cap, 29.7-percent decline.
• Bitcoin Plus: $7.9-million market cap, 27.4-percent decline.
• SmileyCoin: $1.0-million market cap, 25.9-percent decline.

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