Today In Cryptocurrency: Cryptos Lose $50 Billion During Blockchain Week, VC Firm Explores Digital Currencies

The cryptocurrency market finished off a horrible week on Friday, with most major currencies trading essentially flat on the day. Here’s a look at some of the headlines that were moving the cryptocurrency market today, and which currencies were on the move.

Headlines

Blockchain Week and the Consensus 2018 conference didn’t produce the crypto bounce many analysts and traders had expected this week. According to Coinmarketcap.com, the global cryptocurrency market lost more than $50 billion in market cap this week. Some traders see this week’s weakness as confirmation there are few remaining buyers out there following 2017’s massive gains.

The Floating Island Project is creating an artificial floating island that includes 300 houses and a self-contained economy that uses a cryptocurrency called Varyon. The goal of the project is to ultimately create hundreds of islands for residents who prefer to live outside of the influence of government.

Lightspeed Venture Partners, the $4 billion venture capital firm that was a major backer of Snap Inc SNAP, has been strategically exploring ways it can increase its activity in the cryptocurrency space. Recode reports Lightspeed’s most likely course of action will be to earmark some cash from one of its larger funds to dedicate specifically to crypto deals.

Price Action

The Bitcoin Investment Trust GBTC GBTC traded at $13.74, up 1.5 percent.

Here’s how several top crypto investments fared Friday. Prices are as of 3:30 p.m. ET and reflect the previous 24 hours.

• Bitcoin gained 0.4 percent to $8,271;
• Ethereum gained 0.4 percent to $692;
• Ripple declined 0.6 percent to 67 cents;
• Bitcoin Cash declined 2.5 percent to $1,204;
• EOS gained 1.7 percent to $12.97.

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

• BitTokens: $1.2-million market cap, 128.6-percent gain.
• BunnyCoin: $7.7-million market cap, 86.2-percent gain.
• SmileyCoin: $1.1-million market cap, 65.7-percent gain.

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

• Carboncoin: $1.5-million market cap, 39.5-percent decline.
• LiteDoge: $1.5-million market cap, 22.7-percent decline.
• E-coin: $2.8-million market cap, 19.9-percent decline.

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