After a strong start to the week, the cryptocurrency market took a step back on Wednesday, with most major cryptocurrencies trading down more than 2 percent. Here’s a look at some of the headlines that were moving the cryptocurrency market today — and which currencies were on the move.
Headlines
So-called '51 percent attacks' on cryptocurrency networks have been on the rise, with the latest victim being the $729 million bitcoin spin-off Bitcoin Gold. Bitcoin Gold prices stabilized on Wednesday after plummeting more than 50 percent Tuesday following news of the hack. These types of attacks occur when a hacker takes control of more than half of the system’s on a cryptocurrency’s blockchain network and uses that power to falsify transactions.
Nobel Prize-winning economist and Yale professor Robert Shiller, an expert in the psychology of financial market bubbles, said on CNBC Tuesday evening that bitcoin may not even exist 100 years from now. He also echoed his past statements that today’s bitcoin market “looks like a bubble.”
Castle Craig Hospital in Scotland has announced it will begin treating cryptocurrency trading addition at its rehab clinic after online crypto traders reached out to the clinic for help. The hospital said compulsive cryptocurrency trading is a behavioral addition that's nearly identical to gambling addiction and can be treated using many of the same approaches.
Price Action
The Bitcoin Investment Trust GBTC GBTC traded at $11.90, down 2 percent.
Here’s how several top crypto investments fared Wednesday. Prices are as of 3:45 p.m. ET and reflect the previous 24 hours.
- Bitcoin declined 2.2 percent to $7,332;
- Ethereum declined 3.1 percent to $550;
- Ripple declined 2.8 percent to 59 cents;
- Bitcoin Cash declined 3.1 percent to $960;
- EOS declined 3.8 percent to $11.88.
The three cryptocurrencies with at least $1-million market caps that have made the biggest gains over the past 24 hours are:
- Version: $3.3-million market cap, 143.5-percent gain.
- GoldMint: $3.3-million market cap, 78.7-percent gain.
- Rupaya: $2.5-million market cap, 73.6-percent gain.
The three cryptocurrencies hit hardest in the past 24 hours were:
- Photon: $2.1-million market cap, 30.4-percent decline.
- Pandacoin: $5.1-million market cap, 28.2-percent decline.
- LiteDoge: $1.5-million market cap, 27.8-percent decline.
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