Market Overview

Today In Cryptocurrency: Trading Levels Returning To Normal, Regulators Eye Ethereum

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Today In Cryptocurrency: Trading Levels Returning To Normal, Regulators Eye Ethereum

The cryptocurrency market took a step back on Tuesday, with most major currencies trading down more than 2 percent 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

Cryptocurrency trading platform Plus500 said cryptocurrency trading levels have returned to a more normal level in the past two months after a huge surge of investor enthusiasm in the first quarter of the year. The company said trends in the last couple of months suggest cryptocurrencies are unlikely to repeat their exceptional 2017 performance again in 2018.

The Wall Street Journal reported that Ethereum, the world’s second-largest cryptocurrency, has become the focus of regulatory scrutiny over whether or not the cryptocurrency should be regulated as a security. The Journal reported some regulators see Ethereum’s creation in 2014 as “probably an illegal securities sale.”

In an interview with CNBC, U.S. Commodities Futures Trading Commission chairman J. Christopher Giancarlo said bitcoin incorporates elements of a currency, a security and a digital coin. He said bitcoin may be better used as a buy-and-hold investment than a form of payment and noted that regulators are struggling to apply rules that are decades old to the cryptocurrency market.

Price Action

The Bitcoin Investment Trust (OTC: GBTC) traded at $14.86, down 6.25 percent.

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

  • Bitcoin declined 3.4 percent to $9,013;
  • Ethereum declined 2.6 percent to $663;
  • Ripple declined 2.1 percent to 83 cents;
  • Bitcoin Cash declined 7.6 percent to $1,288;
  • EOS declined 4.6 percent to $17.37.

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

  • DNotes: $6.9-million market cap, 372.6-percent gain.
  • InflationCoin: $2.5-million market cap, 183.8-percent gain.
  • Speedcash: $1.4-million market cap, 113.0-percent gain.

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

  • FlappyCoin: $2.5-million market cap, 65.9-percent decline.
  • Unitus: $1.6-million market cap, 38.3-percent decline.
  • FORCE: $2.3-million market cap, 30.2-percent decline.

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From Acquisitions To New Hires, Coinbase Has Been Busy

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