Market Overview

Today In Cryptocurrency: Bank Of America Calls Cryptos 'Troubling,' Fundstrat Predicts $64,000 Bitcoin Price

Today In Cryptocurrency: Bank Of America Calls Cryptos 'Troubling,' Fundstrat Predicts $64,000 Bitcoin Price
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The cryptocurrency market continued a sluggish start to the week Thursday, with most major currencies trading down more than than 1.5 percent. Here’s a look at some of the headlines that were moving the cryptocurrency market today — and which currencies were on the move.


Bank of America Corp (NYSE: BAC) chief technology officer Cathy Bessant said that the idea of cryptocurrencies as a payment system is “troubling” and that the best way to fight criminal activity in the financial world is to increase transparency rather than decrease it. Bessant also said Bank of America customers are free to invest in cryptocurrencies so long as they're not using Bank of America credit cards to do so.

Fundstrat analyst Sam Doctor released a new report in which he predicted the price of bitcoin could hit $64,000 before the end of 2019. Doctor predicted bitcoin will mostly trade in a wide, volatile range between $20,000 and $64,000 next year before finishing 2019 at around $36,000.

Stock and cryptocurrency trading app Robinhood announced it now has 4 million users, more than E*TRADE Financial Corp (NASDAQ: ETFC). Co-CEO Baiju Bhatt said “Robinhood Crypto,” which launched in January, has been a contributor to its recent growth. Robinhood has no investment minimums, maximums or withdrawal limits for its crypto trading.

Price Action

The Bitcoin Investment Trust GBTC (OTC: GBTC) traded at $14.51, down 3 percent.

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

  • Bitcoin declined 2.0 percent to $9,125;
  • Ethereum declined 1.5 percent to $741;
  • Ripple declined 3.3 percent to 78 cents;
  • Bitcoin Cash declined 4.0 percent to $1,578;
  • EOS gained 0.4 percent to $17.93.

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

  • LuckChain: $5.0-million market cap, 65.1-percent gain.
  • Anoncoin: $5.5-million market cap, 60.7-percent gain.
  • Rubycoin: $22.5-million market cap, 43.2-percent gain.

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

  • BunnyCoin: $1.0-million market cap, 86.8-percent decline.
  • GCN Coin: $1.7-million market cap, 74.2-percent decline.
  • IncaKoin: $1.1-million market cap, 58.4-percent decline.

Related Links:

Today In Cryptocurrency: Bloomberg Crypto Index, Facebook Explores Blockchain

Cryptocurrency Mining Grew Faster Than Expected, Bernstein Says In Semiconductor Roundup

Posted-In: Bank of America Bitcoin Cathy BessantCryptocurrency News Top Stories After-Hours Center Markets Best of Benzinga


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