Today In Cryptocurrency: Circle Adds 'Buy The Market' Option, Economist Says Cryptos Are Nothing New
The cryptocurrency market continued its losing streak 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.
Coinbase, the leading U.S. cryptocurrency trading platform, took the No. 10 spot on CNBC’s 2018 "Disruptor 50" list Tuesday. Coinbase rose to prominence during the 2017 cryptocurrency boom, reporting $150 billion in assets traded by 20 million customers. Coinbase also generated more than $1 billion in revenue last year.
In a new blog post, Nobel Prize-winning economist Robert Shiller, who specialized in financial market bubbles, explored the psychology behind bitcoin and failed new currencies of the past. Shiller compared the cryptocurrency market to the attempted “time money” revolution of the 1800s in which merchants attempted to replace gold currency.
The ideas driving the cryptocurrency revolution are similar to the principles of John Pease Norton’s “dollar by electricity” proposal during the Great Depression, Shiller said.
Circle has added a “Buy the Market” feature to its cryptocurrency investing app. The feature is geared toward new investors and allows them to invest in a diversified basked of all seven of Circle’s supported cryptocurrencies all at once.
The Bitcoin Investment Trust GBTC (OTC:GBTC) traded at $13.18, down 3.1 percent.
Here’s how several top crypto investments fared Tuesday. Prices are as of 3:30 p.m. ET and reflect the previous 24 hours.
- Bitcoin declined 2.2 percent to $8,206;
- Ethereum declined 4 percent to $668;
- Ripple declined 1.8 percent to 66 cents;
- Bitcoin Cash declined 5.6 percent to $1,162;
- EOS declined 3.9 percent to $12.85.
The three cryptocurrencies with at least $1-million market caps that have made the biggest gains over the past 24 hours are:
- FairCoin: $31.6-million market cap, 70-percent gain.
- Piggycoin: $1-million market cap, 47.6-percent gain.
- Kobocoin: $2.2-million market cap, 39.2-percent gain.
The three cryptocurrencies hit hardest in the past 24 hours were:
- Carboncoin: $1.2-million market cap, 42.4-percent decline.
- BunnyCoin: $3.9-million market cap, 40.9-percent decline.
- CHIPS: $5.2-million market cap, 39.5-percent decline.
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