Market Overview

Today In Cryptocurrency: Circle Founder Says All Currencies Will Eventually Be Cryptos, Tron Buys BitTorrent

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Today In Cryptocurrency: Circle Founder Says All Currencies Will Eventually Be Cryptos, Tron Buys BitTorrent

The cryptocurrency continued its positive early-week momentum on Tuesday, with most major cryptocurrencies trading up less than 1 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

The cofounder of Circle said all global fiat currencies, such as the U.S. dollar, will eventually become cryptocurrencies. Circle has said it intends to produce a relatively stable cryptocurrency called “USD Coin” that it pegged to the U.S. dollar. Cofounder Jeremy Allaire said Circle’s ultimate goal is to help mainstream financial institutions understand the value in cryptocurrency and blockchain and ultimately embrace the technology.

TechCrunch reported that blockchain media startup Tron has acquired peer-to-peer file sharing company BitTorrent for $140 million. BitTorrent claims to have 170 million users and is reportedly the largest decentralized application in the world, with protocols accounting for up to 40 percent of the world’s internet traffic.

New York commercial bank Metropolitan Bank has reported that more than 15 percent of its deposits are now being made by cryptocurrency investors. The bank said it's taking cryptocurrency technology very seriously and is interested in expanding its presence in the vertical.

Price Action

The Bitcoin Investment Trust (OTC: GBTC) traded at $11.00, down 0.4 percent.

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

  • Bitcoin gained 0.1 percent to $6,749;
  • Ethereum gained 2.9 percent to $533;
  • Ripple gained 0.2 percent to 54 cents;
  • Bitcoin Cash gained 0.7 percent to $895;
  • EOS declined 0.9 percent to $10.61.

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

  • BunnyCoin: $2.3-million market cap, 48.3-percent gain.
  • LiteDoge: $1.9-million market cap, 42.7-percent gain.
  • BlueCoin: $2.1-million market cap, 37.1-percent gain.

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

  • Carboncoin: $1.1-million market cap, 32.4-percent decline.
  • Zeitcoin: $2.4-million market cap, 24.3-percent decline.
  • IncaKoin: $1.1-million market cap, 21.5-percent decline.

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