Today In Cryptocurrency: Jack Ma Says Bitcoin Is A Bubble, More Institutions Trading Cryptos
After a rough few weeks, the cryptocurrency market was solid on Monday, with most major cryptocurrencies trading slightly higher 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.
Circle reported a 30-percent increase in institutional trading on its cryptocurrency trading platform in the month of May. Despite a 20-percent decline in the price of bitcoin in May, Circle reported its transaction volume in the month was 15 times higher than a year ago.
Alibaba Group Holding Ltd (NYSE:BABA) chairman Jack Ma said on Monday he sees a major opportunity in blockchain technology but would recommend investors stay away from bitcoin. “Technology itself isn’t the bubble, but bitcoin likely is,” Ma said. On Monday, Alibaba affiliate Ant Financial launches a blockchain-based cross-border remittance service.
Japan has said its major credit agencies will be evaluating and investigating cryptocurrency users as part of the nation’s recently announced crackdown on money laundering. Japan’s credit agencies will reportedly be targeting accounts with suspicious cryptocurrency trading activity, including accounts which make unusually large trades.
The Bitcoin Investment Trust (OTC:GBTC) traded at $9.95, down 1.5 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 1.0 percent to $6,261;
- Ethereum gained 0.9 percent to $460;
- Ripple declined 0.2 percent to 47 cents;
- Bitcoin Cash gained 0.1 percent to $757;
- EOS gained 2.6 percent to $8.26.
The three cryptocurrencies with at least $1-million market caps that have made the biggest gains over the past 24 hours are:
- Carboncoin: $1.8-million market cap, 91.0-percent gain.
- Experience Points: $25.0-million market cap, 45.9-percent gain.
- FairCoin: $21.6-million market cap, 45.4-percent gain.
The three cryptocurrencies hit hardest in the past 24 hours were:
- Mintcoin: $3.1-million market cap, 31.0-percent decline.
- Russian Mining Coin: $8.2-million market cap, 22.9-percent decline.
- BunnyCoin: $1.2-million market cap, 21.2-percent decline.
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