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Edward Snowden tweeted yesterday that he considers the digital currency Zcash the "most interesting Bitcoin alternative."
Snowden likes Zcash because of its secure privacy. He said that Bitcoin is great, but he doesn't believe it is safe because it's not private.
There was also a big roar in the cryptocurrency markets today as South Korea decided to ban initial coin offerings (ICOs). South Korea will ban all forms of ICOs "regardless of technical terminology," regulators said in a statement.
South Korea will also ban margin trading of cryptocurrencies.
Meanwhile, China's decision to shutter its local exchanges appears to be the gain of Japanese entrepreneurs, according to The Wall Street Journal. A morning report indicates that Japan has issued licenses for 11 new Bitcoin exchanges.
The nation's Financial Services Agency said that the decision is in accordance with a law passed in April that confirmed Bitcoin's existence as a legal form of payment.
Below is a recap of the top cryptocurrency prices at 3:00 p.m. EDT.
- Bitcoin: $4,164.68, +0.12%
- Ethereum: $291.26. -2.27%
- Ripple $0.194, -1.28%
- Bitcoin Cash: $439.46, -2.69%
- Litecoin: $53.13, -1.41%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies...
Cryptocurrency Market News Today
On Friday, the total market capitalization of the global cryptocurrency sector hit $142.4 billion.
Top performers from the largest 100 cryptocurrencies by market capitalization included FunFair (up 30.11%), ChainLink (up 11.60%), Bytom (up 9.31%), GXShares (up 8.31%), and DECENT (up 8.30%)
The worst performers from the top 100 largest cryptocurrencies by market capitalization included MobileGo (down -19.71%), Monaco (down -18.88%), Nexus (down -10.14%), Civic (down -9.16%), and Edgeless (down -8.08%).
Ethereum Dips Under $280 After South Korea Ban
Prices fell below $280 for a short time after South Korea's Financial Services Commission announced plans to ban "all forms" of initial coin offerings.
The news comes a month after China banned ICOs and demanded the closure of Bitcoin exchanges across the country.
Given that Japan is not a large market for Ethereum, prices did not recover as swiftly as its rival Bitcoin. However, in the future, Japan will likely grow as a significant market for Ethereum due to its regulatory freedoms.
Ripple Price Slides on Profit Taking
The price of Ripple slipped again as traders continued to take profits off the table.
However, the price of Bitcoin Cash fell so much more that Ripple was able to regain its stance as the third-largest cryptocurrency by market capitalization.
Top 5 Cryptocurrencies to Invest in Today
Ripple is still up double digits over the last week thanks to increased optimism about the company's expansion goals across Asia. The firm recently opened an office in Singapore, a key financial hub in Southeast Asia.
Another Blow to ETF Efforts
Yesterday, we noted that ProShares was attempting to create two new exchange-traded funds (ETFs) for the purposes of speculating on Bitcoin in the derivatives market. The question we asked was whether the SEC would ever permit such a fund to operate.
Perhaps we saw some clues today.
According to a letter from the SEC's Division of Investment Management, the government will not explore a similar request by VanEck to create a Bitcoin futures ETF because of uncertainty about the current state of derivatives tied to Bitcoin and other cryptocurrencies.
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.