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Bitcoin prices today dropped despite news that the world's most famous vampire squid is considering a migration into Bitcoin trading in the future.
The Wall Street Journal reported that Goldman Sachs is exploring a new trading operation that would be dedicated to the crypto space. WSJ reports that the bank's exploration into the space is in the early stages and that it might not proceed with development of a trading desk.
However, it's clear that many people on Wall Street see the space as a possible moneymaker in the future.
Below is a recap of the top cryptocurrency prices at 1:00 p.m. EDT.
- Bitcoin: $4,296.52, -2.36%
- Ethereum: $295.84, -0.27%
- Ripple: $0.2017, -0.69%
- Bitcoin Cash: $398.66, -4.28%
- Litecoin: $51.93, -3.39%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies…
Cryptocurrency Market News Today
On Tuesday, the total market capitalization of the global cryptocurrency sector hit $144.5 billion.
Top performers from the largest 50 cryptocurrencies by market capitalization included SingularDTV (up 72.98%), PIVX (up 14.57%), Basic Attention (up 4.65%), and GameCredits (up 3.38%).
The worst performers from the top 50 largest cryptocurrencies by market capitalization included SALT (down -24.49%), BitShares (down -22.82%), Cardano (down -16.93%), and Hshare (down -15.75%).
Bitcoin Prices Slide Despite Fink Endorsement
Bitcoin prices slumped despite a vote of confidence by BlackRock CEO Larry Fink. The executive said that he believed in the potential of Bitcoin and other cryptocurrencies at his firm's Fixed Income ETF conference in Manhattan.
Fink also said he believed that the sector would help identify just how significant the global money-laundering problem is around the world.
Fink's statement came just hours after WSJ reported on Goldman's interest in the sector.
Top 5 Cryptocurrencies to Invest in Today
It was surprising that the Goldman rumor didn't help propel Bitcoin prices higher. But the lack of the bump is a sign that the markets likely do not anticipate Goldman will jump into the space with both feet.
Not only would the firm face increased regulatory scrutiny, but it is unclear if there would be significant institutional demand for the company's services in the space just yet. That said, the story is a welcome departure from recent developments in South Korea and China, where both governments moved to ban initial coin offerings and further regulate the space.
Ethereum Can't Break Above $300
The Ethereum price remained below $300 as the broader cryptocurrency market contracted.
The downturn came despite optimistic statements from IMF Managing Director Christine Lagarde over the weekend.
The IMF chief said that "virtual currencies might just give existing currencies and monetary policy a run for their money." Lagarde said that consumer preference for virtual currencies is one reason why markets and central banks should not dismiss their potential
Litecoin Hovers Above $51 per Token
The price of Litecoin was off more than 3% as the markets shifted away from safe-haven assets that include gold, silver, and… yes… cryptocurrencies.
The petition now has more than 10,000 signatures.
Government Tests Distributed Ledger Technology
Blockchain remains a critical point of development for governments around the globe. This week, the U.S. Treasury Department reported that it is launching a new pilot program designed around distributed ledger asset tracking.
The agency is testing a tracking program of physical assets like cell phones, computers, and other agency property. The goal is to determine how blockchain can help the government manage its finances.
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.