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According to a CoinDesk report today, the Ethereum hard fork will occur on Oct. 17, 2017. The fork is supposed to increase speed and security, and CoinDesk speculates it may also "pave the way to increased privacy on the Ethereum blockchain."
Ethereum prices are still trying to climb past $300 and were down 1.19% on the day.
Bitcoin prices today also were down as China's state media arm called for "iron fist" regulations for Bitcoin exchanges. Xinhua News Agency defended the nation's recent regulatory efforts, including the banning of token sales, numerous exchange closures, and the ban on over-the-counter trading.
The state media voice praised the "zero tolerance" shown by regulators and seemed to encourage additional oversight. Editors warned that many "regulatory vacuums" still exist due to the increase in global ownership and use of Bitcoin and other cryptocurrencies.
Below is a recap of the top cryptocurrency prices at 3:30 p.m. EDT
- Bitcoin: $4,217.31, -1.83%
- Ethereum: $292.88, -1.19%
- Ripple: $0.211, +4.26%
- Bitcoin Cash: $361.81, -9.55%
- Litecoin: $51.35, -1.40%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies…
Cryptocurrency Markets Today
On Wednesday, the total market capitalization of the global cryptocurrency sector hit $142.5 billion.
Top performers from the largest 50 cryptocurrencies by market capitalization included TRON (up 50.21%), ChainLink (up 12.25%), Iconomi (up 9.58%), Factom (up 8.84%), and Waves (up 4.43%).
The worst performers from the top 50 largest cryptocurrencies by market capitalization included Walton (down -17.96%), BitShares (down -15.12%), SALT (down -15.02%), and Binance Coin (down -10.37%).
Ethereum Flash Crash Being Investigated
The Commodity Futures Trading Commission (CFTC) has opened up an investigation of the cryptocurrency's crash on Coinbase back in June.
Prices collapsed from above $300 to $0.10, then went back above $300 in microseconds.
Ripple Ticks Higher as SWELL Approaches
The price of Ripple pushed the cryptocurrency into third place overall after it gained 4.2% on the day. The uptick came as investors prepare for the company's SWELL conference.
The firm has positioned itself to challenge SWIFT, a settlement company that Ripple aims to disrupt.
Swiss Banker Scrutinizes Bitcoin
The chair of Swiss investment bank UBS argued Bitcoin does not fit the full definition of a currency. Axel Weber, who once served as the head of Germany's central bank, argued that Bitcoin only meets a few metrics on which a currency can be defined.
"The important function of a currency is, it's a means of payment, it has to be generally accepted, it has to be a store of value and it's a transaction currency. Bitcoin is only a transaction currency," Weber said.
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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.