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Coinbase announced yesterday (Dec. 12, 2017) that it was forced to suspend trading of Litecoin and Ethereum due to a surge in demand.
The recent 200% surge in Litecoin prices prompted noted cryptocurrency bull Mike Novogratz to suggest owners of the cryptocurrency take profits off the table.
Novogratz told CNBC that he doesn't "think it will have the same legs that Bitcoin would. I would sell it here versus buying Bitcoin."
In Bitcoin news, the cryptocurrency hovered just above $17,000 today. Investors are still digesting news that South Korea was moving to increase regulations in the cryptocurrency space.
Reuters reported this morning that government officials conducted an emergency meeting to introduce proposals to rein in excessive speculation in the space.
The government is proposing an outright ban on cryptocurrencies unless those engaging in transactions (primarily exchanges) adopt and meet six conditions, which include:
- Customer funds musts be kept separately.
- Exchanges must inform traders of the risks associated with cryptocurrencies.
- Operators must confirm a user's real name and identity. This is aimed at preventing minors from opening accounts.
- An anti-money laundering system must be developed.
- An asset protection system, like the dispersion of cryptographic keys, must be enacted.
- Transparency must be increased by disclosing transaction information to the public.
Any violation of these six rules would result in increased penalties from the government, including "punishment of 10 years imprisonment" or a fine of up to 500 million won.
Below is a recap of the top cryptocurrency prices at 9:30 a.m. EST.
- Bitcoin: $17,231.00, -0.37%
- Ethereum: $713.84, +20.80%
- Bitcoin Cash: $1,631.63, +4.90%
- Ripple: $0.468, +68.24%
- Litecoin: $330.23, +3.95%
- IOTA: $4.43, -5.75%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies...
Cryptocurrency Markets Today
On Wednesday, the market capitalization of the global cryptocurrency sector popped to $510.83 billion. Bitcoin comprises 57.1% of the global cryptocurrency market.
Top performers from the largest 50 cryptocurrencies by market capitalization included Ripple (up 68.78%), TRON (up 34.96%), EOS (up 33.59%), Dogecoin (up 32.46%), Qtum (up 30.31%), NEO (24.77%), Bitshares (up 22.53%), and QASH (up 21.90%).
Just 12 of the top 100 cryptocurrencies by market capitalization were in the red this morning. Some of the worst performers from the top 50 largest cryptocurrencies by market capitalization included IOTA (down -5.75%), Vertcoin (down -0.61%), and Stratis (down -0.55%).
Ripple Rallies 68%
Ripple was the top-performing cryptocurrency in the top 100 over the last 24 hours.
The price rallied on news that the company behind the coin will partner with American Express Co. (NYSE: AXP) to reduce liquidity challenges in the global remittance industry.
American Express's CIO Marc Gordon said his company will provide instant payments through blockchain technology.
Ethereum Up 50% in Last Seven Days
The price of Ethereum surged past $700 today.
Investors piled into the second-largest cryptocurrency by market capitalization after Swiss bank UBS (NYSE: UBS) announced it would lead an Ethereum-based blockchain initiative with a number of different global financial firms.
Must Read: Can Ethereum Reach $1,000?
Another Day, Another Central Bank Warning About Crypto
Bank of Australia Gov. Dr. Philip Lowe declared that a "speculative mania" exists around cryptocurrencies.
But instead of warning investors about money launderers and illicit activities with Bitcoin, he turned to a major headache for those who argue that Bitcoin can be a transactional currency. He explained that there was nothing that can stop people from engaging in commerce with Bitcoin, but warned that transaction costs are extremely prohibiting.
Using the example of a cup of coffee, he explained that customers wouldn't be pleased with the associated cost of the transaction.
"You can do that now. But the truth is, when you look at the actual cost associated with making a payment with Bitcoin, it costs more than the cup of coffee," Dr. Lowe 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.