The surge in Bitcoin and other cryptocurrencies during Q4 2017 centered on rising expectations that institutional investors would pour money into the space.
Well, today, one of the top investment institutions officially snubbed Bitcoin. Tim Buckley, CEO of Vanguard, told CNBC in an interview that there will never be a Vanguard Bitcoin Fund.
Buckley went on to say that his firm avoids "assets that don't have underlying economic value."
In other cryptocurrency news today, Bitcoin faced a sell-off over the weekend.
Traders around the globe are still afraid of the possibility of additional regulations and crackdowns from the South Korean and Chinese governments.
And it appears they have reason to be concerned...
South Korea announced today it would collect up to 24.2% in corporate and local income taxes from the nation's crypto exchanges this year.
Korbit, a Korean exchange, also announced it will not accept deposits from non-citizens. The decision comes a month after regulators ordered the country's exchanges to confirm user identities.
The action is part of an effort to curb excessive speculation, reduce money laundering, and increase transparency in the market.
Below is a recap of the top cryptocurrency prices at 3:30 p.m. EST.
- Bitcoin: $10.514.30, -8.37%
- Ethereum: $963.57, -7.37%
- Ripple: $1.21, -11.98%
- Bitcoin Cash: $1,536.34, -12.92%
- Cardano: $0.538, -11.29%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies...
Cryptocurrency Markets Today
On Monday, the market capitalization of the global cryptocurrency sector dipped to $504.4 billion.
Bitcoin comprised 35.1% of the total crypto market.
Top performers out of the top 50 cryptocurrencies by market capitalization included VeChain (up 5.54%), EOS (up 2.79%), and Walton (up 0.15%).
Just 10 of the top 100 cryptocurrencies by market capitalization finished in the green Monday.
The worst performers from the top 50 largest cryptocurrencies by market capitalization were KuCoin Shares (down -17.71%), RaiBlocks (down -16.88%), Steem (down -15.08%), Siacoin (down -14.84%), Verge (down -14.56%), and Stratis (down -14.44%).
There Are Still Bullish Bitcoin Prices Predictions
Bitcoin has been under significant pressure over the last week thanks to the rumors that governments in Asia will start heavily regulating the crypto markets.
Last week, Yonhap News in South Korea reported that the nation's finance minister had said "the shutdown of virtual currency exchanges is still one of the options" being debated among regulators.
Must Read: Never Miss Our Exclusive Cryptocurrency Reports
But despite the bearish turn in price, Bitcoin optimists continue to offer bold calls for the year ahead.
Last Thursday, Tom Lee of Fundstrat hiked his 2018 Bitcoin price target to $25,000.
He called the recent slump to $9,000 a buying opportunity for investors.
ICO Problems Continue to Accelerate
As we've explained in the past, initial coin offerings (ICOs) are ripe for scammers looking to take advantage of investors trying to hop on the cryptocurrency craze.
For that reason, regulators continue to explore ways to tighten rules around capital raising in the cryptocurrency space.
A recently released report from Ernst & Young may provide enough evidence to accelerate regulations.
According to the research report, more than 10% of all money raised in ICOs has been lost, stolen, or the subject of hacking attacks.
The company analyzed 372 ICOs. Of those 372 ICOs, roughly $400 million of $3.7 billion in funding had been stolen.
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.