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DigixDAO prices surged 24%, although there isn't a concrete reason as to why prices shot up so quickly today (Jan. 26, 2018).
It appears to be in part thanks to a meetup held in Singapore yesterday and hosted by TenX, a wallet that makes virtual currencies spendable anytime and anywhere.
In a Twitter Inc. (NYSE: TWTR) video, a representative of Digix led the opening of the meeting.
Digix offers two different tokens: DGX and DGD.
Each DGX token represents one gram of 99.99% LMBA standard gold. The DGD token, which is the token that surged 24% today, fluctuates in value based on exchange rates and market forces, according to Digix.global.
In Litecoin news, prices dropped over 3% Friday after UK Prime Minister Theresa May said a crackdown on the cryptocurrency sector may be imminent.
"In areas like cryptocurrencies, like Bitcoin, we should be looking at these very seriously," May said in an interview with Bloomberg.
May also said that regulation was necessary "because of the way they are used, particularly by criminals."
Bitcoin was also down on the day, and critics poured in to take shots at the crypto coin.
Yale economist Robert Schiller and Bank of Canada Governor Stephen Poloz both questioned the value of Bitcoin and other cryptocurrencies.
"There is no intrinsic value for something like Bitcoin so it's not really an asset one can analyze. It's just essentially speculative or gambling," Poloz said.
But one Bitcoin supporter made his voice heard today…
Bespoke Investment Group's Dan Ciotoli argued that Bitcoin's value could triple from the new lows hit in January. The blockchain analyst argued that Bitcoin could trade between $20,000 and $30,000 by the end of the year.
Below is a recap of the top cryptocurrency prices at 1:00 p.m. EST.
- Bitcoin: $11,131.80, -0.72%
- Ethereum: $1,053.89, -0.07%
- Ripple: $1.22, -6.80%
- Bitcoin Cash: $1,617.71, -1.29%
- Cardano: $0.62, -1.04%
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 market capitalization of the global cryptocurrency sector hit $543.69 billion. Bitcoin represented 34.5% of the total cryptocurrency market, with a market capitalization of $181.32 billion.
Top performers out of the top 50 cryptocurrencies by market capitalization included RaiBlocks (up 24.03%), Walton (up 10.93%), Populous (up 9.73%), Bytecoin (up 8.08%), BitShares (up 7.80%), 0X (up 7.67%), VeChain (up 7.27%), Maker (up 6.29%), and Stellar (up 3.81%).
The worst performers from the top 50 largest cryptocurrencies by market capitalization included Ardor (down -8.98%), NEM (down -8.75%), Ripple (down -6.80%), Steem (down -6.14%), OmiseGo (down -6.14%), Electroneum (down -5.95%), and IOStoken (down -3.81%).
Coincheck Spooks Cryptocurrency Markets
Markets reacted negatively today to developments at Japanese crypto exchange Coincheck.
According to reports, it appears that the exchange was hacked after a payment of $123 million in Ripple left its platform.
Not only did it send the price of Ripple plunging, but it created a system-wide freeze on withdrawals.
Can India Send Litecoin Prices Higher?
The price of Litecoin is still off roughly 50% from its all-time high.
However, many analysts project that it could receive a big boost in the future thanks to a major development in India.
On Thursday, India's largest cryptocurrency exchange, Zebpay, added Litecoin to its platform for the first time ever.
Analysts are bullish, because this could help increase widespread Litecoin use among India's 1.32 billion population.
Litecoin is the third cryptocurrency to be added to the platform after Bitcoin and Bitcoin Cash.
Bitcoin's Bad Side
The cryptocurrency sector is getting a lot of negative attention over in Switzerland, particularly on matters tied to money laundering, drug trafficking, and other illegalities.
One of the primary drivers of this narrative has been a major study out of Sydney, Australia, called, "Sex, Drugs, and Bitcoin: How Much Illegal Activity Is Financed Through Cryptocurrencies?"
Released last week, the 58-page report suggests that about 44% of global cryptocurrency transactions are tied to illegal activities.
The report also suggests that 25% of Bitcoin users have ties to illegal activities like money laundering, drug trafficking, and hacking.
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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.