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Cryptocurrency enthusiasts are reacting to news that Bank of America Corp. (NYSE: BAC) now sees the digital currency space as a threat to its business.
In its annual 10-K filing, released yesterday, the nation's largest bank by deposits listed cryptocurrencies as a risk factor.
The bank said crypto could affect its profitability and revenue levels in the future.
While this isn't seen as a panic signal, it is a notable event for a company of its size. It shows that Bitcoin and other cryptocurrencies are being taken more seriously.
Below is a recap of the top cryptocurrency prices at 2:30 p.m. EST.
- Bitcoin: $10,326.90, +2.47%
- Ethereum: $861.19, +5.96%
- Ripple: $1.01, +7.50%
- Bitcoin Cash: $1,273.67, +5.36%
- Litecoin: $211.11, +7.61%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies…
Cryptocurrency News Today
On Friday, the market capitalization of the global cryptocurrency sector hit $451.14 billion.
Bitcoin represented 38.6% of the total cryptocurrency market, with a market capitalization of $174.4 billion.
The best performers from the top 50 largest cryptocurrencies by market capitalization included Nano (up 44.34%), Ethereum Classic (up 13.91%), IOTA (up 10.35%), VeChain (up 10.32%), 0x (up 8.11%), Litecoin (up 7.61%), and Ripple (up 7.50%).
The worst performers from the top 100 largest cryptocurrencies by market capitalization were Emercoin (down -4.01%), Dentacoin (down -2.94%), Kin (down -0.60%), and Veritaseum (down -0.60%).
Updates for the Petro Cryptocurrency
Two U.S. senators have spoken out against Venezuela's latest efforts to skirt economic sanctions.
Sen. Bob Menendez (D-NJ) and Sen. Marco Rubio (R-FL) co-wrote a letter to the U.S. Treasury Department asking the agency to monitor cryptocurrency developments in the country.
Yesterday, Venezuelan President Nicolas Maduro said his government raised more than $1 billion over two days. However, those claims have gone largely unconfirmed.
The Petro is allegedly backed by the nation's large oil reserves.
However, it's hard to take the leadership at their word, given the fact that Venezuela is suffering from hyperinflation, and its energy sector remains in disarray.
Despite the controversy, Maduro wants to add another virtual currency into the mix…
He wants to create a new currency backed by the nation's gold reserves (do they even exist?) called "Petro Gold."
The news has both Iran and Turkey considering their own cryptocurrencies.
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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.