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Ripple prices plunged more than 8.5% after cryptocurrency exchange Coinbase squashed rumors that it might add support to the world's third-largest cryptocurrency by market capitalization.
XRP prices had been rising on the rumor in previous days, hitting a 12-day high.
However, the exchange announced will not add any new cryptos anytime soon.
Here is a recap of the top cryptocurrency prices at 2:00 p.m. EST.
- Bitcoin: $10,885.80, -6.23%
- Ethereum: $822.71, -4.33%
- Ripple: $0.932, -8.69%
- Bitcoin Cash: $1,202.94, -5.83%
- Litecoin: $198.64, -6.41%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies…
Cryptocurrency News Today
On Tuesday, the market capitalization of the global cryptocurrency sector hit $441.93 billion.
The top performer of the day was Waltonchain, which climbed 22.49%. Gains were limited among the top 50 largest cryptocurrencies by market capitalization, which included VeChain (up 1.90%), DigixDAO (up 0.31%), and Tether (up 0.11%).
The worst performers from the top 50 largest cryptocurrencies by market capitalization included Electroneum (down -17.54%), Nano (down -13.44%), Dogecoin (down -12.97%), Stratis (down -11.21%), BitShares (down -11.21%), 0x (down -10.59%), and Verge (down -10.41%).
Bitcoin Prices Slide Below $11,000
The price of Bitcoin fell below a key level of $11,000 and had a market capitalization just north of $184.0 billion. The 6.23% downturn on Tuesday came a day after a prominent Harvard economist put the cryptocurrency in his crosshairs.
Economics Professor Kenneth Rogoff predicted that the price of Bitcoin would be a "tiny fraction" of its current value in the future.
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Rogoff said that the elimination of Bitcoin as a tool of money laundering and tax evasion made its justification for "transactional use very small."
Rogoff believes that in 10 years, the price of Bitcoin will be closer to $100 than the $100,000 prediction by some prominent cryptocurrency bulls. Rogoff argues that government regulations will play a primary role in driving down the Bitcoin price.
The statement comes at a difficult time for Bitcoin bulls…
One of the top ways to gage rising prices of Bitcoin was to examine the trend of Google searches for the cryptocurrency.
According to Bloomberg, the number of Google searches for Bitcoin recently hit its lowest level since October 2017.
The last time that searches sat at the current level on Google Trends, the price of Bitcoin was trading around $5,000.
Litecoin Prices Slump Under $200
Litecoin prices fell below a key resistance level of $200 Tuesday thanks to ongoing disappointment with the latest LitePay update.
On Monday, the company behind the new payment system sent an e-mail to its subscribers, but it failed to provide much insight into the timing of when Litepay will be fully operational.
Litepay said full implementation is delayed thanks to "the negative perception and drastic actions card issuers have towards cryptocurrency companies."
China Continues the Crypto Clampdown
Chinese regulators are taking their next steps to clamp down on cryptocurrency trading inside the nation's borders. The government is now blocking social media accounts of exchanges with reach to Chinese consumers, according to CoinDesk.com.
The action is the latest round of regulatory action against the broader trading of 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.