The CEO of Ripple, Brad Garlinghouse, says that Bitcoin could be the "Napster" of cryptocurrencies.
"Some may look back at Bitcoin and say that it is the Napster of digital assets," Garlinghouse told Bloomberg Asia.
"What I mean by that is that Napster was the first to digitize music and demonstrate that you can do a lot of cool things with that. But ultimately, they were circumventing trademark laws, they were circumventing royalty payments, and then government stepped in, and Napster wasn't successful. But Spotify, iTunes and Pandora were successful."
Meanwhile, crypto investors are reacting to news out of Europe.
International Monetary Fund Managing Director Christine Lagarde called for greater oversight of Bitcoin by utilizing blockchain technology to "fight fire with fire."
In a blog post on the IMF website, Largarde said that blockchain can be an integral part of ensuring greater oversight and tracking of cryptocurrencies in order to eliminate illegal activity.
"We can harness the potential of crypto assets while ensuring that they never become a haven for illegal activity or a source of financial vulnerability," she said.
Below is a recap of the top cryptocurrency prices at 2:00 p.m. EST.
- Bitcoin: $9,281.06, +0.12%
- Ethereum: $699.05, -0.07%
- Ripple: $0.788, -1.47%
- Bitcoin Cash: $1,070.70, +2.03%
- Litecoin: $177.38, -1.50%
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 $374.25 billion. Today's top performer out of the top 100 cryptocurrencies was Populuous, which gained 25.62%.
The best performers from the top 50 largest cryptocurrencies by market capitalization included Binance Coin (up 22.98%), NEM (up 15.39%), Electroneum (up 14.43%), ICON (up 8.97%), KuCoin Shares (up 7.40%), Ardor (up 5.98%), VeChain (up 5.50%), and Bytom (up 5.25%).
The worst performers from the top 50 largest cryptocurrencies by market capitalization included Bytecoin (down -5.63%), Dash (down -3.43%), Monero (down -2.94%), Komodo (down -2.92%), Steem (down -2.90%), NEO (down -2.67%), Status (down -2.61%), and OmiseGo (down -2.36%).
Bitcoin Prices Today Stay Near $9,000
The price of Bitcoin fell below $9,000 at one point in the last 24 hours before slightly rallying. Traders are blaming a so-called "Tokyo Whale" - a Japanese Bitcoin holder who sold a huge position - for the downturn in the price of the cryptocurrency.
The trader is a former trustee of the defunct Bitcoin exchange Mt. Gox, which collapsed in 2014 during a high-profile hacking event. The trustee sold off about $400 million in cryptocurrency, according to a filing from last week.
The sell-off comes just days after the U.S. Securities and Exchange Commission announced that cryptocurrency exchanges must register with the federal agency.
It's been a difficult time for bullish Bitcoin holders. According to the "Bitcoin Misery Index" (BMI), positive sentiment for Bitcoin is at its lowest level since August 2011.
The BMI is a measurement of how happy or sad Bitcoin investors are by measuring the cryptocurrency's price consistency over a three-month period.
Russia Shuts Down Mining Farm
A major problem in Russia has been a surge of fires that have hit apartment buildings and other facilities where individuals have been mining cryptocurrencies.
Today, the Russian government shut down an abandoned factory where people were farming Bitcoin and tapped into the electricity grid.
The government described the Bitcoin farm as something similar to a "scene from the Matrix." The thieves allegedly stole about 60 million rubles ($1.05 million) of electricity for their illegal operations.
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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.