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Today, the top-performing cryptocurrency is the little-known and relatively new Mithril, which gained more than 127% on the day.
The new coin was recently launched and quickly cracked the top 100 coins by market capitalization.
Mithril is a decentralized social media platform that provides financial incentives to content creators.
Today, it appears that the price pop may be thanks to the crypto token being listed on a new digital currency-trading platform, OKEx.
More crypto enthusiasts may also be supporting the social network, as Facebook Inc. (Nasdaq: FB) is caught up in a data scandal.
Meanwhile, Bitcoin retreated under $8,000 thanks to a broader market sell-off that saw the global cryptocurrency market's value slide under $300 billion. Bitcoin has been sliding thanks to recent regulatory crackdowns around the globe, as well as advertising bans on ICOs and cryptocurrency services on search engines and social media platforms.
There was also a strange occurrence today on Reddit...
The social news aggregator quietly pulled an option to pay for an ad-free version of the site using Bitcoin.
According to Mashable, Reddit made this decision on news that Coindesk is changing its terms of services on Coindesk Commerce. Reddit also reported a series of payment bugs that helped fuel its decision.
Here is a recap of the top cryptocurrency prices at 3:00 p.m. EDT (returns in last 24 hours).
- Bitcoin: $7,914.90, -0.62%
- Ethereum: $456.12, -3.96%
- Ripple: $0.584, -1.07%
- Bitcoin Cash: $887.02, -1.11%
- Litecoin: $139.55, -3.59%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies...
Cryptocurrency News Today
On Tuesday morning, the market capitalization of the global cryptocurrency sector fell to $299.84 billion. Bitcoin comprised 44.7% of the total cryptocurrency market, with a market cap of $137.78 billion.
Other top performers from the top 50 cryptocurrencies included Ontology (up 43.38%), 0X (UP 18.41%), Verge (up 10.25%), TRON (up 9.02%), EOS (up 7.04%), Siacoin (up 6.38%), Waltonchain (up 5.29%), Aeternity (up 4.95%), and Ethereum Classic (up 3.97%).
The worst performers from the top 50 cryptocurrencies included DigixDAO (down -8.30%), Lisk (down -4.14%), Ethereum (down -3.96%), Litecoin (down -3.59%), NEM (down -3.29%), Stratis (down -3.27%), and Dash (down -3.16%).
The Chicago Board of Exchange (CBOE) reportedly asked the U.S. Securities and Exchange Commission (SEC) to list cryptocurrency ETFs in the future.
Thus far, the SEC has remained distant from crypto ETFs.
The agency is currently deciding whether it will permit the NYSE to list two ETFs that track Bitcoin futures from Proshares.
That could bring more money into the crypto space, which could send Bitcoin prices higher.
The EU Gets Strict on Bitcoin Derivatives
Today, the European Securities and Markets Authority (ESMA) announced it will temporarily restrict the amount of leverage that traders cane use for cryptocurrency-related "contracts for difference" (CFD) products at 2:1.
This will require all investors who are trading these derivatives to put up at least half of the money for the contract.
This is a critical step to ensure that counterparties are protected in the event of a significant volatility.
Critical: FCC Approves Revolutionary Device
It's a stunning breakthrough that's set to spark the most monumental life-changing transformation you'll ever see.
The Washington Times says the technology behind this revolutionary innovation "will change the world on a scale hardly seen in human history."
And now that it's approved by the FCC, the floodgates are set to open - and could reward early investors with astronomical gains.
With one tiny company at the heart of this massive shift, even a small investment could create staggering wealth for years to come.
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.