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Most cryptocurrency prices were in the red today, but TRON prices surged 10% ahead of its Test Net on March 31.
During this time, TRON will test several features to prepare its platform for widespread use. Founder Justin Sun plans to revolutionize the entertainment industry. Instead of content providers having to rely on a service like Google Play Store to sell their products, they can obtain funds directly from consumers, according to CoinCentral.com.
TRX, the cryptocurrency of TRON, is currently trading at $0.049. It's now a top 10 cryptocurrency in terms of market capitalization.
In other news cryptocurrency news, Litecoin prices fell more than 10% as part of a broader sell-off in the global sector.
The downturn coincided with news that two Japanese cryptocurrency exchanges are shutting down due to intense scrutiny in the wake of a $500 million hack. Both Tokyo Gateway and Mr. Exchange withdrew previous applications to operate with the Japanese Financial Services Agency (FSA).
Ripple, Bitcoin Cash, and Ethereum all hit 2018 lows, as the market continues to experience a dramatic sell-off.
Crypto enthusiasts are worried about regulatory scrutiny and social media companies banning crypto advertisements.
Here is a recap of the top cryptocurrency prices at 12:00 p.m. EDT (returns in last 24 hours).
- Bitcoin: $7,467.65, -6.10%
- Ethereum: $407.26, -9.44%
- Ripple: $0.53%, -7.07%
- Bitcoin Cash: $747.66, -13.27%
- Litecoin: $119.50, -10.09%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies…
Cryptocurrency News Today
On Thursday morning, the market capitalization of the global cryptocurrency sector slumped to $278.07 billion. Bitcoin comprised 45.5% of the total cryptocurrency market, with a market cap of $126.55 billion.
The top performer in the space was XPA, which rallied more than 38.45% on the day.
The worst performers from the top 50 cryptocurrencies included Lisk (down -14.07%), Augur (down -13.84%), Waltonchain (down -13.39%), Bitcoin Cash (down -13.27%), DigixDAO (down -13.09%), 0x (down -13.06%), Nano (down -11.67%), and Stratis (down -11.81%).
Bitcoin Faces the "Death Cross"
The price of Bitcoin was back under $7,500 as investors turned to technical analysis to explain the ongoing slide.
Bitcoin hit the dreaded "death cross" – a bearish technical term that signals a downward market trend.
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Bitcoin's 50-day moving average has declined below its longer-term, 200-day moving average.
BTC is on pace to lose about 45% for the quarter should it continue to remain at these levels through Friday.
Markets are hoping that cryptocurrency prices will pick up when tax returns start rolling in.
India Steps Up Mining
India has announced training programs for Bitcoin mining across 30 cities in the country. This was a surprising development given India's historical relationship with the cryptocurrency market.
Since 2013, the Reserve Bank of India (the nation's central bank) has stood in opposition to Bitcoin and its alternative rivals.
North Korea Hacked Youbit?
According to The Wall Street Journal, South Korean investigators are looking into claims that North Korean hackers may have been responsible for the hack that led to the collapse of Youbit.
In December 2017, the Youbit exchange closed thanks to two hacking events in eight months.
In December, hackers were responsible for the loss of 17% of the exchanges assets.
Last April, the same exchange lost 4,000 Bitcoins, which were worth tens of millions of dollars.
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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.