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Bitcoin prices slumped under $7,000 today as reports suggest China's central bank (The Peoples Bank of China, PBoC) is considering a plan to release its own cryptocurrency.
Chinese officials say that the official cryptocurrency would be named "The Digital Currency for Electronic Payment (DCEP)."
Though the PBoC does not recognize cryptocurrency assets as a means of payment, the new DCEP would be designed to suit the nation's retail payment network and help protect he national currency.
Here is a recap of the top cryptocurrency prices at 12:00 p.m. EDT (returns in last 24 hours).
- Bitcoin: $6,785.39, -9.37%
- Ethereum: $378.19, -7.46%
- Ripple: $0.495, -8.00%
- Bitcoin Cash: $688.06, -8.91%
- Litecoin: $115.24, -4.42%
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 slumped to $255.38 billion.
Bitcoin comprised 45% of the total cryptocurrency market, with a market cap of $115.00 billion.
The top performer in the space was XPA, which gained 9.22% over the last 24 hours.
Other top performers from the top 50 cryptocurrencies included Aeternity (up 4.57%), Bytom (up 3.55%), and Ontology (up 2.54%).
The worst performers from the top 50 cryptocurrencies included TRON (down -17.22%), VeChain (down -14.82%), Nano (down -13.63%), Verge (down -13.27%), ICON (down -12.72%), Lisk (down -12.47%), Populous (down -12.03%), Siacoin (down -11.58%), and Steem (down -10.76%).
Danske Bank Sends Warning About Cryptocurrencies
The downturn in cryptocurrency prices today coincided with yet another warning about trading.
Denmark's largest financial institution, Danske Bank, warned investors about the threats of investing in cryptocurrencies due to the lack of backing by a central bank.
The firm claimed that it has a responsibility to warn its customers about illegal practices like money laundering and related financial crimes.
Malta Could Become the Crypto Capital of the World
Now, even more crypto businesses and startups could flock to Malta…
According to a CoinDesk report, the Malta Gaming Authority (MGA) has published a proposed guidance on using blockchain technology and cryptocurrencies within the nation's online gaming space.
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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.