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Leaders from embattled political intelligence firm Cambridge Analytica may have lost much more than their reputation after the massive scandal involving 88 million Facebook Inc. (Nasdaq: FB) profiles.
Reuters reports that the firm was planning its own initial coin offering (ICO) before the data scandal, and it would have likely raised as much as $30 million.
Though it remains unclear if the firm is still planning an ICO, it would be difficult to get investors to pile money into a company facing so much negative press.
Here is a recap of the top cryptocurrency prices at 3:00 p.m. EDT (returns in last 24 hours).
- Bitcoin: $8,102.70, +1.05%
- Ethereum: $515.33, +1.06%
- Ripple: $0.685, +2.84%
- Bitcoin Cash: $880.42, +14.36%
- Litecoin: $137.62, +0.89%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies...
Cryptocurrency News Today
On Wednesday, the market capitalization of the global cryptocurrency sector hit $337.75 billion.
Bitcoin comprised 40.7% of the total cryptocurrency market, with a market cap of $137.62 billion.
The top performer in the space was Emercoin, which gained nearly 45% over the last 24 hours.
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Other top performers from the top 50 cryptocurrencies included Bitcoin Cash (up 14.26%), Monero (up 13%), Stellar (up 12.51%), Nano (up 10.65%), Dogecoin (up 9.98%), Steem (up 9.52%), Stratis (up 8.88%), Dash (up 8.46%), ICON (up 8.41%), and NEM (up 8.04%).
The worst performers from the top 50 cryptocurrencies included Verge (down -16.09%), Populous (down -3.65%), Binance Coin (down -3.17%), Ontology (down -1.42%), and Zilliqa (down -1.40%).
Bitcoin Recovers on Tax Day
The price of Bitcoin ticked slightly higher as markets digested life after tax season.
According to an April 5 report from analyst Thomas Lee, U.S. households likely owed $25 billion in cryptocurrency capital gain taxes.
To pay it off, Bitcoin holders may have been selling off some of their coins since the start of 2018.
But a lot of Bitcoin bulls believe the worst is behind us...
Big Cannabis Meets Big Crypto
Back in 2017, Money Morning Defense and Tech Specialist Michael Robinson predicted we'd see a "major convergence" of cryptocurrencies and the legal cannabis industry in 2018.
It turns out that Robinson was dead on, as usual.
As we reported yesterday, a major cannabis company revealed in an SEC filing that it could launch a cryptocurrency token.
Verge Pump Leads to 40% Price Slump
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.