Bitcoin prices fell to around $8,600 Friday on reports that a Mt. Gox trustee sold 8,000 coins, and there was also news that police raided the headquarters of UPbit, a South Korean exchange.
Seoul police joined the Korean Financial Intelligence Unit and the nation's Financial Services Commission (FSC) in an investigation into fraud and illicit transfers of customer funds by the nation's largest crypto exchange.
However, markets are hoping that Bitcoin will rally ahead of the upcoming Consensus Conference.
CoinDesk's conference will take place in New York next week, and it could draw at least 7,000 people. That would more than double the attendance from a year ago, at 2,750.
There will be over 250 speakers and industry leaders discussing crypto.
A month after the conference last year, the price of Bitcoin rallied 31.70%.
Here is a recap of the top five cryptocurrencies by market cap as of 9:00 a.m. EDT.
|Cryptocurrency||Price||Market Cap||Change (24h)|
|Bitcoin Cash (BCH)||$1,409.38||$1,554,870,000||-11.95%|
Now here's a closer look at today's Money Morning cryptocurrency insight, as well as the most important cryptocurrency updates you need to know...
Money Morning Cryptocurrency Insight of the Day
If you're new to Bitcoin, you might think that you've missed out on the big profits. After all, Bitcoin surged as high as $20,000 before pulling back.
But there are only three words that you need to know if you want to cash in on the next wave: Bitcoin Lightning Network.
Stunning: New Innovation Will Be Like "Adding Twin Turbos to the Bitcoin Engine" - and Could Send Its Price to $100,000. Learn More...
Money Morning Cryptocurrency Expert David Zeiler takes you behind the curtain of this once-in-a-generation development and shows you how to make big gains from Bitcoin in 2018.
The Top Cryptocurrency Stories for May 11
- Facebook Inc. (Nasdaq: FB) is generating buzz, because it might launch its own cryptocurrency in the future. Financial outlet Cheddar reported today that the company is holding high-level discussions about how to implement blockchain technology into its platform. It's also considering launching its own cryptocurrency. The team leader of Facebook's blockchain research group is also a board member of cryptocurrency exchange Coinbase.
- Some people aren't too thrilled about Goldman Sachs Group's (NYSE: GS) decision to launch a Bitcoin desk. A professor at Warwick Business School in England said that Goldman's decision will "open the box" for pure speculation in the global cryptocurrency markets. Of course, many speculate Goldman just wants to manipulate the market.
- Despite today's downturn in the broader cryptocurrency market, there was a bright spot. Augur popped more than 10% after the coin was listed on Binance. Augur was the only coin in the top 100 by market capitalization to show a gain north of 10% on the day. Augur describes itself as "a decentralized oracle and prediction market platform."
The Shocking Reason Why We Think Bitcoin Could Hit $100,000 (and How You Could Make Millions)
Money Morning Defense and Tech Specialist - and cryptocurrency legend - Michael Robinson just revealed the little-known details regarding the future of Bitcoin... and why, at any moment, it could be poised for a record-breaking rebound far beyond anything we've witnessed already.
Michael made a prediction about Bitcoin way back in 2013 - and folks who followed his advice stood to become 253 times richer. We'd venture to say not one in 10,000 people is aware of the massive profit potential unfolding right now.
Before the mainstream public gets any wiser, you need to see this now.