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Tags: Currencies

Bitcoin Prices Could Rally as South Korean Exchange Is Cleared

By Money Morning Staff, Money Morning • May 22, 2018

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Bitcoin prices fell nearly 2% down, to $8,232, as the broader cryptocurrency market continues its correction, but recent scandals plaguing the currency are finally in the past.

The Mt. Gox trustees are selling their Bitcoin funds, and an ongoing scandal at South Korea's largest cryptocurrency exchanges, UPbit and Bithumb, put downward pressure on crypto prices.

Bitcoin Prices Could Rally as South Korean Exchange Is Cleared But some good news is in sight. This week, South Korean accounting firm Yoojin released a report stating that the funds of UPbit matched the cryptocurrency exchange's balance sheet. This alleviated major concerns about the exchange and its operations.

Plus, today also marks the eighth anniversary of the famous Bitcoin pizza purchase, a reminder of just how powerfully lucrative cryptocurrencies can be.

Eight years ago today, a programmer paid 10,000 bitcoins for two Papa John's pizzas. Crypto enthusiasts have now dubbed the anniversary as "Bitcoin Pizza Day." The 10,000 coins used in 2010 would now be worth a whopping $82 million. Coindesk celebrated the event by released in a "Bitcoin Pizza Day" price tracker on its site.

Here is a recap of the top five cryptocurrencies by market cap as of 3:00 p.m. EDT.

Cryptocurrency Price Market Cap Change (24h)
Bitcoin (BTC) $8,232.37 $4,885,800,000 -1.92%
Ethereum (ETH) $676.08 $2,077,510,000 -2.90%
Ripple (XRP) $0.67 $210,396,000 -1.21%
Bitcoin Cash (BCH) $1,176.00 $604,529,000 -4.31%
EOS $12.97 $880,290,000 -2.92%

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 Insight of the Day

Bitcoin prices fell back to the $8,200 level over the last 24 hours, as markets continued a broader sell-off in the cryptocurrency sector.

That's creating a buying opportunity for savvy investors.

A surprising catalyst is about to push prices higher...

Most People Don't Know This About Bitcoin: A systems upgrade expected any day now could send Bitcoin to $100,000. Go here to see why Bitcoin's not dead... and how it could make you millions.

Now, here are the top cryptocurrency stories today, including updates on trading derivatives on cryptocurrencies.

The Top Cryptocurrency Stories for Tuesday

Here Are 10 “One-Click” Ways to Earn 10% or Better on Your Money Every Quarter

Appreciation is great, but it’s possible to get even more out of the shares you own. A lot more: you can easily beat inflation and collect regular income to spare. There are no complicated trades to put on, no high-level options clearances necessary. In fact, you can do this with a couple of mouse clicks – passive income redefined. Click here for the report…

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Althea Bell
Althea Bell
5 years ago

I would like to invest in Freedom Checks, and I need more information, and where to sign up at or either what web site.

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