Bitcoin Prices Could Rally as South Korean Exchange Is Cleared

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

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.

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

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• Zcash remains in focus after it closed last week up 50%. The price surge accompanied a week-over-week increase in trading by 285%. The rally came after the Winklevoss-backed crypto exchange, Gemini, announced it added the trading of the cryptocurrency.
• In addition to concerns at Bithumb and UPbit, markets have reacted negatively to changes in the taxation policy of Bitfinex. Last week, Bitfinex requested information from users. The list included tax identification numbers and Social Security numbers. The decision comes as various governments around the globe continue to apply pressure on cryptocurrency exchanges to crack down on tax evasion and money laundering.
• China's financial cybercrime cell - the National Internet Financial Risk Analysis Technology Platform (IFCERT) - detailed 421 digital currencies that it believes to be outright scams. The investigation revealed that these digital currencies had a fraudulent business model, but stated that since most of the projects are overseas, they are difficult to track and identify an exact location.
• Traders reacted positively to news that the CFTC is focusing more on providing guidelines for cryptocurrency derivatives. The CFTC provided new guidance for clearinghouses and exchanges, like the Chicago Mercantile Exchange (CME), which provide products tied to the underlying price of Bitcoin. The news came a week after CME announced it would be launching an Ether reference rate and an Ethereum price index.

See Why Bitcoin Is Far from Dead (and How It Could Make You a Millionaire)

At our recent "Bitcoin 20X Summit," we uncovered information that left many folks stunned - and reevaluating everything they thought they knew about the crypto market.

You see, while Wall Street and Fortune 500 companies continue to badmouth Bitcoin, they're diving headfirst into this craze... and we'd bet not one in 10,000 people knows the reason behind it.

Go here to see why Bitcoin's not dead... and how it could make you millions.

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