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BTC prices dropped 6.6% today (June 11) after a small cryptocurrency exchange named Coinrail announced it had been hacked.
At least, that's what the mainstream media would have you believe…
In a blog post, Coinrail confirmed a "cyber intrusion" of its systems. Some have estimated that it lost over $40 million in tokens.
However, the hack of one small exchange in South Korea was unlikely to cause such a panic. It was barely in the top 100 exchanges in terms of trading volume before the hack.
Yes, the infiltration didn't help the crypto market, but there's a bigger story…
As Cointelegraph.com noted in a report today, it's more likely the price dip was caused by the U.S. Commodity Futures Trading Commission (CFTC) demanding extensive trading data from several cryptocurrency exchanges.
The CFTC wants to know if prices are being manipulated.
Here is a recap of the top five cryptocurrencies by market cap as of 11:00 a.m. EST:
|Cryptocurrency||Market Cap||Price||Change (24h)|
|Bitcoin Cash (BCH)||$16,044,785,325||$934.05||-9.44%|
Now here's a closer look at today's Money Morning cryptocurrency insight, the most important cryptocurrency updates you need to know…
Money Morning Cryptocurrency Insight of the Day
Bitcoin prices have been very volatile in 2018, but a cryptocurrency guru has a bold Bitcoin price prediction.
From today's prices of $6,785.50, he expects BTC prices could climb to $100,000.
The Top Cryptocurrency Stories for June 11
- Binance CEO Changpeng Zhao said this weekend that the downturn in Bitcoin prices in 2018 has been very similar to the downturn in 2014. It's important for cryptocurrency investors to keep in mind that although Bitcoin prices are down in 2018, BTC traded for $963.66 per coin on Jan. 1, 2017.
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- Speaking of Binance, the company said that its user base has quadrupled over the last six months. Bloomberg reports that Binance now has 9 million users. However, the firm hasn't quite generated the level of profits that one might expect. Bloomberg said that Binance only generated $150 million in profits during Q1 2018. That figure is down from the $200 million that it earned in Q4 2017. Naturally, the downturn of cryptocurrency prices played a significant role in the impact on its balance sheet.
- While the economy of Zimbabwe continues its long road to recovery, the country has defended its direct ban of the cryptocurrency exchange Golix. The Reserve Bank of Zimbabwe filed court papers this week that defended the country's decision and raised concerns about the associated risks to the nation's financial system. Zimbabwe has faced ongoing foreign currency shortages, which has made it difficult for citizens to send money out of the country or purchase goods from international suppliers.
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