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Bitcoin prices slumped another 8.3% Friday as part of a larger rout in the global cryptocurrency sector.
Right now, a string of bearish headlines and concerns about the security of exchanges and regulation are hammering prices.
On June 21, Bithumb confirmed that roughly $30 million in funds had been stolen. Bithumb is the largest cryptocurrency exchange in South Korea. The company said it is trying to minimize the fallout, but panic over the news fueled a flash crash on cryptocurrency platforms in India.
India's largest crypto exchange, Zebpay, also announced that it could stop withdrawals.
However, in our insight of the day, we're going to show you why we're ignoring these short-term setbacks.
Here is a recap of the top five cryptocurrencies by market cap as of 12:00 p.m. EDT.
|Cryptocurrency||Market Cap||Price||Change (24h)|
|Bitcoin Cash (BCH)||$13,168,953,335||$765.74||-12.44%|
Now, let's take 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
Bitcoin prices have been very volatile in 2018, but a cryptocurrency guru has a bold Bitcoin price prediction.
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.
From today's prices of $6,100, he expects BTC prices could climb to $100,000.
The Top Cryptocurrency Stories for June 22
- The Bithumb hack is certainly weighing on the markets this afternoon. However, one cryptocurrency insider continues to dismiss the hacking event as the reason why cryptocurrency prices are falling. Litecoin founder Charlie Lee told CNBC's "Fast Money" that the hacking event "doesn't really change the fundamentals of Bitcoin." He also said that, "Whenever there's an exchange hack, people get scared and the price drops. It happens all the time."
- According to reports, bitFlyer has suspended user registration just days after the Japanese government asked exchanges to improve their infrastructure. The result has been a major crackdown on anonymous cryptocurrencies like Dash, Monero, and Zcash.
- EOS plunged more than 16% and pushed to a two-month low on Friday. Many investors are upset about confusion around the company's voting rights, and some are worried about centralization. EOS recently froze some accounts, which has helped fueled the recent and remarkable sell-off.