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The Chinese billionaire called the cryptocurrency a potential bubble and raised concerns about price volatility.
Of course, he may have a big reason for trying to discredit Bitcoin….
BABA affiliate Ant Financial Services Group recently launched blockchain-based money transfers between the Philippines and Hong Kong, according to a June 25 South China Morning Post report.
Filipinos working in Hong Kong collectively annually remit $561 million to family and friends back home.
The Ant Financial service appears to just be utilizing blockchain technology and not settling payments with a crypto coin.
However, it could be the first step before the Chinese tech giant introduces its own cryptocurrency.
And Ma would obviously rather have you use his coin than Bitcoin…
Here is a recap of the top five cryptocurrencies by market cap as of 9 a.m. EST:
|Cryptocurrency||Market Cap||Price||Change (24h)|
|Bitcoin Cash (BCH)||$12,795,813,855||$743.75||-1.38%|
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
Adapting the blockchain to make businesses more efficient will be one of the greatest profit opportunities of the 21st century.
And the best stocks in the space are surprisingly familiar names.
If You're Not Making Millions of Dollars with Cryptocurrencies… you could be. Click here to discover the coin that will soon be BIGGER THAN BITCOIN… and how to claim YOUR cryptocurrency fortune while you still can.
Here are the five companies at the forefront of this coming blockchain boom…
The Top Cryptocurrency Stories for June 26
- Some investors started panicking as the price of Bitcoin fell to $5,755 this past weekend. That is the lowest price yet for the cryptocurrency in 2018. Bitcoin continues to trade on low volumes as concerns about regulations, exchange hacking, and falling institutional interest weighs on the market. Of course, if Bitcoin prices reach $100,000, any price slump like that is a huge buying opportunity.
- Notable Bitcoin bull Brian Kelly told CNBC that the cryptocurrency is "not dead." Kelly noted in an interview that prices last year sat at $2,500, so prices have still considerably climbed. But he did admit the recent price decline is "painful."
- Markets are expecting a bit of a rally on the Bitcoin front after Tether has increased its tokens in circulation. According to reports, roughly $250 million in new tokens have entered the market, prompting expectations that they will help bolster the price of Bitcoin.
- One of the top Chinese Bitcoin mining hardware manufacturers has filed an application for an initial public offering (IPO) with the Hong Kong Stock Exchange. Zhejiang Ebang Communication Co. Ltd. hopes to raise $1 billion. The firm earned roughly $141 million in revenue in 2017. China's other top Bitcoin miner, Canaan Creative, is also hoping to launch an IPO in 2018.