BTC prices fell to their lowest level in one month after a brutal sell-off rattled cryptocurrency investors across the entire market. The price of Bitcoin continued to slump after the conclusion of the Consensus 2018 conference – the fourth annual blockchain technology summit. Over the last week, the broader cryptocurrency index has shed $45 billion.
Here is a recap of the top five cryptocurrencies by market cap as of 9:00 a.m. EDT.
|Cryptocurrency||Market Cap||Price||Change (24h)|
|Bitcoin Cash (BCH)||$1,149.83||$890,257,000||-10.33%|
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 Crypto Insight of the Day
Bitcoin prices fell under $8,000 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.
The Top Cryptocurrency Stories for Friday
A report from crypto-startup Textio suggests that new job openings in the cryptocurrency space and the number of people searching for jobs largely fluctuates in response to the price of Bitcoin and the value of the broader cryptocurrency industry. The firm concludes that its research proves “how fast and fickle the job market is when it comes to hot technologies.”
- CoinShares Chair Danny Masters is the latest bull to buck the bearish trends in the cryptocurrency sector. Masters predicted this week that Bitcoin will revisit its 2017 highs during a conversation at Consensus 2018. Masters argued that several milestones must be achieved for Bitcoin to revisit $20,000. Most centered on the maturity of the ICO business and the retention of institutional investors in the space.
- In the wake of U.S. President Donald Trump’s decision to exit the Iran nuclear deal, some economists are predicting that Iran’s economy could quickly collapse. That might be a positive development, however, for the price of Bitcoin and other cryptocurrencies. Iran’s currency has already been spiraling since 2016, and Iranians have already purchased about $2.5 billion in cryptocurrencies. Expect people living under capital controls and a cratering economy to look to cryptocurrency as a potential store of value.
- The U.S. Securities and Exchange Commission launched a fake ICO that was “an all too good to be true investment opportunity. The U.S. agency launched the mock ICO called “Howeycoin” in order to provide education and warnings about the risks in ICOs. “The offer isn’t real,” the Howeycoin site and SEC recently announced.
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