Price Watch: Bitcoin, Ethereum, and Ripple Fall Further

The global cryptocurrency market continues to endure a bearish downtrend. Over the past week, the cryptocurrency market shed 19% of its total market cap, or almost $65 billion. Ethereum has fallen below $500 for the first time since March.

Bitcoin, currently ranked #1 by market cap, is down 4.98% over the past 24 hours. BTC has a market cap of $111.72B with a 24 hour volume of $4.57B

 

Following the Coinrail exchange hack on June 10, Bitcoin fell below $7000 for the first time since late March. According to a statement released Sunday, the exchange lost 30% of its total cryptocurrency value and confirmed that NPER, ATX, and NPXS coins, and other cryptocurrencies are now safely stored in a secure cold wallet.

Despite the volatile market, individuals and institutions are still interested in crypto, and Bitcoin exchanges are under pressure to meet increasing demand with proper regulations.

 

On June 6, Coinbase announced that the platform is “on track” for SEC registration, legitimizing the exchange as a broker-dealer “capable of offering blockchain-based securities.”

In early June, Goldman Sachs-backed cryptocurrency startup Circle also expressed intent to pursue a federal banking license and registration as a securities exchange

Ethereum, currently ranked #2 by market cap, is down 11.13% over the past 24 hours. ETH has a market cap of $47.67B with a 24 hour volume of $1.91B.


 

On May 14, the Thailand Securities and Exchange Commision (SEC) legalized Ethereum as one of seven cryptocurrencies available for exchange.

On June 9, the Bangkok Post released a statement reporting on the regulatory update:

On May 14, the Thailand Securities and Exchange Commision (SEC) legalized Ripple as one of seven cryptocurrencies available for exchange.

 

On June 11, Ripple CEO, Brad Garlinghouse gave his thoughts on the long-term outlook of Ripple’s technology and future of cryptocurrency mass adoption at the 2018 Stifel Cross Sector Insight Conference.

Denouncing Bitcoin as a centralized cryptocurrency with nearly 40% of its mining power located in China, Garlinghouse made bold statements about the world’s largest cryptocurrency:

 

 

 




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