Find the best broker for your trading or investing needs Scandals and regulation moved prices in cryptocurrency markets during the last 24 hours. News reports about the CFTC’s subpoena for Bitfinex and Tether tanked prices for bitcoin and other cryptocurrencies in the hours following its release. (See also: Tether And Bitfinex Subpoenaed By CFTC).
Bitcoin’s price fell by as much as 30% and traded at levels below $10,000. The overall valuation of cryptocurrency markets also crashed to $500 billion last night. But pronouncements by South Korea’s finance minister regarding cryptocurrency regulation reversed the decline.
At 14:14 UTC, the price of a single bitcoin was $10,279, up 2.44% from 24 hours ago. While the top 10 most-traded cryptocurrencies were mostly in the red, they had stanched the extent of their declines as of this writing.
Ripple cousin Stellar was the only exception, and edged upwards, trading at $0.54, an increase of 2.46% from 24 hours ago. The overall market capitalization for digital currencies was $511.8 billion at 14:24 UTC. As expected, the CFTC’s (Commodity Futures Trading Commission) subpoena to Tether and Bitfinex has generated much discussion within the cryptocurrency community.
There are those who believe that a collapse in its prices will crash crypto markets. According to this narrative, Tether is being used to artificially prop up bitcoin prices. Read more from investopedia.com…
thumbnail courtesy of investopedia.com