Today In Cryptocurrency: Jack Dorsey Endorses Bitcoin, WSJ Finds Signs Of Crypto Fraud Everywhere

The cryptocurrency market continued its rough week on Thursday, with most major currencies trading down more than 1 percent on the day. Here’s a look at some of the headlines that were moving the cryptocurrency market today, and which currencies were on the move.

Headlines

The big news from the CoinDesk Consensus conference on Wednesday was the talk by Twitter Inc TWTR and Square Inc SQ CEO Jack Dorsey. Dorsey said there will ultimately be a native internet currency, and the adoption of bitcoin or another crypto as a global currency would help Square expand its services into new markets. Dorsey said he is a “huge fan” of bitcoin and hopes it ends up as the universal digital currency.

The Wall Street Journal reported on Thursday that, after reviewing 1,450 digital currencies, it found 271 cryptocurrencies that had evidence of fraudulent activity. Nearly one out of every five currencies the Journal investigated utilized fake executive information, plagiarized documents, fabricated development team credentials or other misleading information in an attempt to raise money from unsuspecting investors.

The U.S. Securities and Exchange Commission has completed an ICO of a satirical cryptocurrency called HoweyCoin as part of an effort to warn investors about the dangers of investing in cryptos. The HoweyCoin website was set up to demonstrate to investors how easy it is to get duped into the many scam currencies that have popped up in recent months, and the site links to an educational page about how to avoid crypto scams.

Price Action

The Bitcoin Investment Trust GBTC GBTC traded at $13.62, down 0.9 percent.

Here’s how several top crypto investments fared Thursday. Prices are as of 3:45 p.m. ET and reflect the previous 24 hours.

• Bitcoin declined 1.4 percent to $8,200;
• Ethereum declined 1.8 percent to $686;
• Ripple declined 1.9 percent to 67 cents;
• Bitcoin Cash declined 3.9 percent to $1,225;
• EOS gained 3.4 percent to $12.79.

The three cryptocurrencies with at least $1-million market caps that have made the biggest gains over the past 24 hours are:

• Global Cryptocurrency: $5.7-million market cap, 64.7-percent gain.
• BuzzCoin: $4.8-million market cap, 47.7-percent gain.
• Dero: $6.9-million market cap, 47.0-percent gain.

The three cryptocurrencies hit hardest in the past 24 hours were:

• Nullex: $3.0-million market cap, 49.4-percent decline.
• Vsync: $2.5-million market cap, 22.7-percent decline.
• MaxCoin: $3.6-million market cap, 22.4-percent decline.

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