Today In Cryptocurrency: Crypto Crime Rises In India, PotCoin Sends Dennis Rodman To North Korea Summit

The cryptocurrency market finished a positive week on Friday, with most major cryptocurrencies trading down less than 2 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

Former NBA star Dennis Rodman tweeted on Friday that Canadian cryptocurrency PotCoin is paying for Rodman to travel to Singapore next week to attend the summit between the U.S. and North Korea. Rodman, who is friends with Kim Jong Un, told reporters he intends to provide “moral support” to both President Donald Trump and Kim.

In a new note, Wall Street bitcoin bull and Fundstrat co-founder Tom Lee told clients that Coinbase’s acquisition of securities dealer Keystone Capital and Circle’s application for a federal banking license are positive signs that the cryptocurrency regulatory picture is improving. Lee said the two companies moves serve as an “implicit acknowledgement” that the the regulatory risk associated with cryptocurrencies is dying down. Fundstrat has a $25,000 year-end price target for bitcoin, implying more than 200 percent upside over the next seven months.

Quartz India reports that a rise in the popularity of cryptocurrency in India has led to a surge in crypto-related cybercrime. Threats include phishing and hacking, fake apps and social media accounts, ponzi schemes, extortion and ransom.

Price Action

The Bitcoin Investment Trust GBTC traded at $12.84, down 0.2 percent.

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

• Bitcoin declined 0.4 percent to $7,654;
• Ethereum declined 1.1 percent to $600;
• Ripple declined 0.5 percent to 67 cents;
• Bitcoin Cash declined 2.2 percent to $1,116;
• EOS declined 1.5 percent to $14.06.

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

• Jiyo: $2.4-million market cap, 125.7-percent gain.
• Version: $2.8-million market cap, 102.2-percent gain.
• IncaKoin: $2.1-million market cap, 87.2-percent gain.

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

• BuzzCoin: $1.5-million market cap, 50-percent decline.
• Elite: $2.0-million market cap, 38.3-percent decline.
• WeAreSatoshi: $1.5-million market cap, 35.4-percent decline.

Related Links:

Today In Cryptocurrencies: Buffett & Dimon Rip Bitcoin, $1.1 Billion Of Crypto Stolen In 2018

SEC Chairman Jay Clayton: Cryptocurrencies Are Not Securities

Image credit: OPEN Sports [CC BY 2.0], via Wikimedia Commons