Today In Cryptocurrency: London Calling Bitcoin Cash, Investment Bank Predicts 90% Crash

The cryptocurrency market took took a bullish turn on Wednesday, with most major currencies trading up by more than 1.5 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

Bitcoin Cash was up 15 percent at one point on Wednesday after the London Block Exchange announced it would be adding support for Bitcoin Cash and Ethereum Classic trading. The exchange said the new support came in response to customer demand.

Technology investment bank GP Bullhound predicted that cryptocurrency markets are due for an extreme correction that will eliminate 90 percent of the value of the entire crypto market. Author Sebastian Markowsky called the coming market crash “crypto-winter,” but said the handful of currencies that survive the crash will be positioned for unprecedented growth once the selling cycle passes. Markowsky predicted that companies will continue to raise money via ICOs, but the era of fundraising without clearly demonstrating a marketable product is coming to an end.

Automakers Ford Motor Company F, General Motors Company GM, BMW, Renault and 30 other members have launched the Mobility Open Blockchain Initiative, a collection of companies working to use blockchain technology to improve the transportation industry. Blockchain could soon be adopted in the auto industry as a means of placing and tracking autonomous payments and ride-sharing orders and making transportation safer, cheaper and more accessible.

Price Action

The Bitcoin Investment Trust GBTC traded at $14.77, down 1.1 percent.

Here’s how several top crypto investments fared Wednesday. Prices are as of 3:30 p.m. ET and reflect the previous 24 hours.

• Bitcoin gained 0.9 percent to $9,099;
• Ethereum gained 1.6 percent to $673;
• Ripple gained 1.6 percent to 84 cents;
• Bitcoin Cash gained 11.6 percent to $1,445;
• EOS gained 5.8 percent to $18.49.

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

• SmileyCoin: $2.0-million market cap, 99.4-percent gain.
• HappyCoin: $1.2-million market cap, 81.5-percent gain.
• Carboncoin: $2.7-million market cap, 72.0-percent gain.

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

• FlappyCoin: $1.2-million market cap, 52.1-percent decline.
• Zeitcoin: $3.4-million market cap, 45.2-percent decline.
• IncaKoin: $1.4-million market cap, 44.1-percent decline.

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