Today In Cryptocurrency: 'Operation Crypto-Sweep,' Study Reveals Massive ICO Returns

The cryptocurrency market couldn’t shake its Blockchain Week hangover on Monday, with most major currencies trading down more 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

A group of Canadian and U.S. state regulators led by the North American Securities Administrators Association said on Monday it's launching “Operation Crypto-Sweep” in an effort to crack down on cryptocurrency investment schemes. The NASAA is comprised of 40 state and provincial regulators which have launched at least 70 investigations as part of the initiative.

Despite the fact that The Wall Street Journal reportedly found signs of fraudulent activity associated with nearly one in five ICOs, a new report from Mangrove Capital says diversified ICO investors may still be coming out on top. According to the report, which didn't disclose the ICOs included, Mangrove found ICOs have produced average returns of 13.2 times investors’ initial investments, even once the currencies that failed are factored in.

MarketWatch reported Atlas Quantum CEO Rodrigo Marques expects the price of bitcoin to more than double and hit $20,000 by the end of 2018. Atlas Quantum is one of Brazil’s largest cryptocurrency trading platforms, and Marques said Bitcoin’s dip below $8,000 in early 2018 was simply a temporary pull back.

Price Action

The Bitcoin Investment Trust GBTC GBTC traded at $13.70, up 1.2 percent.

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

• Bitcoin declined 1.5 percent to $8,392;
• Ethereum declined 3.6 percent to $695;
• Ripple declined 2.9 percent to 68 cents;
• Bitcoin Cash declined 5.2 percent to $1,229;
• EOS declined 5.0 percent to $12.97.

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

• BunnyCoin: $6.8-million market cap, 96.6-percent gain.
• Nullex: $5.2-million market cap, 67.4-percent gain.
• Carboncoin: $2.1-million market cap, 56.4-percent gain.

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

• PopularCoin: $1.1-million market cap, 30.6-percent decline.
• MktCoin: $6.3-million market cap, 23.2-percent decline.
• KiloCoin: $6.7-million market cap, 22.8-percent decline.

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