Today In Cryptocurrency: Former Goldman Exec Rips Bitcoin, Fed Report Shows Futures Dented Crypto Valuations

The cryptocurrency market continued a sluggish start to the week Tuesday, with most major currencies trading down 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 Goldman Sachs Group Inc GS President Gary Cohn told CNBC the world will eventually have a global digital currency, but it won’t be bitcoin. The ultimate universal cryptocurrency would be simpler to understand than bitcoin and would remove variables such as mining and electricity costs from the equation, he said. 

A new report from the San Francisco Federal Reserve claims the roughly 50-percent decline in bitcoin prices following its late-2017 peak of around $20,000 was a direct result of the launch of bitcoin futures trading. According to the report, bitcoin buying went unchecked until the futures market was launched, which allowed short sellers to take the other side of the crypto trade for the first time and drive prices lower.

The 2018 Cannes Film Festival kicked off Tuesday, and this year’s event features “Blockchain Corner,” with booths from six companies that are developing blockchain technology to help distribute films and protect against piracy. Companies in attendance include Cinezen Blockchain Entertainment, Cinemarket, SingularDTV, Dream Channel and TVZAR.

Price Action

The Bitcoin Investment Trust GBTC GBTC traded at $14.61, down 2.4 percent.

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

• Bitcoin declined 1.7 percent to $9,257;
• Ethereum declined 0.4 percent to $749;
• Ripple declined 2 percent to 81 cents;
• Bitcoin Cash declined 3.7 percent to $1,597;
• EOS gained 1.2 percent to $18.40.

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

• BitTokens: $1.1-million market cap, 175-percent gain.
• The Cyberfunks: $3.1-million market cap, 104.1-percent gain.
• Bytecoin: $2.3-million market cap, 86.3-percent gain.

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

• GCN Coin: $2.1-million market cap, 42.1-percent decline.
• 808Coin: $2.2-million market cap, 35-percent decline.
• LiteDoge: $1.8-million market cap, 29.4-percent decline.

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