Today In Cryptocurrency: Crypto Mining In Kosovo, Alternative Explanation For Sell-Off

The cryptocurrency market ended a brutal week on a low note on Friday, with most major cryptocurrencies 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

Major cryptos traded near 2018 lows this week, and most media and analysts attributed a hack of South Korean exchange Coinrail and a new report suggesting bitcoin prices were artificially inflated last year for the move. However, bitcoin bull and Fundstrat analyst Tom Lee says bitcoin futures may be to blame for the early-week sell-off and the late-week recovery. Since CBOE bitcoin futures contracts began trading in December, Lee says prices tend to slump in the days leading up to expiration. June bitcoin futures contracts expired on Wednesday.

Ripple is reportedly expecting India to overturn its recently imposed ban on banks dealing with cryptocurrency. The Times of India reported that Ripple executives expect a government panel currently exploring cryptocurrency policy will ultimately see that cryptos offer more benefits than risks for the Indian financial system.

Reuters reports that cryptocurrency mining has become popular among younger citizens of one of Europe’s poorest countries, Kosovo. The poor job market in Kosovo has left half a million young adult citizens unemployed, but the nation’s cheap electricity means it only costs roughly $3,000 per coin to mine bitcoin there.

Price Action

The Bitcoin Investment Trust GBTC traded at $11.04, down 4.2 percent.
Here’s how several top crypto investments fared Friday. Prices are as of 3:30 p.m. ET and reflect the previous 24 hours.

• Bitcoin declined 1.3 percent to $6,588;
• Ethereum declined 3.4 percent to $500;
• Ripple declined 2.4 percent to 54 cents;
• Bitcoin Cash declined 2.1 percent to $871;
• EOS declined 3.0 percent to $11.24.

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

• BunnyCoin: $4.6-million market cap, 220.1-percent gain.
• Pandacoin: $6.0-million market cap, 39.5-percent gain.
• Elite: $2.8-million market cap, 35.2-percent gain.

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

• KiloCoin: $4.6-million market cap, 28.6-percent decline.
• IncaKoin: $1.1-million market cap, 28.3-percent decline.
• Espers: $4.3-million market cap, 28.2-percent decline.

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