The cryptocurrency market finished a strong week on a positive note Friday, with most major currencies trading higher 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
Fundstrat analyst Tom Lee clarified that he's sticking to his year-end bitcoin price target of $25,000. Lee referenced the $20,000 level in a CNBC interview on Thursday morning, leading the media to report that he had reduced his price target by 20 percent. Lee said in a subsequent interview that he should have been more clear and that he sees bitcoin's fair value at "over $20,000."
Gemini Trust, the cryptocurrency exchange founded by the Winklevoss twins, hired NYSE Chief Information Officer Robert Cornish as its first chief technology officer. Gemini was recently approved for bitcoin cash and litecoin trading and custody and Zcash trading in the state of New York.
South Korea has officially recognized cryptocurrency exchanges as regulated financial institutions for the first time. The distinction means that crypto exchanges in South Korea will need to gain government approval before operating, which likely means stricter requirements related to customer identification and transaction verification.
Price Action
The Bitcoin Investment Trust GBTC traded at $10.23, up 1.7 percent.
Here's how several top crypto investments fared Friday. Prices are as of 4:45 p.m. ET and reflect the previous 24 hours.
- Bitcoin gained 1.5 percent to $6,674;
- Ethereum gained 1.7 percent to $476;
- XRP gained 0.1 percent to 47 cents;
- Bitcoin Cash gained 0.4 percent to $732;
- EOS declined 1.6 percent to $8.64.
The three cryptocurrencies with at least $1-million market caps that have made the biggest gains over the past 24 hours are:
- BunnyCoin: $4.8-million market cap, 241.8-percent gain.
- FairCoin: $33.2-million market cap, 49.5-percent gain.
- Mintcoin: $4.9-million market cap, 47.5-percent gain.
- The three cryptocurrencies hit hardest in the past 24 hours were:
- CHIPS: $2.4-million market cap, 47.8-percent decline.
- PinkCoin: $5.1-million market cap, 23-percent decline.
- I0Coin: $1.7-million market cap, 22.9-percent decline.
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