Angelo Merendino/Getty Images
Welcome to Crypto Insider, Business Insider’s roundup of all the bitcoin and cryptocurrency news you need to know today. Sign up here to get this email delivered direct to your inbox.
The cryptocurrency sell-off is now being called a “bloodbath” by commentators as it enters a third straight day of declines. Here are all of the theories explaining the crash.
Here are the current standings as of midday Wednesday:
- Bitcoin (BTC): $10,309 (-9.1%)
- Ethereum (ETH): $904 (-15.0%)
- Ripple (XRP): $1.04 (-9.5%)
- Bitcoin Cash (BCC): $1,581 (-10.4%)
- Litecoin (LTC): $170 (-9.1%)
What’s happening:
- Bank of America CEO Brian Moynihan said on a call with reporters that customers were welcome to buy bitcoin in other accounts — just not through Merrill Lynch, the bank’s wealth management arm.
- Cryptocurrencies are tanking, but long-term investors have seen this before. In fact, this is the third year in a row that bitcoin — and the overall market for digital coins — has plunged early in the new year.
- The Winklevoss twins have seen about $600 million wiped off their bitcoin wealth in just 2 days.
- The massive amounts of electricity required to mine bitcoin could benefit these 5 stocks, Morgan Stanley says
- Companies that pivoted to crypto are also getting whacked amid the sell-off.
- Ripple’s cofounder may have lost nearly $12 billion as XRP continues to slide.
- Finally, a startup that wants to be the Airbnb for your stuff raised $25 million in a cryptocurrency and cash fundraising round.
Leave a Reply
Leave a Reply
This site uses Akismet to reduce spam. Learn how your comment data is processed.
