Crypto update: Bitcoin, Ethereum, Ripple, Bitcoin Cash, and EOS mixed after weekend meltdown

The crypto market has bounced back from a heavy decline on Sunday and is mostly flat on Monday morning.

Just a few hours ago the value of the entire market dropped 7.3% to US$237.1 billion according to Coin Market Cap before recovering. At that point the market had shed over 17% of its value since Friday morning

What happened?

As I explained on Saturday, cryptocurrencies have been in freefall after Japan’s financial regulator ordered six cryptocurrency exchanges to do more to prevent money laundering.

One of those impacted was Japan’s leading crypto exchange, bitFlyer. It has been forced to suspend new sign ups until it has made appropriate improvements to its practices to stop money laundering and terrorist financing.

As this is arguably a positive move, it is a bit of a surprise to see the market tumble so drastically. This could be a sign that money laundering activities were far more widespread than first thought and led to a panic selloff from money launderers.

Here is the state of play on Monday morning:

The Bitcoin (BTC) price has recovered and is up 1.2% over the last 24 hours to US$6,218.13 per coin, leaving it with a market capitalisation of US$106.4 billion.

The Ethereum (ETH) price has tumbled 3% since this time yesterday to US$460.29 per token, reducing its market capitalisation to US$46.15 billion.

The Ripple (XRP) price has lost 1.2% of its value over the last 24 hours and is down to 48.2 U.S. cents. This means Ripple’s market capitalisation is down to US$18.9 billion.

The Bitcoin Cash (BCH) price has risen 0.6% during the period to US$763.13 per token. The Bitcoin offshoot now has a market capitalisation of US$13.1 billion.

The EOS (EOS) price has edged 0.3% lower during the last 24 hours to US$8.33, reducing its market capitalisation to just under US$7.5 billion.

Outside the top five it was a similar story with Litecoin (LTC) rising 0.3%, but Stellar (XLM), Cardano (ADA), and TRON (TRX) all falling around 2% during the period. The IOTA (MIOTA) price has performed especially poorly and is down 5.1% to 98.36 U.S. cents.

Missed the crypto boom, then don't miss out on this next tech boom...

7 of 8 People Are Clueless About This Trillion-Dollar Market

One of our investors has recently returned from a research trip to Silicon Valley... and has a warning for fellow investors:

Because he works for an organization dedicated to spreading great investing ideas, his video report is free today... so you can see it and decide for yourself.

Don't miss your chance click here to learn about this warning and how you might be able to profit!

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.