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 .
Bitcoin is slumping again, down 8% Monday, as the flagship cryptocurrency pares many of Friday’s gains. The brief buoyancy was seen as a possible correction to last week’s bloodbath.
Here’s the scoreboard as of Monday morning:
- Bitcoin (BTC): $10,594 (-8.0%)
- Ethereum (ETH): $973 (-7.1%%)
- Ripple (XRP): $1.19 (-5.8%)
- Bitcoin Cash (BCC): $1,587 (-10.3%)
- Litecoin (LTC): $175 (+7.9%)
What’s happening:
- Financial watchdogs are going through the cryptocurrency market with a 'fine tooth comb'
- DEUTSCHE BANK: Correlation between bitcoin and Wall Street's 'Fear Index' is increasing 'dramatically'
- Shares of a telecom company jumped 130% after it pivoted to blockchain.
- The electricity needed to mine one bitcoin is more than the average American household uses in two years, Morgan Stanley estimates.
- Bitcoin's fluctuations are too much even for cybercriminals, who are beginning to instead denominate their ransoms in US dollars
- Finally, OF COURSE governments won't give up control of money - that's why crypto is crashing
