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 .
Cryptocurrencies lost close to $100 billion overnight into Friday morning, with the flagship bitcoin sinking as low as $7,720 per coin.
Most cryptos seem to be making a comeback though and are up from their morning lows, with bitcoin down less than 1% on the last 24 hours and back above $9,000 at the time of writing.
Here are the current standings:
- Bitcoin (BTC): $9,071 (-0.1%)
- Ethereum (ETH): $961 (-6.1%)
- Ripple (XRP): $0.93 (-1.5%)
- Bitcoin Cash (BCC): $1,212 (-4.2%)
- Litecoin (LTC): $133 (-5.7%)
What else is happening:
- The bitcoin crash is a blessing in disguise for the US financial system.
- “The mother of all bubbles and biggest bubble in human history comes down crashing,” Nouriel Roubini, economist and chairman of Roubini Macro Associates, said.
- South Korea’s defense ministry is taking steps to keep soldiers from getting caught up in the cryptocurrency frenzy.
- Two economists just eviscerated bitcoin, saying it should be trading at $20.
- The iced tea company that said it would buy 1,000 bitcoin mining machines is backpedaling on its plans.
- Ripple’s CRP tumbled to its lowest price in months.
- Ethereum sank to its lowest prices of 2018.