Bitcoin drops to $7,500. Bitcoin has dropped 5.90% over the past 24 hours to $7,479,59. Meanwhile, its share of the crypto market reached the highest level of 2018. During Thursday's trade, the largest crypto made up 45.66% of the total market, while the total market cap for digital currencies stood at $274 billion, down more than $500 billion from its all-time high.
Tom Lee urges Bitcoin investors to be patient. Fundstrat’s Thomas Lee has warned cryptocurrency investors to be patient in the wake of this year’s more than 40 percent decline. Fundstrat analysts see a positive catalysts for Bitcoin later in 2018, including the clarification of regulatory hurdles. The company predicts a "purgatory" period of 150 to 175 days aiming for mid-September and maintains a year-end target of $25,000.
Bitfinex weighs move to Switzerland. Bitfinex, the fifth-largest cryptocurrency exchange owned by iFinex Inc., is weighing a possible move to Switzerland. London is another potential new location, but for now, Switzerland remains the first choice. Bitfinex CEO Van der Velde believes the move to Switzerland will bring a renewed transparency to the business.
The total cryptocurrency market capitalization stands at $280 579 920 953
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