Today In Cryptocurrency: Riot Blockchain Subpoenaed, Bitcoin Cash Takes Off

After a slow start to the week, cryptocurrencies traded mostly higher on Wednesday. Here’s a look at some of the headlines that were moving the cryptocurrency market today and which currencies were on the move.


The U.S. Securities and Exchange Commission issued a subpoena to Riot Blockchain Inc (NASDAQ: RIOT), which changed its name from Bioptix last year during the peak of crypto market mania. Earlier this year, CNBC issued a report on Riot raising a number of red flags about the company’s SEC filings.

The New York Attorney General’s office has requested information from 13 different cryptocurrency exchanges as part of an effort to understand investor risks. Among those that received requests were Coinbase’s GDAX exchange, Gemini Trust and bitFlyer. Gemini CEO Tyler Winklevoss, who along with his twin brother has previously asked for SEC approval for a bitcoin ETF, said he intends to fully cooperate with the state of New York’s investigation.

Billionaire hedge fund manager Stanley Druckenmiller and former U.S. Federal Reserve governor Kevin Warsh are reportedly among the early investors in Basis, a new cryptocurrency focused on limiting the type of volatility that the cryptocurrency market has been known for. Economists have said volatility is one of the major hurdles that cryptocurrencies will have to clear to gain mainstream appeal as a safe haven investment and potential inflation hedge. Bass has reportedly already raised $133 million as part of its pre-sale coin offering.

Price Action

The Bitcoin Investment Trust (OTC: GBTC) traded at $13.12, up 5.5 percent.

Here’s how several top crypto investments fared on Monday (price as of 3:30 p.m. ET and reflects the previous 24 hours):

Bitcoin gained 1.5 percent to $8,105;
Ethereum gained 1.5 percent to $515;
Ripple gained 3.9 percent to $0.690;
Bitcoin Cash gained 15.1 percent to $882;
Litecoin gained 2.2 percent $138.

Here are the three cryptocurrencies with at least a $1 million market cap that have made the biggest gains over the past 24 hours:

Greencoin – $32.8 million market cap, 356.2 percent gain.
Groestlcoin – $93.8 million market cap, 80.3 percent gain.
BitTokens – $1.2 million market cap, 79.9 percent gain.

Here are the three cryptocurrencies that were hit hardest in the past 24 hours:

ERA – $20.8 million market cap, 43.3 percent loss.
BunnyCoin – $3.7 million market cap, 36.6 percent loss.
BitWhite- $2.0 million market cap, 32.8 percent loss.

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