It was a weak Wednesday for cryptocurrency after strong gains on Tuesday.
Ethereum (ETC-USD) was the top decliner of the day, fell 2.7% to US$551.29.
EOS (EOS-USD) was down 2.3% to US$11.86 followed by Bitcoin Cash (BCH-USD) which was down 2.2% to US$966.26.
Bitcoin (BTC-USD) fell 1.6% to US$7,354.82 while Ripple (XRP-USD) was down 1.2% to US$0.59.
A Scottish rehabilitation center has announced that it will begin treating patients with cryptocurrency addictions. Castle Craig Hospital has invited crypto traders in need of help to join the clinic’s existing gambling program, providing cognitive behavioral therapy, equine therapy and other treatments.
“The high risk, fluctuating cryptocurrency market appeals to the problem gambler. It provides excitement and an escape from reality. Bitcoin, for example, has been heavily traded and huge gains & losses were made. It’s a classic bubble situation,” said gambling therapist Chris Burn in a press release.
The average initial coin offering investor makes an 82% profit, according to a report by researchers at the Boston College Carroll School of Management shared by CCN. In a 54-page report entitled “Digital Tulips? Returns to Investors in Initial Coin Offerings”, researchers combed through more than 4,000 ICOs and tracked token value over time.
“Our paper shows that ICOs investors are compensated handsomely for investing in new unproven platforms through unregulated offerings. It suggests that scams, while plentiful in number, are not as important in terms of stolen capital because investors are shrewd enough to spot (and underfund) them,” stated researchers in the report.
READ: Goldman Sachs to begin Bitcoin futures trading, says the cryptocurrency is not a fraud
The North American Marijuana Index, which tracks the top cannabis stocks in the U.S. and Canada, was up more than 1.5%.
CannaCon, one of the largest cannabis industry expo events, is headed to Detroit. The conference is expecting between 3,000 and 5,000 attendees from cannabis enthusiasts to industry experts with ticket prices ranging from US$70 to US$275, depending on how many days ticketholders will attend and if they will attend seminars. Some of the topics covered in the seminars include chemical-free pest management, marketing, sustainable production and lighting as well as a panel discussion on diversity and inclusion.
READ: WeedMD to use proprietary blockchain platform
Michigan may be the next big cannabis market. The state is expected to begin issuing medical marijuana licenses in June and a proposal to legalize recreational marijuana use will be on the November ballot, according to a report the Detroit Free Press. While there will be over 150 vendors, there will be no cannabis consumption at the convention.
Aurora Cannabis Inc (TSX:ACB, OTCQX:ACBFF) launched a new product line known as Aurora Frost. The dried cannabis product is produced from premium whole flower and has the highest potency to date with THC levels at more than 35%. The product will be sold in one-gram increments at US$35 per gram, or US$25 per gram for patients who qualify for compassionate pricing. Shares of the Edmonton-based company were up more than 1% to US$6.31 in Wednesday afternoon trading.