Bitcoin and its peers drifted lower for a third day as market sentiment remained damped due to regulatory concerns and gloomy predictions dwarfed the boost from positive remarks.
Here is wrap of the main news from the cryptocurrency and blockchain space over the past 24 hours.
Major Cryptocurrencies In The Red; Bitcoin Below $8K
Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin suffered loss in value simultaneously, while Bitcoin's fall was sudden. The most popular cryptocurrency fell from a comfortable position on Monday, when it was trading for about $8,500 and was showing signs of recovery. Bitcoin has fallen by more than $500 since then, and was trading at just over $7800 Wednesday, its lowest point since April 18. Read more...
Brian Kelly Says Bitcoin Cash Is Must-Own
For cryptocurrency holders, bitcoin cash is the must-own currency at the present moment, according to crypto investor Brian Kelly. In an interview with CNBC's "Fast Money," Kelly said bitcoin cash miners met over the weekend to discuss funding for a bitcoin cash development fund, which could give the digital currency more value. Read more...
Vanguard Economist Says Bitcoin Price May Reach Zero
An economist at one of the world's leading investment companies predicted that there was a high likelihood of Bitcoin becoming worthless. "I see a decent probability that its [Bitcoin's] price goes to zero," Joe Davis, the global chief economist at Vanguard, said in an op-ed in ETF.com. Read more...
Robert Shiller Says Cryptos Could Be Just Another Failed Currency Project
Robert Shiller, a Nobel laureate, said cryptocurrencies could turn out to be just another failed currency experiment. "As in the past, the public's fascination with cryptocurrencies is tied to a sort of mystery, like the mystery of the value of money itself, consisting in the new money's connection to advanced science," Shiller wrote in a blog on the Project Syndicate website. The Yale Professor said that practically, only those in the computer science departments, can explain how cryptocurrencies work. Read more...
U.S., Canadian Regulators Conduct Crypto-Crackdown In 'Operation Cryptosweep'
State and provincial securities regulators in the U.S. and Canada have probably conducted one of the largest coordinated crackdowns on fraudulent Initial Coin Offerings (ICOs), cryptocurrency-related investment products, and the people behind them. The crackdown dubbed "Operation Cryptosweep" was conducted in coordination with the North American Securities Administrators Association (NASAA), with 44 jurisdictions participating from the U.S. and Canada. Read more...
Walmart's Patent Application For Blockchain-based Digital Marketplace
Retail behemoth Walmart has filed a patent for a blockchain-based digital marketplace to resell purchased products, as part of its efforts to expand digital services to retail customers. In a filing released by the U.S. Patent and Trademark Office, the company outlines a blockchain ledger that can track items that have been sold to particular customers. Read more...
CFTC Staff Issues Advisory For Listing Virtual Currency Derivative Products
The staff of the Commodity Futures Trading Commission (CFTC) has issued an advisory to market participants proposing to list cryptocurrency derivative products. The advisory is aimed at giving exchanges and clearinghouses registered with the CFTC guidance for listing virtual currency derivative products. It also helps them discharge their statutory and self-regulatory responsibilities. Read more...
New Jersey Issues Cease-and-Desist Order To Three Online Crypto Promoters
The New Jersey Bureau of Securities has issued an emergency cease-and-desist order against three online cryptocurrency promoters for offering unregistered securities in the state. The orders were issued against Bullcoin Foundation a/k/a Bullcoin Gold, Trident d/b/a Trident Crypto Index Fund, and Springcryptoinvest. Read more...
Crypto Lexicon - ALTCOIN
Altcoin means alternative coin and it is any cryptocurrency other than Bitcoin. Bitcoin is the first cryptocurrency and altcoins followed. Some are built on the same distributed ledger technology as Bitcoin, while others are created on new platforms such as Ethereum and IOTA. Read more...
Current Prices
As of 10.17 am ET on Wednesday, Bitcoin was down 4.14 percent at $7,880.03 and Ethereum was lower by 9.99 percent at $615.83 on Coinbase.
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