Be sure to check out our previous edition here, now let's go over what happened in the crypt this week. Also, be sure to sign up for this week's edition of The CCN Podcast on iTunes, TuneIn, Stitcher, Google Play Music, Spotify or wherever you have your podcasts.
- The price of bitcoin fell by 15% this week following strong gains of 9% last week and 18% compared to the previous week. The currency had fluctuated around the $ 8,000 mark since it hit the crucial price level for the first time on August 24th. The fall in prices of $ 1,200 + was largely attributed to the refusal by the SEC of Winklevoss's second refusal of the ETF. As it went down, the price flirted with the support level of $ 7,800 before not maintaining this level. The bearish pattern continued up to the $ 7,000 level.
- Ethereum is down 14% this week around the $ 400 level. The currency has moved in tandem with bitcoins until the moves down recently, but they do not reflect the moves. As we discussed in last week's podcast episode, ethereum is representative of many altcoins that have mostly suffered heavy losses.
- The entire market capitalization of coins decreased by 14% this week. The cap fell below the crucial $ 300 billion at the start of this week and dropped to $ 255 billion mid-week. The fall in prices falls despite the good earnings of the major currencies such as the tezos.
- Bill Miller & # 39; s Bullish – Billionaire Bill Miller, Miller's founder and CIO of Value Partners compared bitcoin to gold and was bullish.
- Hedge Fund Manager: Bitcoin Price payable to $ 500,000 – Mark Yusko, the founder of Morgan Creek Capital Management, based in North Carolina said that sticks to its bitcoin price target of $ 25,000. Yusko originally created this prediction in April, adding that he expects bitcoin to move up to $ 75,000 by 2020, $ 200,000 by 2022 and eventually eclipse $ 500,000 by the end of 2024.
- Bitcoin could be & # 39; First world currency & # 39 ;: NYSE Owner – Speaking with Fortune, ICE founder, president and CEO Jeffrey Sprecher explained that he believes – supported by Bakkt's infrastructure (cryptographic subsidiary) – bitcoin could become the currency of choice for global payments.
- Bitcoin's price points to new highs: Crypto's Hedge Fund manager Spencer Bogart – Speaking of CNBC's Fast Money Spencer Bogart of Blockchain Capital strengthened his prediction that the bitcoin is destined for higher price levels in the near future as it thinks that momentum may have been exhausted.
- Tom Lee: the price of the bitcoin that recovers from Winklevoss The rejection of the ETF a positive sign – On 27 July, following the refusal of the Winklevoss bitcoin ETF by the Securities and Exchange Commission (SEC) of the United States, the price of BTC fell from $ 8,300 to $ 7,800, more than six percent in a three-hour period. Tom Lee says the rapid recovery is a sign of a bullish sentiment.
- Factom File Patent to Validate Documents on the Blockchain – Factom (FCT) has filed a new patent at the US Patent and Trademark Office which allows the verification of documents on a blockchain with multiple digital signatures.
- Hedera Hashgraph collects $ 100 million to $ 6 billion valuation – Hedera Hashgraph, a public led book distributed in the United States that plans to offer a cryptocurrency, a file storage service and an intelligent contract platform, he raised $ 100 million.
- High Times launches the first ever IPO to accept Bitcoin, Ethereum – High Times, a prominent New York publication that promotes cannabis use, is opening up new horizons in the cryptocurrent world by accepting cryptography during its IPO, the first equity offering to do so.
- Coinbase brings encrypted payment option to millions of online businesses – Coinbase Commerce, a cryptocurrency service provider, has announced a series of initiatives to support crypto commerce, including a WooCommerce plugin to give millions of traders the possibility of accepting cryptocurrencies, the ability to send bitcoin and litecoin directly, and other new features.
- Canaan unveils the first series of Bitcoin mines – Canaan Creative has launched what will hopefully be the future of the blockchain and the first in a series of releases that will improve its position as it fights to increase market share in the bitcoin mining devices market. Critics insist that the device is little more than a self-promotion gimmick as the company prepares for its IPO, offering no real utility to users.
- Cryptocurrency Bank Galaxy Digital, which lost 134 million dollars in Q1 is becoming public – According to Bloomberg Galaxy Digital LP – will be listed for trading on the TSX Venture Exchange in Toronto on August 1.
- The biggest stockbroker to launch the bitcoin market – Intercontinental Exchange, the owner of the New York Stock Exchange, has announced that it will list the physically established bitcoin futures contracts and form a new company whose mission is to make bitcoin a traditional financial resource.
- OKEx starts & # 39; Clawback & # 39 ;, injects 2500 BTC – OKEx has moved to protect its futures market with an injection of 2500 BTC into the insurance fund of the exchange from its capital after a forced liquidation on July 31st threatened to destabilize its operations. The futures contract amounted to as much as 420 million dollars of BTC. OKEx has moved quickly to counter this liquidation with a series of measures announced on its website.
- Coinbase adds support for British currency – Coinbase users will now be able to deposit and withdraw funds in British Pound, Wednesday company. Coinbase, being an exclusive digital money company, has obtained a bank account in the United Kingdom. The company already has an electronic money license issued by the Financial Conduct Authority (FCA) of the United Kingdom.
- Robinhood opens Crypto Trading to Georgia Residents – Robinhood, a commissionless stock trading platform, announced that residents of the state of Georgia can now invest in cryptocurrency through the 39; app. The move follows the launch of the Robinhood Crypto app at the start of 2018, its subsequent launch in four states and comes on the heels of a $ 363 million loan.
- The Coinbase bug prevents Canadian users from withdrawing funds – A problem with the Coinbase systems has recently prevented Canadian users and other countries from withdrawing funds, causing frustration and worry among many customers. In a statement to CCN, Coinbase said the problem was a bug.
- Former Director of FBI Louis Freeh opens on Tether Investigation – In a recent interview with Yahoo Finance, the former director of FBI Louis Freeh (of FSS) replied questions about the Tether investigation and public reactions to the work of the company. He discussed the "transparency update" that was compiled by FSS after he was given full access to bank accounts, statements and talked with some employees at the banks that hold Tether's business and responded to criticism according to which the investigation did not constitute an official "audit".
- UPbit comes out clean in Audit after Raid – UPbit, currently the largest cryptographic exchange in South Korea, came out clean in a verification report that showed that the exchange had 100% of the sum shown by its balance. The audit comes following a raid by local authorities suspected of budget manipulation and inflated volumes.
- Thai Bond Market Association to incorporate Blockchain technology – The Thai Bond Market Association (TBMA) plans to implement a new registrar service platform that combines financial technology with blockchain technology. There are ongoing plans to put it into practice during the current year to improve secondary market growth.
- Binance buys the Ethereum portfolio service in first acquisition – Binance, one of the world's largest cript exchange trades, has just completed its first acquisition of TrustWallet. According to TechCrunch, the Malta-based exchange operator has acquired Trust Wallet, the creator of the homonymous Ethereum mobile wallet that includes ether support, as well as ERC-20 and ERC-223 tokens. The terms of the agreement were not disclosed, but Binance confirmed that it included a combination of cash tokens, Binance and Binance securities.
- Bitmain earned $ 1.1 billion in profit in the first quarter – Citing an email from a source close to the China-based company, Fortune reports that Bitmain – best known for producing bitcoin mining equipment – raised $ 1.1 billion in profits during the first quarter of 2018. Conservatively, the company expects to earn $ 2 for $ 3 billion in profits for fiscal year. Surprisingly, these figures place Bitmain almost on par with the giant Nvidia, which recorded a net profit of $ 1.2 billion during the first quarter and has a capital market of $ 150 billion
- Walmart patent for intelligent appliance management – Walmart has filed another patent application in the blockchain sector entitled "Management of intelligent applications using Blockchain technology" ". The filing follows a number of previous applications for blockchain patents including blockchain packet delivery systems, medical records storage systems, food safety and a blockchain-based digital market – some of which were included in the third episode of the CCN podcast.
- Report: Blockchain to & # 39; Reach $ 2 trillion by 2030 "- IHS Market, a data analysis company in the finance and technology sectors, published a July report predicts that blockchain technology could lead to business value of $ 2 trillion by 2030. The report includes all the values that blockchain adds as a whole vertical (not specific limitations of the coin market). that this is too conservative considering the proximity of the market to $ 1 trillion during the bull run of 2017.
- The price of bitcoin must reach $ 213,000 to become a profitable substitute for the USD: UBS – According to a new report by Swiss investment bank UBS, Bitcoin's price must reach $ 213,000 to replace the estimated value of $ 3.63 trillion in circulation, commonly referred to as M1 or "narrow money".
- Square Seeing Growth at BTC User Base: CFO – Square Inc. Chief Financial Officer Sarah Friar has accepted the impact of bitcoin support on the company while continuing to record strong growth driven primarily by the its flagship Cash app, also known as Square Cash.
- Rogue Qiwi Employee Lost 500,000 Bitcoins in Attopt Theft – In 2011, the CEO of the Qiwi Group learned that his company's computers have coined 500,000 bitcoins, unbeknownst to them at the time. At that time, he did not know what bitcoin was, let alone bitcoin mining. After an investigation, he learned that his chief technical officer coined 500,000 coins worth $ 5 million in three months, a figure that is now worth billions of dollars. The story came to light this week at a conference at the Moscow School of Communications
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