Bitcoin and its peers are trending lower after the US regulator rejected several applications for cryptocurrency exchange-traded-funds.
Overall cryptocurrency market capitalization was $208.82 billion and the Bitcoin dominance rate was 53.3 percent as of 11.06 am ET on CoinMarketCap.
Here is a wrap of the main news from the cryptocurrency and blockchain space over the past 24 hours.
SEC Rejects Bitcoin ETF Applications
The U.S. Securities and Exchange Commission has rejected around nine applications for bitcoin exchange-traded funds or ETFs, including that of ProShares. The denial of proposals from three different applicants were over concern about fraud and manipulation of bitcoin markets.
Bank Of Thailand To Develop Wholesale Central Bank Digital Currency
The Bank of Thailand is partnering local financial institutions to launch a project dubbed “Inthanon” to develop a wholesale Central Bank Digital Currency (CBDC). The project is also expected to enhance operational efficiency of the Thai financial market infrastructure using Distributed Ledger Technology.
Global Automotive Blockchain Market To Reach $1.6 Bln By 2026: Study
The size of the global automotive blockchain market is estimated to reach $1.6 billion by 2026, according to a market research report by Business Intelligence and Strategy or BIS Research. The study, titled “Strategic Assessment of Blockchain in Automotive- Analysis, and Forecast, 2018-2026”, indicates that the market size would grow at a Compound Annual Growth Rate or CAGR of 65.80% during the period to reach $1.575 billion.
China Bus Operators To Receive $24 Bln Blockchain Funding For Upgrading
Blockchain and AI technology company Seven Stars Cloud Group Inc. will help a major Chinese bus-service operator raise $24 billion through its blockchain ecosystem to support large-scale upgrading of electric buses. The company signed a three-year $24-billion deal with National Transportation Capacity Co Ltd (NTS) to issue fixed income lease financing-based products through its regulatory compliant blockchain ecosystem.
As of 11.04 am ET, Bitcoin was down 3.22 percent at $6,440.00 and Ethereum was lower by 3.81 percent at $272.84 on Coinbase.
by Jyotsna V