Bitcoin and its peers extended their downward trend Thursday morning, as market sentiment remained damped by the news that the US regulator postponed its decision on a Bitcoin ETF to next month.
However, a prominent Bitcoin bull Dan Morehead, CEO of the hedge fund Pantera Capital, said on CNBC that the market was overreacting to the delay in SEC approval for a Bitcoin ETF.
Morehead found optimism in the Intercontinental Exchange’s new crypto venture Bakkt, which has Microsoft and Starbucks as partners.
As of 11.35 am ET, overall cryptocurrency market capitalization was $230.63 billion and the Bitcoin dominance rate was 48.8 percent on CoinMarketCap.
Here is a wrap of the main news from the cryptocurrency and blockchain space over the past 24 hours.
Bitcoin Market Remains Bearish
Bitcoin is continuing its downward trend and looks set to touch the $6,000 mark sometime this week as investors see no reason to stop overselling. The price of the top cryptocurrency hit a three-week low of $6,191 on Wednesday after falling for the third straight day this week.
Microsoft Launches Next Ethereum Blockchain Ledger Product On Azure
After the successful deployment of the existing Proof-of-Work (PoW) solution across a variety of industry verticals, Microsoft has released the next Ethereum blockchain ledger product on its cloud platform Azure called the Ethereum Proof-of-Authority (PoA). The PoA algorithm is a replacement for the PoW algorithm in a blockchain, and is more suitable for permissioned networks where all consensus participants are known and reputable.
Splitt Launches Cryptocurrency Cloud Server For Bitcoin Mining
Splitt has launched a cryptocurrency cloud server “The Crypto Cloud” for a safer and cheaper way for mining cryptocurrencies such as Bitcoin on the cloud. The service is currently available in fifteen cities around the world.
Bittrex To Launch US Dollar Trading Pairs For ETC, XRP
US-based cryptocurrency exchange Bittrex is set to add US dollar trading pairs for Ethereum Classic (ETC) and Ripple (XRP) on August 20. The exchange had launched US dollar (fiat) trading for approved corporate customers in qualified states and international regions in late May.
Blockchain Voting Option For West Virginians Serving Overseas
West Virginians serving overseas will be allowed to vote through a blockchain technology -based smartphone app, CNN reported. The move, in collaboration with Voatz, the Boston-based developer of the app, is expected to make voting in the upcoming election in November easier for those living abroad.
As of 11.37 am ET, Bitcoin was down 0.08 percent at $6,475 and Ethereum was lower by 1.28 percent at $363.87 on Coinbase.
by Jyotsna V