Cryptocurrencies were mixed Friday morning, with the leader Bitcoin trending lower and its close rival Ethereum gaining modestly.
Speculation was rife that the recent downturn in the Bitcoin price was caused by sales by a “whale”, as traders with big crypto holdings are known.
Overall cryptocurrency market capitalization retreated below $200 billion and the Bitcoin dominance rate was 56.2 percent as of 9.59 am ET on CoinMarketCap.
Here is a wrap of the main news from the cryptocurrency and blockchain space over the past 24 hours.
Morgan Stanley Plans To Offer Bitcoin Swap Trading
Banking major Morgan Stanley is planning to offer trading in complex derivatives tied to Bitcoin, the largest cryptocurrency, Bloomberg reported citing a person familiar with the matter. The bank would deal in contracts that give investors synthetic exposure to Bitcoin’s performance.
Huobi Buys Majority Stake In Japan’s Crypto Exchange BitTrade
The Singapore-based cryptocurrency exchange Huobi has acquired a majority stake in Japanese-licensed crypto exchange BitTrade to expand its operations into the Japanese market. Huobi, the world’s third largest crypto exchange by trade volume, intends to aggressively scale this trading platform into the largest in Japan.
IBM Joins Yellow Pages Of Blockchain As Founding Member
IBM has joined blockchain startup HACERA’s yellow pages of blockchain as a founder member, to provide visibility of registered blockchain solution networks around the world. The project called “Unbounded Registry” is built on the Linux Foundation’s Hyperledger Fabric and provides a decentralized means to register, look up, join and transact across a variety of blockchain solutions, built to interoperate with all distributed ledger technologies (DLTs).
Blockchain To Cut Supply-demand Gap In Global Trade Finance By $1 Tln: WEF
Blockchain technology could generate $1 trillion in trade finance in 10 years by dismantling financing barriers for small and medium-sized enterprises or SMEs and emerging markets, World Economic Forum or WEF said. According to a joint research conducted by WEF and Bain & Co., the new digital technologies, especially distributed ledger technology, can reduce a large part of the estimated $1.5 trillion-dollar supply-demand gap in global trade finance.
India Approves MOU On Exim Bank’s Joint Blockchain Research With BRICS Banks
The Indian Government has approved a research collaboration by the Export-Import Bank or Exim Bank on distributed ledger and blockchain technology in partnership with other BRICS banks. The move comes amid the nations’ efforts to develop the digital economy.
As of 9.59 am ET, Bitcoin was down by 0.71 percent at $6,445.67 billion, while Ethereum was higher by 0.63 percent at $205.20 on Coinbase.
by Jyotsna V