Bitcoin kept falling Thursday morning as sentiment remained hurt by increased concerns over regulation and a ban by Google on cryptocurrency ads. Adding to the gloom was an assessment by the investment arm of a leading insurer that Bitcoin was a bubble just about to burst, while blockchain held promise for the financial system. Indeed, a German logistics company and a software consultant tie up produced working prototype to benefit the logistics industry.
Here is a wrap of the main news from the cryptocurrency and blockchain space over the last 24 hours.
Bitcoin Below $8000 Amid Google Ad Ban, Increased Regulatory Talks
Bitcoin continued its downward trend, dropping below $8000, amid increasing negative sentiments that prevailed in the cryptocurrency market including regulatory concerns and Google Ad ban. All major digital currencies were in the red. The top cryptocurrency, which was around $8,729.70 around 7.30 am ET on Wednesday, is currently trading at $7,854.81, down 14.5 percent over the last 24 hours. Read more…
Google To Ban Ads For Cryptocurrency, ICOs, Beginning June
Google said it will ban advertisements promoting cryptocurrencies and related content including initial coin offerings or ICOs from June, as part of its policy to restrict the marketing of high-risk financial products. Following the news, Bitcoin, the major cryptocurrency by market value, fell below $9,000. Read more…
Bitcoin Bubble Burst Just A Matter Of When, Not If, Allianz Global Says
Bitcoin meets all of the essential criteria for an asset bubble, which is sure to burst soon and the spillover effects into traditional financial system would be limited, while the blockchain technology holds promise for investors, Allianz Global Investors said. “As a currency and asset class, bitcoin has potentially fatal flaws – which is why we believe it’s a matter of when, not if, the bitcoin bubble will pop,” Stefan Hofrichter, head of global economics and strategy at Allianz Global (a unit of Allianz SE), said in a recent blog post. Read more….
DHL, Accenture Partner To Use Blockchain In Logistics
German logistics company Deutsche Post DHL and global technology consultant Accenture have developed a blockchain-based working prototype to benefit the logistics industry, particularly for pharmaceutical products. The prototype “tracks pharmaceuticals from the point of origin to the consumer, preventing tampering and errors.” Read more…
Slovenia Claims World’s First Blockchain Monument
Kranj, a picturesque alpine city in Slovenia, has erected the world’s first monument to commemorate blockchain, which the country hopes would signal its openness to digitization and innovative technology. The Blockchain monument is placed on a roundabout connecting two streets to symbolize decentralized connections, the City Municipality of Kranj said in a website dedicated to the monument. The monument features the alphabet B crossed by two vertical lines, similar to the prevailing Bitcoin logo. Read more…
South Korean Youth In 20s The Most Active In Crypto Investments
A survey conducted in South Korea has found that the youth in their 20s are the most active participants in the country’s cryptocurrency investments and trading. The survey was conducted by Korean Financial Investors Protection Foundation among 2,530 South Koreans between the ages of 25-64. Yonhap news agency published its results Wednesday. Read more…
Winklevoss Twins Propose SRO For US Crypto Industry
Internet entrepreneur twins Cameron and Tyler Winklevoss have mooted the idea of launching a self-regulatory organization or SRO, for the U.S. virtual currency industry, which they said is the “next logical step in the maturation of this market.” In a blog post, the Winklevoss twins, founders of cryptocurrency exchange Gemini, have proposed a framework for a self-regulatory body for the industry in the U.S. to be called the Virtual Commodity Association. Read more…
Illinois Colleges Now Teach Blockchain, Cryptocurrency
With crypto frenzy gripping the world and the United States, lessons on digital currency and its underlying technology are reportedly being introduced in university classrooms around Illinois. Some professors in the region are including the new subject into their lesson plans, while some schools are adding entire bitcoin and blockchain classes to their course lists. Read more…
Playboy To Launch Online Payment Wallet To Support Cryptocurrencies
Adult entertainment company Playboy Enterprises, Inc. announced that it is developing an online payment wallet to support certain cryptocurrencies across its online media, digital and casual gaming businesses. The new digital wallet is expected to be available before the end of the year. Read more…
Current Prices
As of 7 am ET on Thursday, Bitcoin was down 7.47 percent at $8,110 and Ethereum was lower by 8.54 percent at $609.12 on Coinbase.
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