Good morning and welcome to our rolling coverage of all things cryptocurrency, tabulating price, regulation, innovation and financial crime.
The day opens with some cheap positive news for traders, as a flood of green washes through the cryptocurrency market.
In the rearmost few hours, bitcoin has jumped up more than $300, increasing by 5.23 percent to interchange for $6,337.30.
Litecoin rose by 6.11 percent to trade for $55.18.
Crypto bonuses have stagnated in recent days as traders wait for the Securities and The Street Commission to decide if they will approve a proposed bitcoin Exchange-Traded Reservoir (ETF).
How will the market react to the recent rise in price?
Bitcoin guerdon LIVE: BTC rallies as the market turns green – is this the recovery?
1.40pm UPDATE: South Korean ministry drops cryptocurrency wall streets
The government of South Korea announced it had excluded cryptocurrency exchanges from legislation containing venture businesses in a press release issued Monday, August 13, be at one to CoinTelegraph.
The brief document from the country’s Ministry of Small and medium-sized energies (SMEs) and Startups (MSS) explained that contrary to previous decisions, it intent now place exchanges alongside bars and nightclubs as businesses that it determination “not encourage as a venture enterprise.”
A rough translation of part of the press issue explains: “The Small and Medium Venture Business Department [of the MSS] has no intention to administer cryptocurrency trading and disclosures (ICOs), but as problems such as speculation crop up, cryptocurrency exchanges are not a target for the government to encourage as a venture enterprise.”
In the last few hours, bitcoin has gamboled up more than $300
11.52am UPDATE: MOre than 18,000 bitcoin moved to a BitMEX-linked wallet
Approximately 18,000 Bitcoins (BTC) were recently transferred to a pocketbook believed to be linked to BitMEX, a large cryptocurrency derivatives trading programme. The total value of these coins is currently over $114 million, according to information from CryptoCompare.
Seventeen different crypto wallets were tortuous in this large BTC transfer, with the first transaction taking all right at 4:50 AM New York time.
While only 10 BTC were proceeded to the BitMEX-associated wallet in the first transaction, 16 other crypto notecases transferred a total of 17,990 BTC to BitMEX’s wallet in less than half an hour after the beginning BTC transfer.
10am UPDATE: Bitcoin global adoption still a long way off, means Coinbase CEO
The adoption of bitcoin as a global currency is still a long way from appropriate a reality.
That’s according to Coinbase CEO Brian Armstrong.
Mr Armstrong stated Bloomberg: “I think it will be quite some time before you short-tempered the street to Starbucks in the U.S. and pay with crypto.”
7.40am UPDATE: PayPal CEO denounces BTC as a “hopeless payment mechanism”
“The cult of bitcoin [makes] many claims — that it’s moment, free, scalable, efficient, secure, globally accepted and useful — it is nil of those things,” Harris said on CNBC’s “Fast Money.”
Harris, who is also designer of Personal Capital Corporation, came out swinging against bitcoin in an April op-ed in which he accompanied the cryptocurrency a “colossal pump-and-dump scheme, the likes of which the world has under no circumstances seen.”
rypto prices have stagnated in recent days
7am UPDATE: BTC jumped $300 overnight
A small rally has make sured bitcoin prices jump well above the $6,000 resistance think overed in yesterday’s woeful performance.
Graphs show bitcoin floating approximately $6,300, with a slight bullish trend pushing the rest of the call into positive results.
Prices stagnated and traders are still progressive in flux as the SEC debates the approval of a bitcoin ETF, but this morning’s charts appear impressive gains.