The Bitcoin News today shows Bitcoin gaining dominance in terms of cryptocurrency market cap as the price skyrockets to over $4400 showing gains of over $750 in the past week. Market cap now over $56 Billion in a $120 Billion market.
What is driving this price?
Let’s recap on what happened in the past week – On the 1st August, the long awaited Bitcoin upgrade took place without any reported hitches; Bitcoin prices hardly reacted to the birth of Bitcoin Cash created after a Miner Activated Hard Fork took place which showed the resilience of Bitcoin. Also massive news last week was the Chicago Board Options Exchange (CBOE) partnering with Gemini in a bid to launch cryptocurrency derivatives trading.
Other News Headlines:-
Hedge Funds Investing in Cryptocurrencies ‘Exploding’ – 62 in Pipeline – Corey Mclaughlin, managing member at Auther Bell, said: “I’ve been in the hedge fund space since 1998, and I’ve never seen anything like it in volume of launches in a particular area. It’s just crazy.”
Government adoption – The Chinese government has announced that it will start to use the blockchain to collect taxes and issue electronic invoices. Many large corporations (reported to be over 56% globally), and countries are now working on improving processes with blockchain technology. The question should be “who is NOT working to implement blockchain technology?”
Controversial US Sanctions Bill Calls for Cryptocurrency Research – it calls for – “[A] discussion of and data regarding trends in illicit finance, including evolving forms of value transfer such as so-called cryptocurrencies, other methods that are computer, telecommunications, or internet-based, cybercrime, or any other threats that the Secretary may choose to identify.”
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