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Bitcoin, the benchmark cryptocurrency, dropped suddenly and sharply in Asian trading overnight, losing as much as 7%, before rebounding a little.
The London Block Exchange plans to launch a new cryptocurrency pegged to the pound: LBXPeg. One-for-one sterling reserves will be held in a segregated bank account.
The sharp sell-off that gripped cryptocurrency markets on Wednesday has extended into a second day, with major digital assets across the spectrum continuing to fall during trading on Thursday.
Bitcoin dropped sharply Wednesday, losing $500 of value in just over an hour. Other cryptocurrencies fell even more sharply, with both ether and Ripple's XRP losing about 12%.
The SEC just rejected 9 bitcoin ETF applications, citing manipulation fears — but bitcoin is actually rising
Late on Wednesday, the SEC rejected an application for two products from ProShares, two from GraniteShares, and five other proposals from Direxion. It means the world is still waiting for its first fully regulated bitcoin ETF product.
The entire cryptocurrency market has gotten whacked since January, when the craze surrounding the nascent industry was nearing its peak. The flagship bitcoin has declined by 52% this year after hitting a peak of $19,843 shortly after the new year.
Ethereum is closely intertwined with initial coin offerings (or ICOs). Monday's decline comes as hundreds of those projects cash out of the digital ledger network after propping it up through thousands of fundraisers on the ethereum blockchain in the past year, Bloomberg reported.
Bitcoin has fallen 13% against the dollar since the start of the month and the overall crypto market has lost $50 billion in value over the last two weeks.
UBS: Bitcoin is ‘too unstable and limited’ to be money or a new asset class — and 70% of the price action is driven by speculators
"In order to match US M1 money supply, bitcoin's price would need to be around $212,992. To process Visa's c.$30 billion of daily transactions using the old core protocol, the block size would need to be 18.8MB instead of 1MB, or the price would have to be around $187,611."
TradingView customers almost quadruple from 2 million last June to over 8 million as the price of bitcoin and other crypto assets surged almost 1,000% against the dollar.