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Crypto Weekly - Sept. 7

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Cryptocurrencies had a lackluster time as sentiment eroded mid-week, but Bitcoin and its peers are attempting some gains Friday.

The market went for a sharp downturn by Wednesday after the news emerged that Goldman Sachs has reportedly abandoned plans for setting up a cryptocurrency trading platform.

Bitcoin and other cryptocurrencies tumbled and the downward trend extended into Thursday with the top cryptocurrency drifting below $7,000.

However, several cryptocurrencies led by Bitcoin attempted a rebound Friday morning after market sentiment slightly recovered after Goldman Sachs CFO Marty Chavez described the rumor of the investment bank dropping plans to start a cryptocurrency trading desk as "fake news".

Further, sentiment was boosted by reports that Coinbase is considering a launch of a Bitcoin exchange-traded-fund (ETF) in partnership with the asset management giant, BlackRock.

Overall cryptocurrency market capitalization was $205.03 billion and the Bitcoin dominance rate was 54.7 percent as of 10.41 am ET on CoinMarketCap.

Here is a collection of the main news from the cryptocurrency and blockchain world this week.

Goldman Sachs CFO Says Bank Still Exploring Cryptotrading

At the TechCrunch Disrupt forum, Goldman Sachs CFO Marty Chavez called the rumor of the investment bank dropping plans to start a cryptocurrency trading desk as "fake news". He said said the bank has not shelved its plans for opening a crypto trading platform, but was exploring how to include physical Bitcoin in its offerings.

Coinbase Expands GBP Crypto Trading Pairs For UK-based Customers

US-based cryptocurrency exchange Coinbase Pro has expanded its British Pound (GBP) trading pairs for UK-based customers, with the addition of four new pairs. Coinbase Pro added support for GBP on their platform in early August to help easier and faster trading in cryptocurrencies such as Bitcoin for its UK-based customers. It had initially supported BTC-GBP pair only.

Japan's FSA Tightens Screening Process For Crypto Exchanges

Japan's Financial Services Agency or FSA has tightened its registration screening process for new cryptocurrency exchanges, with additional requirements. With the move, the regulator aims to examine whether the applicants are properly conducting risk management.

Iran Recognizes Cryptocurrency Mining As Industry

Iran agreed to officially recognize cryptocurrency mining as an industry, as reported by IBENA, a news agency affiliated to the Central Bank of Iran. The apex bank is expected to draft a policy framework for the industry in the next 18 days.

Google Adds Ethereum To Big Data Analytics Platform BigQuery

Google added cryptocurrency ethereum to BigQuery, a public dataset for smart contract analytics. The new service allows one to analyze and visualize data in the Ethereum blockchain. Google had already made the Bitcoin dataset publicly available for analysis in BigQuery.

Bittrex Delists Bitcoin Gold For Refusing To Pay Hack Damages

Cryptocurrency exchange Bittrex has delisted Bitcoin Gold trading options after the maintainers of the distributed digital currency declined to cover the loss the exchange incurred from cyber attacks in May. Bittrex had asked The Bitcoin Gold Organization to pay 12,372 BTG or $256,000 to remain listed, and the demand was later halved to around 6,000 BTG coins. The BTG team refused to pay even the halved reparations fee.

Mozilla Firefox Browser To Block Auto-crypto-mining In Future Versions

Mozilla Firefox is changing its approach to anti-tracking, and will block auto-crypto-mining or cryptojacking malware in future releases of the browser as part of its new approach. In the near future, Firefox will, by default, protect users by blocking tracking while also offering a clear set of controls to give users more choice over what information they share with sites.

IBM Unveils Blockchain World Wire Payment System For Cross-border Payments

IBM announced the launch of Blockchain World Wire or BWW payment network, which allows to simultaneously clear and settle cross-border payments in near real-time. In a post, the company said the payments can be done in seconds using blockchain technology and the Stellar protocol. The network can be integrated to one's existing payment systems.

Intel In Deal With SAP For Blockchain-based Solutions For Enterprises

Technology giant Intel has partnered German enterprise software maker SAP to create blockchain technologies to integrate them with new and existing business applications for enterprises. The use of blockchain technology in enterprise will enable decentralizing business applications for greater flexibility, transparency, and scalability.

Current Prices

As of 10.42 am ET, Bitcoin was down 8.37 percent for the week at $6,448.02 and Ethereum was lower by 22.14 percent at $220.98 percent on Coinbase.

by Jyotsna VRTTNews Staff Writer

For comments and feedback: contact editorial@rttnews.com

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