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Cryptocurrency Daily Roundup - Oct. 11

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Cryptocurrencies are a sea of red Thursday morning as they joined the global financial market sell-off. Major ones like Bitcoin and Ethereum are significantly lower and altcoins copied them. Market capitalization also eroded and just above $200 billion.

Overall cryptocurrency market capitalization was $200.27 billion and the Bitcoin dominance rate was 54.1 percent as of 9.51 am ET on CoinMarketCap.

Here is a wrap of the main news from the cryptocurrency and blockchain space over the past 24 hours.

Google Talks About Cryptocurrencies In New Call Screen Ad

Google is talking about cryptocurrencies in its new ad for its Call Screen service. The ad, however, is not clear whether the internet giant's stance is positive or negative. The video ad features a conversation between two people about cryptocurrencies, mainly regarding crypto mining.

Coinbase Says Japan's Cryptocurrency Scrutiny 'Good For Us'

U.S. cryptocurrency exchange Coinbase, which awaits an operating license in Japan, remarked that the ongoing cryptocurrency crackdown in the country will give it an advantage due to its stricter stance on security. The exchange expressed confidence that it will win regulatory approval in 2019. Coinbase Chief Policy Officer Mike Lempres, in an interview with Nikkei Asian Review, said that talks for obtaining the license are going well with the country's financial regulator.

Bitcoin Mining Turns Less Profitable

Bitcoin Mining is looking less profitable despite the strong revenue growth, according to the latest report by blockchain research group Diar. This is particularly affecting miners paying retail electricity prices, and whose businesses are turning unprofitable for the first time in September.

Top Crypto Exchanges Laundered Nearly $2.5 Bln Worth Bitcoin

A new study has found that criminals have laundered $2.5 billion worth of Bitcoin and 97 percent of direct criminal Bitcoin transactions happened through unregulated cryptocurrency exchanges or in countries with lax Anti-Money-Laundering (AML) regulations. Cryptocurrency research group CipherTrace conducted an analysis of 45 million transactions from the top 20 cryptocurrency exchanges in the world to measure the level of bitcoin payments for criminal activities.

Alibaba's Patent For Blockchain System Allowing Admin Intervention

Chinese e-commerce giant Alibaba has filed a patent application in the U.S. for a blockchain-based transaction processing method that enables administrative intervention in illegal activities. The patent is for the development of a system for effective administrative supervision of all accounts in a blockchain network.

Current Prices

As of 9.52 am ET, Bitcoin was down 4.37 percent at $6,209.33 and Ethereum was lower by 11.17 percent at $198.50 on Coinbase.

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