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Crypto Weekly - Aug. 3


Cryptocurrencies remain in the red Friday morning, extending their losses from over the past few days, after market sentiment eroded after an SEC rejection of a proposed Bitcoin exchange-traded-fund or ETF.

Bitcoin had held above $8,000 as the week opened, but soon tumbled below that level. As of Friday, the top cryptocurrency was struggling to defend its $7,450 level.

Despite last week's regulatory setback, Bitcoin enthusiasts continue to hope for an approval for a crypto-ETF in future as one of the SEC Commissioners, Hester Peirce, dissented with the rejection.

Bitcoin bulls are trying to drum up sentiment with predictions of a breakout in Bitcoin to as much as $50,000.

Cryptocurrency market capitalization also suffered significant erosion during the week with the figure falling to $265.06 billion as of 10.10 am ET Friday on CoinMarketCap.

Here is a summary of news and developments from the cryptocurrency and blockchain space over the week.

Bitcoin Turns Bearish As Price Drops By 8 Percent

Bitcoin prices dropped nearly 8 percent to below the $7,500 mark in 24 hours on Tuesday as the currency's trade volume started to drift lower after the price hovered around $8,150 the day before. Elsewhere, a survey by by Gallup and Wells Fargo showed that only 2 percent of major U.S. investors have invested in Bitcoin.

Coinbase Hires BNY Mellon's Horowitz As Compliance Head

Cryptocurrency exchange Coinbase has appointed BNY Mellon executive Jeff Horowitz as its Chief Compliance Officer to help it navigate regulations for virtual currency companies. And Former U.S. President Bill Clinton will headline an international conference organized by cryptopayments startup Ripple where policy, payments and technology experts will share ideas based on blockchain technology in financial services.

Perfectial To Accept Cryptos; Gibraltar Football Club To Pay Players In Crypto

Custom software developer Perfectial will start accepting cryptocurrencies such as Bitcoin as a payment option for its services. Gibraltar United Football Club is going to pay its players in cryptocurrency, thus becoming the world's first football team to do so.

DCEX To Use XRP As Base Currency; Ripple Ties Up With Madonna

San Francisco-based startup DCEX is set to become the first cryptocurrency exchange to exclusively use Ripple's XRP as the base currency on the platform. Ripple is partnering with pop music diva Madonna's charity organization in an online fund raiser for orphans and children in Malawi.

Securities Class Action Filings Against ICOs Rise

A new report says a record number of federal lawsuits, 204, related to initial coin offerings (ICOs) and cryptocurrencies were filed in the first half of this year. Elsewhere, a Vietnamese cryptocurrency mining startup's chief executive officer has allegedly disappeared with $35 million in investor, company funds, reports said. And, Colorado Securities Commissioner issued a cease and desist order halting a Florida based firm, Linda Healthcare's, initial coin offering (ICO), saying it is offering an unregistered security.

Telegram For ID Verification On Blockchain; CBA Tests Commodity Trade

Cloud-based instant messaging service Telegram launched a new feature called Passport that will allow you to upload your ID documents that can be later passed to services that require real-world IDs. The Commonwealth Bank of Australia (CBA) announced the successful experiment of a cross-border commodity trade with the support of a new blockchain platform on Ethereum, tracking the shipment from packer to end delivery in parallel to existing processes.

Hitachi, KDDI Trial Blockchain-based Retail Coupon Settlement

Japanese technology giants Hitachi, Ltd. and KDDI Corp. are collaborating in trialing a blockchain-based system for coupon settlement using Hitachi's Finger Vein Authentication Technology after the biometric information is stored on a secure blockchain. The trial will integrate Hitachi's blockchain-based Public Biometrics Infrastructure (PBI) technology, powered by The Linux Foundation's Hyperledger Fabric and KDDI's existing retail coupon system.

Queensland Invests In Crypto Startup To Promote Travel And Tourism

The Government of the Australian state of Queensland is issuing a grant to crypto startup TravelbyBit as part of its more than A$8.3 million in Palaszczuk Government innovation funding to promote travel and tourism, one of Queensland's most important industries. Digital currency payments platform TravelbyBit was among the 70 companies that received the latest round of Advance Queensland Ignite Ideas funding.

Current Prices
As of this writing, Bitcoin is trading down 8.8 percent for the week at $7,446, and Ethereum is down 11.98 percent for the week, trading at $413.92 on Coinbase.

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