Bitcoin and altcoins are trending lower Wednesday morning, suggesting that the decision by the social media giant, Facebook, to reverse a ban on cryptocurrency advertisements failed to prop up the market sentiment.
Overall cryptocurrency market capitalization was $245.59 billion as of 10:11 am ET on CoinMarketCap.
Here is wrap of the main news from the cryptocurrency and blockchain space over the past 24 hours.
Facebook Reverses Ban On Cryptocurrency Ads; ICO Ban Continues
Facebook, which had banned advertisements related to cryptocurrencies and initial coin offerings in January, has now decided to allow ads on digital currencies with pre-approval. However, the prohibition on ads related to initial coin offerings or binary options will continue. Read more...
Alibaba's Jack Ma Supports Blockchain, But Warns Of Potential Bitcoin Bubble
Jack Ma, the founder and chairman of Chinese e-commerce giant Alibaba, warned that bitcoin, the leading cryptocurrency, is a potential bubble, but endorsed blockchain, the technology behind the coin. The Chinese billionaire expressed his views while speaking at the launch of Ant Financial's blockchain-based money transfers between Hong Kong and the Philippines. Read more...
Social Media's 'Silent Majority' Moves Can Manipulate Bitcoin Prices: Study
A study to find out the social media's effect on cryptocurrency revealed that public sentiment, expressed on the online platform, has the power to manipulate the value of Bitcoin. In the first of its kind study, researchers at the Stevens Institute of Technology collected and analyzed 344,000 public posts over two years on the world's most popular online bitcoin forum, Bitcointalk. Read more...
Survey Reveals Crypto-Industry Insiders Favor Clearer Regulations
A new survey conducted by law firm Foley & Lardner reveals that a large majority of crypto-industry business executives and investors are in favor of greater regulatory certainty and believes the industry should be regulated in the U.S. at the federal level. The survey results show that there is a lack of understanding regarding how existing regulation of financial markets or services might apply to the crypto-industry.
Sprint Partners NXM Labs To Launch Blockchain-based Connected Car Platform
Mobile services company Sprint has partnered blockchain startup NXM Labs to launch a 5G-Ready Connected Car Platform with a blockchain powered Internet-of-Things (IoT) security system that guards against hackers. The company said the platform comes with high-speed, on-demand passenger Wi-Fi connectivity with advanced vehicle health monitoring and safety. The Wi-Fi, powered by the Sprint LTE network, is 5G-ready, and will be launched in the first half of 2019. Read more...
Current Prices
As of 10.12 am ET on Wednesday, Bitcoin was down 1.11 percent at $6,087 and Ethereum was lower by 3.42 percent at $431 on Coinbase.
by Jyotsna V
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