Cryptocurrencies are trending higher Wednesday morning with Bitcoin surprising with a near $400 spike in an hour for reasons unknown as yet.
The top cryptocurrency shot up from around $6,441 by midnight to a two-week high of $6,795 around 1 am ET. Bitcoin has defended most of those gains thus far.
Overall cryptocurrency market capitalization was $217.23 billion and the Bitcoin dominance rate was 53 percent as of 9.23 am ET on CoinMarketCap.
Here is a wrap of the main news from the cryptocurrency and blockchain space over the past 24 hours.
Bitcoin Enters Top 10 In China's New Cryptocurrency Rankings
Bitcoin (BTC) significantly improved its position when the Chinese government revised its official cryptocurrency rankings. Bitcoin, which had dropped to 16th place in July, jumped to No. 10 this month making it to the top 10 list for the first time.
EToro Signs Bitcoin Advertising Deal With Seven Premier League Football Clubs
Israeli social trading platform eToro signed an advertising deal with seven of UK's Premier League football clubs, for which payment will be made in Bitcoin. The deal will also see eToro becoming an official club partner.
Cointree, Gobbill Deal To Help Australians Pay Bills In Cryptocurrencies
Cryptocurrency exchange Cointree announced its partnership with automated billing platform Gobill, allowing Australians to settle their household bills with various cryptocurrencies. In a Twitter post, Cointree said its partnership will enable automated bill payments with cryptocurrency.
Snack Maker ZEGO Develops Blockchain-based Traceable Glyphosate Testing
U.S.-based snack maker ZEGO has developed a blockchain-based Z-CODE system to test products for allergen, gluten and chemical residues such as glyphosate. This comes close on the heels of a $289 million verdict linking Monsanto's herbicide glyphosate to a plaintiff's cancer.
MetLife Develops New Blockchain Health Insurance Product Vitana
Insurance provider MetLife, Inc. announced the development of first healthinsurance product using blockchain technology to trigger an automatic payout. MetLife Asia's Singapore-based innovation center, LumenLab, has begun testing automated insurance solution, known as "Vitana", using blockchain to offer pregnant women financial protection in case of gestational diabetes, without ever needing to make a claim.
Current Prices
As of 9.24 am ET, Bitcoin was up by 3.85 percent at $$6,662.36 and Ethereum was higher by 2.78 percent at $285.76 on Coinbase.
by Jyotsna V
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