Good afternoon and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.
It looks like another disappointing day for cryptocurrency traders as prices continue to stagnate for bitcoin, while alt coin slips further.
As of 3pm today, bitcoin lost 0.48 percent to trade for $6,0430.51.
Ethereum fell 4.46 percent to drop $276.02.
Ripple lost 1.99 percent to go for $0.327869.
Litecoin slipped another 1.70 percent to trade for $55.14.
The market remains tense over the incoming Securities and Exchange Commission’s decision to ratify a proposed bitcoin Exchange-Traded Fun (ETF).
5pm UPDATE: Russian company converts former fertilizer lab into country’s largest cryptocurrency farm
It appears that Russia is ready to challenge China’s monopoly over cryptocurrency mining. A Russian company has converted a former fertilizer laboratory into the country’s purported largest cryptocurrency mining operation.
The unit, named Kriptoyunivers center, will support the mining of Bitcoin and Litecoin. The center has been built over 4,000 square meters of land in the town of Kirshi near St. Petersburg, with an investment of 500 million rubles ($7.4 million).
“This is the largest and so far the only farm in Russia that offers the ‘full cycle’ — not just producing cryptocurrency but also offering services to those who do the mining,” Alexei Korolyov, co-founder of Kriptoyunivers told the Japan Times.
3.50pm UPDATE: Bakkt to trade ‘pre-funded’ bitcoin only, CEO claims
Bitcoinist reported August 3 that the owner of the New York Stock Exchange (NYSE) – the Intercontinental Exchange (ICE) is teaming up with marquee companies among which Starbucks, BCG, and Microsoft, to create a new digital asset platform geared to solve much of the current industry issues.
Yesterday, Bakkt’s CEO, Kelly Loeffler, outlined the major principles that the platform will be built to accomplish: an infrastructure for institutional investments, transparent and efficient price discovery, and a consistent regulatory construct.
According to Loeffler, Bakkt will be essentially different than existing cryptocurrency exchanges because of the physical delivery. She notes that the buying and selling of bitcoin $6428.00 -0.11% will be fully collateralised or it will be pre-funded.
3pm UPDATE: Premier League clubs to be paid in bitcoin
Some of the biggest Premier League clubs are about to experience their first cryptocurrency transaction.
Global investment platform eToro has launched partnerships with seven Premier League clubs including Tottenham Hotspur in landmark deals paid using bitcoin. eToro will partner with Brighton & Hove Albion F.C., Cardiff City F.C., Crystal Palace F.C., Leicester City F.C., Newcastle United F.C., Southampton F.C., and Tottenham Hotspur.
Iqbal V. Gandham, UK Managing Director at eToro said: “As a global multi-asset platform where you can purchase the world’s biggest cryptoassets alongside more traditional investments, we are excited to be partnering with so many Premier League clubs and make history by being the first company ever to pay for a Premier League partnership in bitcoin.”