Staying updated on the ever-changing cryptocurrency market doesn’t have to be as tough as keeping up with the Kardashians. I’ve rounded up the latest set of news to help y’all stay in the loop.
Here’s a snapshot of how bitcoin and its buddies have fared in the past seven days as of August 10, 3:00 am GMT. Still a lot of red, but support levels seem to have held!
No coffee for bitcoin
Too bad for all the lonely Starbucks lovers, the coffee chain clarified that they’re not accepting bitcoin payments just yet.
This comes after news that Starbucks, along with big names like Microsoft and BCG, will be working with NYSE operator ICE to create a new “global platform and ecosystem for digital assets” called Bakkt.
Soon after, a number of media outlets ran misleading headlines, prompting a spokesperson from Starbucks to say that “customers will not be able to pay for Frappuccinos with bitcoin” and that:
“At the current time, we are announcing the launch of trading and conversion of Bitcoin. However, we will continue to talk with customers and regulators as the space evolves.”
JPMorgan’s Dimon: Bitcoin is a ‘scam’
And the bitcoin bashing continues! Last week saw Nobel Prize winner Paul Krugman lambasting cryptocurrencies while this week started off with JPMorgan CEO Jamie Dimon citing that bitcoin is a “scam” and that he had “no interest” in it.
Now Dimon looks set on holding on to the CEO hat for “approximately five more years” so his remarks could provide an indication of JPMorgan’s direction on cryptocurrencies.
He has attempted to stay mum on bitcoin after giving mixed signals in the past, but he also suggested that governments may move to shut down cryptocurrencies because of an inability to control them.
SEC delays bitcoin ETF decision
The U.S. financial watchdog already shared its plan to delay the ruling on a number of bitcoin ETF applications last week, but it seems that their decision on the SolidX/VanEck application hit cryptocurrency prices harder this week as FUD has been in play.
Furthermore, the notice signaled that the regulator has a couple more months to receive comments and mull over the proposed rule change that would allow these securities to be listed.
This would mean that the SEC could keep investors in limbo while waiting for their decision until September 30. Their decision on another set of ETF applications from Direxion is due September 21.
A few positive updates
All that red in cryptocurrency charts for the most part of the week likely stole the spotlight from these positive developments, which would’ve otherwise led to some price gains here and there.
First up, Goldman Sachs shared plans to have custody offerings for crypto funds. This could involve the financial institution holding new securities on behalf of the funds in order to reduce risks for clients and of course themselves. Not exactly big news, but this does confirm that the bank is prepping to offer crypto-linked products “in response to client interest.”
Next, South Korea’s Bithumb announced the return of withdrawals and deposits following a hacking incident that led to the loss of nearly $20 million in funds.
The country’s largest exchange, UPBit, also had good news to share as it was cleared of charges after investigations into its alleged balance sheet manipulation.
As of this writing, there has been a bit of a rebound across the board in the past 24 hours, with bitcoin back up to $6,753.08 (+4.05%), ethereum up to $365.15 (2.20%), and Ripple up to $0.3464 (3.43%) based on CoinMarketCap.