Good afternoon and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.
Some good news finally arrives for crypto investors as bitcoin prices slowly climb back into the green and sustain.
BTC rose 3.21 percent to trade at $6,348.56 as of 12am today.
The rest of the market fared well too, with Ethereum rising 1.77 percent to trade at $323.39.
Ripple increased 2.34 percent to go for $0.306127, while Litecoin jumped by 7.42 percent to sell for $60.68.
Bitcoin suffered heavy losses in the last few weeks, dropping more than $1,000 in just under a week to see prices drop to the lowest point in six months.
Is this the recovery needed to see bitcoin soar?
7.09pm UPDATE: Weiss Ratings Agrees XRP Should Be A Base Currency On Binance
On the 10th of August, Ethereum World News ran a story as to why the XRP community wanted their favorite coin added as a base currency on Binance.
One twitter user – @C3_Nik – specifically requested Biannce CEO, Changpeng Zao via the following words: “We would like to see
#XRP as one of the base assets on @Binance in order to move value much more quickly! Please do it @cz_binance ! Let’s get some retweets to let them know.”
The following reasons were the basis of the XRP community requesting the Binance CEO to facilitate the addition of XRP as a base currency:
- It would help Binance for it is faster (3.3 seconds) and cheaper
- A base currency of XRP would bring in more users to the exchange
- XRP is the fastest digital asset to transfer funds between exchanges
- Other exchanges are continually warming up to XRP as a base currency
- XRP would attract the big money movers – also known as whales – who’d increase the trade volume of the exchange: a win-win situation
- It is the natural and progressive thing to do given the popularity of XRP
4.50pm UPDATE: Green floods the market as all major cryptocurrencies see small gains
Most of the major cryptocurrencies have climbed back into the green as prices seem to stabilise.
Bitcoin is up 3.33 percent to trade at $6,364.76.
Ethereum is up 4.05 percent, while Ripple has climbed 2.49 percent.
Litecoin has jumped 5.93 percent to trade for $59.93.
3.20pm UPDATE: Patent accepted for bitcoin transactions through text message
Intuit has been granted a patent that describes a method whereby Bitcoin payments can be processed by using text messages. The patent was filed to the U.S. Patent Office on June 13, 2014.
The application explained a system that would allow two users to complete their payments using their mobile phones. It would also include a “peer-to-peer virtual currency network” which would store the funds of both the users.
“The method includes receiving, by a payment service from a payer mobile device of a payer, a payment text message comprising a payment amount and an identifier of a payee mobile device of a payee.”
12.30 UPDATE: Bitcoin dominance rate hits 50 percent as investors drop altcoins
According to data from CoinMarketVap, Bitcoin (BTC) now makes up 50 percent of the entire cryptocurrency market capitalization.
Specifically, CoinMarketCap’s bitcoin dominance rate (which is an indicator that tracks the percent of the total cryptocurrency market capitalization contributed by the leading cryptocurrency) reached 50 percent for the first time since December 19th, 2017.