Bitcoin and all major cryptocurrencies were down in the morning; Facebook is removing its ban on cryptocurrencies ads; The Federal Reserve Economic Data databases has added four cryptocurrencies; Cryptocurrency expert Claire Wells believes that the price of Bitcoin will go up over the next few months; Florida has created a new position of cryptocurrency chief; and there is a good news from Ukraine for crypto mining companies.
Here is what is happening in the cryptocurrency market on Wednesday.
In the News
Facebook has decided to reverse its ban on cryptocurrencies ads. The social networking giant, however, says that it will allow pre-approved advertisers to promote their crypto products on its platform. Ads related to Initial coin offerings will remain banned, according to Facebook.
The Federal Reserve Economic Data (FRED) has added four cryptocurrencies to its database: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The prices are updated daily and span from as early as 2014 to the present. All data were obtained from cryptocurrency exchange company Coinbase.
Claire Wells, director of legal and business affairs at mobile payment company Circle, believes that the price of Bitcoin will increase over the next few months. Speaking with Express.co.uk, Ms. Wells said that cryptocurrency regulation could have a big impact on the price of the world’s most popular cryptocurrency. The price of Bitcoin hit its lowest level for 2018 over the weekend, falling to $5,938.17 on Friday evening, according to Coindesk.
Scott Dueweke, a cybersecurity consultant in Washington, told a Senate Judiciary subcommittee that election meddlers could use cryptocurrency as a tool to interfere with U.S. elections, Bloomberg reported. Dueweke said that no involvement of a central authority for the exchange of digital assets makes them “tailor-made for money laundering.”
There is a good news from Ukraine for crypto mining companies. The State Service for Special Communications and Information Protection of Ukraine made it clear that the agency has no plans to regulate cryptocurrency mining in the country.
In the U.S., the state of Florida has decided to create a new a new position of cryptocurrency chief to oversee the growing industry of cryptocurrency. “Florida can no longer remain on the sidelines when it comes to cryptocurrency. I have directed my office to create a position that will oversee how current securities and insurance laws apply to Initial Coin Offerings (ICOs) and cryptocurrencies as well as shape the future of these regulations in our state,” Florida Chief Financial Officer (CFO) Jimmy Patronis said in a statement.
Cryptocurrency firm Belfrics Group announced that it is restarting its trading operations in India. Earlier this year, the Malaysia-based company halted its operations in the country after banks stopped offering payments solutions to it. The company says that it will initially offer Ethereum, Bitcoin Cash, Ripple, and Litecoin for trading, and plans to add 20 more coins to its offering in the next six months.
Cryptocurrency Prices Today
Bitcoin (BTC) dropped 1.46% over the past 24 hours, trading at $6,125.50 at the time of writing this article.
Ethereum (ETH) is trading at $436.30, down 2.69% over a 24 hour period.
EOS fell 3.40% over the past 24 hours, now trading at $7.67.
Ripple (XRP) is trading at $0.4637, down 2.89% over a 24 hour period.
Litecoin (LTC) is trading at $78.77, down 2.69% over a 24-hour period.
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