Bitcoin Bullish Run Continues
Bitcoin (BTC-USD) started the week with a five percent gain setting the stage for another week of rallying. More specifically, it hit $7,785.37 according to CoinDesk. That means this cryptocurrency is up by 20% compared to its performance last week where it broke past $7,000. Now it is on a steady rise to $8,000, slightly dispelling worries about its future, for now.
It is worth noting that positive news in the market could be contributing to this rally. For example, a well-known asset management company known as BlackRock set up a team to explore blockchain technology & cryptocurrencies. There is also optimism that the approval of a Bitcoin ETF by the Securities and Exchange Commission (SEC) is on the way.
Trading Bitcoin by ETF (Exchange Traded Fund) has numerous advantages for Bitcoin users. For example, it is a cost-effective way of trading, the daily liquidity is bigger, and it offers Bitcoin government recognition and support.
Google Adds Three Cryptocurrencies to its Converter
Alphabet’s (NASDAQ:GOOGL) Google added Bitcoin to its currency converter in 2014. Now it includes three other cryptocurrencies namely Ethereum (ETH-USD), Litecoin (LTC-USD), and Bitcoin Cash (BCH-USD). More specifically, users can type Litecoin or Bitcoin Cash into their Google search tab. Hitting enter leads to an automatic display of the cryptocurrency’s exchange rate to their local currency.
However, searching for Ether exchange rates is a bit different. In this case, users have to type the words exchange rate into their search tab and then hit enter. Then they can select Ether from the drop-down menu shown on the currency converter that will display itself on the page. Users can also use the drop-down menu to compare these three coins to any globally recognized currency.
The inclusion of additional cryptocurrencies in Google’s currency converter is a positive step towards the worldwide acceptance of these virtual coins. In fact, this move is a welcome step away from a ban on cryptocurrency ads that Google had announced in March 2018.
Bitcoin Exchange Operator Pleads Guilty
Jon E. Montroll operated two platforms that focused on Bitcoin exclusively, WeExchange and BitFunder. Between 2012 and July 2013, Montroll converted a substantial portion of his clients’ Bitcoins into cash. He spent the money on groceries, travel, and personal expenses. Then he convinced his clients to invest in a security facility known as Ukyo.Loan.
Finally, the situation became unsalvageable when hackers stole 6,000 Bitcoins from his WeExchange platform. Montroll kept these events to himself. In fact, he promoted his business managing to raise more than 978 Bitcoins. He even lied to investigators about these events in sworn testimonies and by showing them fake screenshots of Bitcoin balances.
Now he faces 20 years in jail after pleading guilty to charges of stealing from his customers and to lying to investigators about it. He entered this plea on July 23, 2018, before James L. Cott, a US Magistrate Judge in New York City. Jon E. Montroll is thirty-seven years old.
Google Eyes Blockchain Technology in Its Cloud Services
Google announced that it is collaborating with Digital Asset, which is a New York startup that focuses on building blockchain-based apps. This collaboration is similar to the one that Google has with BlockApps which is also a startup. However, it makes decentralized apps, unlike Digital Asset.
Google announced the partnership with Digital Asset yesterday while it communicated the one with BlockApps on Wednesday last week. The internet giant assured its cloud customers that they can explore blockchain technology through these collaborations.
The company made other announcements as well. For example, it plans to introduce open source integrations for apps that run on blockchain based platforms. More specifically, it will add them to its Google Cloud Product marketplace.
The following is a market price list for the most popular cryptocurrencies.
|Name of Coin||Current Price ($)||Change Last 24 Hours (%)|