Cryptocurrency market falling. Bitcoin (Bitcoin) plunged more than 10% Wednesday morning, as low as $9,600, after rumors began to swirl on Twitter and Reddit that major cryptocurrency exchange Binance had been hacked. It has now recovered to $9,889. Almost all top 100 cryptocurrencies are also falling. The total market cryptocurrency capitalization has dropped below $ 4 billion.
Coinbase launches cryptocurrency index fund. Coinbase, one of the world's top cryptocurrency exchanges, is launching an index fund that tracks four of the biggest virtual currencies on the market. The Coinbase Index Fund will give investors access to the digital currencies listed on GDAX, the exchange operated by Coinbase. It will be weighted by market capitalization and will adjust when new coins are added to the exchange.
Ripple develops blockchain payments app with 61 Japanese banks. The Japan Bank Consortium, comprised of 61 banks, will release a smartphone application called “MoneyTap”— powered by Ripple’s blockchain technology — to allow customers of the bank consortium to settle transactions instantly, 24 hours a day, seven days a week. Three members of the Japan bank consortium: SBI Net Sumishin Bank, Suruga Bank and Resona Bank will be the first to go live on the mobile app in autumn of 2018. This will be followed by a staggered roll out to the rest of consortium.
U.S. judge rules cryptocurrencies are commodities. U.S. District Judge Jack Weinstein in Brooklyn ruled that Bitcoin can be regulated as commodities by the U.S. Commodity Futures Trading Commission (CFTC). CFTC is thus eligible to bring a fraud lawsuit against New York resident Patrick McDonnell and his company Coin Drop Markets, allowing the case to go forward.
The total cryptocurrency market capitalization stands at $396 947 744 776.
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