Thursday, September 6, 2018

$1,000 Drop / Surge in Iran / Cointopia Investment

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Here are today's ten most important Bitcoin stories, efficiently ranked & summarized by smart humans, not algorithms:

$BTC (12:53 p.m. EST): $6,474.16 (-7.32%) // 90-day high: $8,362.59 // 90-day low: $5,755.25/ / More

$BCH (12:54 p.m. EST): $511.47 (-6.83%) // 90-day high: $1,663.91// 90-day low: $511.87 // More

$ETH (12:54 p.m. EST): $227.62 (-9.52%) // 90-day high: $790.72 // 90-day low: $227.62 // More

$LTC (12:55 p.m. EST): $56.16 (-8.72%) // 90-day high: $162.87 // 90-day low: $52.78 // More

$XRP (12:55 p.m. EST): $0.29 (-1.03%) // 90-day high: $0.86 // 90-day low: $0.22 // More

Here are the 10 most important stories about bitcoin and cryptocurrencies today

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1. The price of bitcoin dropped nearly $1,000 over a 24-hour period. Other cryptocurrencies suffered similar slides. Litecoin and bitcoin cash took major hits while ethereum lost more than 20 percent of its value over the same 24-hour period. Ethereum is now at its lowest price in over a year. Hundreds of altcoins also posted losses of more than 20 percent, according to data on CoinMarketCap. –BUSINESS INSIDER

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2. The price of bitcoin did surge in one country: Iran. The price of a single coin surpassed $24,000 after Iran President Hassan Rouhani approved plans to mainstream bitcoin mining. This approval, along with economic sanctions and a high demand for foreign currency, sent the price of bitcoin skyrocketing. The question now will be how high will the price go? –BITCOIN.COM

Price of bitcoin surges in Iran
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3. Cointopia has raised $3 million. The company will use the funds to open its marketplace, which aims to connect blockchain companies with service providers. The San Francisco-based company plans to list a number of reputable blockchain services on its marketplace, including advisory, white paper authoring, and market products. Among the service companies available now are Hybrid Block, Sparkchain, and Token Agency, with more to be announced over time. –VENTURE BEAT

Cointopia raises $3 million in funding
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4. Bitmain has reportedly activated a controversial method for bitcoin mining called AsicBoost. The mining "hack" supposedly increases mining efficiency up to 20 percent, but critics believe its use damages the bitcoin network. AsicBoost exploits a previously known weakness in bitcoin's proof-of-work alogirthm to allow for faster mining. Bitmain used the method in its mining pool, AntPool. –NEWS BTC

Bitmain actives controversial mining method
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5. A Houston-area car dealship will sell a Rolls-Royce for 50 bitcoins. The car can be purchased from anywhere in the world using the bitcoin processor BitPay. –THE STREET

6. Wirex, a London-based crypto exchange, has added an ethereum wallet. The tool will allow residents of the European Economic Area with physical Wirex debit cards to convert ETH into British pounds, euros or US dollars. –CRYPTO VEST

7. Lloyds of London has insured Kingdom Trust, a storage platform for cryptocurrencies. Kingdom Trust holds more than $12 billion in assets, made up of more than 30 cryptocurrencies. –DAILY HODL

8. Craig Wright continues to be a controversial figure online. His profile has only grown in recent weeks over the potential split of bitcoin cash. –REDDIT

9. Turkey's Borsa Istanbul Stock Exchange has developed a new database backed by blockchain. The platform is based on KYC concepts, and will allow customers to manage documents and edit information. –COIN TELEGRAPH

10. IBM continues to bet big on blockchain. There is concern, though, that the company has put too many resources behind a relatively novel technology. –CNN

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Written and curated by David Stegon. He has been a reporter for 15 years, the past 10 focused on technology. Follow him @davidstegon.

Editing team: Lon Harris (editor-in-chief at Inside.com, game-master at Screen Junkies), Krystle Vermes (Breaking news editor at Inside, B2B marketing news reporter, host of the "All Day Paranormal" podcast), and Susmita Baral (editor at Inside, recent bylines in NatGeo, Teen Vogue, and Quartz. Runs the biggest mac and cheese account on Instagram).

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