Crypto currency market update

Several digital currencies such as Bitcoin, Ethereum, and Litecoin experienced problems on August 14. The price of Bitcoin fell to $10,465. In comparison with Tuesday, the price of Bitcoin decreased by nearly $1,000 on Wednesday.

Ethereum which is the second-biggest cryptocurrency in terms of market capitalization also struggled on Wednesday. As the price of Ethereum decreased to $209. It means that in one week from August 5 the price fell from $225 to $209.

Ethereum and Bitcoin are not the only major cryptocurrencies which lost some its strength. For example, the price of Litecoin fell to $85.03. Litecoin’s price fluctuated from $86 to $84 until the price decreased to $85. Litecoin was unable to hold the momentum and price fell to $85.03.

Bitcoin news

Bitcoin and cryptocurrencies in general step by step become more important as an alternative to cash payment. It is true to pronounce that it replaced the cash but the success of Bitcoin is step forward for digital currencies. Some people already compare digital currencies to gold. It means that people would use digital currencies as a precautionary measure during an internal and external crisis. Protests in Hong Kong, which started is a great example of how the protests might affect the cryptocurrencies.

According to Bitcoin advocates, protests in Hong Kong once more underlined the role of digital currencies in the modern world.

In 2014 Sacramento Kings became the first NBA team to accept cryptocurrencies. Another NBA team Dallas Mavericks made a similar decision. In 2018, the owner of the team Mark Cuhan promised that fans would be able to use cryptocurrencies to pay for tickets. Dallas Mavericks kept its word and from August 2019 fans would be able to purchase tickets.

Speculations that China was working on its sovereign cryptocurrency started a long time ago.  However, only recently senior official from China’s central bank confirmed this information. Mu Changchun, who is a deputy director of the People’s Bank of China. He said national digital currency would be ready soon. His comments showed that Bank of China has serious plans regarding the digital currencies.