Good morning and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.
The cryptocurrency market stabilises from its sharp drop in the early hours of the morning which saw most major tokens losing between three and 8 percent in value.
Bitcoin is up by two percent, to trade for $7,004.88, as of 7am this morning.
Ethereum is down 1.24 percent to go for $281.98.
Ripple is also down 1.46 percent to sell for $0.334118.
Litecoin fell 0.38 percent to trade for $60.58.
The market waits for the Securities and Exchange Commission’s decision on the proposed Bitcoin Exchange-traded fund, which is would propel crypto prices significantly.
All updates are in British Standard Time.
8am UPDATE: World’s largest Bitcoin mining pool launches Ethereum operation
The world’s largest Bitcoin mining pool is preparing to expand its horizons.
BTC.com, which produced 21 percent of all newly-mined BTC over the past 12 months and currently accounts for more than 16 percent of the Bitcoin hashrate, announced on Thursday that it has opened an ethereum mining pool.
The pool will initially support both ethereum and ethereum classic, and users will have the ability to shift between the two Ethash-based cryptocurrencies to enhance profitability.
Zhuang Zhong, director of BTC.com’s mining pool, said: “Because contracts are charged per line of executed code and miners are rewarded for dedicated hashes using GHOST, Ethereum provides multiple different reward incentives to contribute hash power to the network.
Mr Zhong added: “We hope to expand Ethereum’s network by relaying those rewards through our FPPS system. By competing to provide the best reward margins along with our product development, we expect mining operations to grow to 12% of ETH total hashrate in the next 12 months.”
7am UPDATE: Will Bitcoin hit $98k before the end of 2018?
According to new research conducted by Initial Coin Offering (ICO) advisory firm Satis Group, the Bitcoin (BTC) price could potentially reach $98,000 in the next five years. The report written by Sherwin Dowlat and Michael Hodapp represents the fourth part of a five-part series covering the crypto space.
The report states that, in terms of upward tendencies in cryptocurrencies over the next five years, BTC will reach $96,000, Monero (XMR) will reach $18,000, and Decred (DCR) will hit $535.
Bitcoin Cash (BCH) is forecasted to slump to $268, after it “attempts to inherit brand recognition and [provides] minimal technological advantage to incumbents”, they said.
Cryptoassets, which have centralised ownership will supposedly represent little value, with a forecasted Ripple (XRP) price of $0.01.
The research team forecasts that the Ethereum “platform network” will lose share from nearly entire to half share in 2028.
The research said: “While we do acknowledge the strong community around the ETH network, minor flaws in design and governance (which we believe will result in contention leading up to the future network upgrades, notably the move to Proof-of-Stake (PoS) consensus) can expose the relatively low switching costs of overlying networks built on top of it (the ICO’s, and tokens).”