Good morning and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.
The day opens with some small positive news for traders, as a flood of green washes through the cryptocurrency market.
In the last few hours, Bitcoin has jumped up more than $300, increasing by 5.23 percent to trade for $6,337.30.
Ethereum gained 5.56 percent to sell for $282.41, while Ripple jumped 8.32 percent to trade for $0284057.
Litecoin rose by 6.11 percent to trade for $55.18.
Crypto prices have stagnated in recent days as traders wait for the Securities and Exchange Commission to decide if they will approve a proposed Bitcoin Exchange-Traded Fund (ETF).
How will the market react to the recent rise in price?
1.40pm UPDATE: South Korean ministry drops cryptocurrency exchanges
The government of South Korea announced it had excluded cryptocurrency exchanges from legislation governing venture businesses in a press release issued Monday, August 13, according to CoinTelegraph.
The brief document from the country’s Ministry of Small and medium-sized enterprises (SMEs) and Startups (MSS) explained that contrary to previous decisions, it would now place exchanges alongside bars and nightclubs as businesses that it would “not encourage as a venture enterprise.”
A rough translation of part of the press release explains: “The Small and Medium Venture Business Department [of the MSS] has no intention to regulate cryptocurrency trading and disclosures (ICOs), but as problems such as speculation emerge, cryptocurrency exchanges are not a target for the government to encourage as a venture enterprise.”
11.52am UPDATE: MOre than 18,000 Bitcoin transferred to a BitMEX-linked wallet
Approximately 18,000 Bitcoins (BTC) were recently transferred to a wallet believed to be linked to BitMEX, a large cryptocurrency derivatives trading platform. The total value of these coins is currently over $114 million, according to data from CryptoCompare.
Seventeen different crypto wallets were involved in this large BTC transfer, with the first transaction taking place at 4:50 AM New York time.
While only 10 BTC were moved to the BitMEX-associated wallet in the first transaction, 16 other crypto wallets transferred a total of 17,990 BTC to BitMEX’s wallet in less than half an hour after the first BTC transfer.
10am UPDATE: Bitcoin global adoption still a long way off, says Coinbase CEO
The adoption of Bitcoin as a global currency is still a long way from becoming a reality.
That’s according to Coinbase CEO Brian Armstrong.
Mr Armstrong told Bloomberg: “I think it will be quite some time before you cross the street to Starbucks in the U.S. and pay with crypto.”
7.40am UPDATE: PayPal CEO denounces BTC as a “useless payment mechanism”
Bitcoin will continue to fall, because “there’s just no value there,” former PayPal CEO Bill Harris told CNBC on Tuesday.
“The cult of Bitcoin [makes] many claims — that it’s instant, free, scalable, efficient, secure, globally accepted and useful — it is none of those things,” Harris said on CNBC’s “Fast Money.”
Harris, who is also founder of Personal Capital Corporation, came out swinging against Bitcoin in an April op-ed in which he called the cryptocurrency a “colossal pump-and-dump scheme, the likes of which the world has never seen.”
7am UPDATE: BTC jumped $300 overnight
A small rally has seen Bitcoin prices jump well above the $6,000 resistance seen in yesterday’s woeful performance.
Graphs show Bitcoin floating around $6,300, with a slight bullish trend pushing the rest of the market into positive results.
Prices stagnated and traders are still left in flux as the SEC debates the approval of a Bitcoin ETF, but this morning’s charts show impressive gains.