Bitcoin price LIVE: BTC rallies as the market turns green – is this the recovery? | City & Business | Finance


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.

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