Good morning and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.
Good news to start the weekend as Bitcoin made small gains on the day to push the cryptocurrency market into the green.
Bitcoin is holding at $6,477.08 at the time of writing this morning, having gained 2.15 percent.
Ethereum rose 4.71percent to trade for $299.64 while Ripple jumped 5.66 percent to go for $0.300843.
Litecoin went up by 2.86 percent to trade for $56.77.
The market suffered a difficult week which saw Bitcoin tumble down below $6,000 as traders wait to hear if the Securities and Exchange Commission (SEC) will approve the proposed Exchange-Traded Fund (ETF).
Find the latest updates on Bitcoin‘s price below. All times in GMT.
1.30pm UPDATE:Ripple Exec: Ripple Considering Chinese Market to Speed Up Payment Solutions
Ripple is considering breaking into the Chinese market to apply its distributed ledger technology (DLT) to cross-border payments, a Ripple executive told CNBC August 15.
Jeremy Light, vice president of European Union strategic accounts at Ripple, said in a phone interview that the company is looking to enter the Chinese market to speed up international payments with its DLT. Light said that “China is definitely a country and region of interest.”
11.58am UPDATE: Bitcoin will stay at the $6,000 mark for now, but will hit $15,000 by Christmas
CoinCorner’s co-founder, Danny Scott says: “For the last few months, the price of Bitcoin has been at $6,000 which we believe will continue for a while but we predict the price will reach $15,000 by the end of the year. We take this view because the retail market is continuing to expand at a very healthy rate based on both our own data and industry trends.
“To add to this, we are also seeing huge amounts of investment coming through from High Net Worth individuals and institutes purchasing Bitcoin in high volumes. This all adds to the increase and interest of the cryptocurrency.”
10am UPDATE: Ripple partners with three crypto exchanges amid price increase
Ripple has added three cryptocurrency exchanges to its cross-border payments settlement product.
Ripple has partnered with U.S.-based Bittrex, Mexican Bitso, and PhilippineCoins.Ph cryptocurrency trading platforms within its initiative to build a “healthy” ecosystem of digital asset exchange.
The new partners will enable Ripple’s xRapid payments solution to move between XRP and U.S. dollars, Mexican pesos, and Philippine pesos respectively.
Ripple explained the operational principle as:“A financial institution (FI) that has an account with Bittrex would initiate a payment in U.S. dollars via xRapid, which instantly converts into XRP on Bittrex. The payment amount in XRP is settled over the XRP Ledger, then Bitso, through its Mexican peso liquidity pool, instantly converts the XRP into fiat, which is then settled into the destination bank account.”
7.40am UPDATE: Bitcoin hash rate increases despite price drop
Declining prices have not deterred miners, as the hash rate improved against the price.
Bitcoin mining still remains a profitable venture as the market attracts more miners.
“There are still major expansions happening, especially from more efficient miners,” Marco Streng, chief executive officer of Genesis Mining, said.
“The expansion is so big that it compensated for the drop-out of not-so-efficient miners.”
7am UPDATE: BTC drops in price against Turkish Lira
Bitcoin prices dropped against the Turkish Lira as the country prepares for a big financial announcement.
The Turkish Lira fell dangerously low this week, threatening financial crisis in the country as the government battled the US over steel and aluminium tariffs.
The Lira began to improve after the Qatari government offered a $15 billion support loan to keep the market afloat.
Bitcoin prices appeared to be the saviour of the Turkish economy up until the Qatari offer, which saw BTC prices tumble against the currency.