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Bitcoin Passes $12,000 but Quickly Retreats $1,000

August 7, 2019 at 0:06 by Matt Jackson

Bitcoin prices passed the $12,000 mark today for the first time in nearly a month, but soon after making the breakthrough, BTC prices fell by $400. Prices fell another $400 several hours later. The cryptocurrency had previously closed in the green for 7 consecutive days, having started August with a price of $10,000.

As Bitcoin has enjoyed a positive few days, alt coins have seen inverse action, with many posting successive daily losses. Bitcoin’s dominance rate is reported to be at the highest it has been in more than 2 years, with some predicting that it will continue to rise until it reaches 80%, indicating further losses for alt coins.

Elsewhere in cryptocurrency, MoneyGram announced that it had started using Ripple’s xRapid cross border payment system. MoneyGram is the world’s second largest money transfer platform. CEO Alex Holmes reported that the company had started using xRapid last week. He went on to say that the company could enjoy increased profits through a continued partnership with the often-maligned cryptocurrency.

The UK’s data chief has joined the chorus of people to issue a privacy warning over Facebook’s Libra cryptocurrency. The social media giant has endured a turbulent start to their proposed cryptocurrency with companies and individuals voicing concerns, primarily over the privacy of the Libra coin and wallet. Elizabeth Denham, the head of the Information Commissioner’s Office in the UK, said that there were a numbe of “privacy risks posed” by Libra.

Rumors are swirling after it was announced that retailer Walmart applied for a cryptocurrency patent. The application represents something of a u-turn from the retailer, and it mirrors a lot of aspects of Facebook’s Libra. The filing stated that the currency, which could be pegged to the US Dollar, would help bank the unbanked, eliminate credit cards, and establish a payment ecosystem. However, it remains to be seen whether the retailer would undergo the same scrutiny as Facebook has been subjected to.

A leaked UN report has stated that North Korean hackers have stolen approximately $2 billion in cryptocurrency to fund their Weapons of Mass Destruction program. The report stated that “Democratic People’s Republic of Korea cyber actors, many operating under the direction of the Reconnaissance General Bureau, raise money for its WMD (weapons of mass destruction) programs” and went on to estimate that these cyber actors had managed to procure up to $2 billion so far.

Bitcoin (BTC) is currently trading at $11,382.87, having fallen 3.44% in the past 24 hours. The price of Ethereum (ETH) has slipped 3.54% to $224.90 and Ripple (XRP) has shed 4.01% off its price to trade at $0.311. Bitcoin Cash (BCH) and Litecoin (LTC) have seen their prices fall 4.5% and 4.99% down to $331.43 and $92.42 respectively.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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