The rundown: the price of Bitcoin and all major cryptocurrencies were down in the morning; the price of specialized graphics processors are falling due to a sharp decline in the value of digital tokens; decentralized exchange service Bancor lost $23.5 million of cryptocurrency tokens in a hacking incident; South Korea is likely to make major changes to cryptocurrency laws in the coming days; Football player Ronaldinho is launching his own crypto coin; Sirin Labs to release a blockchain-based smartphone this year; and a well-known Australian crypto expert believes that the price of Bitcoin will hit $280,000 by 2023.
Here is what is happening in the cryptocurrency market on Wednesday.
In the News
The price of specialized graphics processors – used by cryptocurrency miners – are falling due to a sharp decline in the value of Bitcoin and other digital currencies, according to a report from Computer World. The report suggests that add-in board (AIB) prices are declining while supplies are increasing. Last year, over three million AIBs worth $776 million were bought by cryptocurrency miners, according to Jon Peddie Research.
Bancor, a crypto firm that touts itself a decentralized exchange service, has been targeted by hackers using a compromised wallet. Hackers managed to steal $23.5 million of three different cryptocurrencies from the exchange. In a statement, the firm said that “no user wallets have been compromised in the attack.”
South Korea is expected to make major changes to cryptocurrency laws in the coming days. According to media reports, Korean political parties will submit bills focused on regulations of cryptocurrencies, blockchain, and initial coin offerings regulations between July 13 and July 26.
Ronaldo de Assis Moreira, a former Brazillian football player known as Ronaldinho, is planning to launch his own crypto coin called Ronaldinho Soccer Coin. The famous football player is launching the RSC Project in collaboration with Malta-based startup World Soccer Coin. With this cryptocurrency project, Ronaldinho aims to build: a football academy; a betting platform/marketplace; and digital virtual reality stadiums that will analyze player skills and abilities using video analysis technology.
Swiss-based smartphone maker Sirin Labs is set to release a blockchain-based smartphone in November this year, Cointelegraph reported. Last year, the company raised $157.8 million through an initial coin offering for the blockchain phone. Dubbed Finney, the blockchain-based phone will get a price tag of $1,000.
A well-known Australian crypto expert – who wanted to remain anonymous – bet A$8.5 million that the price of Bitcoin will reach $280,000 by 2023, overtaking Berkshire Hathaway’s share price, according to Australian bookmaker Tom Waterhouse. In a tweet, Waterhouse said, “Well known Crypto expert has just requested a bet of $8.5m AUD to win $1.2bn that a Bitcoin will exceed the price of a Berkshire Hathaway share (c.$280k) by 2023.” Waterhouse noted that he “put [the unidentified bettor] in touch with large syndicate.”
Cryptocurrency Prices Today (As of 7:25 AM EST)
Bitcoin (BTC) is down 3.17% over the past 24 hours, trading at $6,180.23.
Ethereum (ETH) is trading at $430.19 in the morning, down 3.02% over a 24 hour period.
EOS tumbled 7.39% over the past 24 hours, trading at $6.64.
Ripple (XRP) is trading at $0.4332, down 3.37% over a 24 hour period.
Litecoin (LTC) is trading at $75.56, down 5.00% over a 24-hour period.
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