11am MORNING HEADLINES
Good morning, and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.
Bitcoin starts the day in the red, with prices hanging around $8,076.73, losing 1.03 percent on the day.
Ethereum has also lost slightly, dropping 3.14 percent to trade at $448.08, while Ripple falls 2.74 percent on the day to trade for $0.438867.
The rest of the market is seeing small drops in price as momentum slows to a crawl despite the rising confidence
Earlier this month, price comparison site Finder.com, revealed its July Cryptocurrency Predictions Survey, which suggested a steady increase in crypto prices throughout the end of July.
Finder.com predicted bitcoin (BTC) would hit US$7,247 by 1 August 2018, an 18 percent price rise, which has now been blown out of the water by the current BTC price of $8,076/73.
11.36am UPDATE: Bitcoin millionaire launches crypto social network platform
A bitcoin expert has launched a social networking platform for Cryptocurrency investors and traders to communicate and discuss market movements.
Yield Owl, created by bitcoin expert and Yield Coin founder, Samuel Leach, currently has more than 1,500 users all discussing crypto news, trades and opportunities from across the globe.
Like Facebook but for crypto-enthusiasts, Yield Owl gives live updates on industry news, as well as educational videos, courses and forum discussion.
Samuel Leach, Founder of Yield Owl said: “Our vision has always been to create a holistic networking platform that unites and empowers the trading community, creating new opportunities and new connections for crypto traders and enthusiasts worldwide.”
11am update: Bitcoin, as usual, is embroiled in another debate between crypto experts.
Vitalik Buterin, co-founder of Ethereum, the second largest cryptocurrency on the market, has said that traders place too much emphasis on Cryptocurrency exchange-traded funds (ETFs), instead of cultivating opportunities for smaller investments.
Mr Buterin tweeted yesterday afternoon, saying: “I think there’s too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores.
“The former is better for pumping price, but the latter is much better for actual adoption.“
ETFs are a hot-button topic in the crypto-world, with the Securities and Exchange Commission (SEC) rejecting a recent proposal by crypto-billionaire twins the Winklevoss’.
ETFs are an investing tool to track underlying benchmark indexes (like the NASDAQ-100 Index or the Dow Jones), commodities or bonds to replicate their performance.
These can be traded similar to common stock on public exchanges, bringing together the diversified holdings of a fund with the low-cost and efficiency of a share.
ETFs do not need to be managed by investment managers, unlike mutual funds, making them much cheaper to operate.
Opposing Buterin, Kin Why Lau, CEO of Venture Capital firm Fatfish Internet Group has said the cryptocurrency market will soon be ready to adopt Bitcoin ETFs, which will help drive the price up.