Bitcoin Sinks To 2-Month Low; China Moves Forward With State-Backed Cryptocurrency

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The price of every major cryptocurrency took a sharp nosedive Wednesday afternoon, as bitcoin dropped well below the $10,000 threshold to its lowest level of the summer. Ethereum, litecoin and Ripple’s XRP also sank between 5% and 10% in a matter of minutes. Investors are left wondering whether the sudden fall represents a cheap buying opportunity or a critical blow to bitcoin.


Forbes confirmed this week that China’s central bank will launch a state-backed cryptocurrency and issue it to seven institutions, including Alibaba and Tencent, in the coming months. It could be available as soon as November 11, China’s busiest shopping day, and may eventually be available to spenders internationally in the Western world.

“China’s strategic plan is to integrate more closely with the rest of the world. Cryptocurrency is just one of the means to have a more internationalized renminbi. It’s all strategic,” says Charles Liu, chairman of private equity firm HAO International.


Cameron and Tyler Winklevoss are spending plenty of time in the spotlight to promote the book Bitcoin Billionaires, which recounts how they built their fortunes as early investors, and in an interview with CNN last week, the twins said Wall Street has been “asleep at the wheel” during bitcoin’s rise to prominence.

“Unlike the internet, which you couldn’t buy a piece of, you can actually buy a piece of this new internet of money,” Tyler Winklevoss said, promoting bitcoin to potential new investors.


The Hyperledger consortium voted unanimously Thursday morning to approve an open-source codebase called Hyperledger Besu, its first code that links businesses directly to the public ethereum blockchain. It’s similar to Pantheon, another Ethereum enterprise solution launched by ConsenSys this spring, but Hyperledger’s version is expected to be easier to integrate with existing codebases.

Also, more and more companies interested in adopting blockchain are soliciting the services of VMware, a publicly traded company specializing in cloud computing and digital workspaces, to help them get started. Facebook plans to house a variant of a mechanism VMware developed with its libra cryptocurrency.


He’s not Satoshi, he’s a very naughty boy. [Financial Times]

A Crypto Miner Cuts Costs and Rides Bitcoin’s Price Rise. [Wall Street Journal]

Coinbase Study Says 56% of Top 50 Universities Have Crypto Classes [CoinDesk]

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