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Cryptocurrency Market Begins to Stabilize Following Significant Sell-Offs Over the Past Two Days
According to CNBC, the cryptocurrency market has begun to stabilize after significant sell-offs throughout the past two days. After Bitcoin lost more than 50 percent of its market value to reach USD 9,199.59 on Wednesday morning, the price increased to USD 11,218.84 this morning at 5:40AM EST. Ethereum has also rebounded to price above USD 1,000.00, while Ripple increased from USD 0.90 to USD 1.42.
Bitconnect Ceases Operations After “Continuous Bad Press”
Bitconnect has announced it will cease operations after allegations of it being a Ponzi scheme circulated within the cryptocurrency community. According to TechCrunch, the exchange platform also received two cease and desist letters from Texas and North Carolina’s securities boards, along with continuous DDoS attacks. The market value of BCC, the token that powered Bitconnect, has decreased significantly over the past 48 hours.
Mark Cuban Announces Dallas Mavericks Will Begin to Accept Cryptocurrency as Payment for Tickets
According to Bitcoin News, Mark Cuban, the owner of the NBA’s Dallas Mavericks team, tweeted that consumers can buy tickets to Mavericks’ games with Bitcoin beginning next season. Later, in an interview with Bloomberg, he went on to add that the Mavericks will also accept Ether and other tokens “originated by companies we have business relationships.”
De Beers Implementing Blockchain Technology to Prevent Blood Diamonds
De Beers, the diamond unit of Anglo American, is implementing blockchain technology later this year to keep track of its gems and diamonds throughout its entire supply chain. According to Investopedia, De Beers is the largest diamond producer in the world by value. The company has a long history of ensuring its precious stones are not “blood diamonds.”