It's one year since Bitcoin hit a record high. December 17 is a landmark in the history of Bitcoin. It was on that day that the world's largest cryptocurrency reached an all-time high of $19,600 on multiple exchanges. A year has passed, and the soft coin lost its gloss. As some crypto experts predicted, the "bubble" has burst, and Bitcoin is at its lowest level in 2018. BTC hit a 15-month low of $3,122 over the weekend. After a 4.09 percent rise in value this week, Bitcoin is currently trading below $3600.
Here is a summary of some of the widely followed stories on cryptocurrency and blockchain during the past 24 hours.
Coinbase rolls out crypto-to-crypto conversion feature
Major US cryptocurrency exchange Coinbase rolled out a new feature called "Convert" which will enable conversion of one cryptocurrency into another. The new feature will be available on Coinbase.com and in the iOS and Android apps. The new feature will be gradually introduced in all 34 countries in which Coinbase offers native payment access.
UAE Banks Federation Considers Adoption of Blockchain in Banks
UAE Banks Federation or UBF, a non-profit organization representing 50 member banks in the country, is exploring the adoption of blockchain in its member banks, according to the Dubai-based newspaper Gulf News. The CEOs Advisory Council of the UBF discussed the use of blockchain to enhance know-your-customer or KYC processes at banks.
Germany's KfW Development Bank Tests Blockchain App TruBudget In Burkina Faso
German government-owned development bank KfW is testing the use of blockchain technology in the management of public finances in the West African country of Burkina Faso. This is being done on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ). KfW is running a six-month pilot phase for a blockchain application TruBudget developed by it. The application makes it possible to trace all work and approval steps.
Blockstream Expands Bitcoin Satellite Service To Asia-Pacific Region
Blockchain technology firm Blockstream announced the expansion of its bitcoin satellite service, which lets bitcoin users transfer the cryptocurrency through leased satellites, to the Asia-Pacific region. The update also comes with a new messaging feature powered by Lightning Network, an open network built on top of Bitcoin to enable fast, cheap and private microtransactions.
Current Prices
As of this writing, Bitcoin is up 5.03 percent or $170.48 at $3,559.12 on Coinbase. Ethereum is rising 7.01 percent or $6.25 at $95.62.
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