Cryptocurrency

Ethereum heads for second weekly decline in row

2018-08-10 13:20:46 GMT (Economies.com)

Ethereum resumed its long decline on Friday after a respite from losses yesterday on short-covering from nine-month lows, heading thereafter to second weekly losses amid mounting concerns over US regulatory curbs. 

 

Ethereum shed $3, or 0.8% to $360 at Bitstamp, with a session-high at $366, and a low at $350. 

 

Ethereum climbed 2.25% on Thursday, the only profit in four days away from nine-month lows at $347. 

 

Market value of cryptocurrencies fell $6 billion on Friday to $226 billion, after marking $219 billion on Wednesday, the lowest since November 17, 2017. 

 

Ethereum is down 11.8% so far this week, heading for another weekly decline as a selloff wave grips the crypto market anew. 

 

Microsoft Launches New Blockchain Product 

 

Microsoft launched a new Blockchain as a Service (BaaS) service that allows enterprises in various industries to use a form of Ethereum blockchain that's been modified for their needs. 

 

Instead of the usual Proof-of-Work mechanism, at which consensus algorithm across the ether supports that network, this new product, called Ethereum Proof-of-Authority on Azure, uses a different approach that relinquishes mining all together to make it more acceptable to businesses. 

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