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Cryptocurrency News Update (3 Aug 2018)

|Includes: BRPHD, Bitcoin USD (BTC-USD), ETH-USD
Summary

Bitcoin needs to hit $213,000 to replace money supply.

Former hedge fund manager Novogratz's crypto bank drops in stock market debut.

Korea's financial regulator wants to use the blockchain for stock trading.

Bitcoin needs to hit $213,000 to replace money supply: UBS says they may have to wait a while since it can’t be considered money or even a viable asset class yet. For Bitcoin to replace U.S. money supply - paper bills, coins, travelers’ checks and the like -- it’s price could need to hit nearly $213,000, or its network’s processing capabilities would need to dramatically improve, a new report by UBS found.

Former hedge fund manager Novogratz's crypto bank drops in stock market debut: Despite a cooling fever for cryptocurrency, former Goldman Sachs macro trader Michael Novogratz's Galaxy Digital went through with plans to list on Canadian stock exchange. GLXY shares fell 20 percent after opening at 2.75 Canadian dollars on Toronto's TSX Venture Exchange. The company lost $134 million in the first quarter as bitcoin and other cryptocurrencies lost half their value.

More here:https://trackrecordasia.com/cryptocurrency/cryptocurrency-news-update-3-aug-2018