Crypto Prices Rise; Iran Reveals Details of National Cryptocurrency By Investing.com

Crypto Prices Rise; Iran Reveals Details of National Cryptocurrency

Cryptocurrency Aug 28, 2018 01:03AM ET

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Crypto Prices Rise; Iran Reveals Details of National Cryptocurrency

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Investing.com - Cryptocurrency prices rose on Tuesday as Iran revealed details of its national cryptocurrency in response to the U.S. economic sanctions.

Bitcoin rose 3.2% to $6898.9 at 12:53AM ET (04:53GMT) on the Bitifinex exchange.

Ethereum was trading at $284.27, up by 3.7% on the Bitifinex exchange.

XRP traded at $0.33970, up by 5.07% in the last 24 hours on the Poloniex exchange, while Litecoin climbed 6.23% to $60.305 on the Bitifinex exchange.

Iran’s central bank-affiliated body, the Informatics Services Corporations (ISC), revealed that the country’s upcoming cryptocurrency will be backed by Rial. It is developed on the Linux Foundation-led open-source Hyperledger Fabric technology. The digital currency cannot be mined as it has been developed under private blockchain infrastructure, and that the issuer is Central bank of Iran and the volume of issuance depends on the bank's decision, according to the ISC.

“The infrastructure is supposed to be as an ecosystem available for Iranian banks and active companies in cryptocurrencies area after being tested and reviewed,” said IBENA.

In other news, three of the world’s largest bitcoin mining equipment manufacturers, Bitmain, Canaan Inc and Ebang International Holdings, are planning to raise billions of dollars with IPOs in Hong Kong. These three companies design high-end computer chips for mining cryptocurrencies and sell mining equipment with chips.

“The marked decline in the price of bitcoin since the start of the year is likely to weigh on investors’ interest in these companies. The fall in the price of bitcoin from its peaks has not been matched by an equivalent fall in the numbers of people mining it,” said Benjamin Quinlan, chief executive of financial services consultancy Quinlan & Associates.

Nexo-labeled address withdraws $153M in Wrapped BTC from MakerDAO By Cointelegraph - Oct 02, 2022

Disclaimer: This article has been updated to reflect Nexo's response stating that the fund transfer represents an operational transfer, involving the movement of funds from one...

Bitcoin price starts 'Uptober' down 0.7% amid hope for final $20K push By Cointelegraph - Oct 02, 2022 1

Bitcoin (BTC) failed to hold $20,000 into the September monthly close as one trader eyed a final comeback before fresh downside.BTC/USD 1-hour candle chart (Bitstamp). Source:...

Ethereum Merge spikes block creation with a faster average block time By Cointelegraph - Oct 02, 2022 1

The Merge upgrade for Ethereum (ETH), which primarily sought to transition the blockchain into a proof-of-stake (PoS) consensus mechanism, has been revealed to have a positive...

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Comments (1)

Robin Rosenberg Aug 29, 2018 2:37PM ET

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Good, lets watch as they go broke!

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Crypto Prices Rise; Iran Reveals Details of National Cryptocurrency

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