Bitcoin Daily Ether Price Soars

In other news, the New York Department of Financial Services has extended a friendly hand to two digital currency firms, according to a report Thursday (June 14) inReuters. The global financial services companyXapogained a virtual currency license from the state regulators so it can offer a digital wallet and vault service, the report said.PayPalboard member Wences Cacares co-founded Xapo, and its board of advisers is led by former U.S. Treasury Secretary Lawrence Summers and former Citibank Chairman and Chief Executive John Reed.

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In well-that-didnt-really-work news,Western Unionhas said that it realized no savings from its use ofRippleXTC for transactions, though Ripple said that the money-transmitting firm did not do a proper case study, according toNewsBTC.

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Meanwhile,AlphaPoints expertise is helping organizations launch cryptocurrency exchanges and tokenize assets, and has raised $15 million in a funding round led byGalaxy Digital, according to a report Thursday (June 14) fromBloomberg. Earlier this spring, AlphaPoint announced it would build a platform for trading digital gold with theRoyal MintandCME Group.

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Chad Cascarilla, chief executive officer of itBit, said to Reuters, itBit will immediately start to offer custody, escrow and over-the-counter trading services, with trading on the exchange to follow.

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It also seems that criminals are moving beyond bitcoin. Thats the theme of a story this week inData Breach Today, which said that in response to bitcoins volatility, many crime gangs have been seeking payment in more stable cryptocurrencies. Make no mistake: bitcoin remains the preferred payment method for cybercriminals, but research showed that the fees associated with bitcoin, its price fluctuations and long transaction-processing times are inspiring more use of monero.

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While SEC leaders have publicly labeled bitcoin as a commodity, this is the first clear statement by the financial watchdog on how they plan to regulate ether, CNBC reported. Hinman cited the cryptocurrencys decentralized and public network, and lack of a third party expecting to make a profit as reasons that the agency wont treat it like a security.

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The state agency also approved a request from New York-baseditBitto trade and offer custody services to four additional virtual currencies Bitcoin Cash, Ethereum, Litecoin and Stellar Lumens, Reuters said.

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Thursday (June 14) turned out pretty well for ether, whichCNBCdescribed as the worlds second largest cryptocurrency. The price of ether increased 9 percent after William Hinman, head of the Division of Corporate Finance for theU.S. Securities and Exchange Commission(SEC), said that his agency does not consider the digital currency to be a security. The price of ether hit $520.88 after his comments, made at theYahoo All Markets Summit: Cryptoconference in San Francisco.

The process of validating and recording transactions requires huge amounts of electricity, the paper said, making solar an attractive option  as does the states requirement that utility companies buy renewable energy. The town of Murphysboro offered the company a 65,000-square-foot former label-making factory that has been vacant since 2004.

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Its an interesting idea to see it at work because its so esoteric that its difficult to understand, he told the newspaper.

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Its unclear how much Shatner  who also portrayed an eccentric lawyer in theABCcomedy-drama The Practice in the 2000s  knows about bitcoin mining.

Ripple has pegged its reputation and that of its cryptocurrency, XRP, to the fact that it is a faster, cheaper way to move money across borders, NewsBTC reported. The loss of Western Union as a client could be a major setback for Ripple, but the company has pointed out that the Western Unions test case is too small to make any conclusive judgments.

On a pop culture note, the man who played police officerT.J. Hookerin the 1980s crime drama of the same name along with some other roles along the way is standing up for bitcoin. TheChicago Tribunereports that William Shatner has signed on as spokesman forSolar Alliance, a Canadian firm that said it will build a solar-powered bitcoin mining facility in a southern Illinois.

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