The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Bitcoin heads south
On Wednesday, crypto assets slumped a bit in the face of a lack of evident price triggers.
Eventually, Bitcoin headed south by 0.42% ending up with $3,622.40 on the Investing.com Index. As for Ethereum, it tumbled by 3.6% being worth $124.06. Additionally, Litecoin reached $31.51, slipping by 1.6%. XRP declined by 0.5% concluding the trading session at $0.3293.
In general, digital coins stood still, with the overall crypto market capitalization amounting to $122 billion.
Besides this, crude giants Total and Chevron revealed they had joined blockchain-based platform dubbed Vakt, which turns out to be one of the first blockchain schemes for commodities. The companies did so due to the fact that now a lot of businesses seek ways to harness the technology behind Bitcoin as well as other crypto assets.
Coin miners along with investors suggest that popularizing the underlying technology will ultimately result in broader acceptance and employment of crypto assets.
Started in 2017, Vakt already includes major companies such as Royal Dutch Shell, Mercuria Energy Group, BP. The given platform happens to be a post-trade processing site for commodities, which pledges to reduce risks and cut costs via the elimination of paper contracts.
Total has been backing the industry initiative to have cargo post-trade processes digitized for some time. It’s expected to be an important step towards faster, safer and more affordable logistical operations.
In addition to this, the Bitfury Group, a global blockchain company is starting an open-source blockchain-secured music platform. That’s probably the first attempt to have the music industry changes with the help of blockchain.
The platform is going to have the transfer of copyrighted assets streamlined, by simply making a digital system to share and also monetize intellectual property.
By the way, the London-based company has been recently valued at $1 billion. It sells crypto mining equipment and also works on blockchain technology.
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