Bitcoin is back on track today after suffering a big drop yesterday. A report by the Commodity Futures Trading Commission sparked fears over future regulations. Bitcoin fell all the way below $5,200 yesterday, today we saw it climb back over $5,600. Bitcoins market cap remains over $93 billion. We saw Bitcoin struggle for a little while after China’s crackdown and negative comments from people like JP Morgans CEO, but it managed to bounce back and despite all this news we saw it hit a record high climbing past $5,800 this month. Despite Bitcoin’s success and incredible growth over the past few months, Goldman Sachs remains a strong believer in gold. According to CNBC, Goldman Sachs said that it is not a good store of value in comparison to gold and they strongly believe that "Gold wins out over cryptocurrencies in a majority of the key characteristics of money.”
Moving over to Ethereum, the second largest cryptocurrency by market cap. It still struggles to gain momentum and move higher. It climbed over $450 on Monday and then it started its path of decline, falling below $300 yesterday and today it is back over this level. Let’s take a look at some blockchain news. Canada's central bank, Toronto Stock Exchange operator TMX Group Ltd and Payments Canada will work together to test the use of blockchain for automating the securities settlement process. According to a Reuters report they will develop an experimental integrated securities and payment settlement platform using a distributed ledger. This the third phase of an effort known as "Project Jasper" that the central bank launched last year.
