Bitcoin takes a $4bn hit after market cap price correction
It was a rev...
Cryptocurrency Bitcoin saw a price correction wipe out around $3.4bn of value, with prices falling by 18.7% due to the revised market cap.
It was a revision that saw the cap reduced from $40.49bn to $37.08bn in less than a week, which was then coupled with a $520 drop in the price of one Bitcoin.
The digital currency had previously hit a new record high but failed to break through the $2,800 barrier, falling just $9 short before plummeting towards the $2,267 level.
However, it is unlikely to dissuade investors, with predictions that in the long-term Bitcoin could reach as high as $6,000 thanks to influences in the Asian market - particularly the fact that it has recently been declared a legal currency in Japan.
Despite the recent blip, Bitcoin has been trading about 200% higher than what it was at the start of the year.
Ultimately, the easiest way to acquire Bitcoin is to purchase it from a friend or known acquaintance - mining the currency requires a vast amount of energy and computing power that would likely drain away any potential profits to be made.
The surge in popularity of cryptocurrencies is replicated with Ethereum, which has seen similar levels of growth. Having cost $8 in January, the decentralised currency started climbing in March and recently hit the $224 mark, before falling and then rising again and is currently climbing at $211.
ServiceNow pumps millions into EU service compliance
ServiceNow, the digital workflow company, has announced a multimillion euro investment to help EU customers meet compliance requirements.
The legal, technical and organisational safeguards will help companies to comply with the the Schrems II judgment and European Data Protection Board (EDPB) Recommendations issued in June 2021.
ServiceNow’s investment means all EU-hosted data will be exclusively handled within the EU, and the cloud-hosted digital workflow provider claims its solution will come “without impact on current delivery and service”.
ServiceNow upgrade: free of charge
There will be no cost for current customers to opt in to the data compliance solution, even though ServiceNow is investing an unspecified multimillion euro sum and hiring more than 80 new staff across the bloc.
Mark Cockerill, vice president legal, EMEA and global head of privacy at ServiceNow, said: “With any regulation change, cloud services companies have a choice. They can adopt a ‘wait and see’ approach or get proactive and help customers and partners innovate. At ServiceNow we are on the front foot, continually investing in our customers, allowing them to operate with the highest level of choice and control over their EU data.
ServiceNow upgrade: ‘peace of mind’
“Our new EU-centric service delivery model will give our current customers and partners peace of mind. For customers and partners operating in highly regulated industries, or in the public sector, or those that have yet to make the switch to the cloud, this model gives them certainty and simplicity when selecting the cloud service that best suits their needs.”
Carla Arend, lead analyst, cloud in europe for IDC, said, “The Schrems II ruling has led European organizations to revisit their cloud-related data protection policies and processes when it comes to international data transfers through cloud services.
“Contractual, privacy, and security safeguards and the assurance that data will be kept and handled in the EU help European organizations to comply with European data protection laws while taking advantage of global cloud platforms. Vendors, such as ServiceNow, that invest to support their customers in response to this ruling are providing essential choice to their customers.”