Top cryptocurrency news on July 7: Major stories on Ether, Brazil's 'Bitcoin King' and Mining

Most major cryptocurrencies are trading higher than the previous day, with Bitcoin up more than 1 percent. The global cryptocurrency market capitalisation is currently $1.45 trillion, an increase of 1.63 percent in the past 24 hours. Bitcoin, the world's largest cryptocurrency by market capitalisation, is currently trading at above $34,000. Read more here.

Brazil's federal police has arrested Cláudio Oliveira, the president of the Bitcoin Banco Group, for allegedly embezzling 1.5 billion Brazilian reais (about $300 million) through a cryptocurrency scheme, Coindesk reported. Read more here.

Bitcoin fluctuated Tuesday after China’s central bank and a regulator in the capital city took action against a company that was allegedly providing cryptocurrency-related services was ordered to cancel its registration, Bloomberg Quint reported.

Transactions via Bitcoin are undergirded by blockchain technology and are tracked via the distributed ledger system. That is, all transactions on the Bitcoin network are visible to every computer that is a part of the network and there is no central authority or bank that tracks the movement of the cryptocurrency, News18 reported.