Cryptocurrency Prices: Bitcoin, ethereum see massive plunge

Bitcoin, ethereum and other major cryptocurrencies are currently trading in the red. The global cryptocurrency market capitalisation is $1.29 trillion, down 8.21 percent from the previous day. Bitcoin, the world's largest cryptocurrency, has seen a massive plunge, trading more than 9 percent lower on June 26. Read more here.

Andreessen Horowitz to launch $2.2 billion cryptocurrency fund

Silicon Valley firm Andreessen Horowitz (also known as a16z) announced a $2.2 billion cryptocurrency fund, making it the venture capital firm's largest vertical-specific fund ever. The firm had announced its first cryptocurrency fund in 2017 during a bearish movement in the market. Recently, the cryptocurrency market tumbled again however, the three partners emphasised that the "prices may fluctuate but innovation continues to increase through each cycle." Read more here.

El Salvador's Bitcoin law to come into effect from September 7

El Salvador's President Nayib Bukele announced that the recently passed law that has made bitcoin legal tender, will come into effect from September 7. The lawmakers had approved Bukele's proposal to embrace the cryptocurrency, making it the first country in the world to adopt bitcoin as legal tender.

China's Bitmain suspends sales of cryptomining machines

Bitmain, China's biggest maker of cryptocurrency mining machines, said it had suspended sales of its products in the spot market to help ease selling pressure following Beijing's ban on bitcoin mining. Bitmain also said it is looking for "quality" power supplies overseas along with its clients, in places including the United States, Canada, Australia, Russia, Kazakhstan and Indonesia. Read more here.