Ethereum declines for fourth straight day to near nine-month trough

Ethereum fell on Thursday for the fourth straight session to near nine-month lows hit yesterday after relinquishing $400, amid renewed concerns about regulatory curbs in the US. 

Ethereum shed $2, or 0.5% to $353 at Bitstamp, with an intraday high at $363, and a low at $353. 

Ethereum dropped 6.1% on Wednesday, the third loss in a row as crypto assets got engulfed in a selloff wave that hammered them sporadically throughout the year. 

Market value of cryptocurrencies fell a billion dollar on Thursday to $221 billion, after touching $219 billion yesterday, the lowest since November 17, 2017. 

SEC Delays Crypto ETF Decision 

The U.S. Securities and Exchange Commission (SEC) has delayed its final decision on requests to set up bitcoin exchange-traded funds to late September, in another development that upset crypto enthusiasts in the States. 

Microsoft Launches New Blockchain Product 

Microsoft launched a new Blockchain as a Service (BaaS) service that allows enterprises in various industries to use a form of Ethereum blockchain that's been modified for their needs. 

Instead of the usual Proof-of-Work mechanism, at which consensus algorithm across the ether supports that network, this new product, called Ethereum Proof-of-Authority on Azure, uses a different approach that relinquishes mining all together to make it more acceptable to businesses.