The State of the Market: The cryptocurrency markets tumbled today, with Bitcoin (BTC) sinking below $6200 for the first time in over a week. The overall market hasn’t fared much better, dropping from $252 billion to around $245 billion over the past 24 hours. Of the top ten coins by market capitalization, Ethereum (ETH) and Litecoin (LTC) have experienced the mildest downturn, with respective decreases of 2% and 1.7%.

1) The Saudi Arabian municipality of Riyadh has recently entered into a partnership with tech giant IBM in order to integrate blockchain technology into a myriad of it’s administrative and economic activities. The new partnership comes as part of the ‘Saudi Vision 2030’ program, which seeks to diversify Saudi economic activity and promote fair governance within the country (read more).

2) According to a recent report from Bloomberg, Binance, one of the world's largest cryptocurrency exchanges in the world, is supporting an effort to develop the first blockchain-based bank with tokenized asset ownership. Binance has invested in a 5% stake in the new "Founders Bank" at a $155 million pre-money valuation. Although the project is set to be established in Malta - a country known for its propitious crypto regulations - the new banking institution will still need to acquire a license from Maltese regulators in compliance with EU financial laws (read more).

3) On Tuesday, the Forecast Foundation launched Augur, a decentralized platform for betting on the outcome of events. By 5:00 UTC, the first prediction markets were being created, and soon users placed bets — totalling more than $400K — on everything from U.S. elections to World Cup Soccer games. Just over 12 hours after Augur's launch, the platform briefly became the most popular DApp on the Ethereum blockchain by total users, according to DAppRadar, putting it ahead of CryptoKitties (read more).

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