After updating to latest stable version, IP cloud is not updating at all. Tried to use long term as well but still not updating. Is the service down or did something change with the config of Cloud?

What was your version before the update?
Disable ip cloud and click apply.. then enable and click on apply again...

I was on version 6.43.x and upgraded to 6.54.6

I reverted back to 6.43.13 but cloud just says updating... but never updates the public address. Disabling and Enabling also yields the same result.

Are you behind NAT ? You have a PPPoE client ?
How do you access the internet ?

pppoe yes.

Before the software update the cloud was updating?

Before the software update the cloud was updating?

Perfectly without fail.

I havent faced a problem with the cloud update in 6.45.6 in any of my routers...

Can you ping the mikrotiks cloud dns servers through your router? cloud2.mikrotik.com and cloud.mikrotik.com

What is your dns set to your router?

Remove from your PPPoE client the "use peer dns" and set static dns to your router.. you can use 8.8.8.8 which is Google's DNS...