Bitcoin’s worth reached a new high after it went over the $8,500 price range on the day by press time while other altcoins are reporting slight losses. Let’s check out the price analysis for the cryptocurrencies in our latest cryptocurrency news.
Bitcoin’s worth increased by more than 2 percent on the day and is currently trading at $8,631 at press time. If you take a look at the weekly chart, the coin is up by more than 7 percent. Grayscale, the American digital asset manager claimed recently in research that Bitcoin vastly outperformed the traditional assets during the United States-China trade war.
Ether (ETH) on the other hand, is holding onto its positions as the largest cryptocurrency by market cap which is currently standing at $27.3 billion. The second-largest Ripple (XRP) has a market cap of $16.7 billion at press time. The data from Coin360 shows that ETH has seen a decrease in its value by 1.2% over the last 24 hours. It is currently trading at around $256 and over the week the altcoin gained over 3.5 percent in value.
Ripple’s XRP decreased by slightly over 1 percent in the past 24 hours and is now trading around $0.396. Over the week, the altcoin is down by 4.20%. Among the top 20 cryptocurrencies, one of the altcoins reporting notable losses is Binance Coin (BNB) getting down over 11%. This is a rare picture for the state of the BNB coin since in the recent months it was the one altcoin that surged when the others dropped. At press time, the total market cap of all cryptocurrencies is about $266 billion which is about 4 percent lower than the one reported a week ago.
Crypto Custodian BitGo Hires Xapo Vice President As New CRO
“Pete has a deep understanding of capital markets and an exceptional breadth of experience in financial services. This makes him a perfect partner for institutional investors who are entering the cryptocurrency market. We’re building the financial infrastructure of the future and Pete’s experience in both traditional financial markets and cryptocurrency will be critical.”The crypto custodian BitGo is one of the more stable companies out there - and Najarian's knowledge and skill set will definitely help the company. According to his LinkedIn profile, we can see that Pete Najarian has previously served as the global head of emerging markets sales at the Royal Bank of Scotland and has also been head of institutional client coverage - APAC at the financial services firm UBS (as well as other positions). Before this, the latest cryptocurrency news also showed that the crypto custodian BitGo has been expanding its presence to Japan this month - and is planning to substantially grow its Japan-based team. The expansion follows hiring a sales director for the Tokyo office of the firm. In May this year, the crypto custodian BitGo appointed a veteran Wall Street trader named Nick Carmi as its head of financial services - a hire which ostensibly intends to forge stronger connections between digital assets as well as the traditional financial sphere. Meanwhile, the latest Bitcoin and coming altcoin news show that there is a mix of greens and reds in the market, with the reds being more dominant as the crypto market suffered from another dump this Tuesday.
P2P Dash And Bitcoin Transactions Skyrocket In Venezuela
‘’In countries where residents are under pressure from economic mismanagement, Bitcoin trading becomes critical. Two factors drive Bitcoin trading: one, there is pressure to purchase Bitcoin using local currency before it loses even more value; and two, there is a need to redeem for the local currency either past purchases or purchases made outside the country by friends/family, enabling residents to cope with rising prices. This results in an increase in Bitcoin trading in the local currency.’’
Trading Platform Giant Binance Announces The Launch Of Venus
“We believe that in the near and long term, stablecoins will progressively replace traditional fiat currencies in countries around the world, and bring a new and balanced standard of the digital economy. We hope to achieve a vision, that is, to reshape the world financial system, allow countries to have more tangible financial services and infrastructures, protect their financial security and increase the economic efficiency of countries.”Venus is an open blockchain project that will develop localized stablecoins and digital assets pegged to fiat currencies so Binance will start providing full process technical support, compliance risk control and multi-dimensional cooperation network in order to build the new cryptocurrency but also will leverage its existing infrastructure and regulatory establishments according to the co-founder of Binance. The exchange also noted that they welcome more governments, companies, and organizations that have a huge influence on a global scale in order to collaborate with it for the new Venus initiative. Facebook’s cryptocurrency Libra has a similar structure. The goal is to serve the unbanked people and to facilitate low-fee money transfers around the world. Libra is expected to go live in the year 2020 but it has already faced scrutiny from many banks and politicians around the world. Facebook has stated recently in a risk disclosure filed with the Securities and Exchange Commission that Libra will never launch because there is no significant regulatory scrutiny. Binance, on the other hand, stated that it believes that Libra will grow at an exponential rate and will, therefore, reshape the world financial system. They also noted that Libra could bring changes more than the Internet did as per the announcements that we have in the latest cryptocurrency news:
“Instead of resisting change and losing the opportunity, it is better to embrace change. […] At the same time, ‘Libra’ needs to be developed in an orderly manner under the regulatory framework.’’
Bitcoin Breaks Resistance As Other Altcoins Awaken This Monday
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