Bitcoin, Ripple, Ethereum Need to Know News
Despite the fake news there is more agreement among investors worldwide that the invention of cryptocurrencies has led to the creation of a new asset class.
Persistent demand around the $10,000 mark appears to have not only neutralized the immediate bearish outlook on bitcoin, but also hints the cryptocurrency could be building a base for an eventual move higher.
Bitcoin bulls seem to have gained an upper hand, but the cryptocurrency is still struggling to find follow-through buying today. On Wednesday, CoinDesk’s Bitcoin Price index (BPI) closed (as per UTC) 5.15 percent higher at $11,399.
Bitcoin and competitors Ripple and Ethereum saw prices collapse after the South Korean Government announced it would seek to regulate cryptocurrency transactions. This will be the trend in the future and exchanges like G-BiT X will help boost the value of cryptocurrencies by providing a compliant location to trade, invest and store wealth.
Ethereum (ETH) has continued to recover from the 47% pullback last week. The cryptocurrency’s market capitalization currently stands at US$104 billion, with US$2.7 billion traded over the past 24 hours.
Weiss Ratings, which claims to offer the first “ratings” on cryptocurrencies, has judged ethereum to be better than bitcoin. The securities ratings agency announced Wednesday that it gave ethereum a B rating.
The last month of 2017 played a very big role in Ripple’s rise. News arrived, about different banking institutions in Japan and South Korea testing the Ripple technology, there was a massive inrush of investors buying the XRP. The price of Ripple was seen growing exponentially by the year-end hitting an all-time high of $3.81 and touching almost $150 billion in marketcap even surpassing Ethereum at one point.
For Ripple, which owns about 60 percent of all the XRP in existence, the sudden excitement for cryptocurrencies and all things blockchain has been a huge boon to the start-up’s balance sheet.
The cryptocurrency Ripple has warned of a ‘Bitcoin civil war’ as it celebrated a remarkable quarter in which the virtual currency XRP soared in value by about 1,000 percent.
The popularity of Bitcoin and cryptocurrency as an emerging asset class amongst the youths in Russia has increased exponentially over the past few months. The survey revealed that 75 percent of individuals between ages 18 to 24 have learned about Bitcoin.
The cryptocurrency world is anxiously awaiting the arrival of new rules which could put a huge dampener on the markets. But one of the world’s biggest Bitcoin and Ethereum exchanges has thumbed its nose at the plans and said they will never work.
Support for the G-BiT
“My number one focus on cryptocurrencies, whether that be digital currencies or bitcoin or other things, is that we want to make sure that they’re not used for illicit activities,” Mnuchin told CNBC.
Lagarde told the audience that the IMF had “already started monitoring and surveilling and analyzing the risks associated with the development of cryptocurrencies and the potential benefits out of it.”
G-BiT conducts thorough KYC and Anti-Money Laundering protocols putting the new exchange and coin in a winning position
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