Cryptocurrencies, the Week in Review
Most all of the Top 10 digital currencies by market cap posted gainers, with some coins seeing dramatic increases in value quickly.
Industry leader Bitcoin is trading above 6,700 as of 1:00p EDT Friday, that marked a gainer of 4%+ from that time 1 day prior, according to data from Coinmarketcap.
The biggest news in the cryptocurrency price world is ripple (XRP). In just 24 hours, ripple gained 54.6% in value, climbing to more than 0.57/token. This is stillwell below its record high of close to 4.00 achieved several months ago, but it signals a potential resurgence for XRP.
Indeed, given that Ethereum has declined in price in recent weeks, ripple briefly overtook ETH to become the 2nd-largest cryptocurrency by market cap.
One of the biggest stories in the digital currency world last week came from the New York Attorney General’s office. AG Barbara Underwood’s office issued a statement indicating that “many virtual currency platforms lack the necessary policies and procedures to ensure the fairness, integrity, and security of their exchanges.”
Beyond generally casting doubt on the security of cryptocurrency exchanges on a general level, AG Underwood’s office highlighted 3 cryptocurrency exchanges it believes are operating unlawfully in New York State. Kraken, Gate.io and Binance are the 3 exchanges named, and the ultimate result of this accusation remains to be seen.
Mike Novogratz, the former hedge funder turned cryptocurrency asset manager, has been outspoken in his belief that the digital currency world is on the verge of stratospheric success.
Last week, Mr. Novogratz told an audience at Yahoo Finance’s “All Markets Summit” in New York City that he believed that digital currencies had reached a low point and that Bitcoin in particular was destined for gains in the future.
A recent report indicates that millennials may not be as tuned out as some stereotypes suggest.
A survey by YouGov Omnibus found that roughly 50% of all millennials are interested in using cryptocurrencies in place of USDs. While there is no sign that the digital currency space will overtake paper (fiat) currencies yet, a younger generation of investors and consumers are open to that possibility.
Editor’s Note: Investing in cryptocurrencies and Initial Coin Offerings (“ICOs”) is highly risky and speculative. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions.
Have a terrific weekend.
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