Cryptocurrencies trade lower over weekend, Visa acquires Ripple partner
Dec 31, 2018
Top 5 Cryptocurrencies sorted by 24 hour Volume
On Mobile/Tablet scroll to the right
Top 5 Cryptocurrencies sorted by 24 hour Price Percent Change
On Mobile/Tablet scroll to the right
Crypto Market Recap
- Cryptocurrencies fell broadly lower over the weekend with the price of Bitcoin (BTC) down 3.95% since Friday’s close to USD$3,791.53. Total cryptocurrency market capitalization currently sits at USD$127.3bn, down 3.9% since end of day Friday. Bitcoin Cash (BCH) fell the most among major coins this week, down 8.28% since Friday’s close to USD$158.08 -- Bitcoin SV (BSV) followed closely behind, falling 7.69% since end of day Friday to USD$86.68. Binance Coin (BNB), meanwhile, was the only positive major coin this weekend, up 1.97% since Friday’s close to USD$6.14.
Crypto Developments in Financial Services
- Visa Inc. has announced the acquisition of Earthport Plc, a payment network for cross-border transactions that is a part of RippleNet, according to a Reuters report last week. Visa, the American payment services giant, paid 198mm pounds (USD$251mm), or 30 pence (USD$0.38) per share to acquire Earthport -- the acquisition price represents a 4x premium for the Ripple partner. Earthport shares have fallen 28% YTD prior to the acquisition.
General Crypto News
- A Chinese survey conducted by PANews, an Asian news outlet for sharing blockchain news, finds that 40% of the 4,200 survey respondents are willing to invest in cryptocurrencies in the future. 63% of respondents, meanwhile, believe that there is no necessity for cryptos as a means for payment. Nearly half of all survey respondents have heard of the terms cryptocurrency, digital currency, or Bitcoin (BTC), while just 22.2% of survey respondents were aware of the existence of blockchain-powered tokens.
- Bitcoin (BTC) was featured in an article that discusses its potential liberating potential in major American publication Time magazine. The article discusses that, “speculation, fraud, and greed in the cryptocurrency and blockchain industry have overshadowed the real, liberating potential of Satoshi Nakamoto’s invention.” The article goes on to highlight how cryptocurrency adoption has benefited Venezuelans amid hyperinflation in the country’s Sovereign Bolivar; the fee for a wire transfer from the US to Venezuela can be as high as 56%, the article details while adding that Venezuelans have turned to cryptocurrencies as a cheap alternative to wire transfers.
- An unconfirmed report by Chinese media outlet Odaily details that Jihan Wu and Jenke Group will soon retire as CEOs of leading crypto mining hardware manufacturer Bitmain. The report by Odaily cites an unnamed source familiar with the matter while discussing that employees have not been optimistic about the double-CEO system. A different article by Odaily today reports that Bitmain is also planning to cease all mining operations meaning that the company will lay off more than 500 employees.
- White hat hackers, or hackers that maintain a code of ethics and act with good intentions, were awarded USD$878,000 from bug bounties this year, according to tech news outlet TheNextWeb. Bug bounties are a competition where companies develop software or programs and invite hackers to attempt to find vulnerabilities in their software in order to fix problems before they are exploited by the public. A majority of the bug bounties in 2018 came from HackerOne, a bug bounty platform that connects companies with hackers from Block.one, the company behind decentralized network EOS (EOS).
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio