The Voyager Market Roundup
In less than 24-hours, Bitcoin dropped from $10,248 to $9,339, in a flash sell-off that jolted the entire crypto market. No. 2 Ethereum fell more than 12% this week, and Bitcoin Cash (BCH), Litecoin (LTC), EOS (EOS), and Stellar Lumens (XLM) also posted double-digit losses.
While certainly volatile, this week wasn’t all doom and gloom. Ripple (XRP), down 7.6% this week, fared slightly better than other altcoins. A slew of good news gave XRP a 2% boost to $0.256 Thursday.
According to Fintech Futures, PNC, the eight-largest bank in the US with almost $400 billion under management, has started using the RippleNet blockchain network for cross-border payments. The news, which PNC has yet to confirm publicly, comes after an announcement in September 2018 that the bank would become the first in the US to join the RippleNet.
Across the globe, Ripple fans got another headline to cheer about – SBI Holdings announced an interim shareholder benefit program with XRP. As of September 30, shareholders who own 100 or more shares of SBI Holdings will get 30 XRP tokens.The announcement is yet another vote of confidence in Ripple from SBI. The two companies worked together on MoneyTap—a blockchain-based payments application system—in 2018 and together formed SBI Ripple Asia.
XRP didn’t see substantial gains from either announcement, but investments from financial giants like SBI and PNC could prove to be a long term bullish signal.
According to a report from the Financial Times, three of the firms (which were not named) expressed concerns over being seen to be linked to the project after watchdogs around the world raised concerns over its potential threat to financial stability. Read more.
Following yesterday’s court hearing in a dispute between the estate of deceased computer scientist Dave Kleiman and his former business partner, the self-professed inventor of Bitcoin Craig Wright, the court has entered documents into the record that confirm earlier reports of the judge’s ruling against Wright. Read more.
After raising more than $1 billion in one of the most successful ICOs in the crypto sector, Telegram is now ready to launch its Gram tokens by October. Button Wallet has also announced it will facilitate trading of the tokens. Read more.
China’s central bank will launch a state-backed cryptocurrency and issue it to seven institutions in the coming months, according to a former employee of one of the institutions who is now an independent researcher. Read more.
Bitcoin risks falling to $9,000 in the next 24 hours, having dived out of a narrowing price range on Wednesday. A violation there would expose the next support lined up at $8,500. Read more.
PNC — the United States’ eighth-largest bank, with almost $400 billion in assets — has become the country’s first to start using the RippleNet blockchain network for cross-border payments. Read more.
Portugal’s Tax Authority has clarified that both cryptocurrency trading and payments in crypto will not be taxed in the country, Cointelegraph en Español reported on Aug. 27. Read more.
Digital retail platform Overstock.com’s new CEO is not planning any major changes to the company’s blockchain efforts after the departure of its founder. Read more.
Craig Wright is warning that billions of dollars in Bitcoin could soon flood the cryptocurrency market after an unfavorable court hearing. Read more.