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Bitcoin reaches above $8,000 & leads to other cryptocurrency to increase

The value of bitcoin has reached above $8,000 this week for the first time since May, and the chances are they might be in a good fortune and the price of bitcoin will increase as we have seen the cryptocurrency rise in value by more than 30 percent in the space of two weeks.

Ethereum, ripple, EOS and other major cryptocurrencies, have bucked the usual protocol by not mirroring bitcoin’s market movements. The bitcoin cash itself a spinoff of bitcoin – followed suit with a sudden increase of 5 percent within the last 24 hours.

Bitcoin latest price gains mark a month of steady increase, which followed its worst start ever to a year. Its present price is still a long way to reach the mark of $20,000 which we have all seen in the year 2017 and this amid remarkable enthusiasm for the digital currency. Experts and Analysts said the positive news has helped drive bitcoin momentum, which in itself will lead to further good news for the cryptocurrency space.

“This period is an extremely exciting period for cryptocurrency and blockchain technology with increased interest from Tier 1 banks and financial institutions,” David Sapper, COO of Blockbid, told this to a local newspaper.

“As it will take a long time for these companies to implement their cryptocurrency plans, positive news within the cryptocurrency sphere will benefit the market and raise prices as we have seen with Bitcoin in the last seven days. As the market of cryptocurrencies grow and start to take the bigger part of the market in regards to trading, more and more of these financial institutions will be looking to see how they can capitalize on the growing cryptocurrency market.

Some analysts and experts even predicted that the this run of good fortune could take bitcoin all the way back above $10,000.

Matthew Newton an analyst said, “By soaring past those key barriers of resistance, it would seem history is not repeating itself and there’s real strength in the move,” he said this at the trading platform eToro. He also added to that, ” If the price of bitcoin can close above $8,000 today, we could assume that we have a good run towards $10,000.”

 

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Ripple XRP is not a real cryptocurrency but a Digital fiat – says Expert

Ripple’s (XRP) journey from $3.40. back down to today’s price of $0.49 could soon see it ring-fenced from other competing cryptocurrency, with concern over its centralisation potentially excluding Ripple (XRP) from entry into a price boosting regulatory framework. It was seen in the last week that the rival bitcoin recruited another billionaire believer from the world of mainstream finance after it was revealed that investor Steven Cohen has placed money into a hedge fund focusing on cryptocurrencies and blockchain-based companies.

Cohen Private Ventures has invested their funds in Autonomous Partners, new hedge fund buying up cryptocurrencies and equity in blockchain-related companies as the world of mainstream finance begins the search for the next generation of investments in the digital age.

Ripple (XRP) is one notable absence from the spate of technologies in which Autonomous Partners is interested, raising concern that the XRP tokens will be treated differently when regulations arrive. If they come in the picture, Securities and Exchange Commission (SEC) in the US decides that the tokens are securities they could then be subject to different laws than tokens that are not. From, Autonomous Partners, Arianna Simpson said: “I have a lot of concerns about the level of centralisation, and I have regulatory concerns if what they have issued is a security.”

Elpis Investments, CEO, Anatoly Castella told to a local news-paper that that ripple’s XRP is set to miss out because it is not a Digital Fiat, and not a real cryptocurrency. Mr Castella warns to the investors that XRP falls short of the “purest interpretation of cryptocurrency.”

Mr Castella also said “Ripple (XRP) resembles a fintech platform combining the best elements of fiat money and blockchain cryptocurrency.” It should be considered Digital Fiat, not a cryptocurrency. The potential for missing out on the very regulations that go on to propel rival cryptocurrencies to all new price levels, Mr Castella says that the SEC should consider to create a regulatory framework for digital fiats like ripple and a sustainable ecosystem for the crypto start-ups, presently held in a state of limbo. He also said that “This will also help to ensure that real cryptocurrencies like bitcoin, Ethereum etc will not be damaged and misunderstood by the start-ups adopting the wrong regulatory approach from the outset.”

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Ripple CEO claims that four miners control bitcoin from china

Ripple’s CEO Brad Garling house said that “Bitcoin is really controlled by China,” speaking at the 2018 Stifel Cross Sector Insight Conference in Boston, financial news outlet TheStreet.com reported on 12th June.

In a recent interview with Stifel Tech Analyst Lee Simpson, Garlinghouse delved into a number of topics related to blockchain technology and the crypto world and claimed that BTC is under the control of China, saying “I’ll tell you another story that is underreported, but worth paying attention to. Bitcoin is really controlled by China. There are four miners in China that control over 50 percent of Bitcoin. How do we know that China won’t intervene? How many countries want to use a Chinese-controlled currency? It’s just not going to happen.”

Garlinghouse also shared his opinion about BTC’s and XRP’s underlying technology, blockchain, arguing that it “will not disrupt banks,” though “it will play an important role in the way our system works,” however “it’s a short-sighted view.”

Speaking about XRP, he described it as “the best digital asset for settlement.” Garlinghouse said that “Bitcoin today takes 45 minutes to settle a transaction,” whereas XRP takes four seconds to settle, he claimed.

In February, trading platform BitMex released a report on Ripple and the XRP token, discovering that the structure of Ripple’s consensus protocol suggests a more centralized structure to their currency.

According to the report, BitMex’s research team conducted an internal test with Ripple’s technology. The team installed and ran a copy of Rippled, the node operated by downloading five public keys from the Ripple’s server, all of which were assigned to Ripple.com. Four of the five keys were reportedly required to support a proposal in order for it to be accepted. “Since the keys were all downloaded from the Ripple.com server,” the report says, “Ripple is essentially in complete control of moving the ledger forward, so one could say that the system is centralized.”

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Ripple (XRP) and Litecoin (LTC) Down – Upside Ahead?

Ripple and Litecoin is not much going on in the cryptocurrency world. Currently, the entire market is sitting just over $430 billion with $22 billion in trading volume within the last 24 hours. The only news currently circulating that remains unsurprising to most is that Bill Gates and Warren Buffett are still slamming cryptocurrency. Let’s be real here, their wealth can’t be denied, but the two are clearly stuck in their traditional ways. Mr. Buffett was CLEARLY wrong about his initial assumptions of Amazon and Google and has even said so himself. The “FUD” has simmered off after the twentieth comment the pair has made and it seems their opinions have now zero effect on investor confidence.

Let’s take a closer look at a pair of coins just under the green this morning and their latest updates.

The Ripple coin is also known as XRP. There are no new developments regarding the class-action lawsuit filed against Ripple (XRP) Labs. Since these things take a considerable amount of time, I don’t expect to hear much anytime soon; especially since the SEC ultimately decides the lawsuit’s outcome.

The team behind Ripple seem unphased by the lawsuit as this week they are holding YPO Innovation Week at their headquarters.

Ripple’s CEO, Brad Garling house, spoke at the event and said:

“At its core Ripple is a technology company leveraging digital assets to solve a global payments problem. We believe payments are foundational to any use case so we’re starting there.”

The Litecoin is also know as (LTC). Litecoin Foundation is embarked on a new campaign to expand their reach and influence. #PayWithLitecoin and #LiteCoinAcceptedHere are flooding Twitter lately. The goal behind the latest campaign is to inspire businesses to accept Litecoin into their day-to-day operations.

Litecoin enthusiast Jon Moore even put together a mock-up for local businesses in his area to integrate Litecoin payment.

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Western Union confirms Ripple testing!

Western Union has been running trails on using Ripple blockchain technology in its payment mechanism, to become the go-to service for global money transfers.

The list of banks and financial institutions that are using and testing Ripple’s products is growing by the week. Reports state that global payments giant Western Union can be added to that list this week.

CFO Raj Agrawal told media that efforts were in a ‘testing phase’ and there was nothing so far in the process that would be a ‘big unlock.’

A Ripple spokesperson tells Yahoo Finance, “We’ve been testing different products with Western Union for a while, we’re excited about our work towards a pilot implementation of xRapid, which uses XRP in payment flows.”

Western Union CTO Sheri Rhodes’ comment states the following:  “We continue to explore possible blockchain applications for our business, and we are piloting some settlement tests with Ripple for certain corridors. For blockchain in general, we’re looking at areas such as transaction processing and settlement, working capital optimization, regulatory technology, and digital identity. We have a strong platform and system that work well today, but we continue to explore and test whether these technologies could potentially reduce costs and improve the customer experience.”

It is indeed a huge boost for the blockchain company that has seen the price of its cryptocurrency plummet in recent months. On Tuesday (13th February 2018), CEO Hikmet Ersek told analysts that Western Union is experimenting with Ripple and XRP for settling transactions and for capital optimization. The move comes a month after Ripple’s dealings with rival company Moneygram, which was also testing XRP transfers.

Read more about it here: https://www.bnn.ca/western-union-testing-ripple-transactions-1.998074

Money-transfer businesses such as Englewood, Colorado-based Western Union typically use pre-funded accounts to fulfill customers’ transfers, which can tie up capital. Ripple’s blockchain technology and digital currency XRP could move money faster, which has helped propel a more than 33,000 percent surge in the digital token last year even though the coin isn’t essential for handling payments.

If implemented this could reinvent how banks and money transfer services make payments. Importantly, it is good news for Ripple, which is trying to become the go-to service for global money transfers.

Let’s see what the results will state.