Day: September 18, 2018

XRP/USD Near September High with 23% Leap

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Ripple price on Tuesday appreciated 23 percent against the US Dollar owing to strong fundamental factors. The XRP/USD has risen from its intraday low near 0.26699-fiat to retest its September 5’s lower high near 0.32994-fiat. The pair yawned through the early Asian trading session, consolidating sideways within a stiff range. The upside momentum began building only when the European markets woke up. And, quite abnormally, XRP/USD jumped violently during the mid-session, forming one higher high after another. And as the US session comes into play, the pair has already established…

Ripple Price Intraday Analysis: XRP/USD Rises 23 Percent

boss

Ripple price on Tuesday appreciated 23 percent against the US Dollar owing to strong fundamental factors. The XRP/USD has risen from its intraday low near 0.26699-fiat to retest its September 5’s lower high near 0.32994-fiat. The pair yawned through the early Asian trading session, consolidating sideways within a stiff range. The upside momentum began building only when the European markets woke up. And, quite abnormally, XRP/USD jumped violently during the mid-session, forming one higher high after another. And as the US session comes into play, the pair has already established…

Ethereum, Ripple Surge by 10% Within Minutes, Abnormal Market Activity

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The prices of Ethereum (ETH) and Ripple (XRP) have surged by more than 10 percent in the past five minutes, despite the lack of momentum of major cryptocurrencies like Bitcoin. A spike in the volume of both XRP and ETH was triggered at around the same time on Bitfinex, affecting other major cryptocurrency exchanges. No major announcements or developments were made in the past 12 hours, which led investors to be skeptical towards the abrupt increase in the prices of the two digital assets. Possible Factors of XRP Rise Earlier…

China’s Central Bank Warns Investors of ICO, Crypto Risks

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China’s central bank, the People’s Bank of China (PBoC), has today, September 18, issued a new public notice “reminding” investors of the risks associated with Initial Coin Offerings (ICOs) and crypto trading. The notice, released from the bank’s headquarters in Shanghai, reiterates the severe line that has been adopted by the country’s Office for Special Remediation of Internet Financial Risks, which first introduced a blanket ban on ICOs in September 2017. Today’s notice censures the “unauthorized” and “illegal” ICO financing model for posing a “serious disruption” to the “economic, financial…

Hong Kong Blockchain Fund to Finance Yen-Pegged Cryptocurrency

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The founders of a $1.45 billion investment firm and a dedicated blockchain fund are teaming up to launch a new cryptocurrency whose value would be pegged to the yen. South China Morning Post reports that Grandshores Technology Group, a Hong Kong-based blockchain investment firm, is raising HK$100 million (US$12.7 million) to bootstrap the project, which aims to provide traders and other cryptocurrency users with a yen “stablecoin,” whose value would be immune to price volatility in the wider cryptocurrency markets. Grandshores Technology’s founding partner, Yongjie Yao, is also a founder…

Chinese Blockchain Fund Plans to Raise $13 Million for Japanese Yen Stablecoin

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The Chinese entrepreneur in charge of a $1.5 billion blockchain fund will seek to create up to three new stable cryptocurrencies (stablecoins) pegged to various fiat currencies, South China Morning Post reports Tuesday, September 18. Yao Yongjie, whose Grandshores Blockchain Fund has the backing of well-known Chinese Bitcoin investor Li Xiaolai and the local government of the city of Hangzhou, said the first stablecoin project would involve the Japanese yen. A second company Yao chairs, Hong Kong-based Grandshores Technology, aims to raise HK$100 million ($12.7 million) in financing for the…

Firms With Digital Assets Still Need to Keep Their Books in Order

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Wesley Bricker, chief accountant for the U.S. Securities and Exchange Commission (SEC), has said that the advent of digital assets and blockchain technology does not change the “fundamental responsibility” of firms when it comes to their financial reporting activities. Bricker’s remarks were made as part of a speech delivered before the AICPA National Conference on Banks & Saving Institutions in Washington, D.C. Monday, September 17. Bricker opened by stressing it was crucial for the accounting profession to keep abreast of emerging technologies to ensure it can adequately fulfil its role…

Drug Discovery Platform Verseon Launches Blockchain-Based Securities Exchange

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U.S. pharmaceutical company Verseon has become the latest medical organization to experiment in blockchain technology, it confirmed in a press release Tuesday, September 18. Verseon’s main product is its proprietary physics-based drug discovery platform. The company was established in 2002 and it now trades on the London Stock Exchange, boasting a market cap of £211 million ($277 million). Part of a growing trend among major pharmaceutical players to leverage blockchain’s data and security benefits, the company’s subsidiary BlockRules will facilitate what it describes as technology which “supports the sale, launch,…

Japanese Fintech Heavyweight SBI Holdings Launches DLT-Based Payment Platform

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Android and IoS users are set to experience a new app offering easy bank transfers. The application has received support from the Japanese financial giant SBI Holdings while Ripple’s blockchain-based payment system will power it. It is not clear when the launch of the app christened “money trap” is likely to take place. However, rumor has it that it could be available in the autumn. The chief executive of SBI Ripple Asia, Takashi Okita says that the project is set to offer reliable money transfer solutions. Among the many who…

Bitcoin and Ethereum Record Losses in $10 Billion Wipeout

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Over the past 24 hours, the crypto market has experienced a large sell off as Bitcoin demonstrated a 3 percent drop in price, leading the market to drop $10 billion. Ethereum and EOS recorded the largest drop amongst major cryptocurrencies at 9 percent, while Bitcoin Cash, Litecoin, Monero, Cardano, and Dash demonstrated steep 7 percent losses. What Caused the Steep Decline? On September 16, CCN reported that a wallet containing $720 million in Bitcoin, which was dormant for many years, started to move funds to Bitfinex. A Reddit user with…