Let’s Talk Cryptocurrencies – Week 16

Let’s Talk Cryptocurrencies – Week 16

Let’s Talk Cryptocurrencies is BullMarketz weekly update of everything that’s happened on the cryptocurrency market in the past week. We cover all the ups and downs and provide you with all the information you need to make well-informed decisions about your investments in digital currencies. This summary is not excluded to the major currencies such as Bitcoin and Ethereum but includes all digital currencies.

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Without getting too excited about something that’s not yet certain, it looks like the market has regained some of its momentum over the past week. After struggling for the better part of the first quarter, it now seems like there is more money pumping into the market which is helping most of the assets grow.

Bitcoin has been trading for under $7,000 for a few weeks but is now finally back over $8,000 and Ethereum which has been trading in the low $400s is back over $500 However, there are other assets doing even better. Some traders are now talking about a possible bull run that’s been initiated, but we wouldn’t agree to that just yet. But that’s not all, several patents have been filled, exchanges are moving to cryptocurrency havens, and the latest predictions see Bitcoin skyrocketing over the coming years.

Santander has launched an international payment service together with Ripple. The service is the first of its kind developed by a major bank and will let Santander customers perform same-day international payments on a blockchain. Payments will be done using the Ripple blockchain but the project is not in anyway connected to the cryptocurrency XRP which is still considered too unstable.

On Monday morning, Bitcoin was up over 22% since last Thursday. The surge that started last week pushed BTC from $6,825 to $8,360, and the pattern has great potential to continue.

At the same time as Bitcoin gained 22%, Ethereum increased by over 28%, surging from $417 on Thursday to $536 early Monday morning.

Out of the top ten cryptocurrencies, EOS is the one that’s performed the best over the past week. On Tuesday, EOS traded for $5.7 before it exploded and topped off at $9.26 on Friday totaling a 61% gain in three days. Since Friday, EOS has leveled out a bit and is currently training in the low $8’s.

Venture Capitalist and Economic Analyst Tim Draper has made some interesting predictions about Bitcoin. According to Draper’s predictions, Bitcoin has the potential of reaching $250,000 by 2022. CNBC’s Brian Kelly quickly joined Draper and says he is also convinced BTC could reach a quarter million by 2022.

Mastercard is looking to hire several blockchain professionals in multiple locations. What exactly it is Mastercard is looking to do with blockchain technology is not yet certain, however, they have applied for a patent regarding user protection based on a blockchain.

As Mastercard is looking to develop new blockchain solutions, Bank of America is filing for patents regarding its own blockchain solution. Apparently, BoA is developing a new storage solution based on their own blockchain.

Germany’s second-largest stock exchange Börse Stuttgart will be launching a cryptocurrency trading app in September. Sowa Labs, a subsidiary of Börse Stuttgart, has developed an app called Bison that will support Bitcoin, Ethereum, Litecoin, and Ripple with the option of adding more assets in the future. According to sources, the app will have support for both German and English.

OKEx, the second largest cryptocurrency exchange in the world, is following Binance to Malta. This means that the two largest cryptocurrency exchanges will be operated from Malta which will further help the Island Nation to establish themselves as the crypto and blockchain island – a title they’ve worked hard on acquiring lately.

For more day trading news and investment advice, we recommend that you check out our weekly trading segment called Let’s Talk Business where we cover the latest developments in all major markets. 

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