Connect with us

Blogs

Ripple (XRP) breaking free from Bitcoin (BTC), finally

Published

on

Ripple
READ LATER - DOWNLOAD THIS POST AS PDF

When it comes to signing and closing partnerships with influential financial players, no other cryptocurrency comes closer to Ripple (XRP), not even Bitcoin. Lauded for its constant quest for adoption, Ripple, at the moment, has over 100 payment providers and financial institutions on its list of partners. Interestingly, this list is expected to further increase in size with more partnerships been sought and other companies showing interest in adopting Ripple’s various blockchain solutions.

However, many analysts continue pointing out the issue of the price value of XRP not reflecting the growth in adoption Ripple is currently enjoying. The challenge has always been that Bitcoin (BTC) has always been influencing Ripple’s value.

Bitcoin carries out a large percentage of all Ripple trading. What this means is that the price of XRP has kept depreciating, in spite of having great runs of optimistic broadcasts since early this year. It is this situation that forced a comment from Brad Garlinghouse, Ripple CEO and founder. In a recent interview given to CNBC, he stated that:

“There is a very high correlation between the price of XRP and the price of bitcoin, but ultimately these are independent open-sourced technologies.”

Nevertheless, this connection is about to come to an end. How you might ask. Well, exchange listings are gradually changing suggesting a drop in Bitcoin pairings as cryptocurrency exchanges continue leaning towards altcoin-fiat pairings. As more and more exchanges continue following this trend, Bitcoin’s dominance as the preferred cryptocurrency-to-cryptocurrency pairing will suffer a big blow.

This trend is already catching steam, and things are starting to look shaky for Bitcoin. For instance, Bittrex, one of the leading virtual currency exchanges, recently divulged that they are focusing on introducing fiat-cryptocurrency pairings. Bittrex has an impressive client base of over three million users globally with the US accounting for a majority of them who will stand to benefit from this development.

Binance (another top cryptocurrency exchange) is also seriously considering taking a similar path. Recently, Binance made public that they will be soon rolling out XRP/BNB coin meaning Ripple/Binance coin. The exchange has the XRP/USDT pairing in action, already.

Ripple (XRP) disconnecting from bitcoin (BTC)

News of Ripple decoupling from Bitcoin isn’t a recent thing. Ripple for a long time has been talking about its decoupling from bitcoin, but currently, XRP is being encouraged by the activities going on at SBI Holdings. At the moment, SBI Holdings is working to roll out its Virtual Currency trading platform, and Ripple is the only cryptocurrency listed on the network’s website.

If everything continues to move the way they are moving, Ripple’s digital coin XRP stands the opportunity to appreciate in price without the authority of Bitcoin.

Ripple (XRP) set to benefit from the decoupling

After the recent TRX/USDT pairing by Binance, bitcoin decoupling from altcoins is expected to speed-up dramatically. Analysts are predicting the decoupling of more and more altcoins from Bitcoin shortly, and when this transpires, Ripple will be one of the primary beneficiaries. This will be so because Ripple has the widest use scenario of any other blockchain platform.

The decoupling might coincide with the colossal adoption of Ripple’s xRapid solution by financial institutions. According to Garlinghouse, xRapid is going to be available for financial institutions before December, and many other banks will be able to use it in 2019.

For the latest cryptocurrency news, join our Telegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pxhere.com

Blogs

Blockchain-Focused ETF Arrives on London Stock Exchange

Published

on

blockchain-focused ETFs
READ LATER - DOWNLOAD THIS POST AS PDF

The crypto community is still waiting for the US SEC to approve Bitcoin ETFs, with speculation which application might get approval being one of the hottest topics in 2018. However, come 2019, the US government shutdown dragged on, and the Bitcoin ETF request which had the most potential to see a grant got withdrawn by the very companies that submitted the application.

While the question of BTC ETF remains hanging in the air, blockchain-focused ETFs seem to be a different matter entirely. In a recent announcement by an independent investment managed firm called Invesco, the company has stated that it was about to launch the largest blockchain-focused ETF in the world. They managed to go through with this plan, and the ETFs have reached the London Stock Exchange today, March 11th.

The exchange-traded fund includes a portfolio containing as many as 48 different firms which are bringing exposure to the emerging technology. Among them, there is Taiwan Semiconductor Manufacturing, which is a well-known creator of chips used for crypto mining, as well as the CME Group, which is the first regulated exchange in the US which launched Bitcoin futures. There are many other well-known companies as well, such as Intel, Microsoft, and others.

Chris Mellor, the Invesco’s head of ETF equity product management in Europe, said that blockchain has a huge potential to increase earnings, even though…

Continue Reading

Blogs

Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?

Published

on

Jeff Bezos
READ LATER - DOWNLOAD THIS POST AS PDF

Amazon’s Jeff Bezos has made numerous headlines recently due to his overly-publicized divorce, which shows all signs of being one of the most expensive ones — if not THE most expensive one — in modern history. According to estimates, it might cost him as much as $70 billion, which will make his soon-to-be-ex-wife the richest woman in human history.

However, as the process continues to unfold, many have started wondering if things may have ended up differently for Bezos if he turned to Bitcoin for help.

Bitcoin as a divorce tool?

In the last several years — since Bitcoin and other cryptos hit fame — many have started turning to BTC during their divorce proceedings. In fact, it can even be said that using the largest cryptocurrency in this way has become a new trend. The trend has been gaining so much strength that numerous law companies started including advice on what to do in regards to Bitcoin as part of their websites.

However, while the trend has been picking up in recent years, it is nowhere near as easy as it might seem. For example, if there is even a suspicion of a spouse having undisclosed holdings appears during the divorce process, it might be enough to impact the final decision of the judge. In other words, even if there is a complete lack of evidence, but…

Continue Reading

Blogs

Three Biggest Things To Know Come Cryptocurrency Tax Season

Published

on

cryptocurrency tax
READ LATER - DOWNLOAD THIS POST AS PDF

In recent years, digital cash systems known as cryptocurrencies such as Bitcoin and Litecoin have exploded into the public eye. A blend of cash and stocks, their use and value has grown exponentially. In 2017, the IRS decided to focus great effort on taxing them. In theory, this should be as simple as calculating taxes on any other type of property, bond, or other assets. Cryptocurrency, however, presents a unique challenge. The full extent of one person’s crypto activity can stretch across dozens of platforms and take a variety of different forms. This makes it difficult to gather all of this information cohesively, much less begin the seemingly- complicated process of reporting it.

These three tips should help anyone looking to legally report their crypto activity to figure out where to start.

Documentation is key!

There are dozens of different “exchanges” individuals can use to change their cash into crypto. When the flat currency is changed into cryptocurrency at the exchange, you establish your cost basis. This makes this data crucial when you begin the process of reporting.  Those who have used a variety of different exchanges should keep detailed records of everywhere that they made trades. Once tax season arrives, most exchanges will allow users to view their entire trading history with that exchange. This information will be necessary later to complete taxes.

Calculate your total gains

Continue Reading

Elite