The cryptocurrency markets have been low over the last thirty days. Bitcoin (BTC) was priced at $9,180 on May 8th compared to today's valuation of $7,706. This means the cryptocurrency has lost $1,474 in value. This time last year, Bitcoin was priced at $2,825. Overall, a yearly analysis shows growth even though the Crypto craze appears to have died down.
Recently, a report published by CNBC revealed that Bitcoin people entering "Bitcoin" search terms into the engine had fallen by 75%. Speaking on the matter, Nicholas Colas, co-founder of Datatrek Research and Wall Street Bitcoin noted that a decrease in newly created Bitcoin wallets had similarly been discovered.
Jim Chanos, founder of New York-based Kynikos Associates, stated that he believes it is a “libertarian fantasy” and a by-product of a global risk-taking cycle.
"This is simply a security speculation game masquerading as a technological breakthrough in monetary policy," explained Chanos in an interview with the Institute for New Economic Thinking published this week. Cryptocurrencies are at “the height of a hype cycle” and may become a “financial element of the Internet" according to Nasdaq president and CEO Adena Friedman in an interview with Bloomberg on June 5.
Over the past year, Ethereum (ETH), the second largest cryptocurrency, has seen its valuation increase to 60.95 billion. On June 9th, 1 Ethereum was valued at $275. Today’s valuation now sits at $610. Like Bitcoin, however, 1 Ethereum was valued at $737 a month ago. This means that over the last thirty days, the cryptocurrency has lost $127 in valuation.
Parity Technologies released an important update to Parity client that eliminates the major vulnerability. “Examining the issues with our nodes on Ropsten, we have found out that there is a potential consensus-related issue between Parity Ethereum (up to versions 1.10.4-stable and 1.11.1-beta) and all other Ethereum clients.”
"Texas, we're not messing with you. You can now trade Bitcoin and Ethereum commission-free, on Robinhood Crypto"
Project Khokha, an extensive test of distributed ledger technology, was a success according to the SA Reserve Bank. Project Khokha is a proof of concept designed to simulate a "real-world" trial of a distributed ledger technology (DLT)-based wholesale payment system. The project focussed on providing participants practical experience on aspects of using DLT in a realistic test environment where different deployment models were utilised.
Today Ripple (XRP) is valued at $0.68 with a total Market Cap of $26,8 Billion. When looking at Ripple thirty days ago, 1 XRP was valued at $0.81 representing a decrease of $0.13 and this time last year, 1 XRP was priced at $0.27 with a market cap then of $10.8 Billion representing nearly a 250% year growth.
In an interview with CNBC, Brad Garlinghouse, CEO of Ripple stated that he believes dozens of banks will be using cryptocurrency/blockchain products by the end of the year.
"I've publicly stated that by the end of this year I have every confidence that major banks will use XRapid as a liquidity tool," Garlinghouse told CNBC at the Money 20/20 Europe fintech conference in Amsterdam, Netherland. "You know, by the end of next year, I would certainly hope that we would see you know in the order of... dozens."
Separately, Ripple has also announced that will launch a $50 Million University Blockchain Research Initiative in cooperation with 17 initial Universities. Each university will determine its own research topics and areas of focus. In addition to providing financial resources, Ripple is committed to collaborating with universities by providing subject matter expertise and technical resources, as needed.
Bitcoin Cash (BCH) is valued at $1,152 today, compared to last month’s valuation of $1,625 or last year’s valuation of $547. Meanwhile, the EAT BCH charity program, first mentioned a couple of months ago, recently reported that it's helping feed the hungry in Venezuela. The program has made its way in aid of the citizens of South Sudan, suffering from hunger, lack of water as well as money. The EAT BCH team says:
“The economic crisis has put pressure on every family in South Sudan so we are finding our way to help where we can. This is how communities come together!”