Bitcoin is Back!
In the aftermath of the grand announcement of Facebook’s Libra cryptocurrency, the attention has shifted back to Bitcoin. Within the last 24 hours, Bitcoin has smashed through the major psychological barrier of $10,000 and broke $11,000 for the first time in over a year!
This comes after a sudden rise from the $9,000 area, which has also followed a parabolic year of nonstop gains since late December 2018 lows of $3,200. Yes, you read correctly: Bitcoin has increased in value by over $7,000..
While Bitcoin is leading the pack, leading altcoins in market cap are also showing positive price growth. Some of the largest digital assets have yielded daily returns from 5%-10%, with BCH(ABC) up 14% at the time of writing.
Banker FOMO! Ripple Sees “Record Sign-Ups to RippleNet” Since Libra’s Announcement!
While the bull market returns, the announcement of Facebook’s move into cryptocurrencies via Libra has triggered institutional FOMO, prompting banks to run to Ripple, which also recently announced a partnership with MoneyGram!
Ripple CEO Brad Garlinghouse stated at the Fortune Brainstorm Finance event that Ripple has experienced the “best week of signed contracts into RippleNet EVER” since Libra’s announcement on Tuesday, June 18th, 2019).
Garlinghouse went on to say the event this week is a “massive call to action” because institutions can no longer depend on companies like SWIFT to help them compete with the rise of blockchain tech and digital assets.
We know that central banks are petrified of the masses not needing them anymore, and the announcement of Libra and the current BTC price explosion are likely huge slaps in the face for them.
Whether using XRP or not, RippleNet provides huge benefits for institutions because it enables them to plug in to blockchain technology via the XRP ledger, giving them a vital lifeline in the face of redundancy.
Back to Bitcoin, all eyes are now on $14,000 and beyond. If key levels are broken and there’s enough volume, Bitcoin could redeem itself and return to all-time highs. Either way, cryptocurrencies are the strongest-performing assets on Earth YTD, so exciting times lay ahead!
This is not investment advice; please always do thorough research and only invest what you are willing to lose, especially in times of uncertainty.