Bloomberg Predicts Bitcoin and Crypto Rebound, Plus Ripple and XRP, Ethereum, EOS, Litecoin, Cardano: Crypto News Flash
From a potential Bitcoin bounce to the adoption of Ripple’s cross-border payment technology, here’s a look at some of the stories breaking in the world of crypto.
Bitcoin and Crypto Markets
A technical indicator is pointing to a potential rebound for Bitcoin and the overall cryptocurrency markets.
Bloomberg’s Galaxy Crypto Index is in oversold territory. The last time the index was in this position, a 20% rally followed. However, the potential bump could be short-lived. According to Bloomberg, the strength indicator is “unlikely to be indicative of a longer-term trend.”
Ripple and XRP
Foreign exchange broker and international payment provider Currencies Direct says Ripple’s cross-border payment technology is a game changer. According to Finextra, the company is planning on using Ripple’s xCurrent to open a new cross-border remittance corridor from the UK to India.
“Whether you’re a consumer, sole trader, financial director or controller, people always want to have visibility of their money, and we see xCurrent as a gamechanger for payments.”
Currencies Direct has also experimented with Ripple’s XRP-powered xRapid. In May, the company reported a successful pilot program that used xRapid to complete several money transfers in seconds.
The US Commodity Futures Trading Commission says it needs more information before it allows Ethereum to join Bitcoin in the futures markets.
The CFTC is asking the public for feedback and insight so it can better understand Ether (ETH) and the Ethereum network. Specifically, the watchdog is looking for guidance on the platform’s use cases and whether the cryptocurrency is “prone to manipulation.”
EOS and Cardano
Cardano creator Charles Hoskinson says he thinks EOS is headed for some trouble with the SEC.
According to Crypto Briefing, Hoskinson says the platform’s massive $4 billion ICO was “egregious to the core.” US citizens were banned from the ICO, but Hoskinson believes the SEC will take action because EOS tokens could be purchased in the US through secondary markets without know-your-customer verification.
To celebrate the holiday season, Coinbase is offering an easy way to spend crypto at a long list of retailers including Nike, Dominos, Adidas and Uber.
Coinbase customers can instantly turn their Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, Zcash, Basic Attention Token and 0x into gift cards, with no fees attached.