Philippines-based Coinlaw correspondent Mac Ocampo gives us his roundup of key events in the global cryptocurrency market over the last month:
Bitcoin Perma-bulls Michael Novogratz of Galaxy Digital Assets and Tom Lee of Fundstrat have become even more adamant that Bitcoin’s bear market season is coming to a close. Lee has exclaimed that $6,000 BTC is the break-even rate for miners, which means that BTC mining army of firms and individuals feel that this is a stable figure in terms of continuing their mining operations.
Is this enough to announce that a bullish rally is in the works? It’s only one aspect that will support BTC in its bull run towards the end of 2018. While the crypto world is waiting for the SEC to approve the first Bitcoin ETF, all eyes are set on the launch of ICE’s Bakkt that will enable institutional traders and banks to initiate crypto-related transactions for the first time.
The Intercontinental Exchanges or ICE is the world’s largest stock exchange operator is already developing Bakkt for its initial launch in November. With this in mind, Bitcoin pundits are keen that a huge FOMO spree will occur soon.
Do you think Bakkt will be a game-changer for all things crypto?
Ripple is the rockstar crypto for the month of September with its xRapid launch announcement, newly-signed financial institution partners, and a surge from $.25 to almost $.70. It has also overtaken Ethereum and secured its place as the coin with the second highest overall market cap.
So what makes xRapid so special? Ripple’s xRapid will enable payment providers with low-cost liquidity through XRP as the “bridge” currency for transactions on Ripplenet. It is built for enterprise use which will provide banks, financial firms, and payment providers with a highly-efficient and scalable liquid option to initiate cross-border payments.
Ripple has also made significant partnerships with three crypto exchanges namely Coins.PH, Bittrex, and Bitso. The company is keen on partnering with crypto exchanges in emerging countries such as the Philippines and Mexico to proliferate the use of XRP and its role as a bridge currency. Aside from these exchanges, London-based Mercury FX which offers low transaction fees and competitive exchange rates is also close to joining as a Ripple partner.
Do you think XRP will be a “better” cryptocurrency than Bitcoin with its xRapid launch?
While Ripple and XRP were the loudest in September, Stellar has quietly launched its decentralized exchange called StellarX. So what’s in it for you? StellarX has almost zero-transaction fees whatsoever. StellarX is built on Stellar’s own blockchain technology. It claims that the Stellar team had created user-friendly exchange platform with a wide array of assets such as fiat tethers, commodities, and of course, cryptocurrencies.
The Stellar network only charges a fiat per-transaction fees for it’s anti-spam policy which is very low at 0.00001 XLM. StellarX pays all the network fees since its unique consensus mechanism doesn’t require “work” or “stake”.
Will StellarX catapult Stellar’s Lumens soon?
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