Market Update 4.12.18 – Ripple Invests in Blockchain
Ripple Invests in Blockchain Based Venture Fund
Ripple announced that it has invested $25 million worth of XRP in the Blockchain Capital venture fund called the Parallel IV LP. This venture fund is taken care of by Blockchain Capital, which is the oldest venture capital company focused on blockchain technology and cryptocurrencies. The company is also the first ever to allow capital calls in cryptocurrencies.
According to Ripple, the new investment will give the firm a chance to assess new use cases for both the XRP ledger and the Interledger Protocol. This investment will also help support fresh startups as well as concentrate on the development of blockchain technology.
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JP Morgan Chase Sued for Charging Surprise Fees
One of the largest banking institutions in the world, JP Morgan Chase & Co has been sued for charging a surprise fee to customers who used their credit cards to buy cryptocurrency.
The plaintiff, Brady Tucker, alleges the bank charged a fee of $143.30 plus interest charges of $20.61 for cryptocurrency purchases made in January and February. Tucker then called up customer service to dispute these unexpected charges but the bank refused to do anything about them.
According to the lawsuit, JP Morgan violated the Truth in Lending Act, which mandates that any change in policy should be communicated to the customer in writing.
Read the full story here.
Taobao Bans ICOs and Related Services
Alibaba’s shopping website Taobao is banning stores on its platform from providing ICO related services. This includes all ICOs and similar digital assets. The company will also establish control over derivatives services of virtual assets based on blockchain technology. The new bans will be in effect from April 17.
The press release by the company said it was updating its crypto-related restrictions, which has already previously banned services related to Bitcoin as well as tutorials related to Bitcoin mining machines, cryptocurrency mining and any other crypto-related hardware from its website.
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Total Market Cap: Apr 12
The last 24 hours have been good for the cryptocurrency market. Trading volume finally turned upward to $15.63 billion and market capitalization went up to $276.99 billion.
Bitcoin Price Analysis: Apr 12
Bitcoin’s price has been quite volatile in the last 24 hours, with numerous spikes and drops, however, the general trend has been upwards. The crypto is now up 1.47% to $6949.80 at a trading volume of $4.87 billion and a market value of $117.85 billion.
Ethereum Price Analysis: Apr 12
Ethereum rose by another 4.03% to $433.77 in the last 24 hours. The altcoin’s trading volume also went up to $1.53 billion and its market value is now $42.78 billion.
State of the Top 10 Cryptocurrencies: Apr 12
The past 24 hours have been good for the cryptocurrency market, with increases in price across the board. EOS was the clear winner, gaining a massive 38.13% in the last one day.
- Bitcoin went up 1.47% to a price of $6949.80. Market cap for BTC is $117.85 billion.
- Ethereum went up 4.03% to a price of $433.77. Market cap for ETH is $42.78 billion.
- Ripple went up 8.02% to a price of $0.529830. Market cap for XPR is $20.71 billion.
- Bitcoin Cash went up 3.99% to a price of $677.20. Market cap for BCH is $11.55 billion.
- EOS overtook Litecoin to 5th place by skyrocketing 38.13% to a price of $8.73. Market cap for EOS is $6.87 billion.
- Litecoin went up 2.10% to a price of $116.54. Market cap for LTC is $6.53 billion.
- Cardano also skyrocketed by 17.24% to a price of $0.181631. Market cap for ADA is $4.70 billion.
- Stellar went up 8.08% to a price of $0.216464. Market cap for XLM is $4.01 billion.
- NEO went up 7.48% to a price of $58.47. Market cap for NEO is $3.80 billion.
- IOTA went up 6.86% to a price of $1.09. Market cap for MIOTA is $3.03 billion.