Market Update 3.07.19 – Ripple CEO Criticizes JPM Coin
Market News
Ripple CEO Criticizes JPM Coin
Ripple’s Chief Executive Officer Brad Garlinghouse has openly criticized the newly announced crypto being created by banking major JP Morgan Chase & Co. According to him, the new crypto, called JPM Coin, lacks the basic interoperability that would label it a significant innovation.
Garlinghouse stated that unlike its own XRP (Ripple) token, the new coin was going to be a proprietary in-house digital asset. He also stated that this could lead other banks to also create their own in-house cryptos. This development would, according to him, lead to the same kind of fragmentation that exists in the financial services industry now.
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BNB No Longer Tracking BTC
Cryptocurrency exchange Binance’s native token Binance Coin (BNB) is not tracking Bitcoin (BTC) any longer. BNB’s value has skyrocketed more than 140% so far this year, and now, it is deviating from Bitcoin’s price trend, which not something often observed in the still new cryptocurrency market.
According to data, most cryptocurrencies’ prices have a strong correlation to Bitcoin. And while the reasons for this are still not known, this correlation has only grown stronger over time. BNB is one of the cryptos that is deviating from that trend. BNB is the only crypto in the top ten list to have posted a yearly gain against the USD.
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Colorado Assessing Blockchain in Water Rights Management
US state Colorado’s lawmakers want a study to be conducted to assess how Blockchain could be used in water rights management. A senate bill (no. 184) was filed by Republican Senator Jack Tate, Republican Representative Marc Catlin and Democratic Representative Jeni James Arndt on Tuesday. This bill proposed that the Colorado Water Institute allowed a study to be conducted to see how Blockchain technology could be used to improve its operations.
Colorado Water Institute is affiliated with Colorado State University. And according to the bill, it should study how Blockchain could help in database management of water rights, establishing water banks/markets as well as general management.
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Total Market Cap: Mar 07
The crypto market’s valuation continues to rise and is now at $133.11 billion. Volume of trade are also rising, now at $31.43 billion.
Bitcoin Price Analysis: Mar 07
Up 0.27% in the last 24 hours, the price of Bitcoin is now $3905.38 per token. Its capitalization is $68.63 billion and trading volumes stand at this time at $9.30 billion.
Ethereum Price Analysis: Mar 07
Ether has in the last 24 hours lost 0.12% of its trading price and is now at $138.41. Market capitalization stands at $14.55 billion and trading volumes are $4.45 billion.
State of the Top 10 Cryptocurrencies: Mar 07
In the last 24 hours, Binance Coin has jumped up to the 7th place on the top ten most valuable cryptos’ list with a 14.22% gain in token price. Litecoin has also seen gains higher than the other cryptos with a 2.34% rise in prices. Tron has lost the most with a 1.30% drop in its token price. Tether is trading flat and the rest of the top ten cryptos are either marginally up or down.
- Bitcoin’s trading at $3905.38, going up 0.27%. $68.63 billion is the virtual currency’s current market capitalization.
- Ethereum’s trading at $138.41, going down 0.12%. $14.55 billion is the virtual currency’s current market capitalization.
- Ripple’s trading at $0.316059, going up 0.69%. $13.09 billion is the virtual currency’s current market capitalization.
- EOS’s trading at $3.77, going up 0.35%. $3.41 billion is the virtual currency’s current market capitalization.
- Litecoin’s trading at $55.60, going up 2.34%. $3.37 billion is the virtual currency’s current market capitalization.
- Bitcoin Cash’s trading at $132.99, going up 0.03%. $2.34 billion is the virtual currency’s current market capitalization.
- Binance Coin’s trading at $15.31, going up 14.22%. $2.16 billion is the virtual currency’s current market capitalization.
- Tether’s trading at $1.01, staying flat. $2.01 billion is the virtual currency’s current market capitalization.
- Stellar’s trading at $0.085172, going down 0.08%. $1.63 billion is the virtual currency’s current market capitalization.
- TRON’s trading at $0.023313, going down 1.30%. $1.55 billion is the virtual currency’s current market capitalization.