Market Update 8.17.18 – Ripple Partnering with 3 Crypto Exchanges

| Publish date: 08/17/2018
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Ripple Partnering with 3 Crypto Exchanges

According to a press release published on August 16, Ripple has joined hands with 3 cryptocurrency exchanges for its international payments settlement platform. The three crypto exchanges are Bittrex based in the US, Bitso based in Mexico and Coins.Ph in the Philippines.

By adding such exchanges to its platform, Ripple is looking at fostering a healthy ecosystem of crypto exchanges. The three new partners will give Ripple’s xRapid payments platform to switch easily between its native XRP, US Dollars, Mexican and Philippine Pesos.

Find out more about this story here.

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US Senate Examining Blockchain Energy Efficiency

The Committee on Energy and Natural Resources is hosting a hearing on August 21, the topic of which is Energy Efficiency of Blockchain and Similar Technologies. The aim of this hearing is to get a better understanding of how Blockchain tech can impact electricity costs and also what kinds of benefits the technology can provide.

The main question that they are hoping to see answered in this hearing is whether to expect an increase in the price of energy due to a rising demand (and use) of Blockchain based applications.

Read the rest of the story here.

Crypto Mining Decline Hit NVidia Q3 Earnings Estimates

NVidia, the American GPU (graphics processing units) maker, saw its share prices plunge after it announced its third quarter earnings estimates on August 16. According to the company, its revenues have been impacted by the decline in cryptocurrency mining, which in turn has been affected by the massive decline in the cryptocurrency market this year.

The company saw a share price drop of over 5% in extended trading, with NVidia’s stocks closing at a price of $257.44 per share.

NVidia has estimated that its revenues in the third quarter of 2018 will be between $3.19 billion and $3.32 billion. This is lower than the market analyst consensus target of $3.34 billion. The company stated that Q2 sales for GPUs being used for crypto mining were much lower than they had expected.

Find out about the details here.

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Total Market Cap: August 17

At $14.57 billion, trading volume in the cryptocurrency market has gone up since yesterday. Valuation of the crypto market has also gone up by 7.75 billion since yesterday to its current $214.62 billion.

Bitcoin Price Analysis: August 17

Bitcoin’s price rose for another day by 1.56% to trade at $6510.46. The market value of BTC is $112.10 and its current volume of trading $4.84 billion.

Ethereum Price Analysis: August 17

Ethereum’s price has finally risen about $200. The crypto gained 3.68% to trade at $302.12 now. The altcoin’s volume in trading is $1.68 billion and its value is up to $30.72 billion.

State of the Top 10 Cryptocurrencies: August 17

Good news all around as all the top ten cryptocurrencies showed green in today’s trading so far. The biggest gains were seen by Monero, which went up by 5.70%, followed by Stellar, which went up by 3.92%, and Bitcoin Cash, which is up by 3.82% at the time of writing.

  • Bitcoin gained 1.56% to trade at $6510.46. The digital asset is now valued at $112.10 billion.
  • Ethereum gained 3.68% to trade at $302.12. The digital asset is now valued at $30.72 billion.
  • Ripple gained 10.10% to trade at $0.320894. The digital asset is now valued at $12.63 billion.
  • Bitcoin Cash gained 3.82% to trade at $548.01. The digital asset is now valued at $9.47 billion.
  • EOS gained 2.86% to trade at $4.87. The digital asset is now valued at $4.41 billion.
  • Stellar gained 3.92% to trade at $0.226391. The digital asset is now valued at $4.24 billion.
  • Litecoin gained 1.52% to trade at $57.22. The digital asset is now valued at $3.31 billion.
  • Tether gained 0.06% to trade at $1. The digital asset is now valued at $2.67 billion.
  • Cardano gained 3.79% to trade at $0.100360. The digital asset is now valued at $2.60 billion.
  • Monero gained 5.70% to trade at $96.47. The digital asset is now valued at $1.57 billion.
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