The cryptocurrency market changes minute-by-minute, and at Uphold, we know how important it is for our members to stay on the pulse of shifting trends and market changes.
Here’s a quick recap of what happened this week:
Crypto Market News
Bitcoin’s value continues to hover around $7,500. On one hand, capital investors see the price lows as an opportunity to buy. On the other, altcoins may start moving away from bitcoin’s price influence faster than we think. Ripple CEO Brad Garlinghouse has noticed that as consumers become more aware of other cryptos differences from bitcoin and their use cases, the value of a crypto will be more closely correlated to a value independent of bitcoin. As Garlinghouse states:
There’s a very high correlation between the price of XRP and the price of bitcoin, but ultimately these are independent open-sourced technologies. It’s early, over time you’ll see a more rational market and behaviors that reflect that.
Crypto Popularity in Germany
On Tuesday, German bank Postbank released survey results about German citizens’ interest in crypto. Here are some highlights of the study:
- 29% of Germans are interested in buying cryptocurrencies.
- 60% of women and 51% of men cite independence from established financial systems as an important factor.
- 56% of men and 36% of women cite high returns as an important factor.
- 46% of 18-34 year-olds are interested in crypto investing, which is the most popular age group.
Government & Blockchain
This week, a few different governments showed their support of blockchain technology. Chinese President Xi Jinping gave a speech endorsing blockchain technology for the first time. At an academic conference, applauding blockchain application breakthroughs in global economic technology.
Meanwhile, in Vermont, the governor signed a bill for the creation of blockchain-based limited liability companies. This new bill clearly defines the relationship and tax responsibility for blockchain companies in the state. Plus, funds will be set aside to conduct a study about the potential for blockchain use in insurance and banking, as well as how lawmakers can clear the way for technological growth.