Welcome to the Uphold Update. Weekly top stories all about what’s happening in the world of cryptocurrency and blockchain technology.
The crypto 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. Not only that, but fiat currency is an integral piece of our members portfolios, so we know how fiats perform can also be a factor in the market. This week we’re reviewing the gains and volatility of BTC, ETH and USD, Mastercard’s Q1 report, and more.
Here’s a recap of what happened this week:
Crypto Market News
Bitcoin’s value has remained above $9K between Wednesday and Thursday, with the possibility of breaking $10K. Though, most notability, trading volatility has decreased in the past few weeks–with lower highs and higher lows narrowing the gap. Other cryptocurrencies also saw positive movement this week. Ethereum, especially, had significant price growth breaking above $700, which is a gain of about 12% from last week.
Cryptos Moving Back into Mainstream
This week, a few companies previously banning or removing cryptocurrency from their platforms announced what this means for their business today as crypto’s value has been rising again. In an analysis of their Quarter One report, Mastercard saw that the move of banks banning customers from using Mastercard for crypto payments led to a dip in cross-border transaction volume during 2018.
On other hand, Reddit announced plans to relaunch Bitcoin payments along with support for other cryptocurrencies such as Litecoin and Ethereum. Reddit had originally moved away from BTC payments and removed it entirely back in March because of bugs with its integration with Coinbase’s Commerce product.
US Dollar Strong After Jobs Report
In fiat currency news, the US Dollar showed gains against the euro and GBP after the jobs report for the Federal Reserve was released. The US Dollar is trading around its highest level since early January. The jobs report showed weaker than expected job creation, though overall unemployment continued to decrease from previous months.