In “This was the NEWS” we take a look at the most important news of last week. What has happened in the crypto space over the last 7 days? News items that you may have missed and you really need to read. You will find it here!
1. Is Ripple About to Sign a Partnership with Bank of America?
There are many rumors that Ripple is going to name Bank of America as a new partner sometime in the future. Even though Bank of America is already working with Ripple, this potential partnership will be about something different than their current deal. Ripple’s payment processing network is a direct competitor to the current SWIFT network.
“The technologies that banks use today that Swift developed decades ago really hasn’t evolved or kept up with the market…Swift said not that long ago they didn’t see blockchain as a solution to correspondent banking. We’ve got well over 100 of their customers saying they disagree.” -Brad Garlinghouse, CEO of Ripple Labs Inc.
Read more about the potential partnership between Ripple and Bank of America here: https://altcoinbuzz.io/is-ripple-about-to-close-a-partnership-with-bank-of-america/
2. Madness: Total Bitcoin Cash ‘Hash War’ Losses Pass $12 Million
The total losses from the Bitcoin Cash split have now reached the $12 million mark. The split has been extremely expensive for all sides, also considering the fact that Bitcoin Cash was about $1,700 back in May 2018, this split has been bad for all sides.
Read more about the potential partnership between Ripple and Bank of America here: https://altcoinbuzz.io/madness-total-bitcoin-cash-hash-war-losses-pass-12-million/
3. Saudi Arabia Aims to Launch Own Cryptocurrency Next Year
Even though Saudi Arabia has declared cryptocurrencies illegal in their country, it appears they will soon be releasing their own cryptocurrency in 2019. Regardless of this news, other cryptocurrencies like Bitcoin are still deemed illegal. It is possible that the country made other cryptocurrencies illegal in order to promote their centralized coin.
Read more about Saudi Arabia’s stance on cryptocurrencies here: https://altcoinbuzz.io/saudi-arabia-aims-to-launch-own-cryptocurrency-next-year/
“This was the NEWS” summary!
No matter what news could have come out this week, none of that matters as we are seeing Bitcoin prices that haven’t been seen since September 2017 and earlier. The big question is whether or not Bitcoin will stabilize around the $3,000-3,500 mark or if it will drop further. Only time will tell.
If Ripple were to get a partner like Bank of America to use their products, it could be a huge boost to the #2 cryptocurrency (according to market cap). The potential for Bank of America to use xRapid instead of the SWIFT network could be a catalyst (among others) to turn around this market.
Saudi Arabia potentially creating their own cryptocurrency is good for the headlines, although the actual cryptocurrency itself will probably be just as good as the Venezuelan one and probably no different than their fiat currency.
What many people believe helped cause the recent drop in price, the Bitcoin Cash split has been very costly for all parties. Reports are that they combined have lost over $12 million dollars in this hash war. In order to turn around this market, we as a community need to stop fighting amongst ourselves and join together to help with adoption and the future of this space.