Bitcoin Back Above $6,500 After a Bruising Day

Welcome to your daily Block Explorer roundup. Crypto prices are back in the green after taking a beating yesterday. Here’s everything you need to know:

Bitcoin is regaining its composure after the rejection of nine bitcoin exchange-traded funds (ETFs). As expected, the crypto market initially crumpled on the news, but bitcoin is now holding above the crucial $6,500 mark.

1. Bitcoin – $6,545 (+ 1.6%)
2. Ethererum – $276 (+ 0.8%)
3. XRP – $0.33 (+ 0.6%)

What’s behind today’s stability? Controversially, the Securities and Exchange Commission (SEC) is taking a second look at Wednesday’s ETF decision.

SEC Commissioner, Hester Peirce said the decision was initially delegated to staffers, but senior officials will now review the rejections themselves.

SEC commissioner Hester Peirce tweet about bitcoin etf

We’re still unlikely to see an approval, but it means the SEC is taking these proposals seriously.

Biggest winner and loser in the top 20

tron logo on black background

Biggest winner – TRON (+5%)
Biggest loser – Dash (- 14%)

TRON is flying high in the top 20 today thanks to its addition to the CoinPayments platform. That means 2.2 million buyers and sellers can now use TRON as a payment option.

China cracks down on crypto (again)

The Beijing district of Chaoyang has officially banned all cryptocurrency promotional events. Shopping malls, event halls, and public spaces are now off-limits for crypto events and material.

What are their reasons? The authorities cited “prevention of money laundering” and “security and stability of the financial system.”

This comes less than a week after Chinese social media, WeChat, reportedly blocked cryptocurrency and blockchain accounts on its platform. China is also moving to stop overseas exchanges from selling in China.

The news helped to push the market into the red yesterday, but traders have mostly shrugged it off.

Ripple fires up xRapid

ripple logo on blue background

xRapid is Ripple’s silver bullet. It’s a service that instantly converts currencies around the world in the blink of an eye (with low fees). Crucially, for XRP holders, it uses the XRP token to make the exchange.

Let’s say you want to exchange Japanese yen to Mexican pesos. The yen is converted to XRP (through the xRapid system). XRP is then converted to pesos. Ripple says it’s 40-70% cheaper than the current system and takes seconds rather than days.

To make it happen, Ripple has announced a partnership with Bittrex – a US crypto exchange – to facilitate the exchange of US dollars. Ripple has also partnered with Bitso in Mexico and Coins.ph in the Philippines to power the exchange to Mexican and Philippine pesos respectively.

We’re still a long way from seeing xRapid deployed within the banking system, but Ripple is slowly building the architecture behind the scenes.

That’s all for today’s roundup. We’ll see you back here tomorrow for more.

Today’s further reading: What is Ripple? The Bankers’ Network

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Ben Brown

Editor, Block Explorer News

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