Crypto Market: Cryptocurrencies Prices Continue to Drop after One-Week Low
On Wednesday, cryptocurrencies prices continued to drop on Wednesday after its previous session’s one-week low. Meanwhile, Binance is the second largest cryptocurrency exchange when it comes to volume. It announced on Tuesday that it will acquire the Trust Wallet.
On one hand, Bitcoin made a 7.72% decline to $7,538 based on the Bitifinex exchange. Ethereum, on the other hand, declines to 9.42% to $415.52 according to Bitifinex exchange.
On Poloinex exchange, Ripple declined 2.3% % to $0.4301, while Litecoin made a 6.02% drop to $77.306.
On Tuesday, Binance said that its acquisition of the Trust Wallet. Founded in 2017, Trust Wallet is a mobile wallet that supports Ethereum and more than 20,000 different Ethereum-based tokens. Based on some analysts, the combination of an undisclosed amount is likely to promote improvements in the services of Binance.
Further, Viktor Radchenko, the founder of Trust Wallet, said that the company sets on planning to add support for blockchains. This includes the Bitcoin in the future.
Elsewhere, Coinbase is one of the US largest cryptocurrency exchanges. It hired Jeff Horowitz to be its chief compliance officer. Horowitz was the former Pershing LLC’s global head of compliance.
“As Coinbase – along with the cryptocurrency space as a whole – grows and matures, continued regulatory compliance across all the varying jurisdictions globally will be critical,” said Coinbase President Asiff Hirji in a blog post.
Meanwhile, reports suggested that confidence in cryptocurrency is probable to grow in Australia. This followed after the $1.6 million investment of the government on Tuesday in a blockchain initiative in boosting the sugar industry production. Moreover, it was estimated at $1.2 billion in 2016/2017. According to reports, the distributed ledger technology is likely to reduce costs, increase efficiency and improve transparency.
However, a Gallop survey showed that there were only 2% of US investors who own bitcoin and there was only 1% plan to invest cryptocurrencies at some time in the future.
Crypto Market: LG to join forces with Linux Foundation Hyperledger Project
LG, a South Korean technology company, partnered with the Hyperledger which is а cross-sector blockchain project of Linux Foundation. Along with LG are various crypto companies such as Omnitude, according to Hypeledger on Tuesday.
LG placed the project in LG CNS, one of the company’s subsidiaries. LG CNS offers IT services to major investors particularly the banking sectors. Moreover, LG CNS showed Monachain, its own blockchain projects that accommodate sectors such as in finance, manufacturing, and communication with logistic distributed ledger technology (DLT) based offers.
“We support numerous industries such as Energy, Transportation, Manufacturing, Healthcare, Banking/Finance, Public Sector and more with our technology expertise in Cloud Computing, AI/Big Data, IoT, Mobile and Blockchain,“ LG CNS CEO Young Shub Kim said in a statement.
