Wirex market view: Bitcoin Cash is star of show
Last week saw the Crypto bulls flex their muscles and push Bitcoin (BTC) through a critical resistance level to peak at $5,200 over the weekend. BTC powered through the 200-day moving average (MA) and total Market Cap stands at around $180bn at time of writing. This price surge represented a massive 25 per cent gain.
Ethereum had a customary boost in tandem with Bitcoin, taking its price to $168. XRP also rallied but settled back to $0.36. Most of the major coins showed growth with Litecoin hitting $95 and Bitcoin Cash – the star of the show – growing nearly 100 per cent to reach $323. The cryptocurrency moved into the top five digital coin rankings, reaching a market capitalization of well over $5bn.
PayPal was in the news last week after announcing that it has invested in blockchain investment company Cambridge Blockchain, with a Series A funding round. Cambridge Blockchain works in the data and digital identity security arena.
Separately, the World Economic Forum has indicated that central banks are leading proponents of blockchain and distributed ledger technology (DLT) integration. It stated that around 40 central banks are showing interest in various blockchain use cases, including issuing central bank-sanctioned digital currencies.
Meanwhile, global IT company Tata Consultancy Services (TCS) has confirmed ajoint venture with Ripple (XRP), with a goal to further consolidate and expand remittance services worldwide. TCS, headquartered in Mumbai, created Quartz, a cross-border payment company that can integrate with conventional payment infrastructure. The partnership could result in the increased usage of XRP as a base currency, helping the cause of mass adoption and potentially affecting the token’s price significantly.
According to a report by Japanese news agency Kyodo, G20 member countries will meet in Japan in early June to debate global cryptocurrency Anti-Money Laundering (AML) regulation. Central bank governors and finance ministers will discuss the possibility of an international framework to end crypto-related money laundering and terrorism funding.
The report stated that the G20 members are expected to finalise an agreement at the Japan meeting. Talks are likely to focus on mitigating anonymity by establishing stricter identification of individuals transacting in crypto and maintaining transparency for asset transactions.