Cryptocurrency News November 21st, 2018
The biggest thing on every cryptocurrency follower’s mind this week was the plummeting prices of Bitcoin but there was other news in the markets. This cryptocurrency newsletter uncovers some stories about Bakkt, Tether, Ripple, and enterprise interest in crypto related businesses.
Bakkt Bitcoin daily futures contracts are now scheduled to open on January 24th instead of its original expected launch date of December 12th.
Takeaway: The Bakkt futures contracts is probably Bitcoin’s most anticipated short term event. The delay will frustrate some short term investors but in the grand scheme of things, a one month delay is not a big deal.
According to GlobalCoinReport.com, speculation of Bank of America collaborating with Ripple arose after BoA representatives met in closed doors with Ripple to discuss a possible partnership last week.
Takeaway: Just because Bank of America met with Ripple does not mean that they are going to form a partnership. The entirety of the speculation is vague without many supporting details. Bank of America would be a great brand to work with but it seems to early to speculate that something is going to happen between the two.
The US Justice Department is investigating whether Tether has manipulated the price of Bitcoin.
Takeaway: Tether has been subpoenaed in the past and is still operating. Although there is popular controversy surrounding Tether and that it is possible that Tether was involved in propping up the price of Bitcoin, it could be hard to prove. At the time of writing this, Tether is trading at $0.98
Businesses are still interested in cryptocurrencies. KuCoin just raised $20 million in a Series A funding backed by IDG Capital, Matrix Partners, and Neo Global Capital. Bain participated in a $2.25 million funding round for a Bitcoin rewards startup called Lolli. Cryptocurrency interest on Indeed is stronger than it was a year ago.
Takeaway: During the down times of the cryptocurrency markets, we encourage holders to remember the unchanged fundamentals of cryptocurrencies. Despite the fluctuating markets, money is still flooding towards cryptocurrency related businesses and interest in cryptocurrencies in general is noticeably higher than in years past.