Ripple resumes decline as crypto selloff takes hold

2018-08-10 20:49:44 GMT (
Ripple resumes decline as crypto selloff takes hold

Ripple tumbled nearly three percent, or $0.01 on Friday for the fourth session out of five, resuming the recent decline amid a crypto selloff wave and heading for the second weekly loss in a row, after testing December 2017 lows yesterday on US regulatory concerns. 


As of 07:05 GMT, Ripple dropped 2.80% to $0.33395, with an intraday high at $0.3460, and a low at $0.32992, with Ripple's market value now receding to $33.5 billion. 


World Bank Announces First Ever Blockchain Bond 


The World Bank is partnering up with the Commonwealth Bank of Australia to set up the world's first blockchain bond, which was priced by the markets as clear international support for the technology that underpins cryptocurrencies. 


It's expected the bonds will carry 100 million Australian dollars in value, to be called bond-i, an acronym standing for Blockchain Offered New Debt Instrument, with an ethereum-based blockchain to be used in these bonds for its suitability. 


SEC Delays Crypto ETF Decision 


In less cheerful news for cryptocurrencies, the U.S. Securities and Exchange Commission (SEC) has delayed its final decision on requests to set up bitcoin exchange-traded funds to late September, in another development that upset crypto enthusiasts in the States. 


The SEC stated: "The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change. Accordingly, the Commission, ... designates September 21, 2018, as the date by which the Commission shall either approve or disapprove the proposed rule change."


The Path of Ripple 


It's worth mentioning that Ripple was first launched on March 7, 2015, to start trading at $0.015, with the virtual currency losing nearly two thirds of its value by early 2016 to $0.0059, before rising 5% during 2016 to $0.0063, and then skyrocketing 28,000% to $1.748 by the end of 2017, before marking unprecedented highs in January at $3.30, then losing 85% of value rapidly in the last few months, and finally closing the first half of the year below $0.5.

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