Welcome to the Uphold Update. Weekly top stories all about what's happening in the world of cryptocurrency and blockchain technology.
The crypto market changes minute-by-minute, and at Uphold, we know how important it is for our members to stay on the pulse of shifting trends and market changes. This week we’re reviewing the recent upswings in the crypto market, new perspectives on the Bitcoin bubble, and more.
Here’s a recap of what happened this week:
Cryptocurrencies Make a Comeback
On Thursday morning, bitcoin’s value jumped up by $1,000 in under an hour—clocking above $8,000 briefly, and then trading at around $7,800 later in the day. The sudden rally has resulted in gains across cryptocurrency markets. Ethereum, Ripple’s XRP, and litecoin all surged in value as well. Analysts don’t see the price jumps as related to any significant news, except a possible shift in sentiment among investors.
One of Ripple’s top executives, Cory Johnson, made a statement to CNBC that XRP is not a security. Why is this important? Part of Ripple XRP’s adoption across wallets has been slow due to deeper discussions on its status as an asset. Many exchanges need to properly define its digital assets in anticipation of government regulation, and XRP has been at the forefront on working with the government to ensure full transparency of their assets. Luckily, Uphold members don’t have to wait for other digital wallets to catch up—you can buy XRP today on Uphold!
Is Bubble Talk Just Media Hype?
A few news sites have been calling Bitcoin “the greatest bubble in history.” Those comparisons—between Bitcoin and the dot com bubble, Dutch tulips, and other famous bubbles—are failing to analyze the right numbers, according to an article feature in CoinTelegraph. For starters, bitcoin’s value has more volatility. That’s among many reasons the drops in bitcoin’s market value don’t correlate as significantly with past bubbles. With each successive drop, news media likes to report Bitcoin as “dead.” According to 99Bitcoins, that means Bitcoin has died 278 times since its launch.
Crypto Content Creators Moving Away from Youtube and Facebook
With the ad bans starting to take place on social platforms coupled with Facebook’s latest data security issues, many cryptocurrency content creators are moving to decentralized platforms. Blockchain sites offer creators greater control, given that users don’t have to worry about censorship (or demonetization) the same way they would on Youtube. Plus, creators receive tokens for user’s attention rather than competing with Youtube’s algorithms for viewership. Learn more about one example of a decentralized platform, with Brave Software’s Basic Attention Token.