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 excited to announce the support of XRP on Uphold, philanthropic work from Ripple, and more.
Here’s a recap of what happened this week:
Ripple and XRP News
Exciting news this week for Uphold members! XRP is now live on Uphold. For a limited time, you can buy XRP with zero fees*. This is phase one of Uphold’s plan to support XRP. In the coming weeks, Uphold intends to integrate with the XRP ledger for full functionality of deposits and withdrawals. We are proud to be one of the first in our industry to offer XRP with ease to our members, and we’re thrilled to have your feedback and learn our members’ expectations. Per a recent Twitter poll, over half of our followers who responded wanted XRP on the platform.
That’s not the only impressive news for XRP fans. This week, Ripple announced a $29 million donation of XRP to public schools. The donation follows a request from the website DonorsChoose.org, and Ripple’s gift will be used to buy classroom materials for more than 28,000 public school teachers across 50 states.
Is Bitcoin Moving Towards a Death Cross?
Bitcoin’s fluctuating value may be entering what’s called a “death cross”. This is when the 50-day moving average dips below the 200-day moving average. While the death cross appears troublesome for a few investors, many experts realize there is still not a lot of information to go off of. In fact, the dreaded “death cross” may just attract more bearish trading behavior. Many will recall the same thing happening to Bitcoin in 2015, with a major upswing following later in the year.
Social Media & Cryptocurrency
Social media giants have been forced to create new policies regulating cryptocurrency advertising — specifically ICOs — on their platforms. First it was Facebook and Google, but now LinkedIn and Twitter have started to ban or block ICO ads. While government regulation has been slow to materialize, this trend displays that different industries are working to create their own policies designed to protect consumers.
While social media platforms continue to roll out these measures, cryptocurrency and blockchain associations are fighting back. A Eurasian association of blockchain enthusiasts, including members from Russia, China, and South Korea are planning to file a joint lawsuit against companies Google, Twitter, Facebook, and Yandex for not allowing crypto-related advertising. They plan to file in the United States, where cryptocurrency policy and technology has the most advocates.
*This offer is limited up to as many as the first five million XRP purchased. Uphold reserves the right to suspend the offer at any time without prior notice.