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Bitcoin Slumps to $9,100 and Drags Cryptocurrency Market with It

February 26, 2020 at 2:49 by Matt Jackson

Bitcoin has continued a two-day slump in prices, falling 4.25% down to $9,214.70, although it fell as low as $9,120 earlier in the evening. Its continued decline has dragged the rest of the cryptomarket with it, with all top 100 coins, excluding coins tethered to dollar value, making a loss over the past 24 hours. Ripple’s price has fallen by more than 10% while Bitcoin SV, whose price fell by 15%, has been overtaken by Litecoin in market capitalization.

Ripple prices may have had a bad day, losing more than 10%, but it has had some good news. Moneygram, the global payments company, has announced that it will start using Ripple for its account-to-account transfers and that they are looking at further channels to explore. They later confirmed that Ripple would be used for both corporate and personal payments. This service is commonly used by people with two bank accounts at different banks. The companies have not announced whether Moneygram will use XRP coins to fund the transfers. Moneygram is Ripple’s most significant customer.

Meanwhile, China has been forced to stop work on its Digital Currency Electronic Payment system, with all efforts being put into containing and combating the deadly coronavirus. The People’s Bank of China had previously reported that they were to concentrate on research and development in the coming months. Despite the delay, China has said that it still intends to circulate its new digital currency by the end of the year.

Shopify has announced that it is joining the Libra Foundation, headed by Facebook, despite the loss of a series of high profile names from the project already. The e-commerce platform will become a validator node operator, which means investing at least $10m and gives the company a vote. The stable coin has suffered considerable losses since its inception. Visa, Mastercard, Stripe, PayPal, and eBay were among some of the companies to have backed away from the project following intense scrutiny by regulators. The partnership could help Shopify avoid credit card transaction fees, and could give them access to “unbanked” buyers that would otherwise be unable to buy from their platform. However, that would require Libra to get the currency through US lawmakers so that they can launch.

At 02:30 GMT, Bitcoin (BTC) prices have fallen 4.01% down to $9,238.83 while Ethereum (ETH) prices are down 8.83% and the largest altcoin is now trading at $240.26. Ripple (XRP) and Bitcoin Cash (BCH) have shed 10.93% and 9.20% to change hands at $0.24 and $338.42 respectively. Litecoin (LTC), which has overtaken Bitcoin SV (BSV) as the fifth largest non-tether coin, is now $68.44, having fallen 8.58%.

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