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Bitcoin Struggling to Hold $8,000

October 20, 2019 at 13:29 by Matt Jackson

The world’s largest cryptocurrency, Bitcoin, has continued to break away from the $8,000 mark, occasionally dipping down and trading in the $7,900 range. Other major coins have followed a similar path, with Ethereum changing hands between $170 and $190. Bitcoin Cash has traded between $210 and $230, while Litecoin has seen a little more action between $53 and $60. Ripple is the only major coin to have seen steady growth, having started the month with a price of $0.247 and now trading at $0.29.

The G20 meeting of the world’s finance leaders stated that stablecoins like Libra pose a genuine threat to global currencies. The group cited risks of “money laundering, illicit finance, and consumer and investor protection.” The group went on to say that these concerns “need to be evaluated and appropriately addressed before these projects can commence operation”, seemingly hammering another nail into Libra’s coffin.

PayPal was the first organization to pull out of the Libra project, followed by Mastercard, Visa, eBay, and Stripe. The withdrawals have served a massive blow to the group, which was already struggling to get regulatory approval in the US and abroad.

The finance leaders concluded by saying that until the concerns are addressed, “stablecoins should not be issued.” It looks increasingly unlikely that Libra will launch in 2020, as the group had previously announced.

Although most major coins have seen prices stagnate over the past few weeks, one exception to this has been Ripple. It was announced recently that the Bank of America has been quietly testing Ripple’s distributed ledger technology. It is believed that the bank has been trialling the xCurrent technology, which does not involve the XRP cryptocurrency but utilises blockchain technology to facilitate faster overseas payments.

Bitcoin (BTC) prices are currently down 0.21% in the past 24 hours, now trading at $8,010.40. Ethereum (ETH) is down 0.62% at $173.34 and Ripple (XRP) has shed some of its recent gains, slipping 2.17% to trade at $0.289. Bitcoin Cash (BCH) is the only major coin to have seen gains, rising 0.44% to trade at $215.65 and Litecoin (LTC) has slipped 0.16% to $53.57.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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