The crypto news cycle operates at such a rapid pace that I thought it might help to round everything up neatly at the end of the month. So here’s a roundup of this month’s major crypto news for all of the biggest tokens.
Bitcoin’s most interesting news this month is, well, its price. The price has gone quite a way up and now a little further down than people would like. At the time of me writing this, it’s just above $10,000 but there’s no way to be sure that it’s going to stay there. Price prediction is pointless at this point. But still, that’s been grabbing the headlines.
I guess the other big bit of news for Bitcoin and pretty much the entire crypto market is that India is probably going to ban Bitcoin and other tokens. They’re going to release a digital version of the Indian rupee instead. From what I can tell about the local media reporting, it’s a really harsh set of regulations that a lot of startups in the countries are worried about.
Tim Draper tweeted about it and said that the Indian government was ‘pathetic and corrupt’ - it really is sad to see that the nation would ban everything entirely. India is one of the biggest developing economies and they have a lot to contribute to the global economy so it would be terrible to see the whole country limiting its growth by curbing innovation.
But the bill has only been drafted and not signed, so there’s some hope that maybe they will change their mind or make the rules less strict.
Ethereum (ETH)/Bitcoin Cash (BCH)
Now here we definitely have some interesting news as Ethereum co-founder Vitalik Buterin suggested that Ethereum integrate with Bitcoin Cash to deal with scaling for the near future. Ethereum’s Casper and sharding upgrades which will start arriving from 2020 are how Ethereum is going to find a stronger solution to scaling, but that’s still some time away.
Buterin published a post on the Ethereum Research website where he said that in the short term Ethereum could use existing blockchains to help with scaling. He gave a few different reasons as to why Bitcoin Cash was the best blockchain but as a second choice he mentioned Ethereum Classic. He said that high data throughput, low fees and that low fees for verifying BCH blocks. One disadvantage he said was the 10 minute block time.
I won’t pretend like I understood everything he wrote in the post, but it is an interesting read, especially if you like the technical stuff.
Ripple published a post on their blog early in the month where they revealed that its incubator Xpring had invested over $500 million in XRP-related projects since May 2018. The funds have been distributed to over 20 companies working on several different solutions, like gaming platform Forte and P2P lending marketplace Dharma. If you look into it, there are some really great companies that are a part of this list.
It’s also a smart strategic move because Ripple is using funds to increase use cases, adoption and general development of the ecosystem, which supports its own goals.
The blog post highlighted 3 areas that Xpring was focused on: XRP Ledger, interoperability and decentralized finance.
Ripple is having a fantastic year and the periodic releases of info like this just highlight how smartly they’re trying to grow their network.
This one isn’t July technically (it’s from last month) but it’s being talked about enough that I want to include it here.
EOS received an A grade in the previous ratings report by Weiss. Only Bitcoin and XRP did any better.
Weiss Ratings, which has been rating different digital assets, downgraded the EOS token because of ‘serious problems’ with centralization. They said that they severely downgraded the score because of it. And then it went on to say that it was up to Cardano (ADA) to launch a truly decentralized Proof-of-Stake system.
EOS has received a lot of criticism regarding centralization but it’s still one of the more popular tokens. The whole Huobi scandal and 21 block producer thing hasn’t done its reputation any good either. But Block.One’s (the company supporting EOS) CEO Brendan Blumer has said that great things take time. Maybe in a few years we will see EOS become more decentralized and make good on its promise to be the better alternative to Ethereum.