Up and at ‘Em
After a beating last week, the cryptocurrency market showed some mercy with a 10 percent jump this Monday. Since then, the market has slowly fallen, currently sitting at $207.7B. That gives us a 3.23% gain on the week.
Cryptocurrency Market Stats (10/19/18)
Thankfully, the top three coins performed positively as well. Let’s take a look at how they did:
Bitcoin grew by 2.56% over the course of the week and is currently priced at $6,458.99.
Ethereum continues to test the $200 support line but had a 3.12% rise in price in the last seven days.
XRP was this week’s biggest gainer this week with 6.01% in the green.
Domestic News
Fidelity Opens Doors to Institutional Crypto: Fidelity Investments is going where no large-scale financial institution has gone before. The fifth-biggest asset manager in the world is spinning off a separate company, Fidelity Digital Assets, to provide institutions with crypto custody solutions. Say that one five times fast.
Fidelity will begin by offering three main solutions including custody of bitcoin and ether. Additionally, the company will provide a trade execution service that connects customers to existing exchanges through a smart order router as well as create a dedicated team to help clients onboard to the platform.
Tether Loses Stability: Here’s a riddle: When is a dollar not worth a dollar? When it’s pegged to Tether, apparently. This past week, the stablecoin Tether was anything but stable as it fell close to $0.90 on numerous exchanges and even a low of $0.85 on Kraken. A lack of investor faith in the financials of Bitfinex, Tether’s issuer, and continued doubt that the stablecoin is actually backed by U.S. dollars seems to have driven the fall. The fact that Bitfinex has yet to provide a third-party audit of their reserves leaves many community members skeptical.
