FOMO fever (fear of missing out) is once again spreading among investors after a bearish month for cryptocurrencies has turned into a price surge. Ripple (XRP) has seen the biggest gains among top 50 coins rising 42% to $0.46 over the past 24 hours while Stellar (XLM) came in second at 20% to $0.24 in early Friday trading.
Other notable increases were seen from Cardano (ADA) at 18% to $0.08 and Qtum (QTUM) at 17% to $3.94. The cryptocurrency market capitalization has risen 15% from $191 billion to $219 billion since Wednesday, as of press time.
On Wednesday, top 10 U.S. bank. PNC announced a partnership with San Francisco, Calif.-based Ripple that will involve using XRP tokens for making cross-border and international payments. The financial crypto has been surging since the announcement.
Other positive news have infused renewed confidence in the market as $1.7 billion online retailer Overstock.com recently announced that it'll sell Bitcoin and other cryptocurrencies
through its website by next year.
But the big news came from Wall Street powerhouse Fidelity Investments
through its CEO Abigail Johnson who announced that the fourth-largest asset management firm in the world will roll out cryptocurrency and blockchain products and services later this year. Fidelity has $2.5 trillion in assets under management and has 27 million customers who have $6.9 trillion in assets with the firm. "We’ve got a few things underway, a few things that are partially done … We hope to have some things to announce by the end of the year," said Johnson at Boston Fintech Week 2018.
Other gainers among major coins from Friday include Tezos (XTZ) at 16% to $1.76; Tron (TRX) at 15% to $0.02; and Ox (ZRX) at 15% to $0.61. From Sunday to Monday, Tezos rose 46% ahead of its much-anticipated blockchain launch on Sept. 17.
Earlier this month, two stablecoins — Gemini and Paxos — received approval from New York regulators that peg their cryptos 1:1 to the U.S. dollar. This development has infused money into the crypto market by opening the floodgates to large institutional investors who now have the ability to maneuver and trade through USD-tied liquidity. Both Gemini and Paxos are fully-backed by Uncle Sam's greeenbacks. A third stablecoin also tied to U.S. dollar, Carbon, made its debut this month. All three join TrustUSD which launched earlier this year.
A key turning point will be whether the U.S. Securities and Exchange Commission (SEC) approves a proposed bitcoin exchange-traded fund (ETF) filed by Cboe BZX Exchange — though chances for approval are up in the air at this point. Regulators have denied dozens of ETF applications but there's growing public clamor for a green light.
SEC secretary Brent Fields recently wrote in a public notice, "Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change."
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