Another week, another crypto! These past few weeks have been very exciting for the crypto space with Bitcoin moving up past $5,000 and the majority of other cryptocurrencies following in its footsteps.
This week saw a lot of news stories surface but today we’re going to focus on the top three. Ripple’s new partnership could see XRP surge, China is moving towards banning BTC mining and Justin Sun hints at a potential partnership between TRON and Ethereum.
With Ripple’s popularity continuously growing, the firm's customer base is on the rise. They seem to be making partnerships with a lot of different companies across the globe and this week is no different.
The global IT giant, Tata Consultancy Services (TCS) has just joined forces with Ripple in order to boost worldwide remittance services to another level.
TCS is the company behind the cross-border payment solution of integrating with several other payment systems.
RippleNet has already got the advantage of lowering transactions fees for customers using its systems and now that cost could be pushed further down with the implementation of Quartz.
And in case you don’t know, Quartz is able to facilitate fast and cost-effectiveness remittances.
This partnership with Ripple could have an impact on the XRP price. Ripple’s native token could be greatly increased but only if some of the institutions using RippleNet are also using xRapid which would result in the usage is increasing.
China & Bitcoin
Even though the BTC was rising this week, bad news came with it for miners in China.
China’s central planning agency announced plans to ban Bitcoin mining and currently, they are undergoing soliciting comments before making a final determination. The news has ticked off a lot of miners and crypto experts.
Two of the biggest miners in the industry, Bitmain and Canaan Mining are both based in China so this would most likely hit them hard.
And according to some new research, just over 70 percent of Bitcoin’s network hashrate is sourced from Chinese-managed pools.
In order to stay secure, it’s crucial that no single party controls more than half of the Bitcoin network’s hashrate. With this, the same research says that the Chinese government could have a knock-on impact on these mining pools to censor specific users or miners.
But yes, earlier this week, the National Development and Reform Commission announced that it was planning to ban Bitcoin and cryptocurrency mining.
The Commission’s Guidelines for Industrial Adjustment Categories industries the country wishes to encourage, eliminate or restrict.
The Commission’s recent draft of guidelines, Bitcoin and cryptocurrencies mining was added to the list of activities slated for elimination.
If this ban does end up happening its more likely to push BTC prices up than down.— Mati Greenspan (@MatiGreenspan) 9 April 2019
The loss of cheap Chinese electricity would raise the mining cost, which is net positive on price.
It would also serve to kill the FUD that Bitcoin mining is centralized.https://t.co/OhVh8fUaXv
The price of Bitcoin is surely to see an impact because of this. Despite this, eToro’s Mati Greenspan said that the mining ban will more likely see a surge in the BTC price following the news so maybe there is still hope despite the ban?
TRON & Ethereum
We’ve all heard of Justin Sun, he’s one of the most prominent names in the crypto space and he is also the CEO and founder of TRON. He recently took part in a podcast making comments that TRON will “officially collaborate” with Ethereum.
Sun specifically said that “within this year we will see Tron even collaborate, officially collaborate, with Ethereum.” This was a response to a question on Ethereum co-founder Vitalik Buterin’s recent tweets about TRON with Sun saying that competition brings in a better product.
He later added, “I think in the future we will even collaborate with lots of Ethereum developers and also the enterprises built on Ethereum before to make the industry better.”
Interesting times for TRON as the Sun Network is on its way to the crypto space too.
If TRON and Ethereum do collaborate, the possibilities are endless so it will be exciting to see what could happen if the two protocols team up.