Summary:
- World Gold Council: Cryptocurrencies are no substitutes for gold
- Samsung unveils its Galaxy S10 with crypto private key storage
- Bitcoin drops after several days of rises
The cryptocurrency market has begun Thursday’s trading taking a step back. Bitcoin has dropped after several days of recent price rises. Moreover, Ethereum and Ripple have experienced some losses during Thursday so far. According to CoinMarketCap, the capitalization of cryptos stands a little above the $133 billion handle while the capitalization of altcoins sitting around the $64 billion mark.
Today’s daily candlestick of Bitcoin (BITCOIN on xStation5) seems to have a bearish shape. Could Bitcoin close today’s trading in red? Let us remind that the largest virtual currency experienced huge increases in the previous days. Source: xStation5
Samsung shows its new top smartphone
Samsung, the South Korea-based tech giant, unveiled its new top smartphone called Samsung Galaxy S10 during the yesterday’s conference. Samsung confirmed that Galaxy S10 would allow to store private keys for blockchain mobile services, as the company’s press release said. Crypto rumors connected to the new Samsung’s smartphone appeared some time ago, but the yesterday’s event confirmed them. Nevertheless, the question whether the South Korean giant has created its own full-scale wallet or it has provided only support for crypto private key storage has yet to be explained.
Ethereum (ETHEREUM on xStation5), like its bigger peer Bitcoin, has dropped during Thursday’s trading. However, the second largest cryptocurrency is still moving a little below its one-month high situated around $150. Source: xStation5
Cryptos aren’t substitute for gold as World Global Council says
World Gold Council (WGC), which is the UK-based market development organisation for the gold industry, published a report in which the organization argued that cryptos would not substitute gold. World Gold Council pointed out that cryptocurrencies were more volatile (the organization called they as “extremely volatile”) and less liquid than gold. The Council also wrote in the report that average daily volume of Bitcoin trading (roughly $2 billion a day) is less than 1 percent of average daily gold volume (roughly $250 billion a day).
Ripple (RIPPLE on xStation5) has lost a part of its previous gains, and it is trading a little below the $0.32 handle and moving around its 50-period moving average (a light green line) on the D1 chart at press time.Source: xStation5
