Cryptocurrency Market Update: Bitcoin, Ethereum and Ripple exhibit stability

BTC/USD is stable above $8,800 following a reversal from a short term support at $8,750. The bulls seem to have the mantle lack the energy to pull above $9,000 for more gains. For now, the trend remains lethargic and the volatility low.

ETH/USD is the best performer among the top three cryptocurrencies having added 1.53% on its value. From the opening value of $223.78, Ethereum has advanced to $228.88 (intraday high). At the time of writing, the price has adjusted to $22.98.

XRP/USD is still battling with selling pressure beneath $0.24. Support at $0.23 is still intact despite the bearish inclination. Ripple is trading at $0.2377 following a 1.44% growth on the day.

Chart of the day

ETH/USD 4-hour chart

Industry News: Ripple’s refers to Bitcoin and Ethereum mining as “massively wasteful”

The CEO of Ripple, Brad Garlinghouse says that the mining activities associated with Bitcoin (BTC) and Ethereum (ETH) are “massively wasteful” with regards to electricity. Garlinghouse was responding to a study by PWC’s blockchain professional Alex de Vries.

In the study, De Vries found that Bitcoin mining is already consuming more energy than Chile and the amount of power consumed continues to increase with the growing hashrate. Energy is not the only concern as Bitcoin's e-waste exceeds that of Luxembourg. Unlike Bitcoin and Ethereum, Ripple’s XRP tokens are pre-mined, which also raises questions over its centralization.

Facebook back to the drawing over the proposed Libra

Facebook is said to be reconsidering the plan for the release of Libra in 2020. The modified plan will see Facebook offer versions of government-issued currencies such as the dollar and euro to garner support for Libra. The move seems to be a contingency plan to bring in support from regulators who have from the beginning doubted Facebook’s ability to handle a project of such global magnitude. Facebook’s Calibra, digital wallet will have support for Libra and other government-issued currencies. Libra and Calibra releases are expected in 2020, preferably in summer.