$50 Million USD Worth Of Ripple Transferred in 2 Seconds With 30 Cents Fees

The CEO of Arrington XRP Capital, Michael Arrington revealed that his company’s development team have moved 50 million dollars in XRP with amazing speed and cost effectively.

It only took 2 seconds to send the said amount with a cost about 30 cents.

He added that the said transaction cannot be done with fiat or bitcoin.

Ripple continues to demonstrate that it is a quality blockchain with practical uses not only for institutional accounts but also for the average users.

The CEO further explains that although Ripple is well-established and true to its principles he does not understand the aversion towards it on behalf.

The crypto is really good at one thing: Moving money fast and Cheap.

Despite his obvious favorable view about Ripple as a company and cryptocurrency, he clarifies that his opinion is not biased by their investments as their investments are highly diversified among them XRP.

Major Trading Firms States Ethereum Had Bottomed Out

A major cryptocurrency investment firm that targets institutional investors, Genesis Global Trading states that short interest towards Ethereum (ETH) has declined substantially in the third quarter of 2018.

The firm stated that the abrupt decline in ETH loans from 42 percent to 4 percent of the total outstanding balance sheets of Genesis Global Trading suggests that the interest of hedge funds to short the digital asset has declined significantly.

According to data provided by trading firms, high stability by the cryptocurrency market and technical indicators points to Bitcoin and Ethereum bottoming out.

Despite dismal price performance of Ethereum for most part of 2018, the same cannot be said with its development as it has seen continuous improvement and progress in the development of its core blockchain layer.

It has been in fact been recognized as the fifth largest open-source project in the world alongside Microsoft Azure, Wix and Spyder.

The bottoming out of Ethereum market price coupled with the rise in developer and market activity and impending practical regulatory framework by leading markets could help Ethereum for recovery and perhaps the next bull run.

Dogecoin Creator Worries about Wallt Street 2.0

Jackson Palmer has recently twitted about his concerns of institutional accounts entering cryptocurrency markets.

He is apprehensive about Bakkt, a cryptocurrency market that will soon launch in New York Stock Exchange and explains that it might affect the crypto community as a whole.

He further states that institutionalization of cryptocurrency will heavily re-centralized both power structures and token distribution which tends to move away from the original vision for the technology.

According to Palmer 1% of wallets control more than 55% of all circulating Bitcoin and with the entry of institutional investors will cause the supply to be even more centralized.

The concern of Palmer shows the differing opinions within the cryptocurrency community with regards to trust in traditional financial institutions.

Many early adopters were initially drawn to the technology out of frustration and mistrust with the banking institutions that that they have blamed for the financial crash 10 years ago.

Others feel that the entry of institutional investors will bring forth the legitimacy and stability the crypto market needed.

Litecoin Transaction Fees To Be Decreased 10x

Litecoin (LTC) has been in the past proven to be an excellent alternative to Bitcoin (BTC) in terms of transaction speed and fees.

This was highlighted during the late 2017 bull run of BTC which saw it rise from $1,000 to $20,000 in less than 1 year span and bringing up the transaction to almost $50 per BTC Transaction.

Despite this relatively smaller transaction fee, developers of LTC are pushing to further lower the transaction fees in an order of magnitude.

The next Litecoin core release (Version 0.17) will see Litecoin fees lower by 10x pushing fees to close-to-zero.

According to BitInfo, a popular cryptocurrency analytics provider, the average fee for LTC transactions is around $0.1 USD which means upon the arrival of the new core LTC will likely cost less than a cent for the average user.

Adrian Gallagher, the lead developer of the Litecoin Core Project commented that the lower transaction fee could in theory bolster the adoption and usage of the crypto asset as it has a higher chance of being used in day-to-day transactions worldwide.

This initiative has also gotten the attention of the mining community as the lower transaction fees will in turn lower the earnings of miners which are integral part in securing the network.

However, some has pointed out that the lowering of transaction fees should not concern Litecoin chain due to its block times and higher transaction limits, the transaction fee market isn’t really existent in this blockchain, with such costs only accounting for less than 1% of a Litecoin miner’s income.

Rapid Growth In P2P Trading In Indian Cryptocurrency Exchanges

In light of the Banking ban by India's central bank Reserve Bank of India (RBI), Indian cryptocurrency exchanges has seen an uptick in trading volume of escrowed P2P services.

Nischal Shetty, CEO of Indian Crypto exchange Wazirx reveals that Indians are warming up to P2P due to bear market with no banking.

Wazrix launched its exchange-escrowed P2P service in July 10, a week before the RBI ban took effect.

Shetty also adds that the P2P is working great for Wazirx contributing greatly in the increase of their daily trading volume.

So much so that they have already hit 100 BTC in daily trading volume for the first time and have crossed over $5M in P2P in the 3 months since it has gone live.

The exchange has grown 35% in the past few months consistently reaching 50 BTC in daily trading volumes during the month.

The exchange-escrowed P2P option has become a popular way for traders in India to cash out their coins.

According to a survey released by another crypto exchange, Instashift, a majority of users prefer to cash out their cryptocurrencies using P2P services.

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