The State of the Market: (XRP, ETH, BTC)

Bitcoin’s decline below $6,500 represents a new 7-day low and Ethereum also dropped 4 percent. Low volume and a lack of interest from buyers are thought to be the culprits negatively impacting cryptocurrency prices.

In other news, Coinbase recently added former Charles Schwab advisor Chris Dodds to its board of directors and Banco Santander announced the integration of RippleNet into the OnePay FX mobile app for cross-border payments. Currently, the cryptocurrency market capitalization stands at $215 billion.

Blockchain startup NEM has partnered with Liven to allow XEM payments at more than 1,000 Australian restaurants. Liven is an Australian startup which awards users for their loyalty and allows users to pay through the Liven app. In addition to using Liven’s digital currency LivenCoin, Liven will also allow users to pay with XEM. The NEM Foundation intends to provide technical guidance and support to Liven. (Read More.)

Berm Takeaway:

2. Industry heads from all over the world converged at Ripple’s Swell Conference to discuss issues about the cryptocurrency and blockchain ecosystem. Former US president, Bill Clinton gave the opening keynote speech where he spoke about blockchain’s potential. He also warned legislators that excess regulatory involvement could harm innovation and growth. On the second day, Ripple revealed its first Blockchain in Payments Report which indicated that its blockchain is in the cusp of mass adoption. The report also unveiled that global banks are preparing to integrate cryptocurrencies into payment flows. (Read More.)

3) Tiger Global, a hedge fund, is planning to invest in US-based cryptocurrency exchange Coinbase. Tiger Global, which recently invested $245 million in payments service provider Stripe, plans to invest $500 million in the exchange valued at $8 billion. Although Coinbase has not commented on the proposal, the capital would be used to buy out shareholders. The exchange is backed by several organizations including Battery Ventures, Draper Associates, Spark Capital and Ribbit Capital. Tiger Global has invested largely in many companies including Flipkart, Ola and Spotify. (Read More.)

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