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Ripple vs. JPMorgan – 1:0: Citigroup Shelves Its Stablecoin Plans

  • Alex Morris
    📰 News

    👀☝Citigroup has just proven that ‘bank coins’ are useless for streamlining cross-border payments, channeling Brad Garlinghouse’s criticism 😏


Ripple vs. JPMorgan – 1:0: Citigroup Shelves Its Stablecoin Plans
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After JPMorgan produced a substantial amount of buzz with its dollar-pegged stablecoin, other big-name banks were expected to follow suit. That, however, might not be the case – Citigroup Inc., the third largest American bank by market capitalization, has revealed that its plans to issue a bank-backed cryptocurrency has been scrapped.

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No short-term impact

Gulru Atak, the head of Citi's innovation lab, claims that it would need to connect all banks with the help of Blockchain in order to streamline global payment processes. They are looking for short-term results that couldn’t be achieved with the help of a stablecoin.  

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However, it doesn’t mean that Citi has completely given up on its Blockchain plans – Atak claims that the bank is currently exploring the disruptive technology, but they are careful about making any ‘bold’ public announcements. Bank of America (BofA), for instance, has the biggest amount of Blockchain-related patterns, so it makes perfect sense for Citi to work in that direction in order not to lag behind other banks.

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Bank coins are useless

That announcement certainly flies in the face of all proponents of the so-called ‘bank coins.’ According to Ripple CEO Brad Garlinghouse, there was no point in multiple banking institutions issuing their own stablecoins with their own set of rules. RippleNet actually creates a global system of banks for cross-border payments. Later, Garlinghouse also revealed that none of the US major banks, including Citi, were intending to use JPM Coin.


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Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader


Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader
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It’s been over two weeks since Bitcoin’s astronomical surge on Apr. 2, but new theories about what might have caused this bullish uptick continue to pop up. According to crypto-oriented analytical firm CoinMetrics, that epic surge was causes by a single trader.

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Mammoth-size trades

CoinMetrics claims that ‘a single committed trader’ concocted a plan to push the BTC price, and he successfully managed to do that by picking the time of the day when the global liquidity is at its lowest level.


(Source: CoinMetrics.io)

(Source: CoinMetrics.io)  

The report also suggests that the trader started to execute his plan on HitBTC (500,000 USDT were traded for Bitcoin prior to the price movement). After that, large trades were observed on Coinbase and Bitfinex.      

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Focusing on the future

Meanwhile, as reported by U.Today, another theory states that the rapid price surge was triggered by the expiration of the CME futures contracts and heavy spot and over-the-counter buying. One expert went as far as claiming that a simple April joke about the Securities Exchange Commission (SEC) could do the trick.

While no one is quite sure about what could have triggered the short-living rally, there is even a bigger disconnect when it comes to Bitcoin price predictions. While some share their bullish predictions for 2019, another report states that it could take 22 years for Bitcoin in order to match its current ATH of $20,000.

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