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Bitcoin [BTC], XRP, Ethereum [ETH] price graphs in sync; is correlation inevitable?

Priyamvada Singh

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Bitcoin [BTC], XRP, Ethereum [ETH] price graphs in sync; is correlation inevitable?
Source: Pixabay

On 7th December, a popular Twitterati and a cryptocurrency space influencer who goes by the social media name WhalePanda posted three graphs on his Twitter account. The graph depicted an apt correlation of the two biggest altcoins, XRP and Ethereum [ETH] with Bitcoin [BTC]. Here, WhalePanda also wrote:

“No matter how centralized your coin is, of how many “devs” you have working on your alt… It will always follow the Bitcoin lead.
Bitcoin gives value to all the projects.”

In another tweet, the influencer also wrote about the popular opinion going around regarding the decoupling of altcoins with Bitcoin. WhalePanda propagated that the crypto-members holding such opinion realize their flawed view only when the bear market hits, and subsequently blame BTC from the decline of their respective coins.

“In the bull market altcoiners are talking about “the decoupling” with Bitcoin.
In a bear market they realize they were wrong & blame Bitcoin for the decline in price of their bags.
What they should realize is that Bitcoin is king. If Bitcoin becomes worthless so will their alts.”

After the battle started within the Bitcoin Cash [BCH] ecosystem, the damage splurged around the diameter of the whole cryptocurrency space as Bitmain, one of the biggest mining layers in the industry took a step back in mining Bitcoin. This led to a major crash as all the coins across the board turned red.

Recent tweet by WhalePanda depicting correlation | Source: Twitter

Recent tweet by WhalePanda depicting correlation | Source: Twitter

During this period, a few key changes in the cryptocurrency ranking took place, one of them being the overtake of Ethereum [ETH] by Ripple’s XRP. Here, XRP showed great potential for decoupling from Bitcoin as it remained the only coin to have pleased the bull amidst a bearish storm.



However, XRP has finally crashed Bitcoin’s after-party and is being assaulted by the bear, as all the other altcoins remain in the red.

On WhalePanda’s tweet, another Twitter user and a cryptocurrency space follower also commented:

“They were not wrong. I think altcoins are de-coupling just fine at the moment…” – DK





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

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US 2020 Presidential Candidate promises to provide better regulatory clarity on cryptocurrency market

Priya

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US 2020 Presidential Candidate promises to provide better regulatory clarity on cryptocurrency market
Source: Unsplash

Andrew Yang, the United States 2020 Democratic Presidential candidate, released a new policy for the regulation of the cryptocurrency space on April 20. The new policy statement titled ‘Crypto/ Digital Asset Regulation And Consumer Protection’, emphasized on the need for regulating the digital asset place, and also listed the actions Yang would do for the cryptocurrency market as the President.

Yang said on Twitter,

“New Policy #22 – Digital Asset/Cryptocurrency Regulation. Investment in cryptocurrencies and digital assets has far outpaced our regulatory frameworks. Investors need to know what their treatment will be in order to properly innovate in the U.S.”

On the official site, Yang stated that the cryptocurrencies “have quickly grown to represent a large amount of value and economic activity”. He further spoke about the lack of regulation of the cryptocurrency space, adding that the “patchwork of varying regulations” introduced by states has made it “difficult for the US cryptocurrency market” to compete with any other market, importantly China and Europe.



The Presidential Candidate further listed three key problems that needed to be solved, growth of cryptocurrency market being faster than that of the government’s response, differing regulations in different states, and uncertainty of the framework that would be unveiled.

Source: Yang2020

Source: Yang2020

Fang, a Twitter user, said,

“A candidate that is actually in touch with technology, blockchain and crypto. I missed the Bitcoin train but got in early on Ethereum mining: A significant % of my net worth is in crypto. So far I’ve done nothing but HODL. Our government has no idea what to do with digital asset”





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