Bitcoin's Influence Over Cryptocurrency Prices Could End Soon

Written by :

Guest

Published on :

30 May, 2018

Cryptocurrency prices have been highly correlated with bitcoin, falling in lockstep for the first half of 2018, and this all could be coming to an end real soon, remarked Ripple CEO Brad Garlinghouse in an interview with CNBC.

"It's early, over time you'll see a more rational market and behaviors that reflect that," Garlinghouse said during CNBC's "Power Lunch" Wednesday. "There's a very high correlation between the price of XRP and the price of bitcoin, but ultimately these are independent open-sourced technologies."

"It's still a nascent industry, the speculation in the market dominates the trading activity," Garlinghouse said. "I think it's a matter of time until people better understand the different use cases.

"There's gonna be a bit of a correction along the way here where a lot of the players in the space that don't actually solve a real problem are going to get washed out.”

WATCH BELOW

Momentum for Ripple continues to build: Ripple CEO from CNBC.

Washington State Congressman Wants End to Wildfire Betting on Kalshi, Polymarket as Spokane Area Still Reeling

Rep. Michael Baumgartner, R-Spokane, introduced the bill this week. Critics say betting on wildfires is, at best, grotesque and could incentivize arson and other illegal acts.

UNLV Researcher Looks at the Growing Connection Between Social Media and Online Gambling

The study was presented at the 19th International Conference on Gambling & Risk Taking, where researchers and public health experts gathered to discuss the latest work in the field.

Delta to Focus on Premium Flyers Between Atlanta and Las Vegas

A one way flight between Atlanta and Las Vegas for Wednesday December 7. As of August 20, fight class was a mere $609 with just three seats booked. If you think that's expensive, consider that nearly all the other nonstop first class one way flights out of Atlanta were going for $2000!

Can Prediction Markets Be Manipulated by One Huge Trader?

A prediction market can change fast. One minute, an outcome is trading around 45%. A few large orders come in, and suddenly the market is sitting at 55% or even higher.