- Ripple’s rally (XRPUSD on xStation5) faces some obstacles
- Egyptian central bank weighs in to the first Bitcoin (BTCUSD) exchange launch
- Blockchain.info will be gradually supporting Bitcoin Cash
We wrote about an outstanding rally seen on Ripple yesterday which was yet extended to some extent. However, after striking $0.295 the price has retreated slightly which could be a first sign of fatigue. Albeit, there is no doubt that the Singaporean story could provide a more long-lived boost for that digital currency. This is especially true if Singapore begins implementing some facilities to make e-payment more convenient to inhabitants. Either way, let us notice that an uptrend is very powerful, hence cautiousness in selling the virtual currency is warranted in particular.
In terms of the latest news coming from all around the world, there was a story from Egypt which could be a bad one for Bitcoin. There have been some revelations from there about the first Bitcoin exchange launching in the country. However, that hasn’t met with a nod from the authorities as a senior official at the country’s central bank promptly issued a statement that no entities have been authorized to trade Bitcoin. On top of that, acting Chairman of the Egyptian Financial Supervisory Authority (FSA), Reda Abdel Moaty, said in a brief statement last week, that the authority has not issued any licenses for digital currency exchanges in Egypt.
Another story which, in turn, could be beneficial for Bitcoin Cash came from Blockchain.info (the world’s leading software platform for digital assets). The company wrote in its statement on the blog that it would support Bitcoin Cash (BCH) and within the next 8 weeks they would be rolling out limited support for the new digital currency. The firm added that users with balances of Bitcoin in their Blockchain Wallet on August 1st will be able to access an equal balance, as of August 1st, of BCH.