Last week, it appeared that the digital currency world was picking up momentum. Led by ripple (XRP), which gained nearly 200% in value and briefly overtook ethereum to become the second-largest cryptocurrency in the world by market cap, many of the top altcoins saw significant increases in value. However, that momentum has experienced difficulty sustaining into this week, as bitcoin hovers in the $6,600s, ethereum remains just above $220, and ripple has settled just above $0.53, as of late Friday afternoon, EDT, and according to Coinmarketcap.
Coins fell in the middle of the week, with many making a recovery toward the weekend. Exceptions to this rule among the top digital tokens were stellar, which has traded around one quarter per token for several days after briefly spiking previously in the week, and tether, which remains linked to the U.S. dollar.
Crypto Ad Ban Reversal, in Part
Internet giant Google (GOOG) previously banned digital currency ads from its platform, but this week it partially reversed that earlier decision. In a blog post announcing the revision to the policy, Google indicated it would accept advertisements from regulated digital currency exchanges in Japan and the U.S. beginning next month. The company indicated that "advertisers will need to be certified with Google for the specific country in which their ads will serve."
While this is far from a total policy reversal, it nonetheless indicates Google's earliest response to the growing reality that many digital currency systems, created to be decentralized, are becoming regulated in various ways by governments.
Ripple Craziness Continues
Ripple nearly tripled in price last week, and investors are still not entirely sure why. The digital token saw its price decline significantly in preceding weeks, and company co-founder Jed McCaleb "accelerated" his sale of XRP in the process, selling off as many as 40,000 tokens per day through July. He then sold close to 500,000 XRP each day in August. Now that ripple's price has risen in recent days, McCaleb might be expected to have shifted his strategy. However, he has continued to sell about $150,000 worth of the token each day. McCaleb has not divulged his strategy other than to tell the Wall Street Journal that he's "not selling more than [he has] agreed to with Ripple."