The stock market has been on a high lately. Thanks to the crypto-currency effect. Today’s classic example was Eastman Kodak Company (KODK). KODK stock prices more than doubled after the company jumped on the cryptocurrency-bitcoin bandwagon. Kodak announced that it has created KODAKCoin, which will be used on its KodakOne “image rights management platform” so that photographers can “sell their work confidently on a secure blockchain platform
So, lets come to Ripple (XRP). Ripple fell by more than 11% after CoinMarketCap.com opted to remove some of the South Korean exchanges from its data sources. The trickle-down effect immediately had fellow Ripple holders chicken out leading to a selling-induced-selloff. A positive way to look at this vital decision by CoinMarketCap.com is “Clarity” in bitcoin trading. South Korean exchanges had significantly higher trading rates for the cryptocurrency owing to higher demand and tightened government regulations. Now that inflated prices have been adjusted for in the market cap, the trading prices are much more uniform across worldwide bitcoin exchanges.
However, naive bitcoin traders who weren’t aware of this change by CoinMarketCap quickly began to offload their stash of Ripple. For the crypto currency-educated buyers, this has created a perfect opportunity to buy the dips especially when American Express and Santander have partnered with financial technology firm Ripple to speed up cross-border payments between the U.S. and the U.K. by using blockchain technology.
It will be interesting to see how the Asian markets fair to this recent fall in Ripple prices.