Bitcoin experienced a drastic crash in value today, dropping $2000 in a matter of minutes. After weeks of steady increases, this serves as a stark reminder to the unpredictability and volatility of cryptocurrency markets. In the late hours of trading on Wednesday afternoon, BTC fell from a high of $13,850 to $11,900 in just under an hour, taking the shine off the rally that saw it jump in value from $5000 at the beginning of May. This sharp drop will have reminded many of the boom-and-bust that happened shortly after Bitcoin hit a high of almost $20,000 in December 2017. The slump in value has been partly attributed to a brief shutdown of Coinbase-one of the world’s most popular cryptocurrency trading platforms. Others have said that the drop was inevitable as such price increases cannot be sustained forever.
Bank of America to stop financing prisons
The United States second largest bank, the Bank of America has announced it will stop financing companies that provide immigrant and prisoner detention services for the government. A spokesperson of the bank told Yahoo Finance that the move will be implemented “as expeditiously as possible. The move comes after JPMorgan ended its relationship with the prison sector in March of this year. Wells Fargo also stated that they had “significantly decreased” their services to such businesses and they would continue to decrease them in the future. BoA described working with the sector as a “highly emotional issue” and pointed to humanitarian concerns as a possible influencer of the decision.
PayPal teams up with Coupa Pay for new payment solution
Coupa Software Inc has announced its collaboration with PayPal which will enable Coupa Pay users to access their PayPal accounts. This is expected to increase the flexibility when paying PayPal enabled suppliers, enhancing the customer experience and ensuring a hassle free online payment experience. This new partnership is an example of a number of ongoing hybrid collaborations in the payment methods space. Now a highly competitive sector, companies are reluctant to miss out on business by limiting the number of payment options at checkout.
Roku set for big things by the end of 2019
Roku, a series of online media players has reported that it now accounts for 30% of all connected TV device sales in the US during the first quarter of this year. According to a Roku spokesperson, there are over 41 million Roku devices in use, including streamers and smart TVs. This gives the firm an impressive 36% lead over competitors Sony Playstation and some predict that their lead could even reach 70% by the end of the year. By 2020, it is estimated that over 52 million Roku devices will be in use, accounting for an impressive 18% of all connected media devices.