Crypto Prices Fall; Huawei to Give Chinese Users Easier Access to Bitcoin

Original Source    2018-05-11 12:05

Cryptocurrency prices fell on Friday, with Ripple and Litecoin down more than 7% – Cryptocurrency prices fell on Friday, with Ripple and Litecoin down more than 7%. China-based Huawei Technology made headlines as the world’s third-biggest handset maker is letting its users to download Bitcoin Wallets on their mobile devices for the first time on Friday.

Bitcoin was trading at $8,933.3 by 12:09AM ET (04:09GMT) on the Bitfinex exchange, down 4.5% over the previous 24 hours.

Ethereum, the world’s second largest cryptocurrency by market cap, was down 3.4% at $730.98 on the Bitfinex exchange.

Ripple’s XRP token plunged 7.5% to $0.74052 on the Poloniex exchange.

Meanwhile, Litecoin plummeted 8.4% to $147.2.

Huawei released its first cryptocurrency app on Friday. The app, named AppGallery, will be pre-installed on all new Huawei phones and will be rolled out to older devices later this year, according to reports.

“From our leadership position in China, the tip of the spear of mobile payments, we expect to see massive growth in global cryptocurrency adoption habits in the near future,” Jaime Gonzalo, vice president of Huawei’s mobile services said in a statement.

Elsewhere, U.S.-listed Nvidia Corp’s latest earnings report received moderate attention as the company disclosed for the first time that about 9% of its overall revenue was generated from chips for mining cryptocurrencies.

However, Chief Financial Officer of the company Colette Kress noted that the company expects cryptocurrency-related revenue to fall 65% in the next quarter.

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