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World’s Oldest Operating Crypto Exchange Forecasts Trends For 2021

At the beginning of 2021, the world’s oldest cryptocurrency, Bitcoin, has seen an all-time high of over $40,000 on 8 January 2021, which is not surprising, since institutional investors as well as high-net-worth individuals consider BTC as a hedge against extraordinary fiscal stimulus programs. Here is an AMA summary from Chief Research Officer, Dan at BTCC.

ETH Price Prediction in 2021

The world’s largest financial derivatives exchange, CME Group, announces its ETH derivative product will go live on February 2021, following the launch of Bitcoin derivative product. It means Ethereum will be considered as a financial product, and will be regulated by the Commodity Futures Trading Commission (CFTC). We expect that the launch of ETH derivative product next year will bring more institutional funds into the market, thus the price of ETH is very likely to see a massive rise.

Growing Number of Institutional Players Entering the Crypto Market

The year of 2020 also has seen numerous examples of institutional investors turning their attention to the world’s most popular cryptocurrency. For example, one of the largest insurance firms, MassMutual, has purchased $100 million of Bitcoin on December 2020.

We expected to see the crypto market to rise from the end of 2020 to 2021. The difference between the bull run this year to the one in 2017 is that previous bull was driven by individual investors and some whales. However, the bull run this year is mainly driven by institutional investors pushing the price up.

Top 10 Cryptocurrencies to Look Out for in 2021

The major theme of crypto market next year will be around DeFi, Polkadot, and ETH 2.0, therefore we will expect ETH remain unchanged at the top 2. While XRP, BCH, LTC and EOS are not what the market needs for next year, we expect to see these coins fall out of their current ranking.

Here is a prediction of crypto ranking in 2021 by Dan: BTC, ETH, USDT, LTC, XRP, BNB, LINK, UNI, DOT, BCH.

BTCC currently offer 9 major cryptocurrency trading pairs including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), EOS (EOS), Ripple (XRP), Stellar (XLM), Dash (DASH), and Cardano (ADA). Users can trade Bitcoin with leverage.

About BTCC

Founded in 2011, BTCC is the world’s longest-running crypto exchange and currently headquartered in the UK. With nearly 10 years of operating history, BTCC is known for its safe and stable, top-end market depth, and as well as faster transaction speed. 

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Litecoin and XRP Battle It Out For Spot In Top 5 Cryptocurrencies

Litecoin (LTC) and XRP traded places in market capitalization rankings over the weekend, highlighting the impact of the recent lawsuit against Ripple filed by the United States Securities and Exchange Commission.

The so-called “flippening” happened early Sunday when Litecoin’s market cap hit $9.95 billion following a more than 11% surge in price. XRP, meanwhile, had declined in excess of 40% over a 24-hour trading period

The battle for a spot in the top 5 cryptocurrencies by market cap continues to rage on.

As of yesterday, XRP was back in the fourth position with a market cap of $10.5 billion. Litecoin, meanwhile, was worth just over $10 billion. In the last week, Litecoin’s price has gained more than 30% while XRP during the same time period has only risen by about 8%.

Litecoin’s price has more than doubled since mid-December, climbing to $163 at the time of this writing from a low of about $70 on December 11, 2020. XRP was also on a tear before the SEC announced a lawsuit against Ripple for allegedly violating securities laws. From its peak to its low, XRP price tumbled more than 73%, according to CoinMarketCap data. XRP has only recovered a portion of what it lost.

XRP’s road to recovery is likely to be a bumpy one as investors await the outcome of the litigation — a process that legal experts say could take several years to play out. We do have the opion – just our opinion – that a settlement will be reached sooner rather than later. Without a settlement with the SEC, the value of XRP could struggle to regain momentum. A wave of delistings at major exchanges has also dampened enthusiasm for XRP.

Meanwhile, Litecoin’s ascendancy likely has more to do with Bitcoin than any change in the project’s underlying fundamentals. Being the oldest of the cryptocurrencies, Bitcoin has assumed the role of the leader. Where Bitcoin goes, the altcoins follow.

The total market cap of all cryptocurrencies rose to all-time high today, surging past $950 billion.

Litecoin vs XRP


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Cryptocurrency News Ripple News

Binance To Delist XRP Trading On January 13, 2021

XRP continues to make the news. We’ve previously reported on the lawsuit that the Securities and Exchange Commission filed against Ripple, causing a major price crash in XRP.

Then Bitwise axed XRP from its crypto index fund.

That was followed by Bitstamp suspending trading in XRP for all U.S. residents.

Ripple’s lawyers were busy during all the flurry preparing a response to the SEC lawsuit.

Maybe it was the holidays, maybe it was wishful thinking, but along the way investors developed some hope that the worst of the bad news had already hit and bid up the price of XRP in anticipation of better days ahead.

Alas, it was not to be as more bad news just crossed our desk. Binance, the world’s largest cryptocurrency exchange, has announced that it is delisting XRP trading for U.S. residents beginning on January 13, 2021.

A statement on the company’s website reads:

Effective Wednesday, January 13, 2021 at 10am EST, XRP will be delisted from Binance.US. XRP trading and deposits will be suspended. 

When will XRP investors get a break from the barrage of bad news?

You can read the full statement here.

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Ripple Speaks Out Against The SEC Lawsuit

We’ve reported that on December 22, The Securities and Exchange Commission (SEC) has charged Ripple — the company closely associated with the cryptocurrency XRP — along with its executives Brad Garlinghouse and Christian Larsen for selling over $1.3 billion worth of XRP as securities to the public.

The fallout was immediate with investors dumping XRP causing a 3-day crash of more than 50%.

Bitwise eliminated XRP from its crypto index fund.

Bitstamp suspended trading in XRP for U.S. residents.

As to be expected, Ripple has something to say about the SEC charges.

Ripple’s CEO Brad Garlinghouse tweeted that the SEC is unjustifiably attacking crypto and blasted chairman Jay Clayton’s decision to sue his firm right before the holidays.

“Jay Clayton is taking notes from the Grinch this holiday season, leaving the actual legal work to the next administration,” Garlinghouse said, referring to the chairman’s departure at the end of Trump’s presidential tenure. 

Ripple has formally responded with a 6 page statement that states:

A. The SEC’s theory, that XRP is an investment contract, is wrong on the facts, the law and the equities.

B. To prove its case amounts to an unprecedented and ill-conceived expansion of the Howey test and the SEC’s enforcement authority against digital assets.

C. The SEC’s theory that XRP is an investment contract ignores the economic reality that XRP is, and has long been, a digital asset with a fully functional ecosystem and a real use case as a bridge currency that does not rely on Ripple’s efforts for its functionality or price.

D. XRP is a currency. XRP is similar to bitcoin and ether, which the SEC has determined are not securities. 1. By alleging that Ripple’s distributions of XRP are investment contracts while maintaining that bitcoin and ether are not securities, the Commission is picking virtual currency winners and losers, destroying U.S.-based, consumer-friendly innovation in the process.

E. This case is distinguishable from the Initial Coin Offering (“ICO”) and/or Simple Agreements for Future Tokens (“SAFTs”) cases that the Commission has brought previously, which involved no developed ecosystem or established utility for the underlying asset, and where the tokens were sold directly to purchasers by the issuer based on promises of profits and ongoing efforts that were articulated in white papers and other forms.

You can read the entire Ripple response here.

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Bitstamp Suspends XRP Trading

Bitstamp has announced its suspension of XRP trading for U.S. citizens, joining the rapidly growing list of other crypto exchanges that have moved to remove the token from their platforms.

Starting from Jan. 8, 2021, Bitstamp’s U.S. customers will no longer be able to deposit or trade the fourth-largest cryptocurrency. From Bitstamp’s statement on XRP:

“In light of the recent SEC filing against Ripple Labs Inc., which alleges that XRP is a security, we are going to halt all trading and deposits of XRP for our US customers on 8 January 2021 at 9 PM UTC. We will closely follow the unfolding situation and continue to adapt accordingly.”

As reported by us two days ago, Ripple was slapped with a bombshell lawsuit by the U.S. Securities and Exchange Commission SEC on Dec. 22, causing the XRP price to plummet.

Earlier today we reported that XRP was bouncing back from its 3-day price crash, and was up over 40% in the past 24 hours. However, Since the news of the Bitstamp news was released, XRP’s price rise has fizzled, with the current price at the time of publication only up 10.4%.

Notably, Bitstamp is the first major exchange to drop XRP due to its predicament with the regulatory watchdog. The Luxembourg-based company was founded back in 2011. The Bitwise Crypto Index Fund has also axed its holdings of XRP.

XRP Trading Suspended At Bitstamp
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Bitcoin News Cryptocurrency News Ethereum News

A Christmas Day Look At The Crypto Market

The Bitcoin price is rising!

The price of cryptocurrency protagonist Bitcoin (BTC) has recently hit the $20,000 milestone, marking a new consecutive day record. According to Coinmarketcap, on December 16th, the Bitcoin price first reached $20,000, climbing to $24,085 on the 19th. As of early Christmas morning, Bitcoin is trading at $24,375 after reaching a high of $24,722 a short while ago. BTC currently has a total market cap of $455.4bn.

But the spotlight is also on Ethereum (ETH), the no. 2 cryptocurrency by market capitalization. According to data published by blockchain data analysis firm Glassnode on December 8th at 11am, there were 1,178,174 wallets holding at least 1 ETH, marking an all-time record. This is a roughly 17% increase over January, when the figure stood at 972,924.

Ripple’s XRP has surged more than 44% in the past 24 hours.

As governments around the world are pouring out money to stabilize the economy shaken by COVID-19 and as low interest rates are persisting, cryptocurrency is also receiving attention from institutions and other investors searching for a destination to invest their ample capital. Data published on the 17th by Bitcoin Treasuries shows that a total of 23 listed and private companies worldwide, including NASDAQ-listed MicroStrategy and Square, held a total of $17.1bn worth of Bitcoin. This represents 4.47% of the total Bitcoin volume in circulation.

The number of Bitcoin fund participants is increasing

Buoyed by the bull market in crypto, the capital flowing into cryptocurrency funds is also increasing.

According to a report by Reuters published on the 7th, the assets under management (AuM) of British cryptocurrency asset management firm CoinShares reached a record high driven by institutional investors. Institutional investors invested $429m, the second-highest figure ever, raising the total AuM to $15bn. This represents an over six-fold increase over the $2.57bn recorded at the end of 2019.

The total AuM of US cryptocurrency asset management firm Grayscale, fueled by an influx of institutional investors and rising cryptocurrency prices, surpassed $15bn on the 17th. Grayscale Capital’s flagship cryptocurrency fund Bitcoin Trust (GBTC) surged by 40% over the previous month, trading at $28.25.

2020 will certainly go down as the year that the Grinch used covid-19 as the means to bring ample aggravation to the global Whoville residents, but Santa would have none of it and brought ample Christmas cheer to all the good little boys and girls HODLing cryptocurrencies!

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Cryptocurrency News Ripple News

XRP Surges More Than 40% On Christmas Day

Just as easily as XRP can drop 40% in one day, it can also rise 40% in one day:

The price of XRP crashed more than 50% this week after the SEC filed a lawsuit against Ripple — the company closely associated with XRP — along with its executives Brad Garlinghouse and Christian Larsen for selling over $1.3 billion worth of XRP to the public.

As of early morning East Coast time in the U.S., the price of XRP has jumped more than 44%, providing XRP crypto bulls with a much welcomed Christmas gift.

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Bitwise Crypto Index Fund Axes Its XRP Holdings

Bitwise Asset Management, a leading crypto fund manager since 2017, issues this release to announce that the Bitwise 10 Crypto Index Fund (OTCQX: BITW) (the “Fund”) has liquidated its position in XRP.

On Tuesday, December 22, the U.S. Securities and Exchange Commission (“SEC”) filed an action in the United States District Court for the Southern District of New York alleging, among other things, that XRP is a security subject to the registration requirements of the federal securities laws.

The Bitwise 10 Crypto Index Fund does not invest in assets that are reasonably likely to be deemed securities under federal or state securities laws. Bitwise’s decision to liquidate its position in XRP was based on consideration of new public information from the SEC’s complaint.

Prior to the sale of the asset on December 22, 2020, XRP was approximately 3.8% of the Fund. The Fund liquidated its position and reinvested the proceeds in other cryptocurrencies for its portfolio.

Bitwise is issuing this release in accordance with the disclosure obligations of OTCQX®. The Fund’s Annual Report, published to satisfy the Alternative Reporting Standard disclosure guidelines for OTCQX® and OTCQB, discloses the significant risks associated with an investment in the shares.

Investors are encouraged to read the Annual Report and carefully consider these and other risks, including the fact that if any of the assets held by the Fund are determined to be a “security” under federal or state securities laws by the Securities and Exchange Commission (“SEC”) or any other agency, or in a proceeding in a court of law or otherwise, it may have material adverse consequences for the Fund and the BITW shares.

Bitwise Asset Management is a leading provider of crypto index and beta funds. Based in San Francisco, Bitwise’s team combines expertise in technology with decades of experience in traditional asset management and indexing—coming from firms including Facebook, Google, Wealthfront, BlackRock, Fidelity, Deutsche Bank, IndexIQ, and ETF.com. Bitwise is backed by leading institutional investors and asset management executives, and is a frequent commentator on crypto in the press. It has been profiled in Institutional Investor, CNBC, Barron’s, Bloomberg, The Wall Street Journal, The New York Times, and many other leading publications. The firm is a trusted partner to financial advisors, RIAs, multifamily offices, hedge funds, and other professional investors as they navigate the crypto space.

Recently there has been an interesting development in the world of the futures and options markets; the creation of the new futures and options marketplace called the “Bitcoin Fund”. This is not your typical conventional futures broker dealer that you would deal with at your local brokerage firm. There are even a YouTube video showing the “how to get started” process that they have put together, as well as information on the dynamic nature of the market itself. As more businesses begin to explore the technology of virtual digital currency futures trading there will be those that venture into it’s very profitable business aspects.

Ripple Price Crash
Institutional Investors Shun Ripple After SEC Lawsuit
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Cryptocurrency News Ripple News

XRP Bulls Run For The Exits As Price Crashes 40% In One Day

Digital currency markets have seen some volatile action this week and during the last 24 hours following the SEC lawsuit against XRP , a number of coins shed a great deal of value. XRP itself has dropped a mind-altering 40% just in the past 24 hours. Coins like golem (GNT -19%), time new bank (TNB -17%), mossland (MOC -17%), and iot chain (ITC -16%) saw decent percentage losses as well.

At the time of publication, the entire crypto-economy is valued at $629 billion and because XRP lost so much value, bitcoin’s dominance index has risen above the 68% mark.

Just recently, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs Inc. and two of its executives. According to the U.S. regulator’s complaint, Ripple Labs “raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.” Since then, the price of XRP fell like a rock, losing nearly 40% during the last 24 hours of trading sessions since the SEC announcement. The XRP plunge has also tugged a number of other crypto-assets down as well during the trading sessions on December 23.

Is this the bottom of Ripple’s price crash?

The truth is that traders need to wait to see what happens. Even if the market is in its third day of declines, it may not have reached bottom yet. In the meantime, this can be used to the XRP bulls’ advantage by capitalizing on the opportunity before others do, and dollar-cost-averaging down to the final bottom. As the old saying goes, “Buy when there is blood in the streets.”

XRP has certainly been bloodied in the last 48 hours!

In the weeks leading up to the XRP price crash, many publications were predicting a fundamental change in the way that money is moved.  While some of these currencies did experience significant drops in value, most experienced increases in their value from buyers eager to get a position in these currencies. Even after this panic selloff in Ripple, the trend lines for all of the other top cryptocurrencies remained highly bullish, indicating that this is a dynamic market with significant potential to move higher in the near term.

There are a number of factors that have combined to create a very volatile history for the leading currencies, and if you’re an investor looking to get in on the action, it’s important to understand how the XRP crash happened and what you can do today to maximize your profits. Among the top four currencies, ether and bitcoin are hanging on to their recent gains.

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Cryptocurrency News Ripple News

SEC Lawsuit Filed Against The XRP Firm

The Securities and Exchange Commission (SEC) has charged Ripple — the company closely associated with XRP — along with its executives Brad Garlinghouse and Christian Larsen for selling as well as the ongoing sale of over $1.3 billion worth of XRP to the public.

In the filing, the SEC charged since 2013 up to the present time, the defendants have sold over 14.6 billion XRP in return for cash or other consideration to fund Ripple’s operations. 

The SEC said Ripple never filed a registration document, and, therefore, it never provided investors with information all companies that sought investment from the public regularly supplied.

The SEC lawsuit alleges that Ripple broke securities laws by selling XRP directly to consumers across exchanges. According to the complaint filed by The Alliance for Financial Innovation (AFI), Ripple acted in bad faith by not requiring users to sign a disclaimer when offering the discounted currency. Additionally, according to the complaint, Ripple instructed investors to disregard the “Ripple Statement” which is issued by the SEC when promoting the discounted currency. In addition, the complaint claims that Ripple promoted the statement on its website and in emails to customers without disclosing that the advertising was deceptive and in violation of Securities and Exchange Commission (SEC) guidelines. As a result, for lack of any express requirement that customers sign a disclaimer or other agreement, investors have reportedly been sending money to the XRP office for their own private investments. As a result, due to the lack of a disclaimer, the SEC found that Ripple broke securities laws by advertising the discounted currency and not requiring users to purchase a product as a security in advance of making a purchase.

The SEC on Wednesday formally sued Ripple, alleging that its co-founder Christian Larsen and CEO Bradley Garlinghouse “created an information vacuum” that allowed them to sell XRP into a market that only had information they chose to share.

According to the SEC’s lawsuit, the duo ignored legal advice that the cryptocurrency could be considered an investment contract and therefore was a security.

“From a financial perspective, the strategy worked,” raising at least $1.38 billion “over a years-long unregistered offering of securities,” the SEC said. “Ripple used this money to fund its operations without disclosing how it was doing so, or the full extent of its payments to others to assist in its efforts to develop a ‘use’ for XRP and maintain XRP secondary trading markets.”

Larsen and Garlinghouse both fervently have denied the SEC’s allegations, publicly arguing that XRP is a currency and should not have to be registered with the SEC as an investment contract. The company has also questioned the lawsuit’s timing – SEC Chairman Jay Clayton is soon to step down – and said the U.S. government and other regulators had previously given XRP currency status.

CEO of Ripple