One of the richest Bitcoin investors known is suddenly moving his crypto fortune.
An anonymous whale recently transferred 13,242 BTC worth $175.1 million for a fee of just $0.84. The transfer was first reported by a whale-watching bot known as Whale Alert.
Businesses and individuals are fast adopting Bitcoin on the bias that it’s virtually cheap to transfer any amount of funds, and doesn’t exhibit stringent capital controls on outflows, relatively high transaction costs, and inflexible exchange rate system prevalent in many global financial systems.
Why is this happening?
Popularly known hedge fund manager and Billionaire, Paul Tudor Jones, recently had been bullish on bitcoin, calling it the best inflation hedge you can find.
“I like bitcoin even more now than I did then. I think we are in the first inning of bitcoin and it’s got a long way to go,” Jones said on CNBC’s Squawk Box on Thursday.
He first revealed his bitcoin investment in May and on Thursday, he said he holds a “small single-digit investment” in the cryptocurrency.
The widely respected trader believes the huge quantitative easing program from the Federal Reserve is setting the stage for inflation to make a grand comeback.
“The reason I recommended bitcoin is because it was one of the menus of inflation trades, like gold, like TIPS breakevens, like copper, like being a long yield curve and I came to the conclusion that bitcoin was going to be the best inflation trade,” Jones said.
Jens Ischebeck, a renowned Fintech publisher, in a note shared with Nairametrics, gave vital insights on why Africans are fast adopting crypto and the advantages that crypto-assets bring
“Most African citizens have started shifting their hopes to the use of crypto, to escape numerous constraints faced with the traditional money transfer services, including cost, speed, and inconveniences.”
Ripple suffers highest day percentage loss since September 3
Ripple’s crypto-asset, XRP was trading at $0.62215 by 00:01 (05:01 GMT) down 10.29% on the day.
In line with the law of gravity, what goes up must come down at one point in time. Ripple the third most valuable crypto by market value has suffered its largest one-day percentage loss since September 3.
- Ripple’s crypto-asset, XRP was trading at $0.62215 by 00:01 (05:01 GMT), down 10.29% on the day.
- The move downwards pushed XRP’s market cap down to $28.6 Billion or 5.08% of the total cryptocurrency market cap.
- At its highest point in 2017, XRP’s market capitalization was $31.58 Billion.
- XRP had traded in a range of $0.62057 to $0.70711 in the previous twenty-four hours
That said, the bullish run presently in play is largely attributed to Ripple’s most recent earning reports, disclosing it purchased a large quantity of XRP coin worth $45.5 million in Q3 2020, as part of its efforts to support the crypto market.
What you should know
Ripple’s XRP is often tagged as the “remittance network” and currency exchange that independent servers authenticate. The currency traded is known as XRP and transfer times are super fast.
Ripple (XRP) plays dual roles as a payment platform and a currency. The platform is an open-source platform that was created to allow quick and cheap transactions.
Big investors prepare to offload some Bitcoins
Ki Young Ju recently warned on the high influx of Bitcoin holders moving a significant portion of their BTC holdings.
A well-revered crypto strategist and Chief Executive Officer of Crypto Quant, Ki Young Ju, recently warned on the high influx of big-time Bitcoin holders moving a significant portion of their BTC holdings to a well-known crypto exchange, Coinbase, obviously to cash out, amid the bullish trend currently in play.
- At the time of writing this report, Bitcoin traded at $18,813.28 with a daily trading volume of $50 Billion.
- BTC price is up 2.5% in the last 24 hours. It has a circulating supply of 19 Million coins and a max supply of 21 Million coins.
The Head of the blockchain intelligence platform further anticipated the likelihood for Bitcoin to go through a period of correction as more investors deposit their BTC on Coinbase.
“Too many BTC whales on Coinbase. I’m still long-term bullish, but we might face some corrections or sideways until whales become inactive on spot exchanges.
“Exchange Whale Ratio is the relative size of the top 10 inflows to total inflows. Historical data for Coinbase Whale Ratio. When whales are active (over 90%) on Coinbase, the BTC price will likely be going sideways or bearish.”
However, the top crypto strategist, Willy Woo, warned that the presence of whales in exchanges was no longer a strong indicator of a market sell-off.
“It used to be that peaks in destruction or dormancy would be a bad sign for the market as old coins have more experienced masters, thus smarter money; this would predict a price drop. These days not always, OG whales also sell bottoms. Smarter money has arrived.”
Taking into consideration the bullish trend currently in play at the world’s flagship crypto market, Nairametrics’ view on Bitcoin remains bullish at least for the mid-term. However, the price needs to cool off at least temporarily, but the timing of such consolidation is pretty unknown, as it could be only for a few days or a protracted consolidation for another week or even longer is hard to tell right now.
Ripple adds Bank of America to payment network
Ripple on its recently updated website disclosed that a leading American bank is now on its payment network, RippleNet.
Ripple on its recently updated website disclosed that a leading American bank, Bank of America is now on its payment network RippleNet, known for the startup’s global payment network of banks and leading financial institutions and arch-rival of the SWIFT network.
The fast-growing fintech company gave insights into its growing membership of leading financial firms using its payment network
“The RippleNet Membership is a network of leading financial institutions that partner together to collectively and democratically govern and evolve RippleNet. These institutions work to standardize global cross border transactions…
“It creates a community, regionally and globally, where members can learn and share insights and best practices as their use of RippleNet grows, and build new commercial relationships with other members.”
What you must know: RippleNet is a network of institutional payment-providers that include banks and payment providers that use solutions developed by Ripple to provide a seamless experience to send money worldwide.
- RippleNet uses a leverage of cutting-edge blockchain technology in streamlining payments services that help in reducing costs.
- It should also be added that On-Demand Liquidity (ODL), Ripple’s XRP-powered cross-border payments product, is available in the US, Mexico, Europe, the Philippines, and Australia.
Recall that some weeks ago, Nairametrics released reports on how Ripple, the fast-growing fintech juggernaut and owner of XRP, disclosed that its global payments network, RippleNet, was already live in 55 countries including Nigeria, with XRP remittances live in five continents.
RippleNet also stated that its service offerings were available in 95 currency pairs, according to the fintech’s redesigned website