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.
Bitcoin posts biggest daily drop since market crash of March 2020
Some crypto experts anticipate such losses are coming from widespread profit-taking by U.S. and European investors.
The flagship crypto, Bitcoin, suffered massive losses in the early hours of Friday, as almost all the gains recorded in 2021 vanished into thin air, thus posting its largest daily drop since the market crash of March 2020.
- Some crypto experts posit that such losses are coming from widespread profit-taking by U.S. and European investors, and that worries about extra regulation has driven the crypto asset toward a weekly loss of more than 25%.
- Top-rated crypto assets like Ethereum plunged by almost 16%, while Chainlink also recorded double-digit percentage losses.
Also weighing on prevailing market conditions seen across the crypto-verse, data retrieved from Glassnode, a crypto analytic firm, reveal bitcoin $BTC Supply in Profit (1d MA) just reached a 3-month low of 16,899,766.137 BTC.
The previous 3-month low of 16,903,691.779 BTC was observed on 11 December, 2020
Previous 3-month low of 16,903,691.779 BTC was observed on 11 December 2020
— glassnode alerts (@glassnodealerts) January 21, 2021
What this means: Consequently, Jesse Cohen, a senior crypto analyst, in a note to Nairametrics, spoke on the outlook for Bitcoin in 2021.
“I expect Bitcoin to remain highly volatile to the downside in the new year, given the potential for more scrutiny and tighter regulation. That should see prices fall back from their record highs, with the prospect of increased regulation being the most important factor affecting Bitcoin in 2021.”
However, as it gained more than 300% in 2020, many crypto experts wonder if BTC can continue such rally this year.
Investors get burnt, lose $1.6 billion in crypto within a day
The prevailing market condition at the crypto market led to heavy losses of global investors’ funds, when roughly $1.6 billion worth of crypto positions evaporated into thin air within a day.
The mass liquidation of such crypto holdings, according to data retrieved from Bybt, showed that such occurred before the flagship crypto dipped from $34,300 to around $29,700 at press time.
For the day, about 192,005 crypto traders got liquidated.
The global crypto market value at press time was around $842.75B, a 16.40% decrease over the previous day.
- Total crypto market volume for the day stood at $169 billion, which makes a 12.17% increase.
- Total volume in DeFi is currently $14.53 billion, 8.61% of the total crypto market 24-hour volume.
- The volume of all stable coins is now $140.71B, which is 83.36% of the total crypto market 24-hour volume.
- The flagship crypto traded at $29,196.15.
- Bitcoin’s dominance is currently 64.77%, an increase of 0.16% over the day
What this means: Record sell-offs have pushed Bitcoin’s year-to-date gains below 1%. The record sell-off in the crypto market is likely due to widespread profit-taking by U.S. and European investors.
Some days ago, the leading United Kingdom financial regulator, the Financial Conduct Authority, issued a piece of stern advice on crypto investments.
The statement highlighted the risks associated with investing in Bitcoin and other crypto assets, and warned the public that there were high chances that all their funds could be lost.
“The FCA is aware that some firms are offering investments in crypto assets or lending or investments linked to crypto assets, that promise high returns.
“Investing in crypto assets, or investments and lending linked to them generally involves taking very high risks with investors’ money. If consumers invest in these types of products, they should be prepared to lose all their money.”
Ex-Real Madrid Striker, David Barral becomes first-ever footballer to be bought with Bitcoin
Former Real Madrid Striker, David Barral has become the first-ever footballer to be bought with Bitcoin.
Former Real Madrid striker, David Barral, makes transfer history as he became the first-ever professional player to be bought solely with virtual currency, Bitcoin.
Spanish third division side, DUX Internacional de Madrid, simply known as Inter Madrid, has officially signed the 37-year-old after teaming up with their new sponsors, Criptan that deals in cryptocurrency, The SUN reports.
Inter Madrid who are part of DUX gaming, eSports club owned by footballers Borja Iglesias and Real Madrid star, Thibaut Courtois, is yet to disclose the total value of the deal.
The Segunda Division B club went to Twitter to welcome their new signing and thank their sponsor.
“David Barral new player of DUX Internacional de Madrid, welcome to the infinite club! He becomes the first signing in history in cryptocurrencies. Thanks to Criptan, our new sponsor, for making it possible,” the club tweeted.
The 37-year-old, who made over 50 appearances playing in the Real Madrid reserve side, expressed his delight at his latest move. Barral has also played for Spanish La Liga clubs Sporting Gijon, Levante, and Racing Santander.
“Glad to join the project of @interdemadrid with eager ambition and responsibility to continue competing and achieve important challenges in my sports career,” he wrote on his official Twitter handle.
What you should know
- A similar deal was when a Harunustaspor, Turkish amateur side, paid 0.0524 Bitcoin (£385) plus 2,500 Turkish Lira in cash (£841) for Omer Faruk Kıroğlu in 2018.
- Back in December, Carolina Panthers offensive tackle Russell Okung became the first high-profile athlete in the United States to be paid in bitcoin.
- Similarly, the Mark Cuban-owned Dallas Mavericks became the second NBA franchise to accept Bitcoin as a means of payment for both game tickets and merchandise.