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Cryptocurrency

Ripple on steroids, up 11%

Ripple recorded its highest percentage gain since November 24, gaining up to 10.61%.

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Crypto owners robbed of 1,150,000 XRP, Ripple owners say XRP will be worth $100, XRP losing steam as BTC & ETH gain investors' funds

Popularly known crypto asset, XRP, is recording significant appreciation in its price amid increased buying from global investors.

What we know

Ripple recorded its highest percentage gain since November 24. At the time of writing, it had gained 10.61%.

READ: PAX Gold: Crypto backed by gold but outperforms gold

  • The move pushed Ripple’s market value to around $24.09 billion, or 4.83% of the total cryptocurrency market capitalization.
  • Also, the third most valuable crypto asset has been trading from $0.50451 to $0.58549 for some hours now.
  • At such prevailing price, Ripple has plunged by 83.68% from its all-time high of $3.29 set on January 4, 2018.

READ: Germany’s biggest bank says more people now prefer Bitcoin over gold

XRP was designed by Ripple mainly to perform speedy, less costly, and more scalable alternative transactions for both crypto assets and existing monetary payment platforms like SWIFT.

Ripple owns more than half of the total supply of XRP. In late 2017, the company vowed not to sell all of its tokens (XRP) at once, keeping up to 55 billion XRP in protected escrow accounts.

READ: World’s biggest asset manager, BlackRock says Bitcoin will overtake gold

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It plays a dual role as a payment platform and a currency. The platform is an open-source platform that is created to allow quick and cheap transactions.

Unlike its major crypto rival, Bitcoin, which was never intended to be a simple payment system, Ripple has gained the attention of major global banks such as Standard Chartered, and Barclays for international transactions worldwide.

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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    Business News

    CBN, SEC working on regulatory guideline for cryptocurrency trading

    The SEC has stated that it is in discussion with the CBN to better understand and regulate the crypto-assets market.

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    The Securities and Exchange Commission (SEC) has revealed that it is working with the Central Bank of Nigeria (CBN) for a better understanding and regulation of cryptocurrencies in the country.

    This is coming after CBN had in February 2021, barred deposit money banks and other financial institutions from doing business with cryptos and other digital assets.

    This disclosure was made by the Director-General of SEC, Lamido Yuguda, at the 2021 post-Capital Market Committee (CMC) virtual news conference.

    Yuguda said that the commission was in discussion with the CBN for better understanding and regulation of the crypto-assets market, adding that the capital market regulator had suspended the implementation of crypto assets guidelines due to lack of access to Nigerian bank accounts.

    What the Director-General of SEC is saying

    Yuguda in his statement said, “We are in discussion with CBN for both understanding and better regulating of this market. We will be able to come back to you later to inform you of the outcome of these engagements.

    But because of the lack of access to commercial bank accounts, we had to suspend our own guidelines of September 2020. The implementation of that circular is suspended until these operators are able to have access to Nigerian bank accounts.

    Remember that nobody operates in the Nigerian capital market if that person does not have access to a Nigerian bank account,” he said.

    Yuguda, however, pointed out that SEC had always provided support to Fintechs and had invested so much in developing a framework to support their operations.

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    He said, “Let me say that the SEC remains very supportive of fintechs. We have invested so much in developing a framework for supporting fintechs in the various areas and fintechs are acting in areas of crowdfunding, investment advice and cryptocurrencies and the like.”

    He acknowledged the fact that the fintech market had been disrupted by the CBN’s ban on access to Nigerian bank accounts by the crypto exchange.

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    He said, “In all other areas, nothing has changed, but in the area of crypto assets, you know that with the recent prohibition by the CBN on access to Nigerian bank accounts by crypto exchanges, that market has been disrupted.

    And the truth of the matter is that while the SEC had issued guidelines in September 2020 aimed at regulating this market, for now for all intents and purposes, because these exchanges do not have access to commercial bank accounts in Nigeria, the market, for now, does not exist.’’

    In case you missed it

    • The apex bank had about 2 months ago, warned the Deposit Money Banks, Non-Financial Institutions and other Financial Institutions against doing business in crypto and other digital assets.
    • The CBN directed financial institutions to immediately close the accounts of persons or entities transacting in or operating cryptocurrency exchanges, warning of severe regulatory sanctions in the event of any breach of the directive.

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    Cryptocurrency

    Ripple’s CTO advises investors to reduce their crypto investments

    The crypto leader recently made the warning on Twitter.

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    XRP

    David Schwartz, Ripple’s Chief Technology Officer has advised investors and crypto traders to consider offloading some amounts of their crypto holdings to reduce risk. The crypto leader recently made the warning on Twitter.

    “This is probably going to be my least popular tweet ever, but: If you have life-changing amounts of cryptocurrency, please take some time to seriously consider selling some to reduce your risk and exposure. This is not any kind of prediction about what the market will do,” his tweet stated.

    READ: Billionaire investors in Nigeria you may not know

    To lend credence to his advice, about $1.39 billion dollars were liquidated in the crypto market arbitrarily with about 240,759 traders liquidated.

    The largest single liquidation order happened on Huobi-XRP valued at $11.69 million.

    Despite the recent pullback in some trending crypto assets, some crypto traders remain upbeat that crypto assets are the best tools for hedging against rising inflation, offer better returns than many traditional assets, and are set to win more attention from the corporate world.

    READ: US moves against misuse of cryptocurrencies, to employ new financial technologies

    Sigma Pensions

    Many weeks ago, the Financial Conduct Authority, a leading United Kingdom financial regulator, issued a piece of stern advice on the risk associated with trading crypto assets.

    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.

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    READ: List of unpopular Cryptos likely to outperform

    “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,” said the FCA.

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