Connect with us
deals book
Advertisement
Polaris bank
Advertisement
Oando
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Binance
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
Access bank
Advertisement
app

Cryptocurrency

XRP suffers largest one-day percentage loss since March 12

XRP was trading at $0.40482 down 30.01% on the day, turning out to be the largest one-day percentage loss since March 12.

Published

on

XRP, Ripple's co-founder earned $411 million from selling XRP in 2020

Ripple’s XRP is sure in a bearish grip, amid legal battles with the U.S. Securities and Exchange Commission.

At the time of writing this report, XRP was trading at $0.40482 down 30.01% on the day. It was the largest one-day percentage loss since March 12.

READ: XRP drops 14% over lawsuit from U.S Securities and Exchange Commission

Ripple and its top executives were accused by the U.S. Securities regulators of deceiving crypto investors about the status of XRP, the world’s third-largest cryptocurrency by market value, in selling over $1 billion of the crypto assets without approval from the U.S. Securities and Exchange Commission.

READ: Stellar’s XLM on a big bang, up by 10%

According to the SEC’s complaint, Christian Larsen, the company’s co-founder, Executive Chairman of its board, and former CEO; and Bradley Garlinghouse, the company’s current CEO, raised capital to finance the company’s business.

READ: Germany’s 18th Century old bank begins a Bitcoin, Stellar, Ethereum Fund

  • The complaint alleges that Ripple raised funds, beginning in 2013, through the sale of digital assets known as XRP in unregistered security offering to investors in the U.S. and worldwide.
  • Ripple also allegedly distributed billions of XRP in exchange for non-cash consideration, such as labor and market-making services.
  • According to the complaint, in addition to structuring and promoting the XRP sales used to finance the company’s business, Larsen and Garlinghouse also affected personal unregistered sales of XRP totaling approximately $600 million.
  • The complaint alleges that the defendants failed to register their offers and sales of XRP or satisfy an exemption from registration, in violation of the registration provisions of the federal securities laws.

READ: Lead Wallet: An exclusive DeFi access and multi-cryptocurrency management application

Hotflex

The U.S. Securities regulators had some time ago warned that crypto companies raising funds through the sale of crypto assets must adhere to federal securities laws.

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.

1 Comment

1 Comment

    Leave a Reply

    Your email address will not be published.

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Cryptocurrency

    Dogecoin investor loses $12 million on Binance as Doge suffers violent dump

    Recent price actions reveal $DOGE lost as much as 25%, dropping as low as $.50 amid record selling pressures.

    Published

    on

    The fast-rising crypto asset, Dogecoin suffered record losses in the early hours of Sunday despite Elon Musk’s debut on the long-awaited Saturday Night Live which surprisingly led to a violent dump.

    At the time of drafting this report the dog meme coin traded at $0.564505 on the FTX Exchange with a daily trading volume of $31 billion. Dogecoin is down 21.34% for the day.

    Recent price actions reveal $DOGE lost as much as 25%, dropping as low as $.50 amid record selling pressures.

    The largest single liquidation order happened on Binance-DOGE value $12.07 million as over $270 million positions in the Dogecoin assets vanished into thin air.

    READ: Dogecoin up 168%, more valuable than Polkadot, Cardano

    READ: Altcoin season? Ether, ADA, Doge and others hit all-time highs

    Supporters of the fast-growing crypto were earlier hopeful that Elon Musk might offer some strong bullish bias in favour of Dogecoin but that was not to be. Although the Tesla CEO has, many times via social media, stated that Dogecoin remained his favourite crypto, he recently warned fans to invest in the asset with great caution.

    Crypto pundits have often frowned at the inflationary properties of Dogecoin considering that it is printed every minute of every day, giving it a potentially infinite supply. The implication of this is that the crypto asset’s unlimited supply could, over time,  impact negatively on its price.

    Continue Reading

    Cryptocurrency

    How Nigeria’s ethnic diversity is boosting the crypto market

    The crypto market has facilitated more economic collaboration and cooperation among Nigeria’s geopolitical regions.

    Published

    on

    How Nigeria’s ethnic diversity is boosting the crypto market

    Africa’s biggest crypto market, Nigeria keeps gaining momentum in spite of its exclusion from Nigeria’s financial ecosystem. This reflects dwindling faith in Nigeria’s traditional financial asset classes.

    Adding credence to such bias is data retrieved from Paxful. The global leading Peer to Peer trading platform reveals Africa’s biggest economy and home to over 200 million people has now become its biggest market with 1.5 million users. In just four months, about $1.5 billion worth of Bitcoin exchanged hands.

    In addition, data retrieved from Google revealed that Nigeria is the only country with a perfect score in regards to its interest in the flagship crypto.

    Using local geographical metrics, Delta State has the highest level of interest in the flagship crypto on a state level, followed by Anambra, Bayelsa, Ondo, and Ekiti. This points to Bitcoin’s stronghold in southern Nigeria.

    READ: Dogecoin breaks new high, far more valuable than Nigerian Stock Market

    However, the same can’t be said of the fast-rising crypto, Dogecoin, which was created in 2013 as a joke, to mock the crypto-mania at that time. Data reveals Dogecoin has its strongest trend in the North-central and some Eastern parts of Nigeria such as Ebonyi, Plateau, Imo, Enugu, Niger, and Nasarawa.

    Surprisingly, Borno state, despite being ravaged by conflict showed a high interest in the dog meme coin.

    Anambra, Ebonyi, Bayelsa, Imo, and Cross river have the strongest interests in Ethereum that’s already breaching record highs amid the ongoing bullish run, in play at the crypto-verse.

    READ: Unknown whale moves $440 million worth of Bitcoin as institutional buying drops

    Surprisingly, Lagos, Nigeria’s busiest economic hub on the state level, misses out of the top 10 in any of the rankings despite its strong fintech presence coupled with the fact that it is host to most of Nigeria’s crypto platforms like Buycoins Africa, Quidax, Bittle, and Bundle Africa.

    This data reveals how much the crypto market thrives on Nigeria’s ethnic diversity, taking into account that the country, which is Africa’s biggest fintech community and home to Africa’s only two fintech unicorns – Interswitch and Flutterwave, will benefit from policies that encourage diversification and long-term inclusive growth.

    READ: Unknown whale moves $272 million worth of Bitcoin

    Jaiz bank

    In a country prone to stringent foreign exchange policy and expensive transaction fees compared to other emerging markets, the crypto industry is thriving and already creating jobs at record levels via the Nigerian crypto start-ups, which are facilitating millions of dollars worth of transactions daily and fostering a new wave of crypto-based solutions.

    Bottom Line: It is important to note that the crypto market has facilitated more economic collaboration and cooperation among Nigeria’s geopolitical regions further boosting the prospects for a strong political and economic entity that many young Nigerians desperately desire.

    Continue Reading

      





    Nairametrics | Company Earnings

    Access our Live Feed portal for the latest company earnings as they drop.