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Cryptocurrency

Litecoin displaces XRP as 4th most valuable crypto

Litecoin is now the fourth biggest crypto by market value, standing at $10.425 Billion

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Litecoin

XRP is obviously in troubled waters as it recently got displaced by Litecoin as the fourth-largest crypto, with lawsuits piling up against Ripple.

As at press time, Litecoin traded at $157.38 with a daily trading volume of about $10 billion. Litecoin is up 0.38% in the last 24 hours. It is now the fourth biggest crypto by market value, standing at $10.425 billion.

READ: XRP in deep crisis, drops 21%

On the other hand, falling crypto asset, XRP at press time traded at $0.226762 with a daily trading volume of $5.4 billion. XRP is down 4.37% for the day, with a market value of $10.3 billion.

READ: KuCoin recovers 84% of Cryptos stolen by hackers

Leading crypto exchanges including, OKCoin, Coinbase, Bittrex, Bitstamp, OSL, CrossTower, and Beaxy are now staying far from XRP, thereby dampening market liquidity in the XRP market as those crypto exchanges listed above recently announced they would suspend trading for XRP, while others will delist XRP entirely.

READ: Ethereum defying law of gravity surges past $1,050

Also compounding hard on Ripple are reports revealing that Tetragon, one of the lead investors in a $200 million Series C funding round for Ripple some years ago, has recently filed a complaint against the firm in court to “enforce its contractual right to require Ripple to redeem” Series C preferred stock held by Tetragon.

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READ: Bitcoin’s market value now $468 billion, bigger than GDP of Africa’s largest economy

What you should know: Litecoin is a P2P crypto that allows instant, near-zero cost fee to anyone around the globe. It is open-source in principle, as its global payment network is fully decentralized without any central authority.

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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

Cryptocurrency: FG should set up presidential commission on cryptocurrency – ACCI

The Federal Government has been urged to set up a presidential task force on cryptocurrency adoption.

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The Abuja Chamber of Commerce and Industry (ACCI) has urged the Federal Government to set up a presidential task force on cryptocurrency adoption, citing increased adoption of cryptos in the global markets.

This was disclosed by Dr Almujtaba Abubakar, ACCI President, in a statement on Friday in Abuja. He suggested that the FG should propose a plan which would enable cryptocurrency to be used in Nigeria’s financial markets.

“The commission should propose a plan of action for phased usage of the technological currency within the Nigerian financial system,” he said.

“We suggest that members of the commission should be drawn from the Central Bank of Nigeria (CBN), Nigerian Stock Exchange, banking /financial Institutions, bitcoin community, digital currency experts and relevant MDAs and organised private sector.

It is our considered view that such a commission will have all facts on the table and will be able to chart a sustainable path forward for Nigeria,” he added.

The ACCI cited Vice President, Osinbajo’s views on cryptocurrency being a global phenomenon that nations must address rather than run away from.

“The policy lacuna impresses on the administration to consider possible options to prepare the nation to cope with the positive and negative fallouts of this new financial technology,” the ACCI boss added.

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Nairametrics reported that the Securities and Exchange Commission (SEC) had revealed that it was working with the Central Bank of Nigeria for a better understanding and regulation of cryptocurrencies in the country.

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Cryptocurrency

Dogecoin up 168%, more valuable than Polkadot, Cardano

The fast-rising crypto at the time of writing traded at $0.359439 with a daily trading volume of $63.5 billion.

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Dogecoin (DOGE), once again, shocked traders, investors and many crypto analysts by gaining over 200% to flip Cardano and Polkadot, becoming the sixth most valuable crypto asset by market value.

The fast-rising crypto at the time of writing traded at $0.359439 with a daily trading volume of $63.5 billion.

Dogecoin is up 167.95% for the day on the FTX exchange. The dog meme crypto is now the 6th most valuable crypto with a market value of $46.4 billion.

READ: Bitcoin miners are consistently earning $50 million daily

Recent data from Coinmarketcap reveal it has a circulating supply of 129,210,007,256 DOGE coins and the maximum supply is not available.

Market pundits argue that the credence of the world’s leading billionaires might have given the fast-rising crypto enough support amid the recent price correction ongoing in the flagship crypto market. These two individuals are Elon Musk and Mark Cuban.

A leading crypto social analytic firm revealed the altcoin has the highest number of activities in the past 18 hours and social mentions of over 410, 0000, thereby making it the most popular crypto on social media.

READ: Crypto market surges above $2 trillion, as Bitcoin stages a huge comeback above $60,500

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