Cryptocurrency
No retreat, no surrender, XRP jumps by 21%
XRP traded at $0.28334, showing a gain of 20.58% on the day.
Troubled crypto-asset, XRP, rebounded strongly amid the bullish trend in play in the crypto-verse.
What you should know: At the time of writing, XRP traded at $0.28334 showing a gain of 20.58% on the day.
READ: Litecoin displaces XRP as 4th most valuable crypto
It was its largest one-day percentage gain since Christmas eve.
The surge pushed XRP’s market value to $12.4 billion, or 1.22% of the total cryptocurrency market capitalization. At its highest, XRP’s market cap was $31.6 billion.
READ: Unknown entity moves $413 million worth of Bitcoin for a $33 fee
- The fourth most valuable crypto asset by market value traded in a range of $0.24570 to $0.28356 for the day.
- In the past week, XRP has seen a surge in value, jumping by 25.8%. The volume of the crypto asset for the day to press time is about $8 billion or 4.52% of the total volume of all cryptos.
READ: 120 million XRP worth $76 million moved by a large entity
These gains would surely calm the nerves of many XRP investors disturbed by the ongoing legal tussle between Ripple and a powerful financial regulator.
Recall some days ago, investors and crypto-traders were cashing out some of their profits amid fear of regulation coming from the world’s largest economy.
READ: Crypto: Financial market that never sleeps, or is under any central authority
Leading crypto exchanges including, OKCoin, Coinbase, Bittrex, Bitstamp, OSL, CrossTower, and Beaxy are now staying away from XRP, thereby dampening market liquidity in the XRP market as those crypto exchanges listed above recently announced that they would suspend trading for XRP, while others will delist XRP entirely.
Cryptocurrency
Dogecoin hits a new milestone, surges by 54%
DOGE experienced a strong 54% rally and established a new all-time high of $0.1161.
The price of Dogecoin, the fast-rising crypto popularly referred to as DOGE experienced a strong 54% rally and established a new all-time high of $0.1161 amid strong buying pressures prevalent in the Cryptoverse.
While crypto pundits can’t clearly give the rationality behind the recent surge of Dogecoin, its debut as one of the most popular crypto on social media, with top celebrities including Elon Musk and Mark Cuban giving the crypto endless support, makes a strong case.
READ: Sacramento Kings becomes first sports team to offer salary option in Bitcoin
At the time of writing this report, Dogecoin was trading at $0.113824 with a daily trading volume of $11.3 billion. Dogecoin is up 54.49% for the day.
Dallas Mavericks owner, Mark Cuban is predicting the price of Dogecoin (DOGE) will eventually hit $1, after few days of accepting the crypto as a form of payment.
Dogecoin is a type of digital coin that is decentralized and facilitates peer-to-peer digital transactions. This means you can send money online with much ease. It is usually referred to as “the internet currency.”
READ: 3 Cryptos set to explode high
It is different from BTC’s proof-of-work protocol in many ways, one of which is the Scrypt technology. The fast-growing altcoin also has a block period of 1 minute, and the total supply is unlimited, meaning that there is no limit to the amount of Dogecoin that can be mined.
“The recent rise of dogecoin, a meme coin, should serve as a reminder to everyone in the space that the most popular use case for crypto is still pure speculation,” said Anil Lulla, a former analyst at Bloomberg and co-founder of the cryptocurrency research firm, Delphi Digital.
Cryptocurrency
Bitcoin ETF in North America has reached $1 billion in assets
The first North American Bitcoin ETF has already reached $1 billion (C$1.25 billion) in assets less than two months after its launch.
According to a statement from its issuer, the first North American Bitcoin ETF has already reached $1 billion (C$1.25 billion) in assets less than two months after its launch. What exchange-traded funds did to the conventional investing market for decades could happen to cryptocurrency players in a fraction of the time.
Investors are clamoring for crypto exposure, particularly in an exchange-traded fund wrapper, and the product from Toronto-based Purpose Investments, ticker BTCC, has seen a lot of interest. Although there are many crypto funds in Europe that work similarly to ETFs, this is the first ETF anywhere.
READ: Ripple scores early legal victory, XRP breaks above $1 for first time in 3 years
More than $165 million worth of shares were traded on the fund’s first trading day in February, a big start for a fund in the much smaller Canadian ETF market.
Its rapid cash accumulation reflects the high demand for Bitcoin products in the United States, as issuers compete for approval of the first Bitcoin ETF in the nation. Despite regulator resistance to accept the tactics, at least eight companies, including VanEck Associates Corp. and WisdomTree Investments, now have live applications with the Securities and Exchange Commission.
On Tuesday, Bitcoin surged to an all-time high of about $63,246 ahead of Coinbase Global Inc.’s upcoming IPO later this week.
READ: Meet the billionaire twins who bought $10m worth of Bitcoin when it still sold for $8
There is an increasing expectation that a bitcoin ETF will be available in the United States in the not-too-distant future. Gary Gensler, the nominated chairman of the Securities and Exchange Commission, has taught cryptocurrency classes. The bitcoin market has exploded in popularity in recent months, attracting the attention of major financial institutions. Bitcoin ETFs are once again being sought by VanEck, Fidelity, and others.
One advantage of ETFs is that shares can be readily created and redeemed to arbitrage away any discount or premium, which could greatly broaden their appeal. ETFs are also cheaper, which will put pressure on fees across the bitcoin ecosystem. Hence market sentiment may push the ETF higher.
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