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Cryptocurrency

XRP rebounds strongly, gains 42% aided by Wallstreetbets

XRP traded at $0.404171 with a daily trading volume of $25.9 billion and is up 42.33% for the day.

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

XRP price underwent a strong 42 % breakout at today’s early trading session as the fourth-most valuable crypto by market value became the new coin of focus from a new brand of retail traders known as Wallstreetbets.

It seems that the prevailing circumstances that saw Wallstreetbets increase their buying pressure on GameStop, Blackberry, and Dogecoin (DOGE), have carried over into the weekend as XRP saw an increased buying pressure.

What you should know: At the time of drafting this report, XRP traded at $0.404171 with a daily trading volume of $25.9 billion. XRP is up 42.33% for the day.

READ: Crypto exchanges stop Ethereum withdrawals

  • In the past few weeks, XRP price had experienced high selling pressure on a lawsuit filed against it by the U.S. Securities Exchange Commission (SEC) leading investors and crypto-traders cashing out most of their profits amid fear of regulation coming from the world’s largest economy.
  • Leading crypto exchanges including Coinbase, OKCoin, Coinbase, Bittrex, Bitstamp, OSL, CrossTower, and Beaxy are now staying away from XRP, thereby dampening market liquidity in the XRP market as the crypto exchanges listed above recently announced that they would suspend trading of XRP, while others will delist XRP entirely.

READ: Major reasons why XRP is better than Bitcoin

Meanwhile, Ripple has filed its response to the SEC’s complaint. Ripple, as it has many times before, said its digital token XRP was not a security i.e. an investment in Ripple and is therefore not in the SEC’s jurisdiction

In addition, Ripple is demanding to know why Ether (ETH) isn’t considered a “security” while XRP is tagged as such.

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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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    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.

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    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.

    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.

    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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    Cryptocurrency

    Bitcoin is on fire, breaks above all-time high

    The flagship crypto traded at $62,645.26 with a daily trading volume of about $60 billion.

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    Bitcoin on high demand, hits 2-year high, trading $17,000

    Bitcoin prices ascended to a record high on Tuesday, hitting another milestone at above $62,000, a move that many reaffirm to be a bullish trend in the cryptoverse and one that can make other digital assets surge.

    At the time of writing this report, the flagship crypto traded at $62,645.26 with a daily trading volume of about $60 billion. Bitcoin is up 2.99% for the day. The world’s most popular crypto now has a market value of about $1.17 trillion.

    Adding credence to the strong bullish run in play is data retrieved from Glassnode pointing to the fact that holders of the flagship crypto are selling less, as Bitcoin deposits on exchanges hit a 30-day low.

    BTC Number of Exchange Deposits (7d MA) just reached a 1-month low of 2,837.702.

    READ: Why Bitcoin might likely hit $100,000 soon

    READ: Bitcoin produces 4 billionaires worth at least $3 billion each

    More details later…

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