The leading American fintech company scored an early victory in court some hours ago as the court granted Ripple access to U.S. SEC documents “expressing the financial regulator’s interpretation or views” about crypto assets.
Recent price actions reveal XRP at the time of drafting this report traded around $1.05 on the FTX exchange for the first time in 3 years with a daily trading volume of $33 billion. XRP is up 20.05% for the day.
John E Deaton, a top-ranking lawyer via Twitter revealed the American judge Sarah Netburn permitted Ripple’s motion “in large part,” determining that the U.S Securities Exchange Commission memos concerning crypto are likely discoverable.
The SEC attorney stated that last week @Ripple issued a subpoena to Clayton at his new place of employment for any communications related to Digital Assets including but not limited to #BTC #ETH and #XRP!
— John E Deaton (@JohnEDeaton1) April 6, 2021
The Judge also asserted that Ripple’s staff-to-staff email communications do not need to be released in court.
The news pushed XRP’s valuation past Binance Coin, Cardano, and Polkadot; and at the time of writing this report, it currently ranks the fourth most valuable crypto asset.
Earlier pessimism surrounding the crypto asset was due to the ongoing legal battle with the powerful financial regulator taking to account that the crypto had already been suspended from many western crypto exchanges like Coinbase amid regulatory concerns.
About 100 billion XRP tokens were created at once by Ripple about a decade ago. Ripple, the fintech juggernaut controls a big stake in the existing XRP tokens, leading to the debate about whether the crypto is decentralized like Ethereum or Bitcoin.
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.
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.
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.
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.
— glassnode alerts (@glassnodealerts) April 13, 2021
More details later…
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