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Bitcoin suffers worst financial loss in minutes

This is one of the fastest 20% market correction seen in financial history.

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Bitcoin just suffered one of the worst plunge seen in financial history as it lost about $7,000 in value, plunging from $34,000 to $27,000 in minutes.

This is one of the fastest 20%  market correction seen in financial history.

The result stunned so many traders and investors who overleveraged on the prevailing bullish trend in the Bitcoin market.

“$190,000,000 (in long positions) were liquidated on Binance within 10 minutes. Largest value to date,”Glassnode commented alongside a chart showing Binance liquidations.

At the time of writing, Bitcoin traded at $30,996.19 with a daily trading volume of $82,311,674,405. Bitcoin is down 6.74% in the last 24 hours.

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CRYPTOCURRENCY

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

Jed McCaleb was able to gain $411 million in XRP sales throughout 2020 bringing his total gains from selling XRP to $546 million.

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Ripple co-founder and one of the largest owners of XRP, Jed McCaleb, gained massively from selling XRP in 2020.

What you should know

In spite of Ripple’s legal troubles with the powerful American financial regulator, Jed McCaleb was able to gain $411 million in XRP sales throughout 2020, bringing his total gains from selling XRP to $546 million.

  • Highly revered crypto tracker, Whale Alert reported that McCaleb’s remaining XRP holdings along with the gains he made selling XRP stand at $1.2 billion, making him one of the richest individuals in the crypto-verse.
  • It’s key to note that McCaleb left Ripple several years ago and went on to launch his own crypto company known as Stellar.
  • As of the start of Q3 2020, he was selling an average of 1.74 million XRP daily which, at that time, was estimated to be worth $547,438.
  • According to Whale Alert’s research, the co-founder still owns 3.274 billion XRP.

Meanwhile, the crypto asset has been losing value at record levels on reports that the world’s most valuable crypto exchange, Coinbase, recently announced that it wouldn’t allow XRP trading, in response to the United States Securities and Exchange Commission taking legal action against Ripple.

Coinbase further explained that,

  • “XRP trading may be stopped earlier as needed to maintain the exchange’s market health metrics.”

Ripple in a recent press release, disclosed it was ready to fight the allegations issued by the United States Securities and Exchange Commission against the company.

  • “The SEC’s decision to file this action is not just about Ripple, it is an attack on the entire crypto industry here in the United States. We’ve always said that there is a dangerous lack of regulatory clarity for crypto in the U.S. — their lawsuit has already affected countless innocent XRP retail holders with no connection to Ripple.
  • “It has also needlessly muddied the waters for exchanges, market makers, and traders. The SEC has introduced more uncertainty into the market, actively harming the community they’re supposed to protect. It’s no surprise that some market participants are reacting conservatively as a result.”
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CRYPTOCURRENCY

ABCON urges CBN to stabilize Forex in 2021

ABCON has tasked the CBN to sustain its numerous drives and interventions targeted towards forex stability in 2021.

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The Association of Bureau De Change Operators of Nigeria (ABCON) has tasked the country’s apex financial institution, the Central Bank of Nigeria (CBN) to continue in its efforts of stabilizing the foreign exchange rates for economic growth.

The call was made by ABCON President, Alhaji Aminu Gwadabe during an interview with the News Agency of Nigeria.

What they are saying: Speaking to NAN, Alhaji Gwadabe said: “My advice is that the CBN should continue to expand the supply source of the buffers through deliberate and strategic plans in the Diaspora remittances.

“Emphasis should also be given to diversification to enjoy the full potential of the present Africa Continental Free Trade agreements.

“It should also partner relevant stakeholders on the adoption of newer technologies and digitisation of our Bureaux de Change sector for growth of the economy.

“Finally, it should enhance intelligence base approach for effective monitoring and supervision of the market,’’ he concluded.

In addition, Gwadabe urged the Federal Government of Nigeria to diversify its revenue base, considering non-oil export proceeds, diaspora remittances and sales of unprofitable assets.

What you should know: Nairametrics had earlier reported that various interventions by the CBN had helped to stabilize Naira at the black market, with CBN selling over $1 billion to BDCs since they resumed forex sales on September 2020.

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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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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.

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.

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.

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.

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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