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CRYPTOCURRENCY

Ripple’s chairman transfers 500,000,000 XRP

Chris Larsen, Ripple’s co-founder and Chairman transferred 499,999,979XRP.

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The fourth most valuable crypto in the crypto-verse is on limelight again. Data from Whale Alert revealed that Chris Larsen, Ripple’s co-founder and Chairman transferred 499,999,979XRP  worth (115,847,491 USD) to unknown wallet.

The Ripple’s co-founder, via his Twitter feed, commented on the move, and further revealed the unknown wallet, he transferred the huge stacks of Ripple.

“As some of you may have noticed, I moved an $XRP wallet to NYDIG. I’ve known the founders for a while, and am impressed by their security and top-notch institutional standards — this is truly custody 2.0.,” Larsen tweeted.

What we know: NYDIG provides digital asset services to investors around the world. NYDIG’s custody platform, built fully in-house, is designed to satisfy the highest regulatory, audit, and governance standards, and NYDIG’s team is comprised of professionals with deep experience in capital markets, technology, and digital assets.

Quick fact: Ripple (XRP) plays dual roles as a payment platform and a currency. The platform is an open-source platform that is created to allow quick and cheap transactions.

Unlike its crypto rival, Bitcoin, which was never intended to be a simple payment system, Ripple has gained the attention of major global banks such as Standard Chartered and Barclays for international transactions worldwide.

Global banks having a relationship with Ripple

Japan-based Mitsubishi UFJ Financial Group, with assets of more than USD 2.8 trillion, announced in November 2018 that, in cooperation with Ripple, it would provide an international money transfer service on the payment corridor from Japan to Brazil.

Banks using Ripple include Europe’s banking giant, HSBC Holdings Plc, with assets of about $2.5 trillion, which disclosed in 2019 that it would use the XRP payment solution.

Japan Post Bank with assets of USD 1.9 trillion, Sumitomo Mitsui Financial Group, and Mizuho Financial Group with trillions of dollars in assets, also have a close relationship with Ripple Asia. Others having a relationship with Ripple include Banco Santander, Barclays PLC, Royal Bank of Canada, and Toronto-Dominion Bank.

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CRYPTOCURRENCY

Panic in crypto market as over $140 billion got wiped off

Over $140 billion in value evaporated into thin air, as Bitcoin also lost as much as $7,000, according to data retrieved from Coin360.

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The crypto market recently lost much of its weekend’s stellar gains, as significant selling pressure pushed the value of crypto assets lower across the market spectrum, amid record sell-offs and sudden panic among retail and institutional traders.

At press time, over $140 billion in value evaporated into thin air, taking into consideration the world’s most popular crypto, Bitcoin, the dominant player in the crypto market, lost as much as $7,000, according to data retrieved from Coin360.

The global crypto market value is $1.57 trillion, an 8.98% decrease over the last day.

The total crypto market volume over the last 24 hours is $232.12 billion, which makes a 63.54% increase.

  • The total volume in DeFi is currently $21.16 billion, 9.12% of the total crypto market daily volume.
  • The volume of all stable coins is now $185.65 billion, which is 79.98% of the total crypto market 24-hour volume.
  • Bitcoin’s price is currently $52,260.20.
  • Bitcoin’s dominance is currently 61.56%, a decrease of 0.03% over the day.
  • For the day, 426,586 trades were liquidated.
  • The largest single liquidation order happened on Huobi-BTC valued at $20.66 million.

Other leading crypto assets that include Ethereum, Litcoin, Chainlink, Binance coin and Stellar lost more than 8% in value.

Despite the expected market correction ongoing in the crypto community, some crypto traders remain upbeat that cryptocurrencies are fast emerging as a hedge for risks such as faster fiat inflation, and set to win more attention from the corporate world.

However, crypto pundits anonymously interviewed by Nairametrics are saying that a market correction was long overdue after the sudden bullish move. The bearish trend prevailing at the bitcoin market is largely attributed to a significant amount of profit-taking in play, on the account that Bitcoin’s realized profits are at record highs.

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CRYPTOCURRENCY

Unknown whale moves 14,834 Bitcoins worth $853 million

Such strong demand on the world’s flagship crypto asset by large entities is keeping it within striking distance of $60,000.

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The odds in favor of Bitcoin breaking above $100,000 are fast gaining ground, taking to account that rich investors in recent weeks have increased their pace in moving Bitcoin.

These are triggered by the rush which include crypto traders and investors trying to have a stake in this fast-rising crypto asset.

Data obtained from Bitcoin Block Bot, a crypto analytic tracker, revealed that someone moved 14,834 BTC $853 million in block 671,619

Such strong demand on the world’s flagship crypto asset by large entities is keeping it within striking distance of $60,000. At the time of writing this report, Bitcoin traded at $57,048.20 with a daily trading volume of $52,720,140,286. Bitcoin is up 0.97% for the day.

As large entities accumulate BTCs, bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.

  • The flagship crypto has gotten more endorsements in recent weeks from blue-chip companies like Mastercard and America’s oldest bank, BNY Mellon, which showed support for Bitcoin. Mastercard had earlier disclosed that it would open up its network to some cryptocurrencies including Bitcoin.
  • PayPal and the world’s largest asset fund manager, BlackRock, have also made big moves to support crypto.
  • This also means that over time, it’s possible that as the world’s most popular crypto asset approaches its fixed supply of 21 million, the price of BTC will go up, with BTC’s present demand factored in.

Based on prevailing market conditions, Bitcoin now has a market value of $1.063 trillion.

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CRYPTOCURRENCY

Motley Fool reveals plan to buy $5 million worth of Bitcoin

Motley Fool has disclosed it is investing $5 million in the flagship crypto, Bitcoin in the coming weeks.

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Popular American online financial advisory company, Motley Fool recently disclosed it was investing $5 million in the world’s most popular cryptocurrency in the coming weeks using the firm’s fund.

Motley Fool, popularly known for its stock research, online subscription services with investing recommendations also disclosed it was using the flagship crypto for wealth preservation over the long term, knowing fully well that Bitcoin has gained more than 740% in the last year.

What this means: The financial online subscription-based company also highlighted the major reasons, via Twitter, why it was investing in the fast-becoming safe-haven asset,

“We believe it will store value more effectively than gold over the long term.

“We believe it may become a medium for transactions, as/if pricing stabilizes in the decade ahead.

“We believe it can act as a productive hedge against inflation,” Motley Fool stated.

At the time of writing this report, Bitcoin was trading at $57,639.40 with a daily trading volume of $56.5 Bitcoin. The flagship crypto is up 0.61% for the day.

This comes as no surprise to many crypto pundits, as of late, the flagship crypto has gotten more endorsement in recent weeks from blue-chip companies like Mastercard and America’s oldest bank, BNY Mellon showing support for Bitcoin. Mastercard had earlier disclosed it would open up its network to some cryptocurrencies including Bitcoin.

PayPal and the world’s largest asset fund manager, BlackRock have also made big moves to support crypto.

In addition, Motley Fool further added that it was fully aware of the risk involved holding in the short term, due to its susceptibility to high volatility, as the American financial company planned to invest it in the long term.

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