?? Market Wrap: Bitcoin Rangebound as XRP Plummets After SEC Lawsuit
Bitcoin’s price continues to trade below $24,000 as legal action against Ripple Labs rattled the XRP market. Bitcoin is the only asset in the CoinDesk20 with a positive 24-hour return as of 4 p.m. ET.
- Bitcoin (BTC) trading around $23,500 as of 21:00 UTC (4 p.m. ET) gaining less than 1% over the previous 24 hours.
- Bitcoin’s 24-hour range: $22,822.26 to $24,086.95.
- XRP's sell-off continues with the token's price dropping another 40% to $0.27 Wednesday.
Despite its monster rally through the fourth quarter of 2020, bitcoin’s volatility has stayed low. There was a slight increase in December as bitcoin continued setting new record highs, but 180-day volatility has been sitting at its lowest levels since February 2017, per data from Coin Metrics.
Part of the reason for Ju’s prediction are the large outflows from Coinbase, which could be viewed as transfers to COINBASE cold storage following new over-the-counter deals for institutional clients.
Ripple
But some investors aren’t being as patient. Cryptocurrency money manager Bitwise liquidated its XRP, worth $9.3 million, following news of the SEC’s lawsuit. “The Fund liquidated its position and reinvested the proceeds in other portfolio assets,” Bitwise wrote to clients.
?? Galaxy Digital and Jump Trading Cut Ties With XRP: Reports
- Investment firms Galaxy Digital and Jump Trading have stopped making markets in XRP, according to news reports.
- This is because the company associated with XRP, Ripple, is involved in a $1.3 billion lawsuit with the SEC.
- The price of XRP has since crashed and exchanges have stopped selling the asset.
Two crypto investment firms, Galaxy Digital and Jump Trading, have cut ties with XRP, according to reports.
Crypto news site The Block today reported that the trading desks confirmed that they stopped making markets in XRP following Ripple’s high profile lawsuit. Yesterday, the US Securities and Exchange Commission (SEC) filed a $1.3 billion lawsuit against Ripple Labs, the company associated with XRP.
?? MoneyGram Takes Wait-and-See Approach as SEC Sues Partner Ripple
MoneyGram has yet to see any “negative impact” on its longstanding business arrangement with Ripple from the U.S. Securities and Exchange Commission’s (SEC) lawsuit against the latter company.
“MoneyGram will continue to monitor the situation as it evolves,” a company spokesperson told CoinDesk in an emailed statement. “MoneyGram has continued to utilize its other traditional FX trading counterparties throughout the term of the agreement with Ripple.”
The SEC alleged in a case filed Tuesday that Ripple used XRP (-19.8%), the cryptocurrency two of its founders created, to conduct an ongoing, $1.3 billion sale of unregistered securities.
Ripple owns more than 4% of MoneyGram and paid MoneyGram $9.3 million in the third quarter of this year for providing liquidity for Ripple’s XRP-based cross-border settlement network. All in, Ripple has given MoneyGram $52 million for using Ripple’s on-demand liquidity (ODL) service.
On-demand liquidity through Ripple’s xRapid cross-border payment service allows companies to transfer funds from one currency to XRP and from XRP to another currency. This allows enterprises to avoid opening a bank account in countries they want to send payments to, letting them avoid holding funds there for cross-border transactions.
MoneyGram, currently the second-largest money transfer provider in the world behind Western Union, has used Ripple’s ODL to move in and out of four currencies since June 2019. At the time, CEO Alex Holmes said MoneyGram was becoming a “chief partner for cross-border settlement using digital assets.”
“The Money Transmitter became yet another conduit for Ripple’s unregistered XRP sales into the market, with Ripple receiving the added benefit that it could tout its inorganic XRP ‘use’ and trading volume for XRP,” the SEC alleged.
?? SushiSwap Project Lead 0xMaki Explains DeFi Project's Future
- SushiSwap’s project lead today gave an exclusive interview to UniWhales.
- The developer said the DEX’s founder, Chef Nomi, is no longer involved in the project.
- He talked about the plans SushiSwap has for 2021 since merging with yearn.finance.
“We haven’t talked for a while, I would say he’s not involved anymore,” said 0xMaki in an interview with UniWhales co-founder, Matt Aaron. He said that since leaving SushiSwap, Chef Nomi would previously only review codes.
But despite the drama, SushiSwap is growing—and has since attracted interest from yearn.finance, one of the biggest projects in the space. Its creator, Andre Cronje, this month said the two projects would merge.
0xMaki today said of the partnership: “We share the same goals and the same end-game—or something similar. He’s [Cronje] very good and someone who has a lot of good ideas but pushing the idea to the finish line or maintenance is not his forte and that’s where we can come in and pick up the ball for him.”
“We’re both big proponents of decentralization. At the end of the day the main concern for both of us is the capital efficiency for assets,” he said—meaning that both projects want to maximize users’ returns by using just one protocol.
0xMaki also said that the DEX would be making BentoBox available in 2021—a protocol that allows SushiSwap users to borrow or lend in a less riskier way and lets them long and short any asset. Devs will also be allowed to build on top of the protocol, he added.
?? Daily Crypto Calendar, December, 24th??
- LGCY Network (LGCY)
Lock LGCY or USDL and receive USDL at up to 48% APY. Lockup starts on Dec 23. Registration ends on Dec 30.
- MesChain (MES)
"On December 24, we will give detailed information to you... about our cooperation and working areas with our new partner."
- Webcoin (WEB)
"WEB ( @webcointoday ) is going to be delisted from Crex24 on 24.12.20 due to the swap."
- Elrond (EGLD)
"Elrond's eGold cryptocurrency will debut in the eToro ecosystem on Wednesday the 23rd of December..."
- Wabi (WABI)
Wabi CEO sharing updates and announcements. Twitter @alex_taelpay.
- SynLev (SYN)
"The token sale has been delayed by 24 hours to 18:00 24 Dec (UTC) due to technical issues."
- ?? Daily Crypto News & Video, December, 23rd??
- ?? Daily Crypto News & Video, December, 22nd??
- ?? Daily Crypto News & Video, December, 21st??
- ?? Daily Crypto News & Video, December, 20th??
- ?? Daily Crypto News & Video, December, 19th??
- ?? Daily Crypto News & Video, December, 18th??
- ?? Daily Crypto News & Video, December, 17th??
- ?? Daily Crypto News & Video, December, 16th??
?? Youtube
?? Hive
?? Publish0x
?? UpTrennd
?? Read.cash
?? LBRY
?? Spotify
?? Be paid daily to browse with Brave Internet Browser
?? A secure and easy wallet to use: Atomic Wallet
?? Invest and Trade on Binance and get a % of fees back
?? Check out my video on Unstoppable Domains and get 10$ off a 40$ domain purchase
?? Get 25$ free by ordering a free Visa Card on CRYPTO.COM using this link or using this code qs4ha45pvh
