Day: December 23, 2020

Ethereum Plunges Under $600 as Altcoins Crash

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Ethereum has plunged lower over the past day as a result of strong selling pressure in the altcoin market. It began with XRP, which began to drag lower after it was revealed that the U.S. Securities and Exchange Commission (SEC) would be suing the Ripple company. ETH now trades for $590 but traded as low as $550 just 30 minutes ago on leading centralized exchanges. The market moved so fast that the cryptocurrency did not reach that level on decentralized exchanges. Chart of ETH’s price action over the past few…

Ripple Lawsuit Triggers XRP Led Altcoin Apocalypse

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Depending on your view, a devastating blow has been dealt to crypto, or a much-needed purge is in progress due to the SEC suing Ripple and two of its top executives for selling XRP tokens which the regulator claims were unregistered securities. XRP dropped dove over 30% on the news, but the carnage might only be just warming up. The negative sentiment has spilled into other altcoins, as investors wonder which asset is targeted next. Here’s why this situation is likely contained to just Ripple and altcoin holders have little…

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Canadian Company Mojo Invests $1.5 Million in Bitcoin, Plans to Allocate More Next Year

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On December 23, 2020, the Canadian financial tech firm Mogo announced its plans to invest 1.5% of the company’s reserve assets into bitcoin by the year’s end. Mogo’s president and CFO said the initial corporate investment of up to $1.5 million in bitcoin builds on the company’s product development related investments in bitcoin during the last few years. Ever since Microstrategy purchased bitcoin to replace a percentage of the firm’s cash reserves, a large swathe of companies followed the bitcoin balance-sheet model. At the time of publication, there are now…

Was 2020 a ‘DeFi year,’ and what is expected from the sector in 2021? Experts answer

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Figuring out the point at which decentralized finance began almost always ends up in a rhetorical debate. Some argue that Bitcoin’s (BTC) invention a decade ago marked the start of it, as the major cryptocurrency was the first peer-to-peer digital money and represents the conceptual core underpinning DeFi. Others say — and would be technically correct in doing so — that DeFi started back in December 2017, when Ethereum-based protocol MakerDAO was launched, followed by Compound Finance and Uniswap, released in September and November 2018, respectively. On the other hand,…

Crypto Lawyers Analyze Series of Ripple and XRP Allegations From U.S. Securities and Exchange Commission

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Lawyers in the cryptocurrency industry are responding to charges filed by the U.S. Securities and Exchange Commission against the San Francisco payments company Ripple. Compound lawyer Jake Chervinsky says the suit shows that the U.S. Securities and Exchange Commission is playing hardball in its assertion that Ripple illegally sold XRP as an unregistered security. “This is quite bad for Ripple. Not exactly worst case, that’d be securities fraud, but close. XRP is basically useless if deemed a security. Alleging violations through present day is a kill shot. Charging individual executives is…

US federal regulators set new expectations for stablecoin issuers

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A group of leading U.S. financial regulators has released a new statement on stablecoins. One of the headlining topics of crypto regulation news this year, stablecoins were the main topic of a Dec. 23 statement the President’s Working Group on Financial Markets, or PWG. The PWG includes representation from the Treasury, the Federal Reserve, the Securities and Exchange Commission, and the Commodity Futures Trading Commission.  The group’s stated opinions were hardly revolutionary, mostly saying that stablecoin issuers would need to abide by all the typical rules of the road in terms…

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▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io 📺 New Bybit Tutorial: BITCOIN TODAY: In this video, I’ll go through the Bitcoin news today & I’ll make a Bitcoin price analysis. The BTC news & analysis can be inspiration for your own Bitcoin trading or investing, but is NOT financial advice. On this channel, The Moon, I make 1 video every single day about crypto news & Bitcoin. I’ll always include professional Bitcoin technical analysis, to make a Bitcoin price prediction, and I’ll also show you the most relevant news…

Market Wrap: Bitcoin Rangebound as XRP Plummets After SEC Lawsuit

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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. The price of bitcoin has been bouncing between $22,000 and $24,000 since Friday. 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,…