Day: December 23, 2020

Key Levels to Watch as Ripple’s XRP Crashes amid SEC Lawsuit FUD

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In a reversal of fortunes, Ripple’s XRP crashed drastically as investors reacted to a lawsuit from the Securities and Exchange Commission (SEC) alleging the token is illegal security. The US securities regulator charged San Francisco-based Ripple Labs and its two executives for allegedly selling $1.3 billion worth of XRP in an unregistered public sale. “We allege that Ripple, [Chris] Larsen, and [Brad] Garlinghouse failed to register their ongoing offer and sale of billions of XRP to retail investors, which deprived potential purchasers of adequate disclosures about XRP and Ripple’s business…

Russia’s State Duma expects explosion of crypto issuance in 2021

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The Russian government is anticipating more cryptocurrencies to be issued in the local market in 2021, according to a senior official. Anatoly Aksakov, a member of the Russian State Duma and a key representative of local crypto legislation efforts, said that the Duma’s Committee on Financial Markets expects Russian crypto issuance to surge after the adoption of the country’s new crypto law on Jan. 1, 2020. Passed in July 2020, the law “On Digital Financial Assets” provides legal status to crypto, but bans people from using cryptocurrencies like Bitcoin (BTC)…

ABI Begins Experiments with Digital Euro on Distributed Ledger Technology

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Months ago, the ABI announced that Italian financial institutions are ready to commit to the CBDC project. The Italian Banking Association or Associazione Bancaria Italiana (ABI) has teamed up with its ABI Lab to begin experiments with a digital euro based on distributed ledger technology (DLT). The association said more than 700 financial institutions in Italy would be participating in the research project. The ABI revealed details on the experimentation with a digital euro on the 22nd of December. The ABI said that the project is to study the feasibility…

FB Stock Plunges 2% as Google and Facebook Battle Government’s Antitrust Lawsuits

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Currently, Facebook is also facing a legal suit from the Federal Trade Commission and a coalition of 48 US states. They are accusing Facebook of engaging in anticompetitive behavior and abusing its market position to liquidate potential rivals. Facebook Inc (NASDAQ: ) and Google LLC (NASDAQ: GOOGL) (NASDAQ: GOOG) have teamed up to combat the government’s antitrust lawsuits. According to the Wall Street Journal, the tech giants will “cooperate and assist one another” in case of any investigation into their online advertising deal. Last week, ten US states filed a…

New US $900B COVID-19 Stimulus Bill Is ‘Advertisement’ for Bitcoin

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Tyler Winklevoss has called the new coronavirus stimulus package “another $900 billion advertisement for Bitcoin.” The United States Congress passed the new $900 billion COVID-19 stimulus bill into law on Monday ending the long-standing stalemate that plagued the negotiations for months. Per an earlier report by NPR, the United States Senate passed the new COVID-19 stimulus bill in 92-6 votes, complement an earlier move by the House of Representatives to ratify the bill. The coronavirus pandemic has thus far shown no signs of slowing down in its massive infection rates…

Scaramucci’s SkyBridge BTC fund launches with $25 million investment

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Just two days after filing a Form D exemption with the U.S. Securities and Exchange Commission, Anthony Scaramucci’s hedge fund, Skybridge Capital, has launched its proposed Bitcoin (BTC) fund. In a Dec. 23 interview on the Yahoo Finance channel, Scaramucci claimed that the effective registration with the SEC had now been completed and the fund had been started with $25 million of SkyBridge’s own capital. The fund will be opened to accredited investors on Jan. 4, with a minimum subscription of $50,000, although Scaramucci claimed that the company was already…

UK organisations using SolarWinds Orion platform should check whether personal data has been affected

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SolarWinds was the victim of a cyber-attack where a vulnerability was inserted into its Orion platform. Organisations using the compromised Orion platform could potentially have allowed an attacker to move into other parts of its IT Network and systems and breach personal data. What should organisations do? Organisations should immediately check whether they are using a version of the software that has been compromised. These are versions 2019.4 HF 5, 2020.2 with no hotfix installed, and 2020.2 HF 1. SolarWinds has provided detailed instructions to allow its customers to determine…

XRP to Plunge Further Even After 30% Drop on SEC Lawsuit

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XRP has undergone a strong plunge over the past 24 hours after it was revealed that the U.S. Securities and Exchange Commission is targeting Ripple. Per CoinGecko, the coin is down 20% in the past 24 hours alone. The coin currently trades for $0.37 and has once again become the fourth largest crypto asset by market capitalization, trading below Tether’s USDT. XRP is the worst performing crypto asset in the top 100 by market capitalization, aside from UMA. Analysts think that XRP could drop even further. Related Reading: Here’s Why…

Payments Platform Wirex Becomes Principal Visa Member in Europe

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As Wirex joined the Visa network as a principal member in Europe, it will be able to offer additional services and products to its clients. The London-based payment platform Wirex will now be able to issue Visa cards, sell new and inventive Visa-related products and apply for additional licenses. It is the second “crypto-native” firm to achieve this. This comes at a time when interest in crypto is at its peak. Increased investor interest in digital assets, use of digital payments necessitated by the coronavirus pandemic and a more favorable…