Ripple’s chief technical officer (CTO) David Schwartz discussed the key role Ripple (XRP) tokens and other cryptocurrencies would play in a market where central bank digital currencies were gaining traction as a hot topic.
How crypto comes into play as CBDCs emerge
The XRP chief technical officer also disclosed that he thought that “a global stablecoin” may potentially be launched in the future, as numerous countries have discussed the issuance of a central bank digital currency in an emerging digital age.
The discussion began when an XRP investor brought up the regulatory framework on digital assets that G20 officials – comprised of 19 countries as well as the European Union – have been actively working to establish by the November 2020 summit. The group has been in talks to establish rules for digital payments in their respective countries. The plan to begin the groundwork is said to begin sometime this month.
As the XRP member said there was potentially a possibility of a global stablecoin being established, Ripple CTO Schwartz gave his two cents. He said:
“I don’t think there’s going to be one world fiat any time soon, so even with stablecoins there will be a lot of them. To make liquidity between CBDCs, other stablecoins, and new tokenized asset classes (securities, DeFi) there’s room for a neutral, jurisdictionless asset.”
Per his statement, this is where XRP comes into play, to ensure liquidity between different types of currencies, be it fiat, CBDCs, stablecoins, or other types of securities.
However, Shwartz rectified that XRP will definitely have to compete with other currencies to establish its dominance within the market. He said:
“I think lots of digital and fiat assets will compete to play that role and there is room for more than one. I see the dollar’s role as the world’s settlement currency slowly shrinking and international commerce increasing. So we’ll (Ripple) be fighting for a share of a bigger market.”
Why Ripple’s XRP Ledger is so great
The Ripple CTO further assessed XRP’s benefits in a speech at Berkeley University, explaining that XRP and its underlying permissionless and decentralized blockchain infrastructure, XRP Ledger, were both designed for the bridging currency to be transacted with neutral jurisdiction. Transactions of a native asset, a neutral asset, and between various payment networks can be performed on the XRP Ledger. He said:
“XRPL has asset issuance built into the protocol – issuance, authorization, payments, settlement, and exchange are all native operations with simple APIs. Issued assets can represent fiat currency, securities, or anything else of fungible value that works like a currency.”
US dollar’s steady drop in value
The news comes as the world’s de facto currency, the US dollar, has been dropping in value, with the US actively working on providing a second round of stimulus packages for COVID-19 economic relief. In addition, the US Federal Reserve has been working on pushing inflation higher than the targeted 2%, leading to a further debasement of the USD. The continued depreciation of the US dollar could result in even more investors flocking to cryptocurrencies such as Bitcoin and XRP as hedges, to secure their monetary funds.
Image source: Shutterstock Source: https://Blockchain.News/news/ripple-cto-assesses-xrp-bridge-cryptocurrency-cbdcs-stablecoins-fiat
Active Bitcoin Addresses Hit Third-Highest Level in November
Bitcoin (BTC) bulls have been continuously trying reach the $20,000 price, falling just shy of what would have been a new ATH price by getting to $19,832 in the past 24 hours. Bitcoin has since nosedived and recovered to $19,268 at press time.
At the time of the Bitcoin price rally, the number of active BTC addresses was at its third-highest level, according to on-chain metrics platform Glassnode. The blockchain data provider noted:
“Almost 19.6 million Bitcoin addresses were active in November sending or receiving BTC. That is the third-highest value in Bitcoin’s history – only topped in December 2017 and January 2018.”
The rollercoaster ride experienced by Bitcoin price in November made BTC addresses either sending or receiving BTC to hit nearly 19.6 million, making the on-chain transaction volume to rise by 47%.
The number of active Bitcoin addresses broke the record in December 2017 by surging to 21.64 million, followed by January 2018, where they rose to 19.67 million, meaning that these numbers have not been seen in the recent past. November 2020, therefore, serves as a reminder of the notable levels the leading cryptocurrency can go.
The high number of active BTC addresses correlates with the fact that Bitcoin withdrawals from crypto exchanges surged to a 17-month high in November at 2,288.125. These record-breaking withdrawals were linked to investors either cashing in their profits after the BTC price hit a new all-time high of more than $19,800 on Nov 30 or others holding in cold storage wallets.
The near-record highs of active BTC addresses in November could prove to be a trigger of what awaits the leading cryptocurrency. For instance, an on-chain analyst who previously predicted the Bitcoin and stock market decoupling, Willy Woo, recently revealed a new model suggesting BTC will reach $200,000 by the end of 2021 at least, if not $300,000.
He expounded that the current re-accumulation phase coincides with the spot market inventory depletion, and is roughly two times longer and deeper than the last cycle, which could lead to Bitcoin’s price climbing higher.
Image source: Shutterstock Source: https://Blockchain.News/news/active-bitcoin-addresses-hit-third-highest-level-in-november
OKEx Announces Support for Spark (FLR) Airdrop as XRP Holders Prepare for Token Distribution
OKEx has joined other digital asset exchanges in announcing support for the upcoming Spark (FLR) token airdrop.
Along with other crypto exchanges, OKEx will enable XRP holders leveraging their services to benefit from the Spark Airdrop Program. It is the latest trading platform to have joined, as a growing number of leading exchanges such as Binance, Bithumb, Bitstamp, Poloniex, KuCoin, and more have said that the cryptocurrency distribution would be made available to their XRP holders. Per OKEx’s official Twitter announcement:
“$XRP Deposits and Withdrawals will be suspended from 12:00 pm UTC Dec 11; Snapshot of users’ $XRP tokens at 12:00am UTC Dec 12. After the snapshot, Deposits and Withdrawals will resume.”
How will Spark Airdrop Program work?
December 12 is announced as the official date where Spark will be airdropped, but it will actually be the first step in Flare Networks’ initiative to distribute FLR tokens to XRP holders. On December 12, at 12:00 am UTC, a “snapshot” of XRP holders’ total amount of XRP will be taken by Flare Networks. Traders and investors who hold Ripple’s native digital currency will be able to receive Spark tokens for free on a 1:1 ratio.
The total amount of tokens to be distributed under the Spark Airdrop Program will be approximately 45 billion, made available to all XRP holders except for Ripple Labs. The upcoming release of tokens is said to have triggered an upward price movement for XRP.
Flare Networks, the Ripple-backed smart contract utility fork, will then take into account XRP held on participating wallets and crypto exchanges. An actual distribution day for their native tokens is not known, although it is anticipated for some time between March and May 2021.
It is also recommended that all XRP deposits be locked into the compatible exchanges and wallets before December 11, as most crypto exchanges will temporarily pause withdrawal and deposits of XRP on their platforms.
The easiest way to benefit from the airdrop is to deposit XRP into a crypto exchange that supports the snapshot. Another way to gain free Spark tokens is to hold XRP in compatible digital wallets, although there may be additional steps for users to take before being able to claim their free tokens. Users also have the choice to file a self-custody claim of XRP, although this may not be the easiest way of participating in the token distribution.
Many exchanges have announced their support for the upcoming airdrop. However, Binance.US and Coinbase XRP holders will not be able to benefit from it. A crypto enthusiast retweeted by Flare Networks said:
“At this point in time, pretty much every major exchange minus @coinbase is supporting the @FlareNetworks airdrop.”
Coinbase had previously omitted to confirm their participation in the Spark token distribution and was called out by Flare Networks, as the US-based crypto exchange held about 3 billion XRP on their platform.
Currently, XRP token tracker announced via Twitter that funds for XRP were increasingly being deposited into exchanges supporting the Spark airdrop. Per the Tweet:
“We’ve noticed a lot of $XRP action on the exchanges that will be supporting the airdrop including: @binance, @bitfinex, @Bitstamp and more.”
SushiSwap (SUSHI) Token Price Surges Over 15% After Merger with Yearn.finance
Decentralized finance SushiSwap’s native token SUSHI has surged over 15 percent in the past 24 hours, while Bitcoin and other large cap altcoins are in a sea of red. SushiSwap’s SUSHI token has become the best performing asset in the past 24 hours, and the DeFi token has been able to climb nearly 60 percent in a week.
While Bitcoin has attempted to surpass the $20,000 resistance level while hitting its all-time high, selling pressure quickly accumulated and the digital asset dropped 7 percent.
After the founder of Yearn.finance, Andre Cronje revealed that SushiSwap would be merged with the team of Yearn.finance, the SUSHI token quickly rose. Cronje announced the merger, saying:
“As Sushi focused on expanding their AMM ecosystem, and as Yearn focused on expanding their strategies, more and more overlap became apparent, Yearn needed custom AMM experiences for their strategies, and Sushi started pushing the boundaries of yield and money markets.”
The decentralized finance (DeFi) industry has also seen a boom lately, with over $14.4 billion in cryptocurrencies locked. MakerDAO continues to be in the lead with the most cryptocurrencies locked, almost reaching $3 billion, after SushiSwap’s original blockchain before its fork, Uniswap recently lost most of its dominance in the ecosystem.
SushiSwap currently has over $790 million in total value locked and is currently trading at $2.25 per token. SushiSwap is also expected to roll out new products in the future, which would enable it to differentiate itself from other automated market makers (AMM) in the DeFi ecosystem.
The last time SushiSwap’s SUSHI token price surged was when Uniswap’s rewards ended. SushiSwap’s TVL climbed over 150 percent the day Uniswap’s rewards ended and has reached above $1 billion. Bancor, another decentralized exchange has released a liquidity mining program, which includes retroactive rewards on Nov. 17.
Image source: Shutterstock Source: https://Blockchain.News/news/sushiswap-sushi-token-price-surges-15-after-merger-yearn-finance
BlackRock CEO Larry Fink Says Bitcoin Can Evolve Into Global Asset and Impact Dollar
Larry Fink, the head of the world’s largest asset manager BlackRock sees the potential for Bitcoin and cryptocurrency sector to evolve into a mainstream marketplace. He also noted the impact BTC is having on dollar-based assets internationally.
BlackRock CEO Larry Fink has given a relatively understated endorsement of Bitcoin in a report by CNBC on Dec. 1.
“Bitcoin has caught the attention and the imagination of many people. Still untested, pretty small market relative to other markets.”
Although the Blackrock CEO recognizes that BTC is “seeing big giant moves every day,” Fink maintained it’s a “thin market,” but did not rule out Bitcoin’s potential growth.
While speaking at the Council on Foreign Relations on Dec 1, Fink said:
“Can it (BTC) evolve into a global market? Possibly.”
Fink also noted in the CNBC report that having a digital currency like Bitcoin has a real impact on the US dollar—making it less relevant to international holders of dollar-based assets.
The Blackrock CEO further raised the question that many economists have been pondering in regard to Bitcoin:
“Does it change the need for the dollar as a reserve currency?”
BlackRock holds over $7.4 trillion in assets under management making it the world’s largest asset manager. While Fink’s comments were not overly bullish, the comments are still a positive development for the still-nascent cryptocurrency market and its pioneer Bitcoin. The CEO’s comments also indicate that BlackRock is watching the crypto space very closely.
Notably, institutional adoption is currently driving bullish sentiment in the Bitcoin and crypto space along with major players who have publicly announced major allocations of their portfolios to Bitcoin—such as billionaire hedge fund managers Stanley Druckenmiller and Paul Tudor Jones II and MicroStrategy’s Michael Saylor.
Coinbase Pro to Add Bitcoin Trading Pairs for Blue Chip DeFi Tokens
SUSHI Breaks Out and Sets Its Sights on $3
OKEx CEO Explains Exchange’s Recent Withdrawal Suspension
Go Behind Enemy Lines in Medal of Honor: Above and Beyond’s First Multiplayer Trailer
Teen banking app Step reaches for the stars to raise $50 million
Intel’s Habana starts to chip away at Nvidia in cloud with AWS deal
U.S judge hearing Google case rejects government’s protective order request
Uber, JetBlue join Amazon-backed Climate Pledge
Decentralized Finance: What’s Hot in Q4 2020
Rhythm of the Universe: IONIA Confirmed for Oculus Quest & PlayStation VR in 2021
Simple & Intuitive Ensemble Learning in R
ProBit Exchange – SmartKey Partnership Starts on a High Note with $800,000 Raised During Soldout IEO
50,000th PT6 engine rolls off Pratt & Whitney’s production line
Mixed Reality Revolution: Out-of-Home!
Helicopter sale strengthens GKN Aerospace’s defence portfolio
Construction starts on AMRC North West in Lancashire
Automatic evaluation of X-ray detector performance
Otto Aviation selects VOLTA as its collaborative MDO framework
The €699, 180Hz Pimax 5K SUPER is Now Available
Harnessing innovation crucial to UK aerospace and defence future
Payment Service Provider PingPong Payments Secures E-Money License in Luxembourg
NoSQL for Beginners
Solaris Offworld Combat’s Squad Update Allows Friends to Teamup
RPA in Banking and Finance Industry: The Use Cases and Benefits
Messaging Software Startup Aampe Raises Rs 13 Crore From Sequoia India Surge
Tata inches closer to make foray into Online Grocery Biz
Droning the drove: Israeli cow-herders turn to flying tech
UK watchdog studies ‘range anxiety’ in electric vehicle charging
Salesforce to buy workplace app Slack in $27.7 billion deal
Valuechain’s MES solution now integrates PrintSyst’s AI Engine
Energy1 week ago
ADAMA Mourns Death of Joe Krkoska, Executive Vice President of Global Operations
Blockchain1 week ago
Bitcoin Breaks Out but Is Stopped Short of New All-Time High
Blockchain1 week ago
Ethereum Becomes One of the Largest Proof of Stake Chains Even Before Launch
Energy1 week ago
Firmy Shanghai Electric a Siemens Energy založí Centrum na podporu rozvoje chytré energetiky (Smart Energy Empowerment Center)
Energy1 week ago
Trina Solar Purchases 1.2 Billion units of 210mm Monocrystal Silicon Wafers in Cooperation with Zhonghuan
Start Ups1 week ago
8 Best Options of Altimeter Smartwatches in 2020
Blockchain4 days ago
Whales Flood Exchanges With Bitcoin, Take Over $15 Billion In Profits
Esports6 days ago
Super Smash Bros. Melee Slippi mod launches broadcast feature early in response to #FreeMelee