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Ripple CTO Explains Why Banks Have Been Lagging Behind on XRP Adoption

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Ripple’s chief technical officer (CTO) David Schwartz explained why the company’s native XRP cryptocurrency has not been more readily adopted by banks.

XRP has long been touted as a bridge currency between fiats, enabling transactions to be conducted without any delays in processing time and free of intermediary fees. Despite its monopoly in the international remittance market, this year has proved to be challenging for Ripple. In explaining why banks have been slow to leverage XRP for cross-border payments, Schwartz explained via Twitter:

“I think there are a combination of obstacles. Regulatory uncertainty, last mile problems, fear of reprisals from existing partners, and so on. Another big thing is that the very best customers are ones that are going to use bridge assets to build new products.”

In addition to this, the Ripple CTO said that the fact that XRP was relatively new as a product could serve to justify why adoption has been lacking.

The bridge currency failed to make the list of digital assets that PayPal has integrated for use on its payments platform. Recently, PayPal introduced cryptocurrency payments as well as digital wallets. Through the new service, PayPal customers can now purchase items and receive payments for goods and services using Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BTC).

The news comes at a time when blockchain companies have been aiming to decrease their environmental impact. With cryptocurrency adoption on the rise, Ripple has tackled the issue of leveraging renewable energy by partnering with EW Zero to deliver sustainable solutions across the blockchain. In addressing this, Schwartz said:

“Love that crypto is going mainstream, but the enviro impact went way up, esp if you only support energy heavy assets. XRP was built specifically to use negligible amts of energy. In good news, there’s a tool to decarbonize emissions for ANY blockchain.”

The fintech firm has been aiming to deliver carbon neutrality by 2030, through renewable energy solutions and the use of carbon removal technology. This year has been filled with new challenges for Ripple, as the fintech company has also recently been considering a move from the United States, with Ripple CEO Brad Garlinghouse asserting that the cryptocurrency regulations in the UK, Singapore, and Japan, may be more beneficial for Ripple operations.  

Image source: Shutterstock Source: https://Blockchain.News/news/ripple-cto-explains-why-banks-have-been-lagging-xrp-adoption

Blockchain News

Bitcoin Spot Exchange Reserves Dropped by 12,500 BTC in the Past 2 Weeks, Suggesting the Dip is Being Bought

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Bitcoin (BTC) was up by 5.9% in the last 24 hours to hit $43,885 during intraday trading, according to CoinMarketCap.

Earlier this month, BTC experienced a significant pullback that prompted a $10K loss as over-leverage factors dominated. The leading cryptocurrency dropped from the $52,000 level to the $42K area. As a result, the BTC spot exchange reserves plummeted.

On-chain analyst Daniel Joe explained:

“Bitcoin Spot Exchange Reserves are down by 12,500 BTC in the past 2 weeks as price fell by 25%. The dip is being bought.”

Image

Therefore, some investors and traders see the current market structure as a perfect dip to buy. 

On the other hand, the recent market crash made BTC long liquidation dominance surge past 65%. Yann & Jan, the co-founders of on-chain metric provider Glassnode, noted:

“Bitcoin long liquidation dominance rose above 65% during the recent sell-off. This is even higher than the sell-off earlier this month suggesting many leveraged traders tried to catch the falling knife.”

Image

Holded or lost BTC hit an eight-month high

According to Glassnode:

“The amount of HODLed or lost coins just reached an 8-month high of 7,197,405.196 BTC.”

This correlates with the fact that Bitcoin accumulation has been witnessing an uptrend. Furthermore, long-term BTC holders or older hands have not been spending their coins, given that the average age of spent outputs was decreasing irrespective of the market situation.

Glassnode recently acknowledged that a large portion of Bitcoin supply was kept in cold storage. Therefore, more Bitcoin supply being kept in cold storage signifies a holding culture. This is bullish because investments are held for future purposes other than speculation.

Meanwhile, Bitcoin transaction volumes have been reflecting the trickling in of big money. 

Institutional investments played an instrumental role in Bitcoin’s journey towards record high prices. For instance, big-money moves enabled the leading cryptocurrency to hit an all-time high (ATH) price of $64.8K in mid-April.

Image source: Shutterstock
PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://Blockchain.News/analysis/bitcoin-spot-exchange-reserves-dropped-12-500-btc-in-the-past-2-weeks-suggesting-the-dip-is-being-bought

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Blockchain News

Bitcoin Spot Exchange Reserves Dropped by 12,500 BTC in the Past 2 Weeks, Suggesting the Dip is Being Bought

Published

on

Bitcoin (BTC) was up by 5.9% in the last 24 hours to hit $43,885 during intraday trading, according to CoinMarketCap.

Earlier this month, BTC experienced a significant pullback that prompted a $10K loss as over-leverage factors dominated. The leading cryptocurrency dropped from the $52,000 level to the $42K area. As a result, the BTC spot exchange reserves plummeted.

On-chain analyst Daniel Joe explained:

“Bitcoin Spot Exchange Reserves are down by 12,500 BTC in the past 2 weeks as price fell by 25%. The dip is being bought.”

Image

Therefore, some investors and traders see the current market structure as a perfect dip to buy. 

On the other hand, the recent market crash made BTC long liquidation dominance surge past 65%. Yann & Jan, the co-founders of on-chain metric provider Glassnode, noted:

“Bitcoin long liquidation dominance rose above 65% during the recent sell-off. This is even higher than the sell-off earlier this month suggesting many leveraged traders tried to catch the falling knife.”

Image

Holded or lost BTC hit an eight-month high

According to Glassnode:

“The amount of HODLed or lost coins just reached an 8-month high of 7,197,405.196 BTC.”

This correlates with the fact that Bitcoin accumulation has been witnessing an uptrend. Furthermore, long-term BTC holders or older hands have not been spending their coins, given that the average age of spent outputs was decreasing irrespective of the market situation.

Glassnode recently acknowledged that a large portion of Bitcoin supply was kept in cold storage. Therefore, more Bitcoin supply being kept in cold storage signifies a holding culture. This is bullish because investments are held for future purposes other than speculation.

Meanwhile, Bitcoin transaction volumes have been reflecting the trickling in of big money. 

Institutional investments played an instrumental role in Bitcoin’s journey towards record high prices. For instance, big-money moves enabled the leading cryptocurrency to hit an all-time high (ATH) price of $64.8K in mid-April.

Image source: Shutterstock
PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://Blockchain.News/analysis/bitcoin-spot-exchange-reserves-dropped-12-500-btc-in-the-past-2-weeks-suggesting-the-dip-is-being-bought

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Blockchain News

Crypto Prices Today Bounce Back from Friday Sell-Off, Bitcoin, Ether, Solana, Polkadot, and others Surge Higher

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The week has begun with some recovery in the cryptocurrency markets a few days after China’s regulator intensified renewed crackdown.

On Friday, September 24, China’s central bank announced that crypto trading and all related services, including Bitcoin mining, are illegal. It was a difficult day of trading in the crypto markets as a new bout of China-driven fear, uncertainty and doubt (FUD) dragged markets downwards.

However, today on Monday, September 27, most cryptocurrencies are in green, with the global cryptocurrency market cap stands at $1.944 trillion, a 5.42% rise over the last day, while the total cryptocurrency market volume over the last 24 hours is $109.43 billion, which makes a 23.26% rise.

Generally, the majority of cryptocurrencies are trading firmly on Monday, having rebounded from selling off the drive by the Chinese crackdown.

As of the time of writing at 11:00 AM Eastern Time (ET), Bitcoin is up about 5.23%, trading at $43,848.98, having fallen to just below $41,000 in the wake of Friday’s announcement. Ether, the second-largest cryptocurrency, rallies 11.55% to $3,094.17, recovering its Friday losses. Cardano prices are marginally higher, 2.62% trading at $2.23 while Polkadot trades at $29.56 up 3.40%, and performance of other cryptocurrencies also improved as Binance Coin, XRP, Solana, Litecoin, Uniswap, Chainlink, Cosmos ATOM, Avalanche surged over the last 24 hours.

Meanwhile, Sam Bankman Fried, the chairman of the billion-dollar crypto spot trading and derivatives platform FTX, recently talked about his views on the new ban imposed by China’s government. In an interview with CNBC media, Bankman Fried said that he was not “super surprised” by the move and explained that some of the initial strong reactions may have been because of the “exaggerated” translation of the original text and while the statements would have an impact, they were “nothing new.”

According to CoinMarketCap, Ethereum (ETH) has recovered even more strongly than Bitcoin (BTC) as the leading altcoin is up 11.55% since its Friday low trading of $2,881 and now surged to $3,094.17. Such gains come after a JPMorgan investment banking giant report stating that institutional investors are starting to favour Ethereum while shying away from Bitcoin futures. Analysts at JPMorgan bank noted that Bitcoin futures on the CME (Chicago Mercantile Exchange) have been trading at a discount to the spot market. “This is a setback for Bitcoin and a reflection of weak demand by institutional investors that tend to use regulated CME futures contracts to gain exposure to bitcoin,” the analysts explained.

JP Morgan stated that there has been a “strong divergence in demand” towards Ethereum products and explained that the driver of such demand had been the booming Non-fungible Token and Decentralized Finance sectors.

A famous crypto strategist and trader named ‘the Immortal’ also identifies some of the crypto assets that are likely to witness new all-time highs. Yesterday on Sunday, September 26, the anonymous trader told his followers that Cosmos (ATOM), a crypto project considered as the “internet of blockchains”, is ready to produce a fresh all-time high as it follows the footsteps of an explosive altcoin Avalanche (AVAX).

“Since the drop, ATOM was one of the best performers (between others like AVAX or SOL). +46% bounce so far. I expect ATOM will follow AVAX and make a new ATH soon.” the crypto trader narrated.

The crypto strategist also predicts that decentralized oracle network Chainlink (LINK) will initiate a 66% surge after reclaiming key support at $24.

“Easy trade. Send LINK to $40 ASAP,” the trader said.

The crypto analyst also believes that Bitcoin is gearing up for a steep rise that will erase its losses over the past week.

“I don’t understand it.. but short a V reversal if you want. BTC is still going to $100,000,” he stated.

Image source: Shutterstock
PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://Blockchain.News/analysis/crypto-prices-today-bounce-back-friday-sell-off-bitcoin-ether-solana-polkadot-and-others-surge-higher

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Blockchain News

Crypto Prices Today Bounce Back from Friday Sell-Off, Bitcoin, Ether, Solana, Polkadot, and others Surge Higher

Published

on

The week has begun with some recovery in the cryptocurrency markets a few days after China’s regulator intensified renewed crackdown.

On Friday, September 24, China’s central bank announced that crypto trading and all related services, including Bitcoin mining, are illegal. It was a difficult day of trading in the crypto markets as a new bout of China-driven fear, uncertainty and doubt (FUD) dragged markets downwards.

However, today on Monday, September 27, most cryptocurrencies are in green, with the global cryptocurrency market cap stands at $1.944 trillion, a 5.42% rise over the last day, while the total cryptocurrency market volume over the last 24 hours is $109.43 billion, which makes a 23.26% rise.

Generally, the majority of cryptocurrencies are trading firmly on Monday, having rebounded from selling off the drive by the Chinese crackdown.

As of the time of writing at 11:00 AM Eastern Time (ET), Bitcoin is up about 5.23%, trading at $43,848.98, having fallen to just below $41,000 in the wake of Friday’s announcement. Ether, the second-largest cryptocurrency, rallies 11.55% to $3,094.17, recovering its Friday losses. Cardano prices are marginally higher, 2.62% trading at $2.23 while Polkadot trades at $29.56 up 3.40%, and performance of other cryptocurrencies also improved as Binance Coin, XRP, Solana, Litecoin, Uniswap, Chainlink, Cosmos ATOM, Avalanche surged over the last 24 hours.

Meanwhile, Sam Bankman Fried, the chairman of the billion-dollar crypto spot trading and derivatives platform FTX, recently talked about his views on the new ban imposed by China’s government. In an interview with CNBC media, Bankman Fried said that he was not “super surprised” by the move and explained that some of the initial strong reactions may have been because of the “exaggerated” translation of the original text and while the statements would have an impact, they were “nothing new.”

According to CoinMarketCap, Ethereum (ETH) has recovered even more strongly than Bitcoin (BTC) as the leading altcoin is up 11.55% since its Friday low trading of $2,881 and now surged to $3,094.17. Such gains come after a JPMorgan investment banking giant report stating that institutional investors are starting to favour Ethereum while shying away from Bitcoin futures. Analysts at JPMorgan bank noted that Bitcoin futures on the CME (Chicago Mercantile Exchange) have been trading at a discount to the spot market. “This is a setback for Bitcoin and a reflection of weak demand by institutional investors that tend to use regulated CME futures contracts to gain exposure to bitcoin,” the analysts explained.

JP Morgan stated that there has been a “strong divergence in demand” towards Ethereum products and explained that the driver of such demand had been the booming Non-fungible Token and Decentralized Finance sectors.

A famous crypto strategist and trader named ‘the Immortal’ also identifies some of the crypto assets that are likely to witness new all-time highs. Yesterday on Sunday, September 26, the anonymous trader told his followers that Cosmos (ATOM), a crypto project considered as the “internet of blockchains”, is ready to produce a fresh all-time high as it follows the footsteps of an explosive altcoin Avalanche (AVAX).

“Since the drop, ATOM was one of the best performers (between others like AVAX or SOL). +46% bounce so far. I expect ATOM will follow AVAX and make a new ATH soon.” the crypto trader narrated.

The crypto strategist also predicts that decentralized oracle network Chainlink (LINK) will initiate a 66% surge after reclaiming key support at $24.

“Easy trade. Send LINK to $40 ASAP,” the trader said.

The crypto analyst also believes that Bitcoin is gearing up for a steep rise that will erase its losses over the past week.

“I don’t understand it.. but short a V reversal if you want. BTC is still going to $100,000,” he stated.

Image source: Shutterstock
PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://Blockchain.News/analysis/crypto-prices-today-bounce-back-friday-sell-off-bitcoin-ether-solana-polkadot-and-others-surge-higher

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