Bitcoin, XRP, Ethereum and NFTs haunted us for sure in the past week. There's a review about some major news in the crypto sector as followed:
Crypto Trading Firm B2C2 Stops XRP Trading with US Clients
As per the report, B2C2 - a crypto trading firm - has stopped XRP with US counterparties. The London-based firm assured that it would stop offering XRP its US clients, according to previous reports. As a large trading firm, B2C2 helps brokerages, exchanges and fund managers make cryptocurrency transactions. B2C2 is the latest firm to distance itself from XRP, the fourth-largest cryptocurrency by market cap, in that the firm that is related to the asset Ripple Labs got hit with a $1.3 billion lawsuit.
Just as it has become the norm in recent months, Bitcoin is all the rage as its price rises. This week, the leading cryptocurrency has risen by 13%, and with the exception of a few coins, the market cap has surpassed almost all cryptocurrencies in the top 100. Interestingly, these coins are not the first DeFi "blue chips" people think of. Actually, the coins that now surpass Bitcoin are cryptocurrencies in the 2017's, which attracted a lot of people in the previous bull market, but disappeared in the so-called "Crypto Winter".
The Litecoin price went up 6% again over the past 24 hours, following a week-long rally. It has been the second-best performing cryptocurrency by weekly gain. What behind the Litecoin price rally are the three major factors: ideal technical structure, Bitcoin's rally, decent fundamentals.
The crypto sector has experienced a variety of things in 2020, good as well as bad. And Bitcoin's bull run and the DeFi craze in summer became the debated topics in the community. In addition, a quiet revolution was occurring in another corner of crypt the world of non-fungible tokens (NFTs).
Ripple Partner SBI: XRP is a Crypto Asset Under Japan Law, not a Security
Not everyone supports XRP, which is an embattled asset associated with San Francisco-based Ripple Labs. SBI Holdings, a Japan-based financial services firm, issued a statement on Monday that XRP is a "cryptocurrency asset" under Japanese law. The announcement comes after the U.S. Securities and Exchange Commission sued Ripple Labs last week, stating that it made a profit of $1.3 billion by selling XRP to retail investors, but failed to register cryptocurrency as a U.S. security.
Messari recently released a research report "Bitcoin 2020 Review: The Year the Institutions Arrived". As is known to all in the crypto community, 2020 is an unforgettable year. Well-known institutions enter the market this year, and BTC has truly become a macroeconomic asset.
Bitcoin keeps growing in the last week of this year, reaching a new high of more than $28,000. The on-chain indicators are still bullish, showing that Bitcoin boasts a serious supply-side crisis. Bitcoin has continued to rise rapidly in the past week, hitting a record high, and quickly climbed from $23,480 to over $28,000.
Fiercer Competition in Mining Sector amid Increasing Bitcoin Price
As Bitcoin price continues to rise, the stock prices of companies related to the crypto sector are soaring, including token product development firms, mining firms, digital concept stocks, wallet providers, and payment and transaction solution providers. Among them, the stock prices of mining firms have risen significantly, a typical example of traditional investors participating in Bitcoin in a compliant manner.
Ethereum Price Reaches $700, a New High since 2018!
As per the data from metrics site TradingView, Ethereum, the second-largest crypto by market cap, now records a new high of $700.77. Yesterday saw Ethereum price jumped from $633, reaching to its current prices, which is an increase of 9.73% over the past 24 hours. This is Ethereum's highest price since May 2018.
The Great Bull Run Will Bring What to the Whole Market?
Recently Bitcoin and Ethereum broke through $28,000 and $700 respectively, driving cryptocurrencies' market cap to hit $720 billion. Not only BTC but also ETH reach key points, as the price surges, what will happen in the cryptocurrency market? Currently, Bitcoin accounts for nearly 70% of the global cryptocurrency market cap. Data from CoinMarketCap indicate the total cryptocurrency market cap has broken through $720 billion, 70% of which is made by Bitcoin with the total market cap of $500 billion.
Cover Protocol Is Exploring Launching a New Token Following Attack
According to an announcement, Cover Protocol is exploring rolling out a new COVER token via a snapshot following its current one was abused in a minting attack by a "white hat" hacker on Monday morning. The bad actor, which could be either an individual or a small group, claimed to take responsibility for an exploit in the decentralized finance (DeFi) insurance project, tricking the protocol into minting 40 quintillions of COVER tokens.
Bitcoin Mining Firm Riot Blockchain's Market Cap Surpasses $1 Billion
Riot Blockchain (RIOT), a Bitcoin mining firm listed on the Nasdaq, had a market capitalization of $1.08 billion on Monday, which was up nearly 13% during early trading hours. The shares of this Castle Rock, Colo.-based company have risen by more than 1,250% in 2020 and is currently trading at more than $16.
How to Make $122,000 Per Year by Ethereum Mining
Simon Byrne hopes to use the potential of Ethereum (ETH) to take at-home crypto mining to a whole new level. As Anthony Garreffa initially reported, Byrne has built an ETH mining rig consisting of 78 GeForce RTX 3080 graphics cards. Although RTX 3080 is sold to high-end PC gamers, crypto miners are using these powerful specs to enhance its capabilities.
Institutional Investors Continue to Expand Their Holdings of Bitcoin
Bitcoin has experienced a great increase in institutional adoption over recent months. As extensively reported, over the past few months, prominent institutional investors allocate capital to cryptocurrencies to hedge their portfolios against the current macroeconomic inflation taking place. Moreover, many believe that Bitcoin will play an increasingly significant part in finance.
After the Mass Delisting, Will XRP Come Down to the Dip?
Following the SEC's lawsuit against Ripple as well as its CEO Brad Garlinghouse and co-founder Chris Larsen, a couple of crypto exchanges like Coinbase and OKCoin announced to suspend the trading of XRP on December 19 and 5 respectively.
The Number of Addresses Holding Ethereum Hit a Record High
Today, the number of addresses now holding Ethereum reaches a new record high. According to Glassnode, the blockchain data site, there are currently 51,491,730 addresses holding the cryptocurrency. The number of Ethereum addresses holding a certain amount of ETH has been steadily increasing all year: in early January, there were 34.7 million addresses holding ETH. The number has now increased by 48%.
VanEck Filed a New Bitcoin ETF Registration Application with the SEC
According to documents submitted to federal agencies, the preliminary prospectus was submitted on December 30, 2020. VanEck has filed similar applications with the SEC twice before, but was rejected last year. Since then, the company withdrew its previous application in September 2019. So far, the SEC has considered many applications for Bitcoin-based ETFs, but all have been rejected. In August 2018, the regulator rejected 9 such proposals on the same day.