Crypto LVL

2020-12-29 20:00:42 ​​XRP Crashes as Coinbase to Suspend Trading In January.

The fourth-largest cryptoasset, XRP, crashed to September lows after US-based major exchange Coinbase said it will join other trading platforms in suspending trading in this coin in January due to a recent regulatory crackdown on XRP-affiliated Ripple.

XRP trades at USD 0.2248 and is down by almost 21% in a day and 53% in a week. The price dropped by 63% in a month, trimming its gains over the past 12 months to less than 16%.

"We strive to provide our customers with access to a broad set of assets, all of which are evaluated against our Digital Asset Framework to assess factors like security, compliance, and the project’s alignment with our mission of creating an open financial system for the world. We take seriously any decision to change our customers’ access to one of those assets," the company said.

Multiple trading plaftorms have already announced they're suspending XRP trading after the US Securities and Exchange Commission filed a lawsuit against Ripple.

OKCoin also announced that they will suspend XRP trading and deposits on January 4. "As the lawsuit proceedings take place, we have determined it is the best course of action," they added.

Also, Bitstamp announced it is going to halt all trading and deposits of XRP for their US customers on 8 January 2021 at 9 PM UTC.

Meanwhile, even major exchanges that do not offer trading services in the US market are keeping a close eye on the situation.

"The SEC's action against Ripple remains outside of our operating jurisdiction, but we are closely monitoring for new developments. As a brand rooted in trust, safety, and compliance, we respect and trust the due process of law. However, the safety of our users and their assets are of paramount importance so we will continue to assess the situation as the matter progresses," Ciara Sun, VP of Global Markets of Huobi Group.

As reported, the Huobi business group appears set to make a return to the United States a year after it hastily exited the country Open / Comment

2020-12-26 20:00:32 ​​In Its Quest For Financial Inclusion Crypto Plays A Role In International Aid.

In December, the United Nations has warned that “2021 is literally going to be catastrophic,” largely as a result of the coronavirus pandemic, not to mention underlying economic and development issues.

Such forecasts are highly troubling, but until blockchain technology and cryptocurrency help increase and democratize financial inclusion on a much wider scale than it is now, it can already help with humanitarian aid and international development in a variety of ways.

According to industry figures and researchers working within the aid sector, blockchain can help increase the transparency and efficiency of charitable processes, potentially reducing the incidence of mismanagement and corruption. At the same time, the openness of the cryptocurrency sector also promises to increase financial inclusion and help people to take care of themselves better.

Growing numbers of projects
According to Dr Bernhard Reinsberg, a lecturer in international relations at the University of Glasgow, there are already many successful projects that have used either cryptocurrencies or blockchain for the purposes of aid or development.

“Some of them have completed the pilot phase and are being rolled out in several countries now. Key examples are Aid:Tech and WFP Building Blocks, which enable secure money transfer for humanitarian relief,” he told.

Reinsberg cited TruBudget as another example, an open-source blockchain-based platform developed by the KfW German Development Bank.

It “has increased transparency in aid projects by allowing donors to track real-time their money flows to recipients and the use of such funds by sub-contractors,” he said.

UNICEF
One of the biggest charitable organizations in the world is UNICEF, the United Nations Children’s Fund. According to its Blockchain Lead, Christina Lomazzo, and its Blockchain Developer, Mehran Hydary, it’s already exploring blockchain and cryptocurrency in a variety of ways.

“To stimulate and support the development of open-source digital public goods, UNICEF makes early-stage investments in blockchain startups in both USD and cryptocurrency through its Innovation Fund and CryptoFund,” they told.

UNICEF is also building a number of international prototypes based around blockchain tech with the support of UNICEF programmatic teams and country offices around the world.

“As an example of an internally built product, UNICEF Kazakhstan created a platform that digitized financial processes, leveraging blockchain technology, to simulate business rules and the release of funds in a streamlined and transparent way to partner organizations,” they said.

On top of this, a number of UNICEF National Committees are already accepting donations in the form of cryptocurrency, including UNICEF France, Australia, New Zealand, and the USA. Open / Comment

2020-12-20 20:00:37 ​​Pre-Christmas Rally Brings Bitcoin to USD 24K, Litecoin Outshines Again

After cooling down for a couple of days, the most popular cryptocurrency, bitcoin (BTC), accelerated its pre-Christmas rally and for the first time in its history hit the USD 24,000 level. As is usual this week, the top cryptoasset was outperformed by its smaller peers.

At pixel time (17:16 UTC), BTC trades at USD 24,049 and is up by almost 6% in a day and 31% in a week. The price rallied by 33% in a month and 234% in a year.

BTC is now the second-best performer in the past seven days among the top 10 coins. Litecoin (LTC) rallied today by 12%, to USD 119%, and is now up by 58% in a week. And while it also outperformed BTC in the past month (+46%), it grew less in the past 12 months (194%). Moreover, the LTC 24-hour trading volume surpassed "only" USD 4bn, compared with BTC's almost USD 27bn.

Other coins from the top 10 club are up by 2%-10% today.

As reported, Philip Gradwell, the Chief Economist at blockchain analysis firm Chainalysis, said on Thursday that he expects to see “significant swings in the price over the next few days as the market tries to find a balance between demand and supply.”

"In 2020, bitcoin has matured as a financial asset that is well suited to our current macro environment and due to this large investors have purchased millions of bitcoin, significantly reducing the remaining supply available to buy,” he added.

Meanwhile, also as reported, Brian Armstrong, CEO of the Coinbase exchange, warned investors who may be focusing on short-term speculation and encourage customers to seek out resources and consult financial advisors to better understand the risks associated with investing in cryptocurrencies.

"For those who believe in the potential of crypto, we also all have to believe that we’re still in the very early stages and that there’s a lot more to come," he said. Open / Comment

2020-12-17 21:00:32 ​​"Ethereum Is (Not) Money" Trigger Tested Again And It Still Works.

As the two largest cryptoassets by market capitalization - bitcoin (BTC) and ethereum (ETH) (plus several thousand other coins) - are competing for new money in a crypto beauty contest, the resurfaced question whether ETH is money once again added fuel to the fire.

While the traditional financial world does not consider BTC to be money, many BTC fans are of the same opinion about ETH.

The debate surrounding ETH and its use case as money has been thrust into the spotlight once again, thanks to Ryan Selkis, founder of US-based major crypto researcher Messari. Selkis published a mega-report entitled Crypto Thesis for 2021, which has a whole section called “ETH Isn’t Money.” While some hardcore Ethereans were quick to react to this statement, even some members of Messari’s own team do not agree with their boss.

However, the CEO stressed that ETH “will likely prove to be a terrific investment anyway.”

“A commodity that secures transactions on the world’s most valuable computing platform (gas for throttling, staking for processing), and that can be ubiquitously leveraged as collateral within a burgeoning new financial system, is plenty valuable. I love ETH, and I own a bunch,” he said.

Also, Selkis pointed to Ryan Watkins and Wilson Withiam, senior research analysts at Messari, who “just wrote a BIBLE on Ethereum 2.0” and they “disagree” with his own report’s section on ETH “pretty much point for point.”

According to them, this combination will provide ETH with an unprecedented combination of attributes from each of the three asset superclasses: capital assets, commodities, and stores of value, respectively.

“And it may also create a constant tug of war for ETH demanded by each use case,” they said. Open / Comment