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$XRP Will Be Adopted by the ‘Entire World’, Says Popular US Music Producer

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The founder and CEO of Sound Alive Records Eric Finnerud, known as E. Smitty, has recently revealed he believes that the $XRP token will be adopted by the “entire world” as it’s a cryptocurrency with fast settlement times and low transaction fees.

In a tweet the music producer shared with his over 170,000 followers on the microblogging platform, E. Smitty said that he uses $XRP every day as a currency to pay artists royalties in the token, while also accepting $XRP payments for mixing, mastering, producing, and marketing.

The music producer is notably a well-known $XRP bull that has been supporting the cryptocurrency and numerous others over the last few months. On occasion, E. Smitty has offered free tokens to his followers on social media in various giveaways.




Notalby several analysts have been turning bullish on the cryptocurrency over the last few weeks. As CryptoGlobe reported a  widely-followed cryptocurrency analyst has doubled down on his $XRP price prediction made at a time in which both Ripple and the U.S. Securities and Exchange Commission (SEC) are looking for a ruling in their long-running legal battle through a so-called summary judgment.

The price of XRP surged earlier this month after both Ripple and the SEC requested a summary judgment. The SEC sued Ripple and two of its executives in 2020, alleging they sold unregistered securities when they issued $1.3 billion worth of XRP tokens. Ripple denies XRP is a security.

Ripple settling the lawsuit could lead to an XRP supply shock, which presumably would lead to a price surge as demand would remain the same, while supply plunged. That’s according to legal expert and XRP supporter Jeremy Hogan, who has been following the case.

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Solana ($SOL) Could Attract Over 1 Billion Users to the Crypto Space, Popular Analyst Says

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The host of the popular InvestAnswers YouTube channel has revealed that he believes Ethereum ($ETH) rival Solana ($SOL) could bring over 1 billion users to the cryptocurrency space over its low transaction fees and large throughput.

In a video shared with the channel’s over 400,000 subscribers, James Mullarney noted that the Solana network has suffered numerous outages as it has been testing the limits of what blockchain technology can do.

Per the analyst, Solana is “not just another chain” and has the goal of bringing “one billion onto blockchain.” Mullarney added the goal is achievable by “testing limits,” which is what the Solana blockchain has been doing.

It’s worth noting that the Solana network recently suffered an outage that stopped it from processing transactions on Friday night over a misconfigured node. The network ended up being restated to resolve the issue.

This isn’t the blockchain’s first major outage. So far this year, Solana has dealt with a number of multiple outages and degraded performance issues. In September 2021, Solana went offline for 17 hours.




Mullarney noted that web2 applications had “lots of crashes” and that these are a normal part of development when the “limits of anything” are being pushed. In an analogy he used, he said that the fastest cars in Formula One “sometimes have the engines that blow up the quickest.”

The analyst added that Solana is still a “very young chain” whose adoption is “way beyond my wildest dreams as of March 2021. Mullarney is a known Solana bull, who has named it Ethereum’s number one competitor.

The strength of Solana, and the reason why I still like it, is that they have the most breadth of DApps [decentralized applications] of any chain out there. They have exponential adoption. Fast, inexpensive, scalable. Despite the outage.

The analyst added Solana uses the Rust programming language, which is the most preferred” one and is helping drive activity on the network. As it can process a large number of transactions per second, it does not need layer-2 scaling solutions, he said.

As CryptoGlobe reported, the cryptocurrency community is expecting the price of smart contract platform Solana ($SOL) to surge in October, as the network’s congestions seemingly become a thing of the past and it processes an astounding number of transactions.

Notably, the total number of transactions conducted on Solana has surpassed the 100 billion mark, at a time in which institutional investor bets on the cryptocurrency keep trickling in, despite the ongoing bear market.

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Crypto Community’s Cardano Price Predictions See $ADA Surge Over 30% This Month

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The cryptocurrency community has set a bullish price target for smart contract platform Cardano ($ADA) this month, presumably taking into account the network’s improved performance after the Vasil hard fork.

The estimates come from CoinMarketCap’s prime estimates feature, which saw over 10,800 users reveal their $ADA price predictions for the month of October. On average, users expect $ADA to trade at $0.577, up 33.5% from the cryptocurrency’s current $0.432 price tag.

Source: CoinMarketCap

Notably, the cryptocurrency community is predicting that the price of $ADA will close 2022 at around $0.49, suggesting a short-term rally for the smart contract platform ahead of a short correction. The $0.49 figure still represents a 13% premium on current prices.

It’s important to point out that the cryptocurrency community’s predictions may not come to life at all. The platform’s data shows that its average $ADA predictions had an accuracy close to 60% last month, but below 10% earlier this year.

As CryptoGlobe reported, a study published by the  Basil Committee on Banking Supervision (BCBS) has revealed that the world’s top banks have exposure to around $9 billion worth of cryptocurrencies, including Cardano ($ADA).




The report comes after CryptoCompare’s latest Digital Asset Management Review report revealed that institutional investors have, throughout the month of September, added to bets against the flagship cryptocurrency Bitcoin ($BTC) by buying up products shorting BTC, while also betting on products offering exposure to $XRP, $ADA, and multiple assets.

Earlier this month, popular crypto trader and market analyst Michaël van de Poppe shared the “ultimate area” to buy the native token of smart contract platform Cardano, $ADA, after the network underwent its highly-anticipated Vasil hard fork.

The analyst noted that looking at Cardano’s chart it’s “looking like we’re accumulating,” and pointed out that the “ultimate area to buy from is the region at $0.30-0.375.”

Cardano’s adoption has slowly been growing, as data shows the total number of $ADA wallets surpassed the 3.5 million milestone in August, ahead of the Vasil hard fork, which brought in significant performance improvements.

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$BTC: Peter Schiff Says SEC Should Be Charging Michael Saylor for Touting Bitcoin

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On Monday (October 3), gold bug Peter Schiff said that instead of going after Kim Kardashian, the U.S Securities and Exchange Commission (“SEC”) should have charged “the real pumpers” like MicroStrategy Co-Founder and Executive Chairman Michael Saylor.

Bitcoin perma-bear Peter Schiff, who is one of Bitcoin’s harshest critics, is the CEO of Euro Pacific Capital, a full-service, registered broker/dealer specializing in foreign markets and securities. He is also Founder and Chairman of SchiffGold, a full-service, discount precious metals dealer.

Schiff’s comments were made following yesterday’s announcement by the SEC that it had brought charges against American media personality and entrepreneur Kim Kardashian for alleged promotion of cryptoasset $EMAX.

The SEC’s press release stated that these charges were “for touting on social media a crypto asset security offered and sold by EthereumMax without disclosing the payment she received for the promotion” and that she had “agreed to settle the charges, pay $1.26 million in penalties, disgorgement, and interest, and cooperate with the Commission’s ongoing investigation.”

The press release went on to mention that its order “finds that Kardashian failed to disclose that she was paid $250,000 to publish a post on her Instagram account about EMAX tokens, the crypto asset security being offered by EthereumMax” and that “Kardashian’s post contained a link to the EthereumMax website, which provided instructions for potential investors to purchase EMAX tokens.”

And Gurbir S. Grewal, Director of the SEC’s Division of Enforcement, stated:

The federal securities laws are clear that any celebrity or other individual who promotes a crypto asset security must disclose the nature, source, and amount of compensation they received in exchange for the promotion. Investors are entitled to know whether the publicity of a security is unbiased, and Ms. Kardashian failed to disclose this information.




The SEC also said that “without admitting or denying the SEC’s findings, Kardashian agreed to pay the aforementioned $1.26 million, including approximately $260,000 in disgorgement, which represents her promotional payment, plus prejudgment interest, and a $1,000,000 penalty.” Apparently, she also “agreed to not promote any crypto asset securities for three years.”

Before looking more closely at what Schiff said yesterday, it is worth saying a few words about Michael Saylor and his Nasdaq-listed software company MicroStrategy Inc.

On 11 August 2020, MicroStrategy announced via a press release that it had “purchased 21,454 bitcoins at an aggregate purchase price of $250 million” to use as a “primary treasury reserve asset.”

Saylor said at the time:

Our decision to invest in Bitcoin at this time was driven in part by a confluence of macro factors affecting the economic and business landscape that we believe is creating long-term risks for our corporate treasury program ― risks that should be addressed proactively.

Since then MicroStrategy has continued to accumulate Bitcoin and its former CEO has become one of Bitcoin’s most vocal advocates. MicroStrategy’s latest $BTC purchase, which Saylor tweeted about on 20 September 2022, means that the firm is now HODLing around 130,000 bitcoins, which were “acquired for ~$3.98 billion at an average price of ~$30,639 per bitcoin.”

This move by the SEC to charge Kardashian led Schiff to send out a tweet in which he said that the SEC should be people like Saylor who “had much more to gain pumping crypto than Kim.” Saylor then replied to Schiff to point out that he has not violated any U.S. securities laws since Bitcoin is recognized by the SEC as a commodity (like silver and gold) and not a security.

As you can see from the tweet below, which was sent out by Saylor on 27 June 2077, SEC Chair Gary Gensler, just like his predecessor Jay Clayton, has confirmed on more than once occasion that the SEC views Bitcoin as a commodity.



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World’s Largest Banks Have Exposure to $DOT, $XRP, and $ADA, Study Shows

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A recently published study by the Basil Committee on Banking Supervision (BCBS) has revealed that the world’s top banks have exposure to around $9 billion worth of cryptocurrencies, including Polkadot ($DOT), Cardano ($ADA), and $XRP.

According to the study, titled “Basil II Monitoring report” from the Bank of International Settlements (BIS), the two largest cryptocurrencies by market capitalization, Bitcoin ($BTC) and Ethereum ($ETH) are the ones banks are most exposed to, with the flagship cryptocurrency making up 31% of the reported crypto exposure, and ETH making up 22% of it.

BTC and ETH combined notably make up “almost 90% of reported exposures,” while other popular cryptocurrencies were also included in the report. Polkadot ($DOT) made up 2% of reported exposure, while $XRP made up around the same percentage. Cardano’s $ADA token made up 1% of exposure, as did Solana ($SOL).

Other cryptocurrencies in the report were Litecoin ($LTC) with 0.4% of reported exposure, and Stellar ($XLM), with around 0.4% of exposure as well.

The study detailed that total cryptocurrency exposures from banks made up around €9.4 billion, equivalent to roughly $9.2 billion. This means that cryptoasset exposure “make up only 0.14% of total exposures on a weighted average basis across the sample of banks reporting exposures.”

The report added that when considering the whole sample of banks included in the report, the amount shrunk to 0.01% of total exposures. These banks’ exposure to the cryptoasset sectors was divided into three categories: cryptocurrency holdings and lending, clearing and market-making services, and custody, wallet, or insurance services.




The largest activity adding to banks’ crypto exposure was custody or wallet-related services. These financial institutions’ exposure is likely related to cryptocurrency investments from institutional investors gaining exposure to the space without managing their own private keys.

As CryptoGlobe reported institutional investors have, throughout the month of September, added to bets against the flagship cryptocurrency Bitcoin ($BTC) by buying up products shorting BTC, while also betting on products offering exposure to $XRP, $ADA, and multiple assets.

According to CryptoCompare’s latest Digital Asset Management Review report, for the first time in two years, the average daily volumes for all exchange-traded products (ETPs) on the report dropped below $100 million after falling nearly 80% from this year’s high recorded in January.

The report details that institutional investors looking to gain regulated exposure to the digital asset space are “likely to turn to the growing number of crypto investment products” such as those contained in the report, and adds that these make “crypto more accessible to investors because they can be traded on traditional stock exchanges.”

Per the report Short Bitcoin Products, which “correspond to the inverse (-1x) of the daily performance of the Bitcoin futures index” saw a rise in their assets under management in September, with the ProShares Short Bitcoin Strategy ETF (BITI) seen an AUM rise of 43.9% to $98.8 million, while the 21Shares Short Bitcoin ETP (SBTC) saw an increase of $18.9 million.

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US Senator Cynthia Lummis on How Crypto Regulation Could Impact Bitcoin and Ethereum

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In a recent interview with Polish-American journalist Natalie Brunell, U.S. Senator Cynthia Lummis shared her thoughts on upcoming crypto regulation in the U.S.

According to a press release issued on 7 June 2022, “U.S. Senators Kirsten Gillibrand (D-NY), member of the Senate Agriculture Committee, and Cynthia Lummis (R-WY), member of the Senate Banking Committee, introduced the Responsible Financial Innovation Act, landmark bipartisan legislation that will create a complete regulatory framework for digital assets that encourages responsible financial innovation, flexibility, transparency and robust consumer protections while integrating digital assets into existing law.”

Per a report by The Daily Hodl, in a video released on his YouTube channel on 7 June 2002, here is what IOG Co-Founder and CEO Charles Hoskinson had to say about the Gillibrand-Lummis crypto bill:

Frankly this is a massive step forward. It’s an example of where Washington actually did listen to the industry. And engaged with people. And it didn’t bias it towards one crazy standard or another and a lobbyist hasn’t gotten hold of it and turned it into some toxic monster that only benefits one actor over another…

My hope is over the next 12-24 months if we all work together we can finally get something passed and then it’s done. We actually have a foundation of regulation that’s not intrusive and allows us to innovate as an industry.

Now, coming back to the conversation Senator Lummis had with Brunell on September 28, The Daily Hodl reported that with regard to Bitcoin the Republican Senator said:




Bitcoin will actually benefit by having some of the bad actors regulated, disclosed and out of the scene. Because for some people they don’t understand the difference between Bitcoin and an altcoin.

And there are a lot of altcoins that are just fraudulent. They are scams. So, they should be under the control and jurisdiction of the SEC. Because the SEC really is good at disclosure and consumer protection...

As soon as more of the bad actors can be dismissed, the better it looks for Bitcoin because of its complete decentralization and the qualities that make it digital gold. So regulation is actually good for Bitcoin because, among all the cryptocurrencies, Bitcoin is going to emerge as the gold standard.

As for Ethereum, she told Brunell:

While Ethereum has touted the advantages of being a proof-of stake-as opposed to proof-of-work, and that means it’s environmentally more friendly and people begin to embrace it, I think that there’s very little understanding of how that can affect its more centralized approach.

One of the people who I think really understands that is Gary Gensler, who’s the head of the SEC, and his voice on these issues is going to be important within this administration.

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$ETH: T-Mobile’s Parent Deutsche Telekom Says That It ‘Supports Ethereum Blockchain’

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On Thursday (September 29), Deutsche Telecom, a a German telecommunications company headquartered in Bonn that is the largest telecommunications provider in Europe by revenue, announced that it “supports Ethereum with infrastructure.”

Deutsche Telecom (DT), which operates several subsidiaries worldwide (including T-Mobile), stated in a press release issued on September 29 that it is “expanding its activities in the field of blockchain technology by including the second largest blockchain in the world” and that “DT’s subsidiary, T-Systems MMS provides the Ethereum Network with infrastructure in the form of validation nodes.”

The press release went on to say:

Ethereum uses the cryptocurrency Ether (ETH) as a means of payment for transactions. After the so called ‘Merge’, Ethereum recently relies on Proof-of-Stake (PoS) for consensus, which, in addition to laying the foundation for future scalability improvements, significantly reduces the blockchain’s energy requirements. T-Systems MMS maintains sustainable blockchain networks and therefore supports the transition to PoS by operating validation nodes.

In addition, the Deutsche Telekom subsidiary cooperates with Stake Wise. StakeWise offers liquid staking pools, which allow users to keep their ETH tokens without having to operate validator nodes themselves. As a result, the entry barrier for investments in cryptocurrency is lowered.




Dirk Röder, Head of Blockchain Solutions Center at T-Systems MMS, had this to say:

Our cooperation partner StakeWise collects individual Ether tokens from many different owners and merges them into validator nodes. These validator nodes are provided and operated as infrastructure by T-Systems MMS. Staked Ether tokens remain available to the owner in this construct – liquid – and can be used in other Decentralized Finance (DeFi) applications...

After collaborating with Flow, Celo and Polkadot, we are now taking the next decisive step in the blockchain world and are doing pioneering work here with Ethereum. As a node operator, our entry into liquid staking and the close collaboration with a DAO is a novelty for Deutsche Telekom.

And Kirill Kutakov, co-founder of StakeWise, added:

With the move to Proof-of-Stake, we expect strong demand and significantly increasing capital flows in the Ethereum network. We are therefore pleased that T-Systems MMS, as an infrastructure provider, is giving our protocol more reliability and making the Ethereum ecosystem safer overall.

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$XRP Price Predictions: Crypto Community Sees Token’s Price Drop by End of Year

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The cryptocurrency community is predicting that the price of the $XRP token will drop by the end of the year, even after it surged over 40% in a month after reports revealed that both Ripple and the U.S. Securities and Exchange Commission (SEC) are looking for a ruling in their long-running legal battle through a so-called summary judgment.

According to CoinMarketCap’s price estimates feature, the cryptocurrency community sees the price of the cryptocurrency drop by 15.5% from its current $0.476 level to around $0.402 by the end of the year.

Source: CoinMarketCap

The figure marks a sharp decline from XRP’s current levels and notably suggests that while the token has been rallying, the community sees it as a short-lived rally that will end up being undone through a sell-off.

The community’s predictions for the end of October are around $0.42, while for the end of November the cryptocurrency community sees XRP trade at $0.38, meaning that they see a significant dip before a recovery to close 2022.

The price of XRP has recently surged, as both the SEC and Ripple have asked for a swift judgment in the regulator’s case against the fintech firm over its sale of XRP tokens. Both are looking for a summary judgment, according to recently filed documents.




The filings suggest neither party wants the legal action to continue to a full trial. The SEC sued Ripple and two of its executives in 2020, alleging they sold unregistered securities when they issued $1.3 billion worth of XRP tokens. Ripple denies XRP is a security.

Not everyone is bullish on the cryptocurrency thanks to the perceived end of the legal battle affecting one of its ecosystem’s largest players. A widely-followed cryptocurrency analyst, DonAlt, has earlier this month revealed he sees the price of XRP pull off a massive price rally if the SEC’s lawsuit against Ripple is settled. If Ripple wins, he said, the XRP token is going to “giga moon basically,” and a “lot of people will buy back in.” The analyst expects to sell into that surge.

According to DonAlt, if Bitcoin was “looking solid into $21,000,” then he could hold onto his XRP bet until it hits $1, if not $2 or $3” per token.

Ripple settling the lawsuit could lead to an XRP supply shock, which presumably would lead to a price surge as demand would remain the same, while supply plunged. That’s according to legal expert and XRP supporter Jeremy Hogan, who has been following the case.

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$XRP’s Social Media Activity Surges to 3-Month High As Ripple, SEC Seek Ruling in Legal Battle

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Social media activity surrounding the $XRP token, one of the largest cryptocurrencies by market capitalization, has recently surged to a 3-month high at a time in which Ripple, a fintech firm and major player in the XRP ecosystem, and the U.S. Securities and Exchange Commission (SEC) are seeking a ruling in their long-running legal battle through a so-called summary judgment.

According to data shared by cryptocurrency social intelligence platform LunarCrush, XRP has recently seen its social activity rise nearly 10% in a single day, to reach a 3-month high of 1.95 billion engagements to content shared by 9,420 social contributors.

As CryptoGlobe reported, the price of XRP, the native token of the XRP Ledger, has surged after reports revealed that both Ripple and the SEC were looking for a so-called summary judgment.

According to recently filed court documents, neither party wants the legal action to continue to a full trial. The SEC sued Ripple and two of its executives in 2020, alleging they sold unregistered securities when they issued $1.3 billion worth of XRP tokens. Ripple denies XRP is a security.




Earlier this year, Ripple’s CEO Brad Garlinghouse noted that he believed the company would prevail in its legal battle against the regulator.

Ripple settling the lawsuit could lead to an XRP supply shock, which presumably would lead to a price surge as demand would remain the same, while supply plunged. That’s according to legal expert and XRP supporter Jeremy Hogan, who has been following the case.

A pseudonymous cryptocurrency analyst, DonAlt, has also predicted that the price of XRP is going to “giga moon basically” and a “lot of people will buy back in” once the long-running legal battle is over.

At the time of writing, XRP is trading at $0.47 after moving up over 45% over the last 30 days, partly on rumors suggesting the legal battle is set to end in the near future.

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