XRP price soars to new highs after recent legal victories and relisting rumors

XRP price soars to new highs after recent legal victories and relisting rumors

XRP price broke out to a new multiyear high on April 13 as a surge of trading volume in the early morning hours continued into mid-day. Data from Cointelegraph Markets and TradingView shows that XRP registered a low of $1.42 before staging a 34% rally to a high of $1.88.XRP/USDT 4-hour chart. Source: TradingViewThe surge in price comes on the same day as both Bitcoin (BTC) and Ether (ETH) established new all-time highs as mainstream excitement for the cryptocurrency sector is on the uptrend ahead Coinbase’s direct listing on April 14.Momentum for XRP has been building over the past couple of weeks thanks to a series of legal victories for Ripple in its battle with the United States Securities Exchange Commission, along with rumors that the token may be relisted on multiple exchanges. Ripple has also been making a marketing push to tout the various capabilities of RippleNET, including the benefits of its on-demand liquidity that eliminates pre-funding of destination accounts and reduces operational costs. According to data from Cointelegraph Markets Pro, market conditions for XRP have been favorable for some time. The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.VORTECS™ Score (green) vs. XRP price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for XRP began to pick up on April 7 when it first saw green and hit a high of 68 as the price of XRP slowly began to climb. The VORTECS™ Score again reached a level of 68 on April 9, around four hours before the price increased 83% over the next three days, with a high of 87 coming just six hours before April 13’s price rally. Stellar’s Lumen (XLM) also saw its price rally 18% on April 13 from a low of $0.576 to an intraday high of $0.678 as the XRP fork continues its pattern of tracking the movements of its predecessor, for better or worse. Data from South Korean cryptocurrency exchanges shows that traders have begun pivoting away from BTC and ETH to more attractively priced altcoins like XRP and XLM, meaning the rally could just be getting started as…

How African Users Can Buy and Trade Bitcoin Cash Without Facing KYC or Geoblocking Hurdles

How African Users Can Buy and Trade Bitcoin Cash Without Facing KYC or Geoblocking Hurdles

Africa remains the home to a large proportion of the world’s population that is unbanked according to a 2017 World Bank Global Index survey. Many of those who are unbanked cite their lack of official identification particulars as one of the main reasons for their predicament. Cryptos Narrowing Financial Exclusion Gap Therefore, in their effort to reduce the number of people that have no access to banking services, Satoshi Nakamoto created Bitcoin, a decentralized digital currency and network that is available to anyone. Now, more than ten years later, the crypto asset has had successes in narrowing the financial exclusion gap as some financial services are now available to those lacking identification documents. Local.bitcoin.com is a peer-to-peer bitcoin cash (BCH) marketplace that’s available in every nation in the world. However, the rising fees on networks such as bitcoin (BTC) or ethereum (ETH) mean the respective crypto assets may eventually become less accessible. Further, the imposition of KYC requirements by some centralized crypto exchanges or the enforcement of FATF rules means millions of individuals including many from Africa will soon be blocked from trading cryptocurrencies. Local.bitcoin.com traders from Kenya. Nevertheless, some crypto exchange platforms like Local.bitcoin.com continue with their quest of making it possible for African users to have access to cryptocurrencies like bitcoin cash. Also, African users or traders will transact with the full confidence that the other party to the transaction will perform as agreed. Local.bitcoin.com’s blind escrow system ensures all parties play their part. How to Start So how can a prospective trader safely buy or sell bitcoin cash on Local.bitcoin.com? The first step would be to go on local.bitcoin.com and create an account. Creating an account on Local.bitcoin.com only requires one’s email address, a username, and a password. There is no KYC, an ID verification process, or geoblocking which often forces users from certain regions to use VPNs. Once an account has been created, the user is now ready to start trading. Local.bitcoin.com traders from Nigeria selling bitcoin cash (BCH). To start trading, a prospective BCH buyer simply selects a trader from a list of sellers shown on the offers page. If the two traders agree on the sale, the transaction will proceed with the seller sending the BCH to a blind…

North American crypto miners prepare to challenge China’s dominance

North American crypto miners prepare to challenge China’s dominance

Springtime is coming to the North American cryptocurrency mining industry. With access to robust capital markets, cheap power, a stable political climate and increasing participation of technological innovators, industrial-grade mining operations are burgeoning in the United States and Canada, providing competition to Chinese mining pools that now control more than half of the world’s hashing power.These new ventures are acutely aware of the need to minimize mining’s carbon footprint. In March, when Neptune Digital Assets and Link Global announced they would develop a new five-megawatt Bitcoin mining facility in Alberta, Canada, for instance, Neptune CEO Cale Moodie cited the “substantial global pressure to develop sustainable [emphasis added] Bitcoin mining operations around the world” — adding that the project would be powered by solar, wind and natural gas.“A large investment in North America mining infrastructure is currently taking place,” Ethan Vera, co-founder and chief financial officer of Luxor Technologies and of Hashrate Index, tells Magazine, while CoinShares chief strategy officer Meltem Demirors writes in a recent blog post: “We have seen over $200M of capital deployed into building onshore mining capacity in the United States alone.”“There’s an upwards trend in mining companies looking at the U.S. and North America,” Amy Davine Kim, chief policy officer of the Chamber of Digital Commerce, tells Magazine, and there is a growing willingness among some U.S. states to support such crypto mining ventures. Kentucky, for instance, passed two bills in March that give tax breaks to crypto miners, whom the state wants to attract in order to create jobs and energize local economies.“North American capital has been unleashed,” Vera explains, adding: “Public and private markets are pouring money into Bitcoin mining,” and it is all setting the stage “for large-scale North American build-out.”What took so long?Some wonder how and why Western nations allowed China to take such a lead in crypto mining in the first place. China now accounts for 65% of global BTC mining, according to the Cambridge Centre for Alternative Finance. This is compared with only 7.24% for the U.S., which is the second-largest hub, though no one really knows the global distribution with certainty. Some have pegged the Chinese share to be lower. For example, a 2020 study commissioned by Fidelity Investments estimates that 50% of global mining…

Analysts say Coinbase listing represents a ‘watershed’ moment for crypto

Analysts say Coinbase listing represents a ‘watershed’ moment for crypto

Coinbase, the top cryptocurrency exchange in the United States will soon be a publicly listed company once its COIN stock launches on the Nasdaq stock exchange on April 14.Generally, the sentiment around the listing has been overwhelmingly positive from both the crypto and traditional financial markets. With the date fast approaching, analysts have been issuing a variety of perspectives related to how the listing could impact Bitcoin and altcoin prices.Coinbase rally, crypto top?As Cointelegraph previously reported, Coinbase is technically not conducting an initial public offering (IPO).Instead, the exchange is directly listing on the Nasdaq, bypassing the need to work with investment banks which are often costly for businesses.  Despite the lack of involvement of investment banks in the process of listing Coinbase, there is significant hype around COIN. While speaking CNBC’s Squawk Box on April 12,  Jim Cramer said:”You gotta buy Coinbase when that deal comes, even though it’s a $100 bilion deal, this has become common knowledge that there are many companies that are going to switch. MicroStrategy has always been the leader, so others would want to follow.””You got to buy $COIN when that deal comes,” says @JimCramer. “This is a $2T market maybe going to $3T.”#btc #bitcoin pic.twitter.com/ItLMx1tbIl— Squawk Box (@SquawkCNBC) April 12, 2021 There are several reasons why investors in the traditional financial market are optimistic on COIN.Most notably, the two main factors are: getting exposure to the crypto market without owning cryptocurrencies and the lucrative business model of Coinbase.According to Ben Lilly, the co-founder of Jarvis Labs: “Coinbase is the watershed moment in terms of legitimizing some valuations you see in crypto, particularly around DEXs who have a tiny fraction of the amount of employees and opex that a Coinbase or ICE has. Crypto is an asset with incredible volume and diversity, which is poised to grow even more. Coinbase showcases how profitable exposure to this market can be. Also, I expect a wave of MA and VC activity on the heels of this as private investors will be asking their fund managers for exposure to this space.”John Street Capital, a venture capital and financial researcher, noted that Coinbase is massively profitable with an annual revenue of $1.8 billion.Atop the compelling financial report and revenue, the user base of Coinbase is much larger than…

US Government Concerned China’s Digital Yuan Could Threaten Dollar as the World’s Dominant Reserve Currency

US Government Concerned China’s Digital Yuan Could Threaten Dollar as the World’s Dominant Reserve Currency

The U.S. government is reportedly concerned that China’s digital yuan could threaten the U.S. dollar’s status as the world’s dominant reserve currency. Officials at the Treasury, State Department, Pentagon, and National Security Council are increasing their efforts to understand the implications of China’s central bank digital currency. Digital Yuan Could Be a Threat to US Dollar The U.S. government is reportedly increasing scrutiny of China’s digital yuan. Some government officials are concerned that the Chinese central bank digital currency “could kick off a long-term bid to topple the dollar as the world’s dominant reserve currency,” Bloomberg reported Sunday, citing people familiar with the matter. Officials at the Treasury, State Department, Pentagon, and National Security Council are strengthening their efforts to understand the potential implications of China’s digital currency. Particularly, they want to understand how the digital yuan will be distributed and whether it could be used to evade U.S. sanctions. China has been actively testing its digital currency backed by the central bank, People’s Bank of China (PBOC). Its rapid progress has renewed efforts in the U.S. to create a digital dollar, the publication conveyed, adding that the Biden administration is not currently planning to take any countermeasures against long-term threats from the digital yuan. Meanwhile, the Fed is actively working on a digital dollar. Federal Reserve Chairman Jerome Powell said in February that the digital dollar is a “very high priority” project for the Fed. “We are looking carefully, very carefully at the question of whether we should issue a digital dollar … We are the world’s reserve currency, and we have the responsibility to get this right. We don’t need to be the first. We need to get it right,” Powell affirmed. Various Federal Reserve banks are working on a digital dollar. Recently, the Federal Reserve Bank of Boston and the Massachusetts Institute of Technology (MIT) said they plan to unveil at least two digital dollar prototypes in the third quarter. Treasury Secretary Janet Yellen has also stressed the importance of researching the viability of a digital dollar. “It makes sense for central banks to be looking at” issuing a digital dollar, she said at a conference in February, noting that a digital dollar could help improve financial inclusion among low-income households. According…

Bitcoin Price Taps New All-Time High, Analyst Says ‘Fertile Grounds for BTC to Take a Fresh Leg Up’

Bitcoin Price Taps New All-Time High, Analyst Says ‘Fertile Grounds for BTC to Take a Fresh Leg Up’

The price of bitcoin has crossed a new all-time high (ATH) on Tuesday, as the leading crypto asset has jumped to $63,275 per unit during the early morning trading sessions (EST). At the time of publication, the entire market economy with over 9,203 cryptos is valued at $2.153 trillion with $164 billion in global trade volume. Bitcoin Price Touches New Highs Bitcoin (BTC) has finally crossed the psychological resistance at the $60k mark and even brushed past the last all-time price high. At around 5 a.m. (EST), bitcoin’s price jumped to a new ATH reaching $63,275 per BTC. At the time of writing, BTC is just under the $63k handle and has a market valuation of around $1.177 trillion today. That’s approximately 54% of the entire $2.153 trillion crypto market economy, while ethereum (ETH) captures 11.9% on Tuesday. Top five crypto asset markets on April 13, 2021. Ethereum is swapping for $2,225 per ETH and has a market valuation of around $256 billion. The forerunner today is XRP which has gained a whopping 23% during the last day and 66% over the last seven days. Bitstamp BTC/USD markets on April 13, 2021. XRP is swapping for $1.70 a coin and is just below binance coin (BNB) markets. BNB is exchanging hands for $573 per unit and has a market valuation of around $85 billion. BNB captures over 4% of the entire market capitalization while XRP has around 2.98% today. Deribit ETH/USD markets on April 13, 2021. In the sixth position is cardano (ADA) which is trading for $1.37 per unit and the seventh position held by polkadot (DOT) is swapping for $41. Uniswap (UNI) has now taken the eighth position and is trading for $34.79 per coin. Litecoin (LTC) and bitcoin cash (BCH) hold the ninth and tenth positions respectively. LTC in the ninth position is swapping for $268 while BCH is trading for $721 per unit. Delta Exchange CEO: ‘Overall Sentiment Is Still Strong’ Of course, a great number of crypto enthusiasts are very positive about the prices. The CEO of Delta Exchange, Pankaj Balani, is one of those people. In a note to Bitcoin.com News, Balani said “Bitcoin has been consolidating over the last month, while altcoins have hit fresh yearly highs. This…

What is blocking the decentralized internet?

What is blocking the decentralized internet?

Over the past decade, the proliferation of blockchain technology has resulted in hundreds of networks that are unable to talk to each other. With data siloed and developers’ options now extremely limited, the sector has been described as being at a “historical crossroads” — and unless this industry evolves and expands, it’s feared that blockchain will struggle to achieve the same reach and interconnectivity that the internet enjoys.Interoperability has been one of the hottest phrases in the blockchain lexicon in recent years. Although this cross-chain mentality is encouraging, it could be argued that many of the solutions being touted are a mere sticking plaster, only providing connectivity between a select number of networks.An everyday consumer would react with incredulity if they were only able to send an email from their Yahoo inbox to someone else with the same domain name. The idea that someone surfing the internet on Google Chrome couldn’t access a website found on the Safari browser is equally unimaginable. Yet this is the situation that the blockchain sector has found itself in — to the extent that convoluted processes have needed to be built to ensure that assets can make their way across blockchains. (One example here could be Wrapped Bitcoin, which involves depending on a centralized intermediary.)Given how one of blockchain’s main advantages is meant to be its decentralization, there’s a danger that certain workarounds and concepts can move this innovative space away from what it is supposed to be — undercutting its usefulness in the process. But what if any and all blockchain and smart contracts were able to communicate with one another? What if decentralized access to off-chain oracle information could be granted to these platforms? To fix these issues once and for all, the industry may need to take a page out of the book of a technological marvel that many of us take for granted: the internet.Back in the early 1990s, when going online was still considered a niche activity, the agnostic TCP/IP protocol united all computers and operating systems, opening up a method of communication that is now relied upon by billions of people around the world. Confronted by the current fragmented landscape, there are now calls for an “internet of blockchains” to be created… allowing…

Miami nightclub accepts Bitcoin as nightlife cautiously returns

Miami nightclub accepts Bitcoin as nightlife cautiously returns

A nightclub in Miami is set to return from oa COVID-19-related shutdown of over a year by accepting Bitcoin (BTC) and other cryptocurrencies as a form of payment.Luxury nightclub E11even Miami announced Tuesday that it will soon start accepting cryptocurrency as payment for tables, drinks, merchandise and other services. According to the official announcement, the list of supported cryptocurrencies will include Bitcoin, Bitcoin Cash (BCH), XRP and Dogecoin (DOGE).In order to provide the new payment method, E11even has partnered with a major cryptocurrency processing company, but did not specify the name of the payment processor.“With the tremendous growth and relevancy of cryptocurrency coupled with Mayor Francis Suarez leading the charge for Miami’s tech boom, we felt it made sense to introduce Cryptocurrency as an option to our guests to pay for their night out,” E11even creator and CEO Dennis DeGori said. “E11even is dedicated to always staying ahead of the curve, and we believe cryptocurrency is here to stay.”According to the Miami Herald, crypto payments are part of the club’s post-pandemic reopening on April 23 after E11even shut down in March 2020 due to the COVID-19 pandemic.The move comes as a natural step for E11even, as a number of its clients have become increasingly involved in the crypto industry. “We have a very cutting-edge clientele from all over the world, and many are crypto savvy already,” E11even operating partner Gino LoPinto said, adding:“We’re seeing an increasing trend of clients wanting to use their cryptocurrency as a form of payment. We believe nightclubs allowing Bitcoin as payment will soon become a nightlife industry norm, and we’re excited to be the ones paving the way.”E11even did not immediately respond to Cointelegraph’s request for comment.Miami itself is emerging as a major cryptocurrency-friendly city in the United States, with the city’s mayor, Francis Suarez, campaigning to make Miami the capital of crypto in the country. In February, Suarez proposed an official resolution to allow Bitcoin to become an acceptable payment method in different parts of the city’s administration.

TIME Magazine Gets Into Bitcoin: Partners With Grayscale, Will Hold BTC on Balance Sheet

TIME Magazine Gets Into Bitcoin: Partners With Grayscale, Will Hold BTC on Balance Sheet

TIME Magazine will be holding bitcoin on its balance sheet, the company’s president has confirmed. TIME is also partnering with Grayscale Investments to produce a video series on cryptocurrency and has agreed to be paid in bitcoin. TIME Magazine Will Hold Bitcoin on Balance Sheet TIME Magazine has partnered with Grayscale Investments to produce a crypto video series. The company will be paid in bitcoin and has committed to keeping the cryptocurrency on its balance sheet. Founded in 1923, TIME Magazine provides guides for current affairs, politics, business, health, science, and entertainment. Published biweekly, the company says every week over 20 million subscribers worldwide turn to its magazine for exclusive coverage. Grayscale CEO Michael Sonnenshein tweeted Monday explaining that the videos explaining the crypto space will come out in the summer. He also confirmed that Keith Grossman, President of TIME, has agreed to take his payment in bitcoin and will hold BTC on the balance sheet. A growing number of companies are embracing bitcoin, adding the cryptocurrency to their balance sheets. TIME Magazine joins major companies with bitcoin treasuries, including Elon Musk‘s Tesla, Jack Dorsey‘s Square Inc., and Michael Saylor’s Microstrategy. What do you think about TIME Magazine diving into bitcoin? Let us know in the comments section below. Image Credits: Shutterstock, Pixabay, Wiki Commons

South Korean crypto traders are pivoting to ‘smaller cap’ altcoins

South Korean crypto traders are pivoting to ‘smaller cap’ altcoins

South Korea’s “big four” crypto exchanges — Bithumb, Korbit, Upbit and Coinone — are showing a marked cooling off in Bitcoin (BTC) enthusiasm.Meanwhile, altcoins are now accounting for the highest 24-hour trading volume according to data from multiple market aggregators.Apart from XRP, which is often popular among crypto traders in Asia, altcoins with smaller market capitalizations are leading the way in terms of trading volume on the big four.Data from crypto research outfit Messari shows Ravencoin (RVN), Near Protocol (NEAR) and New Kind of Network (NKN) as the three top-traded cryptos by volume on the Upbit exchange.NKN’s volume surge on South Korean exchanges is indicative of the altcoin pivot seemingly gaining a foothold among crypto traders in the country. As previously reported by Cointelegraph, NKN saw a 1,400% surge between March 8 and April 6, with the token up 83-fold year-to-date as of the time of writing.CoinMarketCap’s exchange data shows XRP as the number-one traded altcoin across all of the big four crypto exchanges in South Korea. Indeed, the top 10 trading volume figures across the four exchanges are dominated by smaller-cap tokens such as MileVerse (MVC) and Chiliz (CHZ).Compared to a snapshot of the CHZ trading volume on Upbit back in January, the social token’s 24-hour activity has grown from under $5 million to over $730 million in April. The smaller-cap altcoins dominating trading activity on South Korean exchange platforms have increased by an average of 3,000%.This scramble for altcoins capable of delivering “face-melting” gains has led to a decline in Bitcoin trading volume across South Korean exchanges. BTC volume is down between 30% and40% across the big four.Bitcoin is currently experiencing another round of positive price action and has set a new all-time high above $62,000. BTC is trading at an average of $71,200 across the South Korean big four with the Kimchi premium at about 13% as of the time of writing.