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Sahana Kiran

Bitcoin Cash Endorsement Has Got Kim Dotcom Questioning The “Toxic” Nature Of The Crypto Community

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Bitcoin Cash [BCH] managed to secure a lot of fans after Roger Ver aka Bitcoin Jesus went on to promote the coin. Over the years, several followed suit as Bitcoin Cash entailed a block size larger than that of Bitcoin. The asset is now widely being used for online payments, however, its popularity and value remain dainty when compared to Bitcoin [BTC]. The tiff between Bitcoin maximalists and the evangelists of other coins is not news, the Bitcoin Cash community seems to have added another person to their list.

‘Bitcoin Cash Is Great For Online Payments’, Suggests Kim Dotcom

German entrepreneur, Kim Dotcom sprang to fame after rolling out Megaupload as he bagged in millions of dollars. After trying his hand at crypto and failing, Kim Dotcom seemed to be joining the Bitcoin Cash community. He affirmed the same in his latest tweet.

This tweet triggered several members of the crypto community who began questioning Kim Dotcom’s latest move. The German entrepreneur pointed out that Bitcoin Cash functioned on low fees and was easy to use while being secure. While the Bitcoin Cash community and Roger Ver have time and again dissed Bitcoin for being “slow with high fees and unreliable transactions”, Kim Dotcom seemed to have joined the BCH gang. However, he suggested that he chose BCH over BTC as he considers BCH “great for online payments”, while BTC “is great to store value.”

Furthermore, Kim Dotcom went on to explain that he intends to bring in more people to the community through his “innovations, with my contact network and the incredible power of genius marketing”, he added.

The entrepreneur received backlash for his latest move but suggested that his stance was a result of the demands and necessities of users and vendors from the digital verse. A Twitter user even went on to ask the entrepreneur if Roger Ver had paid him money for this endorsement. To which Kim Dotcom replied,

“He sent me $1000 in BCH via text message to try the Bitcoin.com wallet. I then sent $500 in BCH to a friend via text message because I wanted him to see how easy this is.”

Back in September 2020, Tim Draper was subject to immense resentment for endorsing BCH. However, the venture capitalist affirmed that the endorsement was a result of a hack.

The repercussions of exhibiting support for certain coins seemed to be getting out of hand as Kim Dotcom suggested that healthy competition is good for the crypto-verse and those who have been preaching Bitcoin maximalism aren’t doing the king coin a favor. He added,

Bitcoin Garners Increased Pension Interest Amid Bull Run

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Bitcoin is now valued at $40K while its market cap resides at $751.18 billion. While Bitcoin is increasing without a stop, institutional investors seem to be pouring in their money into the industry. While other coins are catching up, Bitcoin made it clear that it was untouchable as the largest cryptocurrency. Bitcoin’s price movement has reportedly lured in investors eyeing pension funds as well as endowments. Grayscale’s latest CEO shed light on the same in a recent chat with Bloomberg.

Bitcoin Investment Prevails In Several Forms

Grayscale recently revealed that it would stop trading of XRP until the platform got a better picture of the SEC lawsuit against Ripple. Albeit this blip, other assets have been garnering immense traction on the crypto platform. Grayscale’s newest CEO, Michael Sonnenshein spoke to Bloomberg about the latest institutional interest in Bitcoin. He said,

“We’ve started to see participation not just from the hedge fund segment, which we’ve long seen participation from, but now it’s recently from other institutions, pensions and endowments. The sizes of allocations they are making are growing rapidly as well.”

Barry Silbert recently stepped down from his post as the CEO of Grayscale Investments and Michael Sonnenshein took over as the CEO. Sonnenshein had taken over an array of roles in the past seven years at Grayscale itself. Silbert revealed that he wanted to concentrate on his other company, the Digital Currency Group.

The latest bull run brought in major inflows into the Bitcoin Trust. While 2020 was rather disastrous, Grayscale seemed to have had quite a beneficial year. Last year, Grayscale managed around $2 billion in assets, however, Sonnenshein revealed that the crypto platform currently manages over $25 billion in assets.

Elaborating on the limited supply of the king coin, Sonnenshein added,

“So there is definitely an argument to be made about Grayscale and really any other vehicle that may be removing Bitcoin from circulation and putting it into a financial product inherently increasing the scarcity of an already scarce asset. This is a verifiable scarce asset and so when there are mechanisms that are removing them from circulation, that’s inherently making it an even scarcer asset.”

Furthermore, he also pointed out that the crypto rally has surged the demand for Grayscale and the platform reportedly intends to onboard several other employees as it currently harbors only 24 individuals. Sonnenshein stated that the platform would direct its focus on advertising as well as rolling out new products.

Cardano [ADA] Bags In Profits Up To 80% Throughout The Week; Bulls Continue To Reign The ADA Market

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The crypto market was painted in green, with XRP as an exception. Cardano [ADA] made maximum profits over the last week. Bitcoin [BTC] was surging past $40K with a market cap of $753.84 billion. Ethereum [ETH] was trying hard to push past $1.3K to overpass its previous all-time high. Stellar was, however, seen retracing after surging over 130% in the last seven days. XRP was still tussling within $0.32. Despite soaring by over 44% in the past week, XRP failed to cross $0.35.

Cardano [ADA] continued residing as the sixth-largest cryptocurrency with a market cap of $9.63 billion. At the time of writing, the coin was priced at $0.311 with dainty gains. The altcoin had surged beyond 80% in the last seven days. 

Cardano [ADA] One-Day Price Chart

Cardano

In the one-day price chart of Cardano [ADA], the bulls were seen reigning. Even though the coin surged by over 80% this week, the asset failed to go beyond $0.5. The Parabolic SAR indicator affirmed the presence of bulls. The indicator put down lines below the candlesticks which resisted the chances of a downward breakout. The indicator maintained this trend since the end of December 2020.

The MACD indicator also revealed that the bulls were going to hibernate in the ADA market for longer. The MACD line had taken over the signal line way back in December and has continued to do so. The huge disparity between the two affirmed that a bearish crossover wasn’t in the cards anytime soon.

Cardano [ADA] Has Bulls Grazing In Its Market

Cardano

The Awesome Oscillator indicator affirmed that the bulls were here to stay as it formed big bold green closing lines. The Relative Strength Index [RSI] indicator was exhibiting a buyers’ sentiment as the RSI marker was way over 50 median in the overbought zone.

While Cardano has been trying hard to $1, the continuous presence of the bulls in its market could take the altcoin way beyond that.

Coinbase Now Has Crypto Start-Up Routefire Under Its Wing

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Cryptocurrency exchange Coinbase made it to the headlines multiple times this year. The bull run following Bitcoin halving nearly destroyed the exchange as several users complained about issues pertaining to its application as well as the webpage. However, the exchange was back on track and was recently in the news after it announced its decision to go public. While that is still under the wraps, the crypto exchange revealed its latest acquisition of a crypto startup.

Coinbase Acquires Routefire For An Undisclosed Amount

Routefire was rolled out to elevate the crypto trading scene. The platform offers a trading tool that aids in the accomplishment of substantial orders with increased speed. While Coinbase has time and again been called out for its “outages” during the high volatility of the crypto assets, the incorporation of Routefire’s trading tool could pose as beneficial to the exchange. In an elaborate blog post, penned down by Jason Victor, the CEO of Routefire, he affirmed that Coinbase had acquired the startup.

He pointed out that the Routefire platform would no longer function and would be teaming up with Coinbase to execute its mission of incorporating “advanced trading infrastructure” to the dynamic cryptocurrency industry. Victor further revealed that Routefire would aid Coinbase Prime. He added,

“After an incredible journey that began in early 2018, it is with pride and a deep sense of gratitude that today we are announcing we will be discontinuing Routefire’s services and our team will be joining Coinbase to continue developing best-in-class execution services for digital assets.”

Additionally, Victor expressed his gratitude and thanked its users for supporting the platform over the years. While the blog post did not reveal the money involved in the deal, the company’s website affirmed that there were only seven employees including CEO Victor in Routefire.

This deal affirmed that the adoption of crypto on an institutional level was surely high as prominent cryptocurrency exchanges like Coinbase were boosting their game.

Ripple’s Brad Garlinghouse: We’ve Moved From Lack Of Regulatory Clarity To Chaos

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XRP was finally back on track after facing the damaging repercussions of the SEC lawsuit. Brad Garlinghouse and several members of Ripple were trying to make amends, however, the crypto-asset kept slumping beyond measure.

So much so that XRP was even ousted from several exchanges and had briefly lost its position as the fourth largest coin. Ripple’s Brad Garlinghouse finally broke his silence and answered several questions related to the lawsuit.

Brad Garlinghouse Says ‘Legal Processes Can Be Slow’

The $1.3 billion lawsuit against Ripple had an array of allegations that summed up to XRP being labeled as a security. While Ripple has time and again asserted that XRP is a currency and not a security, the SEC went on to press charges for selling unregistered securities.

Brad Garlinghouse, the CEO of Ripple took to Twitter to answer some of the queries of the crypto community. His tweet read,

Coinbase, Bittrex, Grayscale, and several other exchanges put a hold on XRP trading until they got a clearer picture of the lawsuit. Brad Garlinghouse clarified that it was the lack of regulatory clarity in the country that had caused the halt of trading.

He pointed out that these cryptocurrency exchanges were caught up in conflicting policies which at times force platforms to act conservatively. The exec also went on to affirm that Ripple had no control over where XRP was listed, hence the platform did not pay exchanges to list XRP.

Furthermore, shedding light on the “regulatory chaos” that has struck the US, Garlinghouse said,

“We’ve moved from lack of regulatory clarity to regulatory chaos in the U.S.”

He further added,

This is why regulation by enforcement is such bad public policy. With the new administration, we expect #DCEA to be reintroduced – common-sense legislation providing clarity to the entire industry.”

He further pointed out that legal processes could take time to unfold and Ripple would reportedly be filling its initial response in the next few weeks.

Garlinghouse concluded his tweet by suggesting that Ripple was on the right side of the facts and would not give up its fight.

Polkadot [DOT] Slumps Even As Bitcoin Glides Past $40K

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The cryptocurrency industry went from being touted as a medium of illegal activities to a $1 trillion industry. Polkadot [DOT] and Chainlink [LINK], despite being new to the industry were of great help in aiding the $1 trillion journey of the crypto-verse.

While Bitcoin prolonged its journey over the mountains, its market cap didn’t fall behind, at press time, Bitcoin’s market cap was about $724 billion. Bad days were over for XRP as the altcoin had surged by over 43% throughout the week. The asset’s market cap was also back in form as it surpassed Litecoin to regain its position as the fourth-largest cryptocurrency.

At the time of writing, Polkadot [DOT] was trading for $9.58 with a 5.95% fall in the last 24-hours. Despite this downfall, the altcoin managed to retain its position as the seventh-largest coin with a market cap of $8.4 billion. Over the week, the coin had surged by 6.73%.

Polkadot [DOT] One-Hour Price Chart

Polkadot

Most of the assets in the crypto industry were seen dipping while Bitcoin continued to surge. Polkadot [DOT] seemed to be in sync with the other coins as it appeared to be drowning in the red sea. However, the one-hour price chart of the altcoin affirmed that DOT could potentially be gearing up for a change in trend.

The Chaikin Money Flow  [CMF] indicator had fallen down below zero, however, it regained its stance and was seen climbing back over zero to the bullish area. The MACD indicator was exhibiting the same trend as it formed a bullish crossover.

Bitcoin [BTC] One-Hour Price Chart

Polkadot Bitcoin

Bitcoin was seen surging by over 4.61% in the last 24-hours. The king coin was surely headed towards $50K. At the time of writing, the price of BTC was $41,181.91. Over the week, BTC bagged in 34.13% of profits. It looks like Bitcoin was going to continue surging as all the indicators were pointed in that direction.

The Parabolic SAR indicator was seen laying out dotted lines below the candlesticks, restricting the chances of a downward breakout. The MACD indicator formed a bullish crossover and affirmed the presence of bulls in the market.

Bakkt Reportedly Intends To Go Public With $2 Billion Merger

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Back in 2019, the Intercontinental Exchange [ICE] rolled out Bitcoin derivative services that included futures and options through Bakkt. The cryptocurrency exchange saw immense traction back in the day and is reportedly prepping to go public.

Bakkt To Team Up With VPC Impact Acquisition Holdings

Over the course of the last two years, Bakkt made it to the headlines for various reasons. Starting with the launch of its Bitcoin futures platform all the way to Mike Blandina, the CEO of the firm bidding adieu to the crypto platform for JPMorgan, the platform is back in the headlines as rumors of the firm going public surfaced in the industry.

The platform has managed to stay relevant and its application is substantial proof of the same. Bakkt’s app allows users to keep their virtual assets in check while receiving loyal points as well as gift cards.

Bloomberg, in a recent report, revealed that Bakkt was in “advanced talks” with VPC Impact Acquisition Holdings, a black check firm. As told by an anonymous source, the crypto platform will reportedly engage in a merger with the aforementioned company in order to go public. The sources familiar with the matter further affirmed that an announcement about the same would be made as early as next week. The value of the transaction of both these platforms could sum up to a whopping $2 billion.

Furthermore, ICE’s crypto venture is signing the merger deal with VPC, a company intimately associated with Victory Park Capital which acquired the former under SPAC aka special purpose acquisition company. While the crypto exchange hasn’t affirmed its intention of going public, yet, the rumors about the same continue to prevail.

Additionally, Kelly Loeffler, the former CEO of Bakkt was seen resigning from the Georgia Senate re-election bid. Loeffler took to Twitter to congratulate Reverend Raphael Warnock while apologizing to those who supported her campaign. The tweet read,

She said,

“Unfortunately, we came up slightly short in the runoff election, and earlier today I called Reverend Warnock to congratulate him and wish him well in serving this great state.”

Chainlink [LINK] Gears Up For A Brief Fall Ahead

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It’s $1 trillion for the crypto-industry! As the community rejoiced at this milestone, Bitcoin went on to hit $38K. Chainlink [LINK] and Polkadot [DOT] despite being fairly new to the industry, managed to bag in good gains over the past few days.

XRP was seen enjoying the reversal of its downtrend as the asset was trading for $0.345 with a price change of over 50% over the last 24-hours. Ethereum [ETH] seemed to have forgotten the way back under $1K as the second largest coin was trading for $1,209.65 at press time. Bitcoin was moving without a blip with $40K as its next milestone.

Chainlink [LINK] turned out to be quite a promising asset as it managed to climb up the crypto ladder in terms of market cap. During the time of writing, LINK was trading at $16.24 with a 6.54% daily rise. The market cap of the asset had recorded a tiny hurdle as it slipped down to the tenth position with a market cap of $6.49 billion. Throughout the week, LINK was seen carrying gains of over 40%. 

Chainlink [LINK] One-Hour Price Chart

Chainlink

With a fairly low volume in LINK’s one-hour price chart, the bears were seen evading the coin market. The Parabolic SAR indicator proposed that the LINK market could be in for a reversal of trend as it formed dotted lines above the candlesticks, which further acts as a barricade for any potential upward breakout. The daily moving average indicator revealed signs of bulls as the 50 daily moving average [Blue] was above the 100 daily moving average [Red].

Chainlink [LINK] Price Chart With Key Indicators

Chainlink

Chainlink was done enjoying a vacation with the bulls as bears were out and about in its market. The Awesome Oscillator indicator formed red closing bars which further insinuated the presence of bears. The Relative Strength Index indicator gave out a neutral notion as its marker was close to 50-median.

Tron Still In Good Books Of US And Chinese Regulators, Affirms Justin Sun

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Of late, the crypto industry has been subjected to immense scrutiny. While Ripple is still trying to fend off its lawsuit, the Tron network was rumored to be under the purview of both the Chinese as well as American governments. However, the Tron network’s Justin Sun affirmed that they were nothing but mere fabrications.

Tron Or BitTorrent Haven’t Received Legal Notices From Any Regulators

The SEC recently hit Ripple with a $1.3 billion lawsuit for engaging in the sale of unregistered securities. This was soon followed by rumors regarding the Tron network being called out by both regulators from America as well as China for its 2017 ICO. Putting these rumors to rest, in an array of tweets, the founder of the network, Justin Sun revealed that the crypto platform hadn’t received any legal notice.

In his tweets, Sun explained the process of approving governance proposals in the network. Sun pointed out that the network constituted over 18 million accounts of users. This was followed by 27 super representatives with over 300 candidates. Every proposal stated to be passed would demand the aid of 19 super representatives.

In a series of tweets, Sun acknowledged that Tron Foundation is one of the thousands of network contributors. However, he went on to clarify that neither the foundation nor its directors [including himself], or any single validator have control over the network, determines who uses the network or how the tokens are being traded.

Sun further asserted that the network had been performing successfully for the past two and a half years without coming across a lot of “significant downtimes.” He added,

“We don’t believe that there’s any merit to the claims brought in the New York securities lawsuit by private individuals, & we’re vigorously defending against those claims. Lastly, neither I nor @TRONFoundation or @BitTorrent owns @Poloniex.”

Additionally, amidst these rumors, TRX, the native currency of the Tron network continued making profits off the ongoing bull run. At press time, the coin was trading for $0.03278 with a 10.29% rise over the last 24-hours.

36K People Sign Petition Urging White House To Deem XRP As Currency

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The crypto industry stood out for being free from centralized shackles. However, the current situation that XRP and Ripple are drowning in has quaked the entire crypto-verse. The SEC lawsuit is undoubtedly prevailing as several cryptocurrency platforms went on to temporarily delist the altcoin.

However, the XRP community took a sigh of relief after it managed to garner support from one exchange. Additionally, a petition pertaining to the altcoin was seen attaining traction.

XRP Getting Back On Track?

Legalities hit the XRP community causing the coin to depreciate to an extremely feeble level. The lawsuit insinuated an array of actions. Coinbase, Grayscale, OKCoin as well as Bittrex seemed to be trying have removed support for the altcoin.

However, Uphold revealed that waiting for a legal affirmation of the SEC’s claims of Ripple selling unregistered securities was a just order. Amidst this chaos, a petition urging the White House to consider and deem XRP as a virtual currency was seen surfing.

The petition had a total of 36,887 signatures out of 100,000 the creators of the petition are hoping to get. In the petition, the creators pointed out that the holders of XRP were being highly affected by the SEC lawsuit. The petition stressed how the FinCEN had already labeled XRP as a currency and not a security. It read,

“Due to this action, the 40 billion dollar market for the currency is rapidly failing as companies scramble to maintain compliance.

The document also added,

“Billions of dollars of value is being wiped from the market in rapid succession and most critically, hundreds of thousands of ordinary Americans – the very Americans that the SEC is tasked to protect – are suffering irreparable harm and damages.”

The petition has a period of 30 days to garner 100,000 signatures after which the White House would take a call on the issue at hand.

While XRP was tussling amidst $0.20 over the past few days, the asset finally seems to have gained some momentum as it was seen surging by almost 40% in the last 24-hours. At the time of writing, XRP was seen trading for $0.317 while its market cap was at $13.97 billion. This further allowed the coin to regain its stance as the fourth-largest cryptocurrency.