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As crypto continues to evolve rapidly with new developments and challenges emerging for crypto enthusiasts and investors alike, Emoneymax.net brings you the latest happenings in the space. Enjoy!
You can read last week recap here.
Bitcoin Returns to $30,000 Amid Sales of $245 Million
Bitcoin plummeted to $30,000 on Friday as the XRP court ruling hype faded.
CoinGlass reported $245 million in liquidations within the crypto market in the past 24 hours. Primarily involving BTC, ETH, and XRP. XRP surged by 75% after a judge ruled that most XRP transactions, including those on secondary markets, are not securities transactions. This led exchanges like Gemini and Coinbase to swiftly relist XRP. Though briefly in the top 4 cryptocurrencies, XRP dropped to fifth place, down 13% for the day. The broader crypto market rallied as Bitcoin reached a one-year high of $31,700 and ETH briefly surpassed $2,000.
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ALTCOINS
Ethereum Network Almost Twice as Busy as Bitcoin
Despite facing a severe bear market, the digital asset space remains robust as users carry on with transactions across different networks. This sustained transactional activity highlights the resilience of market participants.
According to ITB, Ethereum has emerged as the leader with nearly double the transaction volume of Bitcoin. Ethereum recorded over 944k daily transactions, while Bitcoin trailed behind with 507k transactions.
ADA Leads the Way Down
Unsurprisingly, most altcoins also rallied after the SEC-Ripple decision, especially XRP. It almost doubled in value in a matter of hours, hitting a 19-month high of $0.95. However, it didn’t get there either, and in the days that followed, it dropped sharply to its current level of just over $0.7.
ETH bounced above $2,000 but now sits at $1,930 after a two-day drop. BNB is back below $250.
Assets such as Cardano (ADA) and Polygon (MATIC), which were up more than 20% on Thursday, were also down 5% and 7.5% respectively. Both funds were listed as securities in the SEC’s lawsuit against Coinbase last month and could be affected by Judge Torres’ latest ruling regarding XRP.
Multichain confirms CEO arrest by Chinese authorities, announces closure
The Multichain protocol, which was recently hacked, has announced its shutdown due to limited resources and the uncertain situation surrounding its CEO, Zhaojun, who is currently in Chinese police custody. Zhaojun and his sister have been detained, their access to MPC node servers revoked, and authorities have seized their electronic devices and mnemonics. All project funds and server access were under Zhaojun’s control and are now with the police.
Crypto wallet users, facing suspicious activity resulting from the utilization of low entropy mnemonics;
A crypto wallet service – Klever – disclosed that a known exploit related to low-entropy mnemonics has affected multiple users, compromising the security and unpredictability of generated keys and leaving wallets susceptible to unauthorized access or malicious actions.
This is why Robert Kiyosaki sticks to real assets like Bitcoin and gold;
The author of Rich Dad, Poor Dad described the recent peak of the US debt crisis.
Robert Kiyosaki, an author of several bestselling books, continues to show his support for Bitcoin, gold, and silver above all other assets.
In his latest tweet on the subject, he praised the three commodities and warned that the rich will get richer in light of US government policies.
Ripple’s victory over the SEC is a victory for the entire crypto space, says Brad Garlinghouse
In a significant victory for Ripple, Judge Analisa Torres, who oversaw the SEC case against the blockchain project, ruled that the majority of XRP sales were not considered securities. This ruling caused a surge in XRP’s value, reaching a 19-month high of $0.95. Ripple’s CEO sees this as a pivotal decision that could have positive implications for the entire industry, particularly for other assets facing similar lawsuits by the securities regulator, such as Binance and Coinbase.
“Because the SEC is exaggerating when it says, as the President has said many times, that everything in the crypto space is a security. Well, now you have a judge saying very clearly that’s not true and saying very clearly that XRP is not a security on exchanges and all these different use cases that I think help the industry as a whole. It’s a win for Ripple, it’s also a win for the entire crypto industry.”
Binance Turns Six: It’s a Journey So Far in the Eyes of CEO Changpeng Zhao
On its sixth anniversary, Binance, the largest cryptocurrency exchange globally, commemorates its journey. CEO Changpeng Zhao (CZ) shared key milestones, highlighting the platform’s humble beginnings in 2017 with $15 million in digital assets, operating as a five-token bilingual exchange. CZ mentioned the early challenges, including the lack of a customer support team, which required borrowing assistance from a friend.
Fallen Crypto Mogul SBF asks the court to allow ‘good friends’ visits
Lawyers for Sam Bankman-Fried (SBF) have requested that Judge Lewis Kaplan grant an order enabling specific individuals to visit their clients without requiring security checks.
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