Daily crypto news alerts for 30th December, 2020
🗞Bittrex Announces XRP Delisting Joining Coinbase And Others
US cryptocurrency exchange Bittrex has joined a series of trading platforms that have decided to delist XRP in light of the recent lawsuit by the US Securities and Exchange Commission (SEC) against its issuer Ripple.
“Bittrex will remove XRP Markets on Friday 15th January 2021. The following trading pairs will be removed: BTC-XRP, ETH-XRP, USDT-XRP, USD-XRP, the exchange writes. "Until further notice, customers will have access to their XRP wallets on Bittrex following the removal of the markets."
XRP fell to less than $0.18 on Tuesday, temporarily giving way to Litecoin as the fourth largest cryptocurrency asset. At the time of publication, the decline in XRP over the past day is 10%.
Shortly before this, the Coinbase exchange and a number of other companies announced the XRP delisting.
Ripple, in turn, appealed to market participants with a call to consider the situation from its side, since before that they were presented with "only the position of the SEC" based on "unproven allegations."
“This is an attack on the entire cryptocurrency industry here in the US,” Ripple writes. “Their lawsuit has already caused damage to countless innocent retail XRP holders who are not affiliated with Ripple. They unnecessarily muddy the waters for exchanges, market makers and traders. The SEC has brought new uncertainty to the market by actively harming the community it must defend. In the meantime, Ripple will continue to serve and support all products and customers in the US and around the world. We will defend our company and are awaiting the decision of this case in court, so that the cryptocurrency industry in the United States is finally clarified. We intend to work with commissioners and the new leadership of the SEC after his appointment."
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🗞Canadian firm NexTech invests $2 million in bitcoin
NexTech, a Canadian augmented reality firm, is investing $2 million in bitcoin to diversify its investment portfolio.
NexTech CEO Evan Gappelberg announced that the firm's initial investment in BTC will be $2 million, and NexTech will continue to invest in cryptocurrency next year. Gappelberg considers Bitcoin to be a reliable store of value and an attractive asset for long-term investments.
Investing in the first cryptocurrency will help maximize shareholder returns, while fiat deposits only generate 0.06%. The NexTech CEO called Bitcoin "the digital version of gold." Happelberg justified his position by the fact that the market capitalization of gold is about $10 trillion, while for bitcoin this figure has already reached half a trillion.
Many large companies have invested in bitcoin in recent months, including MicroStrategy, MassMutual and Square. However, not everyone supports this enthusiasm of institutional investors. For example, the ex-president of the banking giant Goldman Sachs, Gary Cohn, believes that bitcoin is an emerging asset, and its rate can collapse at any time. Therefore, companies investing in bitcoin risk their shareholders' funds. It's worth noting that Cohn has never been a supporter of Bitcoin.
It became known this week that another Canadian company, Mogo, is investing in bitcoin, which has allocated $1.5 million for this purpose. Despite the fears of critics of bitcoin, Mogo views cryptocurrencies as a strong asset class.
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🗞City in Spain launches its own digital currency
The authorities in the Spanish city of Lebrija in the province of Sevilla have launched the Elio digital currency to stimulate the economy during the COVID-19 pandemic, writes Diario de Sevilla.
The virtual asset is pegged to the euro at a 1:1 ratio. Within the framework of the program, 593 residents of Lebrija will receive an amount from €20 to €200 in Elio, and small and medium-sized businesses will receive €400 each.
The digital asset will only be accepted in local stores. With Elio, you can pay half of the cost of a product or service, and the rest in fiat. Recipients must use the funds by March 31, 2021.
In January 2020, the authorities of the Turkish city of Konya began developing a prototype of their own cryptocurrency as part of the City Coin project.
We will remind, in August, the Bolivarian Council of Mayors of Venezuela allowed citizens to pay taxes in the national digital currency El Petro.
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🗞DeVere Group CEO explains why he sold half of his bitcoins at Christmas
Nigel Greene, CEO of deVere Group, one of the world's largest financial advisory services providers, announced the liquidation of half of his Bitcoin holdings.
“I sold half of my Bitcoin assets as it hit an all-time high. Why? Because now it should be treated the same as any other investment. Whenever possible, it is better to sell high and re-buy low, ”the London Loves Business quoted him as saying.
Green noted that with a gain of over 200%, Bitcoin has become one of the most successful assets in 2020.
“So I felt it was time to take profit. There is no need to misinterpret my decision. It is not caused by a lack of faith in Bitcoin or the concept of digital currencies. This is profit taking in order to buy more later. In fact, now I believe in the future of cryptocurrencies more than ever before."
DeVere CEO noted that the largest asset managers in the world began to accumulate cryptocurrency as it surged past its previous all-time high of about $20,000, "bringing with it a wealth of experience and capital, which, in turn, fuels consumer interest."
Greene expects investors to turn their attention to Bitcoin amid "well-founded inflation concerns" triggered by ongoing government measures to bolster economies and increase spending.
According to him, the characteristics that make Bitcoin an attractive investment asset are becoming more and more relevant over time. To such characteristics, he refers to the absence of a zone of distribution due to the borders, digital format and demand among representatives of the younger generation.
“Many traders, like me, see record prices as a selling opportunity, so we can expect some decline in the short term. But the long-term trajectory of bitcoin, it seems to me, is undoubtedly headed up, ”added Green.
He also recently shared his predictions for Bitcoin price in 2021. DeVere CEO expects cryptocurrency to see another record year with a 50-100% rise.
