­čŚ×Daily Crypto News Alerts

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Daily crypto news alerts for 6th January, 2021

­čŚ×Price Analysis: Bitcoin Cash (BCH) for 05/01/2021

Some of the altcoins on the market, such as Polkadot and FTX Token, surged to all-time highs in the last trade, but Bitcoin Cash recorded a correction, the only one that saw the price move towards the $415 mark.

BCH/USD

Bitcoin Cash on TradingView

Examining the 4-hour Bitcoin Cash chart revealed that the cryptocurrency noticed a slight correction after the price rallied to $467.76, which has not been seen since February 2020. Although BCH has been in positive territory for the past 24 hours, some signs indicated that the adjustment could also be extended to the next transaction session.

MACD indicated a bearish move, while the histogram also recorded a bearish move.

Finally, the red bars on the Awesome Oscillator indicator were approaching zero, indicating that the price was definitely bearish. The $368.28 support could push prices down if they fall on the charts.

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­čŚ×Litecoin overtook the altcoin XRP in terms of capitalization

XRP's plight continues to deteriorate following the filing of a lawsuit by the US Securities and Exchange Commission (SEC).

Litecoin was able to bypass XRP in terms of market cap and displace it from the fourth place in the CoinMarketCap ranking. At the moment, the total cost of all LTC is about $10.74 billion, while XRP's capitalization is holding at $10.349 billion.

Litecoin previously outperformed XRP, but then XRP was able to regain positions.

Nevertheless, against the backdrop of a new lawsuit, the position of the token deteriorated again. This time, the plaintiff was Tetragon, which invested in XRP back in 2019. She demands that the court order Ripple to buy back shares held by Tetragon. We are talking about an investment in a coin worth $200 million.

At the same time, the lawsuit notes the need to prohibit the defendant from conducting transactions with XRP until the proceedings with the SEC are settled.

Ripple has already responded to the claim from Tetragon. She accused the plaintiff of taking advantage of the lack of US legislation to regulate relations in the crypto industry to strike another blow at the team.

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­čŚ×Trading volume on cryptocurrency exchanges in December 2020 reached $379 billion

Analysts at The Block reported an increase in the volume of spot trading on cryptocurrency exchanges. According to them, in December this figure reached a record level of $379 billion.

It is worth noting that the last time such a trading volume on exchanges could be observed was in January 2018. Also, if you look at the chart below, you can see that spot trading has grown in almost all major exchanges.

This trend is associated with the rapid rise in prices in the cryptocurrency market.

Most of the transactions were processed by the Binance exchange ($219.5 billion). The second and third places were taken by Coinbase and Kraken ($45.7 billion and $21.13 billion, respectively).

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­čŚ×Leading investor in Ripple sues company after SEC sued it

The investment firm Tetragon Financial Group has filed a lawsuit against the fintech company Ripple Labs, after the latter was targeted by the US Securities and Exchange Commission (SEC). Bloomberg reports .

Tetragon has $2.32 billion in assets under management and is the lead investor in Ripple's December 2019 Series C Series, which raised $200 million.

The plaintiff asks to oblige Ripple to fulfill its contractual obligations, according to which it must redeem the preferred shares held by Tetragon, and also prohibit Ripple from using cash reserves or any other liquid assets until this settlement is made. In addition, Tetragon is requesting a preliminary injunction and expedited proceedings. Most of the details of the claim are classified.

Another investor in this round, the Japanese financial corporation SBI Holdings, announced at the end of December that XRP is recognized in his country as a "cryptocurrency asset", not a security, and promised to continue cooperation with Ripple.

XRP rate after another attempt to recover today quickly dropped from $0.24 to $0.22. The drop over the last month is about 60%. XRP is currently the seventh largest crypto asset, according to analyst firm Messari, after losing ground to Tether, Litecoin, Polkadot and Cardano since the SEC dispute began.

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­čŚ×Canadian Bitcoin Mining Raises CAD $20 Million From US Investors

BitFarms, a Canadian-registered bitcoin mining company, has raised CAD $20 million in funding from US institutional investors in its latest investment round.

According to a press release provided by AMB Crypto, the company has entered into subscription agreements with selected institutional investors for the private placement of 8,888,889 common shares, along with permits to purchase up to a total of 8,888,889 common shares at a purchase price of CAD $2.25 per joint share and the corresponding permission.

Bitfarms also announced that the proceeds from the acquired capital will be used by the company to acquire additional miners, increase infrastructure and improve its operating position.

CEO of Bitfarms, Emiliano Grodsky, welcomed the development and said:

ÔÇťWe are delighted to welcome these investors to Bitfarm as we continue to expand the number of mines. There has never been a more exciting time to get involved in cryptocurrency mining. We are very pleased to have established an institutional position in the United States."

Source: Glassnode

The expansion comes at a unique time for the industry, especially as Bitcoin has repeatedly hit new all-time highs in recent weeks and cryptocurrencies are booming.

Indeed, Glassnode announced last week that Bitcoin miners are earning up to $1 million per hour, more than 180% more than in May 2020.

The halving, which cuts the reward bitcoin miners earn on winning trades in half, has raised concerns about how much bitcoin will remain profitable. But the bullfight that followed has kept the industry very lucrative, with market-leading cryptocurrency trading costing around $31,000 at the time of writing.

According to Glassnode, the total revenue of Bitcoin miners is around US $13 billion and this is clearly still an attractive industry in the crypto space.

BitFarms is committed to growth and expansion to provide 3 Exahash calculators by the end of 2021, which will continue to fuel the rapid growth of the global diversified financial economy.

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