Crypto Flipsider News – XRP Rallies 11%; Crypto.com (CRO) Recovers; Bitcoin Accumulation Jump; Stablecoin Withdrawals Spike; Crypto At G20 Summit
Crypto Flipsider News – XRP Rallies 11%; Crypto.com (CRO) Recovers; Bitcoin Accumulation Jump; Stablecoin Withdrawals Spike; Crypto At G20 Summit
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Read in the Digest:
- XRP rallies by 11% as Coinbase (NASDAQ:COIN) files Amicus (NASDAQ:FOLD) brief to support Ripple Labs
- Crypto.com Cronos (CRO) shoots up 22% after CEO calms investors’ fears
- Retail investors aggressively acquire Bitcoin, new wallet addresses spike
- Stablecoin withdrawal jumps to historic highs as investors leave CEXs
- Crypto is among the top issues to be discussed at the G20 summit today
XRP rallies by 11% as Coinbase files Amicus brief to support Ripple Labs
XRP is today’s second-biggest gainer, following the latest proceedings from the Ripple vs SEC case. On Monday, November 14th, Judge Analisa Torres passed that the court would begin accepting amicus briefs from Ripple.
The news was followed by a report that Coinbase had officially filed its amicus brief for Ripple – two weeks after the exchange had applied to the Southern District of New York to file an amicus brief (a friend of the court brief).
The news was followed by XRP embarking on a rally to end its downtrend over the last week. In the last 24 hours, the price of XRP has shot up by more than 11% and is today’s second-biggest gainer. XRP now trades at $0.383.
The 24-hour price chart for XRP. Source: CoinMarketCap
Flipsider:
- Although showing support for Ripple, Coinbase has suspended XRP on its platform, citing pressure from regulators.
Why You Should Care
Although Ripple no longer controls XRP, the asset has continually been affected by proceedings in the Ripple vs SEC case.
Crypto.com Cronos (CRO) shoots up 22% after CEO calms investors’ fears
Crypto.com Cronos (CRO) is one of today’s top performers, following its sharp decline as investors feared the exchange might follow in the path of FTX as a result of its contagion to the beleaguered crypto exchange.
The fears were worsened by reports showing that 40% of the company’s assets were low liquidity. Lookonchain reported that there was a transfer of over $1 billion to FTX and that its balances are made up of $531 million SHIB and $80 million in its own CRO token.
However, in a live-streamed ask me anything (AMA) session on YouTube, the CEO of Crypto.com announced that his exchange had recovered over $990 million from FTX and had exposure of under $10 million.
The session served as a confidence booster for CRO, with the token rallying from $0.06638 to as high as $0.07538. CRO now trades at $0.07391 and is up by 8% in the last 24 hours.
The 24-hour price chart for Crypto.com Cronos (CRO). Source: CoinMarketCap
Flipsider:
- Despite the fears surrounding Crypto.com, the Australian Football League (AFL) has stood by its partnership with the crypto exchange.
Why You Should Care
The willingness on the part of Crypto.com to remain transparent through the on-going crisis helps in building the trust and confidence of investors.
Retail investors aggressively acquire Bitcoin, new wallet addresses spike
Bitcoin, the world’s largest cryptocurrency by market capitalisation, as a result of the FTX fallout, has dropped to $15,660— its lowest level since November 2020. However, investors have continued acquiring the asset.
On-chain data shows that throughout the FTX implosion and the crashing prices of cryptocurrency assets, all categories of Bitcoin investors (whales, crabs, and shrimp) aggressively accumulated BTC.
Data from Santiment shows that addresses holding between 0.1 to 100 BTC have accumulated 0.6% more of Bitcoin’s supply in the last seven days. Similarly, shrimp increased their balance by over 60,000 BTC in July.
In addition, Bitcoin has seen a spike in wallet addresses. Santiment also reports that crabs (BTC wallets sized between 0.1 to 100) have created over 125,300 addresses in the last seven days.
Flipsider:
- A study by the Bank for International Settlements (BIS) has revealed that the main motive behind Bitcoin adoption by retail investors is the rising prices of the asset.
Why You Should Care
The accumulation of BTC, despite the price crash, shows the belief of retail investors in the prospects of Bitcoin and its ability to make a comeback.
Stablecoin withdrawal jumps to historic highs as investors leave CEXs
The ripple effect of the FTX collapse continues to send tremors through the crypto industry, with stablecoins not being left out. In the wake of FTX’s collapse, stablecoin withdrawals have jumped to historic highs.
Following the collapse, over $2 billion worth of stablecoins has flowed out of centralized exchanges (CEXs). As a result of the withdrawals, the stablecoin reserves on CEXs have fallen to their lowest point since November 2018.
BUSD, the stablecoin issued by Binance, has suffered the biggest stablecoin withdrawals of all exchanges. The massive withdrawals of BUSD could possibly be due to the role the exchange played in the collapse of FTX.
Similarly, Bitcoin and Ethereum withdrawals are at historic highs, as investors turn away from CEXs. Bitcoin’s movements hit a new record for the largest net decline in balances on CEXs, reducing by 72,900 BTC in one week.
Flipsider:
- Decentralized exchanges are the winners of the FTX collapse, with the influx of stablecoins driving DEX reserves to an all-time high.
Why You Should Care
The implosion and bankruptcy of FTX has incited crypto holders to turn to self-custody and look after their own digital assets.
Crypto is among the top issues to be discussed at the G20 summit today
Crypto is reportedly among the key global financial issues to be discussed at the seventeenth G20 summit in Bali, Indonesia, which will be held between November 16th and 17th.
The finance minister of India, Nirmala Sitharaman, last Tuesday, while addressing the Indian Council for Research on International Economic Relations (ICRIER) confirmed that “the agenda of cryptocurrency regulation will be brought in G20 Meeting.”
Sitharaman also confirms that plans to regulate crypto globally will be prioritized at the Bali Summit. There would be a global plan as “regulation cannot be successful if any one country does it.”
In line with global regulations, the Financial Action Task Force (FATF) has strengthened its battle against money laundering and terror funding using crypto. Countries not following the AML guidelines will now be added to the “gray list.”
Flipsider:
- India’s apex bank, the RBI, has launched its central bank digital currency (CBDC) pilot, picking five banks to work on the retail project.
Why You Should Care
With the crypto industry enduring two major implosions this year (Terra and FTX), global regulators could push for quicker regulations of crypto.
See original on DailyCoin
