Tuesday Trades: Coinbase Delists XRP, DeFi $COVER Story

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Good morning. The full brunt of the U.S. SEC pronouncement against RIpple is felt as several exchanges began to delist XRP, one of the largest cryptocurrencies b y market cap.

Welcome to Monday Markets, part of our new series: BitPinas Daily. We took a break during holidays, but today, we will look again at the price of Bitcoin, Ethereum and the major cryptocurrencies. Crypto is global, but sometimes news that matters happens while we sleep. So we bring to you what’s happening in our space here and abroad. 

Market Price as of December 29, 2020:

Bitcoin$27,1252.66%
Ethereum$7322.52%
Tether$1.000.0%
XRP$0.28-14.29%
Litecoin$130-1.71%
SLP$0.0210.2%


Bitcoin closed December 27, 2020, at $27,125 per BTC. We’re up 16% in the last 7 days and 269% since the year began. This figure is 6% below the previous all-time high of 28,335.71 which was hit on Dec. 27, 2020.

Bitcoin’s market capitalization stands today at $500,714,715,763 which is 68.27% of the entire cryptocurrency market.

On the table above, there’s the cryptocurrency SLP. If you wonder what that is, check out this article: Playing Axie Infinity vs Minimum Basic Salary in the Philippines.

Ripple

Ripple effect: more exchanges are delisting XRP.

The list of exchanges delisting XRP is increasing. The most high profile of which is Coinbase. 

“Given the SEC’s recent action against Ripple, all XRP books have been moved to limit only and Coinbase plans to fully suspend trading in XRP on Tuesday, January 19, 2021, at 10 AM PST. Afterwards, users will continue to retain access to their XRP funds,” Coinbase announced.

Other major exchanges like OKCoin and B2C2 are delisting it as well. 

Cover Protocol

DeFi devs hack Cover Finance for $3 million, crash the token, then return the money

Possibly one of the most bizarre stories that COULD ONLY HAPPEN in crypto, decentralized finance protocol Cover Finance, which is an insurance project(!) was exploited for $3 million, which caused the token to crash by 80%.

As news outlet Decrypt explained:

“Cover protocol is a peer-to-peer insurance marketplace.  Deposit the decentralized US dollar-pegged token, DAI, as collateral, and Cover will issue you with claim tokens, whose value is determined by the risk of your investment. If you buy coverage from a protocol that gets hacked, Cover will…cover you.”

So it was so ironic that Cover was itself a victim of an exploitation, allowing the exploiter to mint fakje tokens used to redeem Cover tokens, which are then dumped on exchanges. 

$COVER dropped from $731.48 to $26.59.

In a MAJOR TWIST, Grap Finance, another DeFi protocol took responsibility for the attack and returned all the money.

Grap Finance left this message on the blockchain:

According to some Twitter users, it appeared that two or three more exploiters were trying to drain the liquidity pool, so Grap Finance took action, draining the pool so that the other attackers wouldn’t have anything more to drain. 

Of course, this is not acknowledging the fact that many have sold their tokens at a loss once the price tumbled down. Still a wild story, if you ask me.

COVER team plans to redistribute the returned money and still looking for the other attackers. Check out the post-mortem here.

#CryptoPH

If you missed our Year in Reviews, check out the following articles

What else is happening

  • Who insures the insurer? Cover Protocol attack exposes DeFi’s promise and peril. (Michael J. Casey, Coindesk)
  • 5 ways blockchain can help the world better survive Covid-19 and the next crisis. (Don Tapscott and Alex Tapscott, Forkast News)
  • Bitcoin whales are buying more aggressively since Christmas, data finds. (Joseph Young, Cointelegraph)
  • U.S. SEC obtains emergency freezing order against crypto algo-trading firm. (Jason Nelson, Decrypt)

This article is published on BitPinas: Tuesday Trades: Coinbase Delists XRP, DeFi $COVER Story

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Michael Mislos

A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]