Wednesday Watch: Ripple Vows to Respond, eToro’s IPO Rumor

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Good morning. It’s a few days before the new year, and we’re at a new all-time high. To those still reading websites during the holidays, this one’s for you.

Welcome to Wednesday Watch, part of our new series: BitPinas Daily. We will look 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 30, 2020:

Bitcoin$27,4591.3%
Ethereum$7350.0%
Tether$1.000.3%
XRP$0.22-9.9%
Litecoin$129-0.3%
SLP$0.0210.2%


Bitcoin closed December 27, 2020, at $27,125 per BTC. We’re up 15% in the last 7 days and 287% since the year began. This is a new all-time high.

Bitcoin’s market capitalization stands today at $516,623,908,592 which is 68.54% 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 vows to respond to SEC ‘attack’ amid exchange delistings of XRP

“The public and press have only heard the story from the U.S.  SEC’s side, and we’ll be filing our response in a few weeks to address these unproven allegations against Ripple,” the company said in a statement Tuesday.

Ripple said the U.S. Commission introduced more uncertainty into the market and has affected countless innocent XRP retail holders with no connection to the company.

Ripple also said the majority of XRP volume is traded outside the United States and that there are clear rules for XRP in countries like the U.K. and Japan. “We will defend our company and look forward to settling this matter in court to finally get clarity for the U.S. crypto industry.” (Ripple)

Institutions

Grayscale has $19B in crypto assets under management, up from $16.4B last week 

The latest data tweeted by Grayscale Investments showed its largest holdings by far are in bitcoin (BTC, +3.12%), with the Grayscale Bitcoin Trust having $16.3 billion in the top crypto asset. The firm’s Ethereum Trust now has $2.1 billion in ether (ETH, +3.12%) AUM. (Tanzeel Akhtar, Coindesk)

eToro

eToro said to be in talks with Goldman about possible $5B IPO: report

Israel-based eToro is in talks with Goldman Sachs about possibly leading the offering, which would be completed by the end of Q2 2021. eToro is also considering the possibility of a merger with a special purpose acquisition company for the “purpose of accelerating entry into Wall Street trading,” the report said. eToro has recruited 5 million new customers since the beginning of the year and is profitable, according to the report. (Kevin Reynolds, Coindesk)

Simplex

Crypto firm Simplex becomes a principal member of Visa in Europe

The membership allows Simplex to issue Visa debit cards to its customers that include popular crypto exchanges and wallets. Simplex is a business-to-business (B2B) firm, meaning it caters to other companies. The membership comes less than a month after Simplex launched its new banking service, enabling crypto firms to offer local and global payment methods to their users. (Yogita Khatri, The Block)

What else is happening

  • Anthony Scaramucci’s Skybridge has invested $182 million into bitcoin, according to deck. (Frank Chapparo, The Block)
  • Redditor memes his way to $25K in Bitcoin profits (Sam Bourgi, Cointelegraph)
  • Stocks in crypto companies are soaring. Here’s why. (Mathew Di Salvo, Decrypt)

This article is published on BitPinas: Wednesday Watch: Ripple Vows to Respond, eToro’s IPO Rumor

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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]

Michael Mislos
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