Ripple hopes the Biden administration will introduce

Ripple hopes the Biden administration will introduce more crypto-friendly regulation

Ripple general counsel Stu Alderoty predicted that the Biden administration will „help create a level playing field for all“ in the crypto world

The late 2020s have certainly not been a good time for Ripple: the US Securities and Exchange Commission, under Donald Trump’s administration, has filed a lawsuit against the company for unauthorised securities issuance. Ripple’s leadership, however, is looking to 2021 and the new US President in the hope that they will introduce more Immediate Bitcoin favourable regulations for the company.

According to a post on Ripple’s website, which features comments from key executives, the company expects the Biden administration to bring „renewed focus on regulation and enforcement“ to the crypto world:

„As we have seen, the lack of a clear regulatory framework in the US over the past four years has left fintech and blockchain companies in limbo. […] Other countries such as the UK, Switzerland, Singapore and Japan are far ahead.

Both Ripple’s CEO, Brad Garlinghouse, and its co-founder, Chris Larsen, had already criticised the SEC’s policy of „regulating through enforcement“ before the lawsuit.

Stu Alderoty, the company’s general counsel, was quoted within the article: he believes that the Biden administration will make crypto regulation a top priority over the next four years because it „understands the implications for public and private sector innovation“.

„Smart, well-designed regulations, effectively communicated and uniformly enforced, can help level the playing field so as to spark innovation and further mainstream adoption here in the United States.“

Garlinghouse reiterated these remarks yesterday, praising Biden’s nominee for SEC chair, Gary Gensler, as being very knowledgeable about blockchain and cryptocurrency:

„Congratulations to Gary Gensler! We look forward to working with the SEC and the Biden administration for the future of crypto and blockchain innovation in the US.“

Incidentally, it should be noted that co-founder Jed McCaleb has resumed his sale of XRP

He owned as much as 9.5 billion of it, which he received before leaving the company in 2014. Crypto analyst Leonidas Hadjiloizou reported that McCaleb sold 28.6 million XRP yesterday, about $8.5 million at the time of publishing this article, after a 25-day absence following news of the lawsuit between Ripple and the SEC.

In December, Whale Alert reported that in 2020 McCaleb had liquidated 1.2 billion XRP, earning $400 million: this brought the total number of tokens in his possession to around 3.25 billion.

The first act in the lawsuit between Ripple and the SEC is expected to take place on 22 February, when a pre-judgment virtual conference is scheduled. At the time of publishing this article, the price of XRP is hovering around $0.28, down 5.8 percent from yesterday.

Jim Cramer von CNBC sagt, er werde Bitcoin nach einem 20% igen Crash nicht über 20.000 USD kaufen

„Dies ist nicht anders als eine völlig unberechenbare Aktie“, sagte Cramer.

Jim Cramer, der Moderator von CNBCs Mad Money, sagte, er spiele immer noch „mit dem Geld des Hauses“, nachdem er einen Teil seiner Krypto vor dem jüngsten Preisverfall verkauft habe

In einem Interview mit TheStreet sagte Jim Cramer , er glaube trotz einer Preiskorrektur von 10.000 USD in den letzten drei Tagen immer noch an Bitcoin ( BTC ). Er fügte jedoch hinzu, dass es unwahrscheinlich sei, dass er mehr kaufe, wenn der Preis nicht unter 20.000 US-Dollar liege.

„Mein Ziel war es, mein Geld herauszuholen, damit ich nicht darüber nachdenken muss“, sagte Cramer

„Wenn es unter 20.000 US-Dollar zurückgeht, bin ich wieder ein Käufer. Aber ich habe meine Kosten rausgeholt und spiele mit dem Geld des Hauses. Dies ist nichts anderes als ein völlig unberechenbarer Bestand. “

Der CNBC-Host berichtete, er habe letzte Woche „genug Bitcoin verkauft“, um seine anfängliche Beteiligung an dem Krypto-Asset zu decken. Berichten zufolge kaufte Cramer Mitte Dezember sein erstes Bitcoin, als der Preis bei 17.000 US-Dollar lag, und nannte es damals ein „anständiges Niveau“.

Der Preis für Bitcoin ist um mehr als 23% gefallen, seit er am Freitag einen Rekord von mehr als 42.000 US-Dollar erreicht hat . Es wird derzeit bei 32.192 $ gehandelt.

The volume of Bitcoin explodes as the BTC targets $35,000

As Bitcoin approaches $35,000, the volume of transactions has exploded.

Bitcoin’s trading volume has increased by more than 100% in the last 24 hours.

At this point in time, there does not appear to be a single catalyst behind this nightly growth.

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2021 is off to a great start for Bitcoin as assets continue to reach new and unprecedented levels.

As the price of Bitcoin approaches $35,000, we are reaching massive volume levels that have barely been seen before. In the last 24 hours, the price of Bitcoin has increased by approximately 15%. However, it is the increase in its volume that is most surprising. According to CoinMarketCap, the largest online cryptomarketing market capitalization aggregator, Bitcoin’s volume has increased by almost 104% in the last 24 hours. This is critical data because this volume growth in addition to the sharp rise in prices is an extremely bullish sign for the world’s largest cryptomoney.

What is the cause of this massive spike in Bitcoin volume?

One of the most interesting factors in this sharp increase is that there is no immediately identifiable catalyst. Since the beginning of the new year, Bitcoin has already increased by more than 20%. However, the BTC was already experiencing unprecedented daily/weekly prices even before the beginning of 2021.

One of the possible reasons for this price increase is the notorious FOMO, or fear of missing an opportunity. As the rise of Bitcoin is becoming common news around the world, investors and speculators may think that if they don’t buy Bitcoin now, they will continue to miss out on massive price gains.

One point to consider is that this increase in volume overnight took place from a Saturday to a Sunday. Thus, institutional investors and their employees are unlikely to be working on those days. This leaves this volume increase to retail investors.

Supporting institutional interest

This Bitcoin bullish run is fundamentally different from the previous 2017 bull-run on almost every level. In 2017, retail investors dominated the market. After peaking at around $20,000, the price then fell rapidly and was unable to hold its support. The current bull run is different because institutional investors and corporations are leading it overall.

Take MicroStrategy, one of the world’s largest publicly traded business intelligence companies, as an example. Michael Saylor, MicroStrategy’s CEO, was initially extremely skeptical of Bitcoin. In August 2020, however, he became one of the biggest supporters of BTC. Due to economic uncertainty, dollar devaluation, inflation, hedging, and other factors, Saylor made the executive decision to use MicroStrategy’s reserve cash to purchase Bitcoin. These purchases increased gradually as MicroStrategy raised $650 million through a debt offering to purchase more BTC.

There are many other companies that are integrating or investing in Bitcoin, sometimes in the tens or even hundreds of millions of dollars. PayPal, Square and Mass Mutual have also begun to get involved in Bitcoin and cryptosystems. This could set the tone for the rest of the financial sector.

All of this may explain why Bitcoin has experienced consistently high prices and regular price increases. However, it doesn’t exactly explain the growth in volume overnight. There may be no obvious factor behind this explosion in volume. However, the factors that led to it are undeniable.