Amid the current market volatility in the cryptocurrency market, there has been a significant whale movement of the 7th crypto coin by Market capitalization, Ripple (XRP).
According to the latest data published by blockchain tracking and analytics firm, Whale Alert, a leading XRP wallet transferred 176 million coins worth approximately $146 million on Saturday 12 May.
The mentioned transaction was executed at around 15:44 UTC, and it was recorded on Bithomp.com. The recent transfer of the XRP whale from an unknown wallet is one of the largest moves since the start of this month.
In the last week of May 2021, a transaction of 139 million XRP was traced to an anonymous whale address. The transaction was done from an unknown wallet after the coin surged above $1. It was also noticed that there has been a substantial increase in the activities of the network in the past few weeks.
According to Coinshares report, Ripple (XRP) has recorded an additional investment worth $7 million in the first week of June, this was the highest level of new investment since April 2021.
In May 2021, Ripple, San Francisco-based blockchain firm, announced that the company is planning to support NFTs on XRP Ledger (XRPL). In addition, the company highlighted the significant advantages of XRPL over other platforms in the growing market of NFTs.
The world’s 7th largest cryptocurrency has seen immense volatility since the start of 2021. XRP started this year at a price level of approximately $0.22 after a crash of nearly 60 percent in December 2020 due to the SEC’s lawsuit against Ripple.
In April 2021, the digital currency saw significant interest from retail and institutional investors as its price touched an all-time high of approximately $1.92. After registering the record price level, XRP price experienced a dip in May 2021 as the digital asset reached a low of $0.69 on 23 May.
As of press time XRP is trading at $0.88 with a 7.10% gain in the last 24 hours.
Today’s Cryptocurrency Investors are Tomorrow’s Masters of the Metaverse
Cryptocurrency investors of today are likely to be the “masters of the metaverse”, which has the potential to change how we live, interact and do business, predicts the CEO of one of the world’s largest independent financial advisory, asset management and fintech organisations.
The prediction from Nigel Green, the CEO and founder of deVere Group, comes as Facebook announces plans to hire 10,000 people in the European Union to develop a so-called metaverse.
“The metaverse has the potential to help unlock access to new creative, social and economic opportunities,” the tech giant said in its blog.
The term ‘metaverse’ gives a virtual parallel to physical reality where a community of people can interact in the form of avatars. It refers to the merging of physical, augmented, and virtual reality in a shared online environment.
Mr Green says: “Facebook’s announcement once again underscores that the metaverse is not being seen by those-in-the-know as an ‘extension’ of the internet, but as its successor.
“It will become the entrance to almost all digital experiences and an integral part of most physical ones, meaning it will fundamentally change the way we live, interact with each other and do business.
“It will revolutionise economies, it will be the key to the creation of whole new generations of companies, and this is why the big tech firms are jumping in – no one wants to be left behind something so monumental.”
He continues: “The metaverse is being built and run on blockchains and decentralised applications, which is the same cutting-edge technology used by cryptocurrencies like Bitcoin and Ethereum.
“In addition, in the virtual worlds which will reshape how we spend our time and our money, financial transactions will, of course, have to be digital.
“This means that cryptocurrencies are likely to become the sole legal tender accepted in the metaverse.
“All of this is a huge advantage to anyone investing in crypto today. Prices of major cryptocurrencies are likely to soar enormously in the next few years. As such, those buying now will be taking advantage of the lower entry points.
“Their purchasing power within the digital space can be expected to be huge as a result: they will be the ones who are the Masters of the Metaverse.”
Everything is very much still in the early stages, and it might be another decade or so until the potential of the metaverse is fully realised.
But, concludes Nigel Green, there is a “massive advantage” for early adopters of new tech – “just ask Facebook boss Mark Zuckerberg” – as well as those who “invest earlier on in the currencies of the future.”
Bitcoin Near $60,000 Per Coin After Bloomberg Report Favour Bitcoin ETF
Bitcoin, the world’s most capitalised cryptocurrency, rallied near $60,000 per coin after a report by Bloomberg said bitcoin futures exchange-traded fund (ETF) will clear the U.S. Securities and Exchange Commission (SEC) late on Thursday.
Cryptocurrency’s most dominant coin rose to $59,961 per coin before pulling back to $59,258.38 at the time of writing.
The SEC is reviewing around 40 bitcoin ETF filings with multiple decision deadlines on futures-linked products hitting next week. According to Bloomberg, the regulator is expected to approve at least some of them, clearing the way for trading to begin.
The SEC does not need to take any formal action to approve the filings. Under federal law, applications can become effective if the SEC allows a mandated deadline to pass by without requesting changes or directing the aspiring issuer to pull the filing.
Bloomberg named applications by ProShares and Invesco as two proposals that may be allowed to launch under this law next week.
G7 Finance Officials Endorse Principles For Central Bank Digital Currencies
G7 finance officials on Wednesday endorsed 13 public policy principles for retail central bank digital currencies, saying they should be grounded in transparency, the rule of law and sound economic governance, the Treasury Department said.
“Innovation in digital money and payments has the potential to bring significant benefits but also raises considerable public policy and regulatory issues,” Group of Seven finance ministers and central bankers said in a joint statement.
“Strong international coordination and cooperation on these issues help to ensure that public and private sector innovation will deliver domestic and cross-border benefits while being safe for users and the wider financial system.”
The finance officials met in person, with some joining by video, in Washington on Wednesday during the annual meetings of the International Monetary Fund and World Bank under the leadership of British finance minister Rishi Sunak.
In their joint statement, the G7 officials said central bank money in the form of Central Bank Digital Currencies, or CBDCs, would complement cash and could act as a liquid, safe settlement asset and an anchor for the payments system.
They said the principles were meant to support policy and design deliberations within and beyond the G7, complementing recently published work by a group of central banks and the Bank for International Settlements.
No G7 authority has decided to issue a CBDC, and careful consideration of the potential policy implications will continue, the statement said.
“We reaffirm that any CBDC should be grounded in our long-standing public commitments to transparency, the rule of law and sound economic governance,” the statement said. “Any CBDC must support, and ‘do no harm’ to, the ability of central banks to fulfill their mandates for monetary and financial stability.”
The G7 officials stressed the importance of rigorous privacy standards, cybersecurity, the need to protect users’ data and transparency on how the information will be secured and used.
They said such currencies must be energy efficient and operate in an open, transparent and competitive environment while underscoring the importance of interoperability on a cross-border basis and the need to minimize any harmful spillovers to the international monetary and financial system.
They reiterated that no global stablecoin project should begin operation until it addresses legal, regulatory and oversight requirements, echoing a similar statement made by the larger Group of 20 finance officials earlier Wednesday.
Stablecoins are a type of digital coin pegged to traditional currencies.
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