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Ripple Transfers 1,000,000,000 XRP From Escrow Wallets As Bitcoin and Ethereum Whales Move $510,000,000 in Crypto

The payments company Ripple just transferred a huge amount of XRP out of an escrow wallet to three separate wallets owned by the San Franciso startup. In sum, Ripple moved 1,000,000,000 XRP worth $292.8 million in three transactions. Each transaction settled within seconds, and the combined cost of the charges involved totaled to less than […]

The post Ripple Transfers 1,000,000,000 XRP From Escrow Wallets As Bitcoin and Ethereum Whales Move $510,000,000 in Crypto appeared first on The Daily Hodl.

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The payments company Ripple just transferred a huge amount of XRP out of an escrow wallet to three separate wallets owned by the San Franciso startup.

In sum, Ripple moved 1,000,000,000 XRP worth $292.8 million in three transactions. Each transaction settled within seconds, and the combined cost of the charges involved totaled to less than a penny.

Although the transfers free up funds for the company to sell for cash this month, Ripple is expected to unload only a small percentage of the unlocked one billion XRP, as it has in previous quarters.

Ripple also sent 133,152,655 XRP worth $38.8 million to the company’s former CTO, Jed McCaleb.

The multi-million dollar transaction is part of an updated settlement agreement that Ripple and McCaleb reached back in 2016. Under the terms of the deal, the former Ripple executive is allowed to collectively sell as much as 1% of the average daily XRP volume as the settlement is now in its fourth year.

Traders are also tracking a series of large transactions from Bitcoin and Ethereum whales in the last 24 hours, totaling $510.3 million. The movements come as the price of BTC drops 5% to $11,380, according to CoinMarketCap at time of publishing.

BTC whales have moved a total of $279.9 million in Bitcoin in the last day. Most of the crypto was sent from wallets of unknown origin to exchanges, where it could potentially be traded or sold for cash.

Here’s a look at the largest Bitcoin transactions in the last day.

3,001 BTC worth $34.3 million sent from unknown wallet to OKEx
2,522 BTC worth $28.8 million sent from unknown wallet to OKEx
1,000 BTC worth $11.3 million sent from unknown wallet to OKEx
2,625 BTC worth $29.8 million sent from unknown wallet to Coinbase
990 BTC worth $11.3 million sent from unknown wallet to Coinbase
3,000 BTC worth $33.9 million sent from unknown wallet to Binance
3,000 BTC worth $34.2 million sent from OKEx to unknown wallet
1,500 BTC worth $17.1 million sent from unknown wallet to OKEx
3,223 BTC worth $36.7 million sent from Binance to unknown wallet
1,650 BTC worth $18.7 million sent from unknown wallet to Binance
1,100 BTC worth $13.0 million sent from Binance to unknown wallet
900 BTC worth $10.8 million sent from Binance to unknown wallet

Meanwhile, traders are monitoring a pair of huge Ethereum transactions.

The largest sent a whopping 400,000 ETH worth $188.2 million from the exchange Huobi to an unknown wallet. The second moved 89,874 ETH worth $42.2 million between two unidentified wallets.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Source: https://dailyhodl.com/2020/09/02/ripple-transfers-1-billion-xrp-from-escrow-wallets-as-bitcoin-and-ethereum-whales-emerge/

Blockchain

Analysts Eye New Top of $74,000 as Bitcoin Comes Within 3% of ATH

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In a move adding to the already monumental rally, Bitcoin prices touched $19,400 during late trading on Tuesday, November 24. This is just 3% away from its peak of $20K which came in December almost three years ago.

Since then, the asset has retreated sharply in a $700 pullback to the mid-$18K level where it currently trades. With momentum still in its favor, analysts and traders are eyeing the next possible peak.

CNBC Touts $74K Bitcoin

During the 2017/2018 rally, mainstream media outlets were renowned for spreading fear, uncertainty, and doubt (FUD) over something they really failed to truly comprehend. CNBC in particular came to be known as a counter trade signal as whenever the news outlet predicted a pump, BTC would dump and vice versa.

In its latest edition of Trading Nation, the channel interviewed a couple of traders who both had very positive things to say about the king of crypto.

Founder of TradingAnalysis.com, Todd Gordon, used Elliot Wave theory to measure herd mentality and market sentiment. He added that the fifth wave is just starting now which will result in a new all-time high in 2021. When asked about a price prediction he added;

“I can’t believe I’m going to go out on CNBC and say this, but it’s about $74,000. The Elliott wave goes very well with … Fibonacci multiples. If it does want to fall short, it can go to 61% of that target, which is only at $34,000.”

PayPal Driving Adoption

Mark Tepper, president and CEO of Strategic Wealth Partners, also commented on the trading show stating that before PayPal and other large corporations stepped in he treated Bitcoin like any other speculative investment, owning a small enough amount.

“The thing that’s always held me back from being an outright bitcoin bull has really been this lack of widespread adoption. But … adoption’s happening and those users, those PayPal and Square users, they’re buying more bitcoin than what’s actually hitting the market on a daily basis,”

He added that Bitcoin could be the Tesla of 2021, stating that it could possibly reach $100K by the end of next year. That certainly fits in with other models and predictions such as stock-to-flow which also predicts triple figures within the next year or so.

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Source: https://cryptopotato.com/analysts-eye-new-top-of-74000-as-bitcoin-comes-within-3-of-ath/

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Blockchain

Coinbase Pro To Disable Margin Trading From December Citing CFTC Guidence

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  • The Coinbase Chief Legal Officer Paul Grewal published a post earlier informing customers that the popular exchange will seize offering margin trading.
  • Clients will not be able to place margin trading orders starting from 2 p.m. PT on November 25th, 2020. At the same time, the platform will cancel all open limit orders.
  • The San Francisco-based exchange will disable the margin trading feature fully at the end of November, “once all existing margin positions have expired.”
  • According to the statement, the decision aims to comply with guidance introduced by the US Commodity Futures Trading Commission (CFTC) earlier this year.
  • Back in March 2020, the federal commodities regulator published a 35-page document with its views on how it will regard “actual delivery” of cryptocurrency assets. The guidance provides rules on when a customer has legally taken control of a digital asset, including acquisition through a margin or leveraged product. The document reads:
  • · (1) a customer securing: (i) possession and control of the entire quantity of the commodity, whether it was purchased on margin, or using leverage, or any other financing arrangement, and (ii) the ability to use the entire quantity of the commodity freely in commerce (away from any particular execution venue) no later than 28 days from the date of the transaction and at all times thereafter; and

  • · (2) the offeror and counterparty seller (including any of their respective affiliates or other persons acting in concert with the offeror or counterparty seller on a similar basis) do not retain any interest in, legal right, or control over any of the commodity purchased on margin, leverage, or other financing arrangements at the expiration of 28 days from the date of the transaction.

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Source: https://cryptopotato.com/coinbase-pro-to-disable-margin-trading-from-december-citing-cftc-guidence/

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Blockchain

VanEck Europe Launches A Bitcoin-Backed ETN Listed On Deutsche Börse

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  • Founded in 1955, VanEck is among the world’s largest investment management firms. Its European branch, VanEck Europe, announced today the official release of an ETN, physically-backed by Bitcoin.
  • The statement came from the company’s digital asset director – Gabor Gurbacs. He noted that releasing such a service has been a “top priority for VanEck.”
  • The ETN will be listed on the Frankfurt-based exchange Xetra. Its price performance will reflect the MVIS CryptoCompare Bitcoin VWAP Close index, directly linked to Bitcoin’s movements.
  • This became possible after MV Index Solutions officially granted access to VanEck Europe to use MVBTCV as an underlying index for the Bitcoin ETN.
  • Apart from being fully collateralized, Gurbacs revealed several other features that will attract investors. Those include “negligible premium/discount to NAV, transparent holdings and prices, investor protections, and professional management by VanEch Europe.”
  • Gurbacs also asserted that VanEck is “committed to support Bitcoin and financial innovation.”
  • Martijn Rozenmuller, Head of Europe at VanEck, outlined that Bitcoin is an “excellent way to contribute to the diversification of a portfolio” because of its low correlation to other asset classes. He added that with the release of the Bitcoin ETN, VanEck will enable its clients to “benefit from the performance of bitcoin.”
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Source: https://cryptopotato.com/vaneck-europe-launches-a-bitcoin-backed-etn-listed-on-deutsche-borse/

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