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XRP Market Cap Reaches $60 Billion for the First Time in Three Months

The cryptocurrency briefly crossed the market cap of Tether (USDT).

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XRP saw immense retail demand in the last 48 hours as the price of the cryptocurrency jumped from $1.05 to as high as $1.34. On 15 August 2021, the total market cap of XRP crossed $60 billion for the first time since 19 May 2021.

According to the latest data published by Coinmarketcap, XRP remained the best-performing cryptocurrency among the top 10 in the last seven days with substantial gains of more than 60%. The world’s 6th largest cryptocurrency is currently trading near $1.30 with a market cap of approximately $60 billion.

The latest jump in demand for XRP came after Ripple, the San Francisco-based blockchain company, announced several partnerships to increase the use of RippleNet, the global financial network of the company and XRPL.

Last week, Global Money Express (GME Remittance), one of the largest non-bank remittance service providers in South Korea, announced that the company has joined RippleNet to partner with Siam Commercial Bank (SCB), Thailand’s largest bank in terms of market capitalization. XRP jumped by nearly 10% following GME’s RippleNet announcement.

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On 15 August 2021, XRP briefly crossed the market cap of stable coin Tether (USDT).

XRP and Cryptocurrency Market

In addition to the latest jump in XRP, several other digital currencies including Dogecoin (DOGE), Cardano (ADA) and Binance Coin (BNB) saw strong gains in the last seven days. The total market cap of cryptocurrency assets jumped above $2 trillion on Sunday after the addition of approximately $800 billion in the last three weeks.

“XRP has pumped to $1.34 today for an impressive 3-month high. Before it decoupled from the crypto pack, we saw hints of development activity skyrocketing. XRP’s team is now submitting the highest GitHub activity rate in the asset’s history. Though altcoins like XRP and Cardano have been getting the lion’s share of attention after their pumps, Ethereum’s three-month high of $3,329 has been a nice surprise. Miners balances have notably shot up to a 3-month high of 130.82k ETH recently,” Santiment mentioned.

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Source: https://www.financemagnates.com/cryptocurrency/news/xrp-market-cap-reaches-60-billion-for-the-first-time-in-three-months/

Blockchain

PayPal’s U.K. Customers Can Now Buy, Sell, and Hold Bitcoin

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Global payments giant PayPal disclosed on Friday that its customers in the United Kingdom can now buy, sell, and hold multiple cryptocurrencies, including bitcoin and ether, directly from their accounts.

PayPal’s Crypto Services Now Available For UK Users

“We are delighted to share that all eligible customers in the UK can now buy, hold, and sell #Cryptocurrencies #Bitcoin, #Ethereum, #BitcoinCash & #Litecoin from their PayPal accounts. Look out for it in the PayPal app,” the announcement reads.

Like the U.S. version of its digital asset products, PayPal said it will continue to use New York-licensed crypto company Paxos to facilitate the buying, selling, and holding of the supported assets.

The company’s U.K. customers can buy or sell the aforementioned cryptocurrencies for as low as £1, the company said in a statement last month when it first announced its intentions to expand to Great Britain.

With the offering fully live in the U.K., the region has become the first international expansion of the firm’s cryptocurrency products, which initially launched in the United States in October last year.

Massive Success

Since PayPal flagged off its cryptocurrency services, the company has recorded significant engagement on its platform and has also seen a major increase in revenue.


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In March this year, the company introduced a Crypto Checkout Service to enable its customers to pay for goods and services using digital currencies across its 29 million online merchants globally.

The massive success of PayPal’s crypto initiative in the United States has given the company the assurance that its offerings will succeed in the U.K.

“It has been doing really well in the U.S., We expect it’s going to do well in the U.K.,” Jose Fernandez da Ponte, PayPal’s general manager for blockchain, crypto and digital currencies, told CNBC in an interview last month.

PayPal Committed to Boosting Crypto Services

Despite the success of its crypto offerings, the company is still working round the clock to ensure its clients have a friendly experience using the service.

PayPal plans to launch a Super App Wallet for digital assets in the U.S. The firm is also putting together a cryptocurrency team n Ireland that will focus on different roles such as anti-money laundering (AML), regulatory compliance, and business development.

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Source: https://cryptopotato.com/paypals-u-k-customers-can-now-buy-sell-and-hold-bitcoin/

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MonoX Raises $5M to Disrupt Traditional DEXs Using Single-Sided Liquidity Pools

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[PRESS RELEASE – Singapore, Singapore, 17th September 2021]

MonoX Protocol, the most capital-efficient automated market maker (AMM) in the DeFi space, is delighted to announce the closing of a $5 million funding round to make it economical for projects to launch their tokens using its innovative single-sided liquidity pools.

Led by Krypital Group, the funding round saw participation from Axia8 Ventures, Animoca Brands, Divergence Ventures, Youbi Capital, Rarestone Capital, LD Capital, GenBlock Capital, 3Commas, OP Crypto, and Blockdream.

Ruyi Ren, founder, and CEO of MonoX, said, “With a lot of innovation in the DeFi space, over-collateralization has become an increasingly big problem. As the most capital-efficient liquidity solution, MonoX will help more innovative projects succeed. We will use the funding to grow the team, further develop and build our community in new flourishing DeFi ecosystems like Solana.”

Unlike traditional DEXes that require projects to deposit two tokens to build a liquidity pair, MonoX enables developers to list their tokens without the burden of bringing another asset. Projects can launch new tokens without extra capital because they don’t need to deposit a second token to build the pair.

Derek Hansen, Partner at Rarestone Capital, said, “MonoX is tackling the capital inefficiencies caused by liquidity pairs. Project owners can list their tokens without the burden of capital requirements and focus on using funds for building the project instead of providing liquidity. Their novel approach to single-sided liquidity is sure to help scale new emerging DeFi ecosystems like Solana and Avalanche. We look forward to their launch and will use our collective resources and expertise to help them succeed.”

The platform groups the deposited tokens into a virtual pair with the vCASH stablecoin, which is backed by all assets in the MonoX pools. It eliminates the capital inefficiencies caused by liquidity pairs.

The single-sided liquidity design reduces trading fees by avoiding the lengthy transaction paths that we see on traditional automated market makers (AMMs).

“Based on our full confidence in the future of DeFi, we have been looking for products that can help DeFi expand and we met the MonoX team. We believe that their ideas can lower the barriers to entry for users, at the same time create greater value for the DeFi field. This is why we decided to invest and incubate this project, and also use our various resources and experience to help them develop,” said Maggie Wu, co-founder and CEO of Krypital Group.

MonoX is also a capital-efficient solution to infuse liquidity to Value-backed Tokens (VBTs) such as synthetics, fractional NFTs, gaming tokens and insurance tokens. Such assets can be launched and traded with zero collateral, meaning projects and users don’t have to collateralize them a second time with a liquidity pair.
MonoX is set to launch its mainnet on Ethereum and Polygon in the Q3 of 2021 with full swap and liquidity features. As a blockchain-agnostic platform, it will also launch on Solana in the near future.

About MonoX

MonoX is the most capital-efficient automated market maker (AMM) in the DeFi ecosystem. It empowers developers, traders, and liquidity providers to participate in an open, accessible, and capital-efficient marketplace. MonoX aims to revolutionize DeFi by fixing the capital inefficiencies of the first-generation protocol models. Its single-sided liquidity pools and vCASH stablecoin facilitate lower trading fees, capital efficiency, and the ability to launch tokens with zero additional capital.

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Source: https://cryptopotato.com/monox-raises-5m-to-disrupt-traditional-dexs-using-single-sided-liquidity-pools/

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Sellers hold the aces in Ethereum Classic’s market, but it might not be game over

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

There hasn’t been much interest from retail traders in Ethereum Classic’s market. As a result, low volatility has kept the price restricted within the channel of $53.8 and $60.6 over the past week and a half. However, ETC has been taking shape within a symmetrical triangle. It presented chances of an incoming price swing.

Considering the current market dynamics, sellers can be expected to tip the scales in their favor, but a bullish argument also seems justifiable. At the time of writing, ETC was valued at $57.7, down by a marginal 0.5% over the last 24 hours.

Ethereum Classic 4-hour Chart

Source: ETC/USD, TradingView

A series of lower highs and higher lows gave rise to a symmetrical triangle on ETC’s 4-hour chart. The pattern was considered bearish in this situation since it took shape right after 7 September’s drawdown. Moreover, sellers would face the easier task of triggering a breakdown from this setup. The daily 20 and 50 Simple Moving Average lines ran bearish as momentum aided the bears.

If the price does break below the lower trendline, a 13% decline would be possible towards the $48-mark. A close under $53.5 would confirm such an outcome.

On the other hand, a few of ETC’s indicators seemed to disagree with such a prediction. If the triangle functions as a reversal pattern, ETC would eye a 7% hike to 8 August’s swing high of $63.4. A close above $59 on relatively stronger volumes would heighten the chances of a bullish prediction.

Reasoning 

A look at ETC’s On Balance Volume painted a rather concerning picture. Based on its recent trajectory, there has been a dearth of buying pressure in the market, with sellers maintaining an advantage. However, a few other indicators seemed to disagree.

Higher lows were observed on the RSI after it recovered from an overbought reading 10 days ago. The index even managed to climb above 60 recently – A sign that the market was strengthening.

Such a trajectory was also seen on the MACD. The index climbed towards the half-line, although momentum was flat over the past few sessions.

Conclusion

As ETC oscillated within a symmetrical triangle, its indicators flashed mixed signals and a breakout in either direction can be expected at this point. Although chances of a downwards move seemed higher, a bullish outcome cannot be discounted.

Traders should keep an eye on the aforementioned levels to get a better understanding of where ETC is heading.

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Source: https://ambcrypto.com/sellers-hold-the-aces-in-ethereum-classics-market-but-it-might-not-be-game-over

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