r/cryptocurrency
R/cryptocurrency
The cryptocurrency has already risen in value by 62% this year, on top of a 300% rally in 2020, as investors search for alternative assets at a time when interest rates in many countries are at record lows.< https://netboxclub.com/what-is-the-ar-670-1-regulation/ /p>
The current price roller coaster got started back in May. Musk tweeted that Tesla would no longer accept bitcoin as payment due to environmental concerns about its heavy energy use, a reversal of its acceptance of the marquee cryptocurrency just two months earlier. As a result, the price of bitcoin dropped around 15 percent.
The bitcoin price has rocketed to over $73,000 per bitcoin, pushing up the wider ethereum, XRP XRP , solana, dogecoin and crypto market, amid speculation Wall Street giant BlackRock could be quietly eyeing a $90 trillion earthquake.
Xrp cryptocurrency
In 2012 David Schwartz, Jed McCaleb, and Arthur Britto launched the XRP Ledger, with its native currency XRP. In September that year, along with Chris Larsen, they founded the company that is today known as Ripple.The XRPL architects gifted 80 billion XRP to Ripple so that the company could build use cases around the digital asset.
XRPL uses Federated Consensus as the validation system which requires 80% or more of the validators to agree to reach consensus, meaning that a new ledger is added to the overall history, and forward progress happens. XRPL was reportedly the first public blockchain to have a DEX (decentralized exchange) built in. XRPL has closed 85M+ ledgers (blocks) and supports large scale use cases, processing 2.8B+ transactions without failure or security breach since 2012.
But XRP travels on a different plane. Bitcoin has doubled in 2024 but XRP is back exactly where it started this year. The cryptocurrency’s chart can make sharp turns unrelated to any other digital coin or token, typically inspired by the events in a New York courtroom.
The original founders pre-mined (created at the time of the ledger’s launch) 100 billion XRP tokens in 2012. This is all the XRP in existence, and no more XRP can be created. The founders provided Ripple with 80 billion tokens to fund future operations and development, while the founders divided the remaining XRP among themselves.
I don’t believe it’s a stretch to say that almost all cryptocurrencies are a waste of time, money, and effort. In fact, they are probably on their way to eventually becoming worthless, as their creators and developers are simply looking for a way to cash in on a new tech trend.
Cryptocurrency news today
Huobi, a leading cryptocurrency exchange, received substantial deposits from a crypto whale, including $200 million USDT and 5,000 ether (ETH). These transactions come amidst a backdrop of continued outflows from the exchange.
“Crypto is poised to enter a golden era,” Alex Thorn, head of research at Galaxy Digital, said in a research note Friday. “Trump has promised to make America the ‘crypto capital of the world’ and his high level team is filled with strong crypto advocates … . The pro-crypto nature of his team, family, and donors increases the likelihood that Trump follows through on his campaign promises to the industry.”
The price of the flagship cryptocurrency was last higher by 4.5% at $79,800.19, according to Coin Metrics. Ether rose 3%, after passing the $3,000 level on Saturday. It last changed hands at $3,203.10.
Ether and other cryptocurrencies, however, stand to gain much more from the crypto-friendly regulatory environment that Trump has promised and appears to be a priority for many in his inner circle. For example, one reason the spot bitcoin ETFs didn’t see as much success as bitcoin ETFs is because they don’t distribute staking rewards. Many in the industry are hopeful that will change next year.
In the ever-evolving world of cryptocurrencies, today brought a mix of intriguing developments that are sure to capture the attention of both crypto enthusiasts and traditional finance professionals. From Bitcoin’s resurgence on the back of weak Chinese economic data to the buzz around PayPal’s stablecoin, here’s a comprehensive roundup of the day’s most significant crypto news.
Bitcoin was deemed a safe asset regardless of the outcome of the election — it is not considered a security, even by the Securities and Exchange Commission, and Trump has made big overtures about bitcoin like entertaining the idea of a strategic national bitcoin reserve and speaking about the need to keep all bitcoin mined in America.
