XRP Leads the Altcoin News Market
Crypto Market Volatility Picks Up after Federal Reserve Chairman Talks About Digital Dollar
After a healthy last weekend, the crypto market volatility has picked up once again, a day after the Federal Reserve Chairman Jerome Powell spoke at the virtual panel discussion on digital banking hosted by the Bank of International Settlements (BIS) on Monday, March 22.
As of writing this story, the overall cryptocurrency market cap is down 4.54% with Bitcoin (BTC) and Ethereum (ETH) plunging over 6% and 5% respectively. After its move above $59,000 last week, Bitcoin (BTC) has slipped once again sub $55,000 levels.
The latest price drop comes as the Fed Chairman asks investors the risks of owning Bitcoin (BTC) and other cryptocurrencies. During his remarks at the virtual conference, Powell added: “They’re highly volatile, see Bitcoin, and therefore not really useful as a store of value. They’re more of an asset for speculation. So they’re also not particularly in use as a means of payment. … It’s essentially a substitute for gold rather than for the dollar.”
On the other hand, Powell also said that the Fed will need some time before moving ahead with the development of the Digital dollar aka the U.S. central bank digital currency (CBDC).
The Fed chairman stated that the central bank will take all stakeholders into confidence before moving ahead with any kind of a decision. He added that the Fed has already started the procedure for public engagement and “so you can expect us to move with great care and transparency with regard to developing a central bank digital currency.”
While the BTC price remains under pressure, the Bitcoin (BTC) supply at exchanges sees its biggest drop in the last 6 weeks. This liquidity shortage can further boost the price momentum northwards.
Bitcoin’s Supply is Moving Off Exchanges With Largest Daily Drop in Six Weeks | Bitcoin & Tether Exchange Supply % (Sanbase PRO) (Courtesy: Santiment)
On the other hand, on-chain data provider Santiment notes that the USDT stablecoin supply at the exchanges has hit an 18-day high. As per another data by Bybt, the latest price correction comes as 234,825 traders were liquidated for a total of $1.62 billion over the past 24 hours.
Bitcoin-BTC-Liquidations (Courtesy: Santiment)
The race for getting the approval of the first Bitcoin ETF in the U.S is catching up the heat. Skybridge Capital has recently submitted its application to the SEC to list the shares of its “Skybridge Bitcoin ETF Trust” on the NYSE Arca Exchange.
A total of five applications are currently pending approval with the SEC, the decision of which can come within the next 45 days. Within a month of its launch, Canada’s Purpose bitcoin ETF has already clocked $1 billion CAD in assets under management.
Altcoin News: RelistXRP Campaign Trending After Latest SEC Hearing
The SEC vs Ripple battle has taken a fresh turn after the latest hearing last Friday, March 19. The SEC lawsuit filed last December 2020 has put major pressure on XRP with its price plummeting very fast.
More importantly, to avoid any scrutiny from the securities regulator, several crypto exchanges and Ripple partners started distancing themselves from the blockchain startup. A number of exchanges also delisted or suspended trading for XRP.
However, things have taken a new turn for good last Friday. During the hearing, an SEC lawyer clarified that only Ripple and its affiliates will be charged for selling XRP illegally as per the original lawsuit. Thus, exchanges that facilitated XRP trading won’t be subjected to SEC scrutiny.
Well, the XRP fans have started the “RelistXRP Campaign” which has been trending on social media across Australia, the Netherlands, the U.S, and the U.K. The fans have urged exchanges to resist the controversial cryptocurrency and allow trading once again.
The XRP price has once again shot up and is trading close to $0.58 with a market cap of $26.3 billion. The next XRP price prediction stands at $0.70 in the short term.
Apart from XRP, all other altcoins currently seem under pressure with the Ethereum (ETH) price slipping below $1700 levels. Also, Cardano (ADA) which entered the top-three crypto-list last week has slipped more than 20% from its all-time high of $1.5.
The NFT Crypto Continues to Drive Momentum
The NFT crypto market continues to drive further momentum ahead in the crypto space. Let’s take a look at some of the latest developments in the NFT space.
Last week, Beeple’s digital artwork sold for a massive $69 million at auction house Christie’s. In another development, TRON founder Justin Sun purchased Beeple’s another NFT artwork titled “OCEAN FRONT” which is part of its “Everydays” series.
As per Beeple’s latest tweet, the artist is willing to donate the proceeds of the sale to the Open Earth Foundation to combat climate change.
However, Beeple who made a fortune selling his NFT artwork over the last few months, recently told Bloomberg that NFTs are in a state of a bubble. During the interview Beeple said: “I absolutely think it’s a bubble, to be quite honest. I go back to the analogy of the beginning of the internet. There was a bubble. And the bubble burst”.
In another development, Twitter CEO Jack Dorsey also sold his first tweet as an NFT for a massive $2.5 million. Dorsey said that the proceeds shall be first converted to Bitcoin and donated further to “give Charity”.
TIME Magazine has jumped into the NFT craze and announced an auction for its three special edition magazine cover NFTs. The bidding for the auction shall continue till Wednesday, March 24. The three TIME NFTs are available either individually or as a collection on the cryptocurrency marketplace SuperRare.
Just to get a glimpse into the craze around NFTs, the report from DappRadar, shows that the top-three NFT marketplaces traded around $350 million in February 2021.
XRP Price Prediction – 61.61
Altcoin News – 72.24
Federal reserve – 74.07 (KD)
Digital Dollar – 73.64
CBDC – 74.41
Crypto Market Volatility – 75.62