Cryptos Today: Bitcoin Tries to Return to $21K, Ethereum Rises, XRP Soars 14% on Expectation of Court Decision

Despite the pessimism that persists among cryptocurrency analysts, Bitcoin (BTC) operates close to stability on the morning of this Friday (24), at $ 20,839, taking its weekly result to a positive level of 2.1%. The performance of altcoins, however, far outperforms that of BTC today, with Ethereum (ETH), Binance Coin (BNB) and Cardano (ADA) up 3.5%, 3.7% and 4.2% respectively.

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XRP (XRP) soars 14.3% amid expectations of a positive advance in the legal battle between creator Ripple and the US Securities and Exchange Commission (SEC). According to Eleanor Terret, from Fox Business, the US court that hears the case of a possible offering of a security not registered by the crypto asset company may issue, by the end of the day, a key decision for the course of the action.

The altcoin move also comes on the heels of positive industry news. Solana Labs, the main name behind the Solana (SOL) blockchain, has announced the development of a “Web3 smartphone” called Saga. Polygon (MATIC) announced that it has achieved carbon neutrality and THORChain (RUNE) launched its long-awaited blockchain that allows converting Bitcoin, Ethereum and other assets without the need for smart contracts, which bring additional risk to this type of operation. .

Additionally, Binance CEO Changpeng “CZ” Zhao said in a statement that the exchange remains committed to helping cryptocurrency projects with this bear market. “As one of the biggest players in the industry with healthy cash reserves, we have a duty to protect users,” Zhao wrote. “We also have a responsibility to help industry players survive and, we hope, thrive.”

In Brazil, Binance continues not to offer withdrawals of reais via Pix, forcing users to sell cryptos via P2P (trading with third parties through the platform), settle to a Visa card, or transfer their digital assets to other exchanges that offer access to the payment system. of the Central Bank.

On the other hand, some cryptocurrency companies continue to have liquidity problems amid the price drop. Exchange CoinFLEX, which does not operate in Brazil, paused withdrawals under the justification of “extreme market conditions”, the same mentioned by Celsius, a lending platform that suspended redemptions more than two weeks ago. According to CoinFLEX, the crisis would be related to a debt not paid by a counterparty, in a case that recalls the critical situation of the hedge fund Three Arrows Capital.

On Wednesday, US exchange Voyager Digital lowered its daily withdrawal limit from $25,000 to $10,000 after revealing exposure to Three Arrows Capital. Voyager shares fell more than 60% on Wednesday as it claimed to be the $720 million creditor of Three Arrows Capital.

Meanwhile, ratings agency Moody’s downgraded debt securities issued by Coinbase and pointed out that the bonds are still under review and could be downgraded yet again.

  • Watch: Why Three Arrows Capital Fund Threatens Bitcoin and Keeps Investors Sleepless?

As a result, analysts remain mostly pessimistic about the price of cryptocurrencies in the short term, despite today’s jump. “Bitcoin remains a risky asset and will likely not trade on cryptocurrency fundamentals until a fund is firmed in line with US equities,” assesses the senior analyst at Oanda Americas.

“Bitcoin will continue to have volatile trades and the correlation with equities looks like it will last a long time,” he points out.

Check out the performance of the main cryptocurrencies at 7:11 am:

cryptocurrency Price Change in the last 24 hours
Bitcoin (BTC) US$ 20,839.22 +0.6%
Ethereum (ETH) US$ 1,148.42 +3.5%
Binance Coin (BNB) US$ 232.12 +3.7%
XRP (XRP) US$ 0.375524 +14.3%
Cardano (ADA) US$ 0.493058 +4.2%

Cryptocurrencies with the biggest gains in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
Tenset (10SET) $3.80 +19.9%
Axie Infinity (AXS) US$ 17.03 +17.3%
Polygon (MATIC) US$ 0.588395 +16.5%
XRP (XRP) US$ 0.375524 +14.3%
Basic Attention Token (BAT) UUS$ 0.431683 +11.6%

Cryptocurrencies with the biggest drops in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
Flex Coin (FLEX) $4.30 -3.5%
AAVE (AAVE) US$ 65.91 -3.3%
Leo Token (LEO) $5.79 -2.5%
Synthetic (SNX) $2.97 -2.2%
FTX Token (FTT) $25.63 -1.2%

Check out how cryptocurrency ETFs closed on the last trading session:

ETF Price Variation
Hashdex NCI (HASH11) BRL 18.51 +7.3%
Hashdex BTCN (BITH11) BRL 26.10 +5.96%
Hashdex Ethereum (ETHE11) BRL 17.49 +6.97%
Hashdex DeFi (DEFI11) BRL 18.63 +10.43%
Hashdex Smart Contract Platform FI (WEB311) BRL 19.19 +7.2%
QR Bitcoin (QBTC11) BRL 6.98 +5.75%
QR Ether (QETH11) BRL 4.16 +4%
QR DeFi (QDFI11) BRL 3.45 +2.06%

See the main news from the crypto market this Friday (24):

Hackers break into Harmony smart contract and steal $100 million

A smart contract on the Harmony network (ONE) suffered a hacker attack responsible for the embezzlement of $100 million worth of cryptocurrencies last night.

“The Harmony team has identified a robbery that occurred this morning on the Horizon Bridge, worth approximately $100 million,” the developers said via Twitter. “We have begun working with national authorities and forensic experts to identify the culprit and recover the stolen money.”

The Horizon bridge allows users to convert assets such as tokens, stablecoins and NFTs between the Ethereum, BNB Chain and Harmony networks.

According to Harmony, the exploit did not affect the Bitcoin bridge or assets stored in decentralized vaults.

Coinbase launches derivatives for US retail

Coinbase Derivatives Exchange, Coinbase’s US derivatives arm, has announced the launch of its first-of-its-kind product focused on retail traders.

The futures exchange, which is regulated by the CFTC, will launch the Nano Bitcoin Futures (BIT) derivative next Monday (27).

“The cryptocurrency derivatives market represents $3 trillion in volume worldwide and we believe that further product development and accessibility will enable significant growth,” the statement said.

Coinbase also said it is awaiting regulatory approval of a license to offer margin futures contracts to its clients.

Institutional investors continue with interest in cryptocurrencies, says OSL

OSL, a Hong Kong company specializing in OTC cryptocurrency trading for institutional clients, said corporate users remain interested in crypto despite the recent price drop.

According to the company, its trading volume in 2022 is on track to set a record. “Our global platform volumes are higher than our 2021 average volumes – and 2021 was our biggest year,” Fernando Martínez, OSL’s head of the Americas, said in an interview with CoinDesk.

According to Martínez, the crises faced by some platforms do not distance this customer profile from the market as a whole. Although they are afraid of counterparty risk, says the executive, institutional investors end up looking for exchanges they trust more.

“From the traditional financial institutions that have already entered the market, we are already seeing them move,” he said.

Binance conducts training for the Federal Police

Amid the suspension of withdrawals in reais, Binance will hold a workshop on blockchain and crypto assets next week in Brasília for Federal Police investigators and employees of other invited bodies.

The training will feature members of the exchange’s investigations department, who have stints in the IRS (the US Internal Revenue Service) and Europol Cybercrime Center (EC3) on their curriculum.

According to the company, the goal is to address blockchain and cryptocurrency concepts, anti-money laundering policies and other processes to combat cyber and financial crimes.

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