XRP Leads the Cryptocurrency Market with +12% Gain, Trades Over $0.41
After a strong outing on Thursday, November 24, other cryptocurrencies have calmed down, but XRP continues to rise. According to data from CoinMarketCap, XRP is the most profitable crypto-asset out of the top 100 in the last 24 hours, up 12%.
The price jump saw XRP rise to $0.4169 for the first time since November 8th. XRP has now rebounded slightly and is now trading at $0.4061, with its market cap now at $20.43 billion.
The rise coincides with a jump in the social volume of XRP to 8883. This is +3% in the last 24 hours. The rally also comes after two weeks of whales piling to the bottom, amid the crypto market crash triggered by the FTX crisis.
At Ripple Swell 2022 in London, Brad Garlinghouse, CEO of Ripple Labs, reportedly told Linqto’s director of member sales that Bank of America wants to deploy Ripple’s on-demand liquidity (ODL) products.
The XRP price could be determined in the near future by the ruling brief proposals which are expected to come by November 30th.
CoinList denies bankruptcy and bankruptcy rumors by halting withdrawals
CoinList, a crypto exchange and the largest Initial Coin Offering (ICO) platform, has halted withdrawals but has done so explained That the company is “not insolvent, illiquid, or on the brink of bankruptcy.”
FUD shared on Twitter that the exchange was experiencing a financial crisis as a result of the FTX crash. However, the company has calmed the nerves of its users with the update.
According to CoinList, the withdrawal issues encountered over the past two weeks were technical issues rather than liquidity-based as the team was upgrading its internal ledger systems.
CoinList also explains that the team has been migrating wallet addresses that include multiple custodians — which has created issues with deposits and withdrawals because some tokens are “taking longer than expected to migrate.”
The announcement from CoinList looks to assuage a growing FUD that the project may be next to go bankrupt.
Binance Launches $1 Billion Redemption Fund, Receives $50 Million In Contributions
Binance, the world’s largest cryptocurrency exchange, officially Launched Industry Recovery Initiative (IRI), one week after CEO Changpeng Zhao (CZ) put forward the initiative.
Binance has launched a $1 billion fund to help crypto companies affected by the cryptocurrency crash and FTX crash. However, Binance has clarified that IRI is not an investment fund.
Binance has already received 150 requests from companies seeking support. Binance said it could increase investment opportunities by up to $2 billion in the near future if the need arises.
Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group have committed $50 million to the International Republican Institute. The project hopes to get more support soon.
IRI looks forward to supporting the most promising and highest quality projects created by the best technologists who are facing financial hardship not caused by their own business.
Crypto Lender Matrixport Looking to Raise $100M at $1.5B Valuation
Matrixport Technologies, the Singapore-based crypto financial services company, is considering a $100 million raise despite the ongoing bear market to move the company to a $1.5 billion valuation.
according to reportsThe cryptocurrency lender has already secured $50 million in commitments from high-profile investors. Matrixport is now looking to secure an additional $50 million in the second tranche.
Although the cryptocurrency lender did not disclose the names of the investors who participated in the first tranche, the previous investors are Qiming Venture Partners, IDG Capital, and Dragonfly Capital.
The company says it now has $10 billion in assets under administration and custody. Led by billionaire Bitmain founder Wu Jihan, Matrixport’s services include digital asset custody, trading, lending, and structured products.
Matrixport’s fundraising through the FTX crash shows that investors still believe in the prospects of the cryptocurrency industry.
Merger of Huobi and Poloniex Mulling, Poloniex Suspends BEP20 Function
Three days after Huobi completed its rebrand, which is looking to focus on onboarding users from more countries and regions, rumors have surfaced that the exchange could merge with Justin Sun’s Poloniex.
Sun, who joined Huobi as an exchange Adviser He has since been rumored to be a major shareholder in the cryptocurrency exchange. Sun also put forward three major strategies for Huobi’s future growth.
As Justin Sun’s role in Huobi grows, so does WuBlockChain mentioned that it could merge its recently acquired Huobi Exchange with Poloniex. The exchange was acquired by Circle back in 2019.
The merger report comes amid pause deposit BEP20 Network (BSC) withdrawal function on Poloniex affecting stablecoins USDT, USDC, TUSD and BUSD.
The potential merger could be part of a larger plan for Justin Sun Exchange to compete on a global scale with the likes of Binance, Coinbase and Kraken.