Crypto Market Abuzz With Surprising Activity: Latest Crypto News
The recent crypto market activity has surprised even experienced digital currency traders, as Bitcoin plummeted below $45K. Bitcoin managed to exceed the one trillion dollar market cap, but the crypto leader couldn’t maintain its position. Most top crypto traders increased their total market share by nearly fifteen percent. Digital currencies have broken into mainstream financial institutions, ranging from BNY Mellon to MasterCard. Bitcoin is the oldest cryptocurrency, but other cryptocurrencies linger in Bitcoin’s shadows. Bitcoin is a digital currency that makes headline news, even when Bitcoin losses are high. While facing market instability, Bitcoin is making headlines for alternative reasons.
Motley Fool Invests in Bitcoin
Motley Fool is one of the largest investment websites in operation, experiencing millions of visitors per month. Motley Fool has announced its five million dollar investment in Bitcoin, leaving the crypto world shaken. As a leading advisory group, Motley Fool believes Bitcoin will rally in the future. The investment mogul has expressed a positive outlook for Bitcoin’s future, even though Bitcoin’s volatility has been frowned upon by other institutions. Bitcoin and other digital currencies lack base values, but Motley Fool has branded Bitcoin as valuable as gold. Digital assets are becoming increasingly popular amongst new investors who are hoping to hedge their assets.
Motley Fool is expected to make more substantial Bitcoin investments later in 2021. By adding Bitcoin to its portfolio, Motley Fool supports cryptocurrencies as long-term holds. Digital currencies have created several legal loopholes and gray areas worldwide, sparking lawsuits between Ripple Labs and the Securities and Exchange Commission. Cryptocurrencies haven’t met the criteria as securities and legal tender, but that hasn’t stopped Motley Fool from influencing the market.
MoneyGram Suspends XRP Transactions
MoneyGram has suspended using Ripple’s platform in response to Ripple’s ongoing lawsuit with the Securities and Exchange Commission. Several crypto platforms delisted XRP when the SEC lawsuit was announced in December 2020. However, MoneyGram continued working with Ripple’s developers. In 2020, MoneyGram gained more than fifty million dollars in profits by working with Ripple’s platform. MoneyGram announced the company’s intent to halt Ripple’s platform and trading during its earnings report.
MoneyGram accredited its decision to halt the Ripple platform to the SEC’s lawsuit, accusing Ripple’s developers of using XRP as securities. MoneyGram will likely face financial losses because it decided to suspend Ripple’s platform. Nevertheless, MoneyGram stands by its decision, citing Ripple’s possible unregistered sales. XRP’s value continues to decrease after experiencing brief spikes during February 2021. With XRP facing severe circumstances, Bitcoin and other digital currencies have been on a wild ride.
United States Treasury Secretary Opposes Bitcoin
Bitcoin’s value took a nosedive, triggering the United States Treasury Secretary to speak out about digital currencies’ dangers. Janet Yellen described digital assets as illicit finances and firmly took a stand against integrating Bitcoin into the mainstream. Janet Yellen doesn’t believe Bitcoin has shown sufficient consistency to provide real-time benefits, but crypto traders strongly disagree.
BYN Mellon announced plans to embrace Bitcoin transactions, leaving Janet Yellen’s warnings clouded with skepticism. BYN Mellon is one of America’s oldest centralized banking institutions. Janet Yellen’s opposition to adopting digital currencies is based on the potential losses from future investors. Yellen doesn’t support Bitcoin’s volatile infrastructure and unregulated platform, but Bitcoin continues to thrive as the global economy emerges from a financial crisis.