From a big gamble on Bitcoin to new progress on an XRP-based banking app, here’s a look at some of the stories breaking in the world of crypto.
Bitcoin
Crypto traders are tracking a massive bet on Bitcoin from one of the biggest crypto whales on BitMEX.
The trader, who goes by the name J0E007, has built a massive long on BTC.
With the market in deep red on Wednesday, the trader remained undeterred, adding 4,000 BTC to his position. As the leading crypto approached a low of about $6,545, his position on paper was underwater by nearly $25 million.
Despite the heavy losses, the trader’s position was not liquidated, indicating he has enough cash in the account to keep it from closing out. And just a day later, the whale’s losses have dropped to about $11 million, with the price of BTC back above $7,000.
Fellow crypto traders are seeing the whale’s gamble as a sign that Bitcoin bulls can wrestle momentum from the bears.
It certainly appears there’s a method to the madness. So far this month, the trader has more than $14 million in realized profits.
To be fair those are unrealized losses. Have you seen his realized profit? pic.twitter.com/9rLSw6mtaw
— SODL (@hodlfodlsodl) December 17, 2019
Ethereum and Bitcoin Cash
One of the first crypto exchanges to launch in the UK is delisting Ethereum and Bitcoin Cash.
London-based Coinfloor says the move is part of a plan to focus solely on Bitcoin.
“The decision will allow Coinfloor to provide a richer set of services for the world’s leading cryptocurrency while maintaining focus on simplicity. Over the short-term, the business’s aim is to strengthen its position as the UK’s number one Bitcoin exchange.
During 2020 and onwards, we will expand our product offering to focus on our long-term vision of being the leading provider of financial services that facilitate the Bitcoin economy.”
Ripple and XRP
The CEO of Ripple-backed XRPL Labs says the company is making progress on its XRP-based banking app.
Wietse Wind says XUMM is designed to give people a way to save and spend euros, dollars, XRP and other currencies without any help from a financial institution.
XUMM workflow:
1. App sends a payload to the API (server to server)
2. User gets redirected to XUMM payload page
3. User scans payload QR
4. User reviews & signs the transaction
5. Payload page redirects to success page (& app (#1) receives webhook with status & TX hash, etc.)
🎉 pic.twitter.com/XznhfFQVaE— Wietse Wind { 𝚡𝚛𝚙𝚕𝙳𝚎𝚟: 𝚝𝚛𝚞𝚎 } (@WietseWind) December 18, 2019
Wind recently revealed he’s planning to create a company that can ensure apps like XUMM are regulatory compliant across Europe.
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