The crypto industry has recently expanded beyond the United States as more countries and regions have embraced digital currencies and blockchain technology. Brad Garlinghouse, CEO of Ripple, has predicted that cryptocurrency becoming increasingly popular will only continue in the years ahead.
One of the main reasons for the industry’s global expansion is the increasing demand for digital assets and their use cases across various industries. From finance and banking to healthcare and logistics, blockchain technology is being adopted by more companies worldwide. As a result, there is a growing need for crypto solutions that can facilitate secure and efficient cross-border transactions.
Furthermore, many countries are beginning to recognize the potential economic benefits of embracing the crypto industry. For instance, some nations are considering launching their digital currencies to improve their financial systems, while others are creating regulatory frameworks to attract crypto startups and investment.
The rise of decentralized finance (DeFi) is also contributing to the crypto industry’s global expansion. DeFi protocols are built on blockchain technology, enabling users to access financial services like lending, borrowing, and trading without intermediaries. These protocols are accessible to anyone with an internet connection, making them, particularly appealing to people living in underbanked or unbanked areas.
Ripple’s role in the global adoption of cryptocurrencies
Ripple has partnered with financial institutions and payment providers worldwide, including MoneyGram, Santander, and American Express. Its partnerships have helped to increase the use and adoption of XRP and RippleNet, furthering its goal of creating a more efficient and accessible global financial system.
Beyond its products, Ripple has also been a strong advocate for the overall growth and development of the cryptocurrency industry. The company has worked closely with regulators and policymakers to ensure the industry is properly regulated and promotes its potential benefits.
As cryptocurrencies continue to gain popularity and adoption worldwide, Ripple is poised to be a key player in shaping the industry’s future. Its innovative solutions and partnerships with major players in the financial industry have already helped to pave the way for widespread adoption, and it is likely to continue to be a major force in the years to come.
Ripple’s role in shaping the future of the industry
Ripple, a San Francisco-based technology company that provides blockchain solutions for cross-border payments, has been at the forefront of driving the adoption and integration of cryptocurrencies into the mainstream financial sector. XRP, the company’s digital currency, has been one of the leading cryptocurrencies in market capitalization and has attracted the attention of investors and financial institutions.
Ripple is shaping the industry’s future by developing solutions addressing the inefficiencies and high costs of cross-border payments. Ripple’s technology allows for near-instantaneous settlement times and drastically reduces the cost of sending money across borders compared to traditional banking methods. As more financial institutions adopt Ripple’s technology, the speed and affordability of cross-border payments are expected to be enhanced, making them available to a broader range of people.
Another way Ripple is driving innovation in the industry is through its partnerships with various companies and organizations. Ripple has partnered with over 300 financial institutions worldwide, including banks, payment providers, and remittance companies. These partnerships help to expand the reach of Ripple’s technology and promote the adoption of cryptocurrencies in the global financial ecosystem.
Furthermore, Ripple is actively involved in regulatory efforts to provide clarity and certainty around the use of cryptocurrencies. The company has called for clear and consistent regulations that foster innovation and protect consumers and has engaged with policymakers and regulators worldwide to promote this goal.
The future of the global crypto industry
In summary, the future of the global crypto industry looks bright as it continues to gain more mainstream acceptance and adoption. The industry rapidly evolves, with new technologies and applications being developed daily. The emergence of decentralized finance (DeFi), non-fungible tokens (NFTs), and other innovative use cases are expanding the possibilities for the crypto space.
Overall, the global crypto industry’s growth and evolution will likely continue. The potential of blockchain technology is becoming increasingly evident as more businesses and people use it. It will be captivating to see how this technology progresses by introducing new applications and uses in the next few years.
It’s possible that the legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC), which has been going on since 2020 and will serve as a model for the cryptocurrency sector, will soon be over. The SEC and Ripple Labs, the company behind ripple (XRP), have both filed motions for summary judgment.
In December 2020, a day before former SEC Chair Jay Clayton resigned, the SEC filed a lawsuit against Ripple Labs, its CEO Brad Garlinghouse, and its Chairman Chris Larsen, alleging that the company had raised over $1.3 billion through unregistered XRP sales. Over the past two years, the parties have filed a number of discovery motions without actually litigating the underlying issue of whether Ripple violated securities law by selling XRP. The motions for summary actually mean that both parties are asking the court to really conclude whether either the SEC or Ripple has sufficiently given enough proofs to demonstrate somehow whether there was an infringement.
Ripple, a blockchain-based alternative to SWIFT, the global interbank messaging system that facilitates daily payments totaling trillions of dollars, was established in 2012. Banks and fintech companies buy software from the company. Additionally, Ripple makes use of XRP, the sixth-largest cryptocurrency in terms of market value, to facilitate international trade. The majority of the 100 billion XRP tokens in circulation are owned by the company, which periodically releases them from an escrow account to maintain stable prices.
Updates regarding the legal battle:
Stuart Alderoty, Ripple’s general counsel, tweeted that the company’s response was its final submission. In the filing, the company requested a judgment in its favor, according to him. Alderoty stated that the cryptocurrency company was pleased with the defense it put up for the crypto industry. The SEC has failed to demonstrate the existence of an investment contract as indicated in the redacted court filing from December 2.
According to the company, both Ripple founders had the right to summary judgment regarding their decision to sell on foreign exchanges. The business claims that the SEC was unable to provide any material facts to the contrary.
When Fox Business reported on November 14 that Ripple had reached a settlement agreement with the SEC, there was some confusion. However, a later report by one of its reporters revealed that a Ripple spokesperson had refuted these assertions. Throughout the two-year legal battle, Ripple received significant support from the crypto community. Cryptocurrency businesses like Coinbase and others submitted around a dozen amicus curiae briefs. In addition, approximately 70,000 holders of XRP submitted a brief in support of the business.
The bearish position of the crypto market creates chaotic consequences among crypto investors. The rate of the top cryptos is falling increasingly. The last couple of months is a remarkable phase for the crypto market ever. The top two cryptos, Bitcoin and Ethereum price fall hit the market cap separately. Even Polygon network’s crypto Matic was decreasing its rate accordingly. Though the sellers’ pressure makes a big concern for crypto investors.
But this week was quite promising for crypto members. It is forecasted about the bull run. The temporary increasing price has indicated the upcoming progress in the crypto market cap. Polygon (Matic) price rose nearly 6% in the last 24 hours. Which is a green signal for the native investors.
Other Crypto Overview :
The top two currencies, Bitcoin and Ethereum, have continuous ups and downs that make the investors hold for a long period. Though the increasing rate of this week is making the situation in progress. As of the time of writing this post, Bitcoin is running at $23474.80. It is 1.40% at an increasing rate. On the other hand, Ethereum’s current price is $1637.49 and the increasing rate is 3.92%.
Noteworthy, the global cryptocurrency market is increasing by 4.8% to 1.12 trillion itself.
Polygon Overview :
The native crypto network Polygon’s crypto Matic is doing very well in the crypto market cap. According to reports, in the last 7 days, Polygon (Matic) price has increased around 71%. As of now, Polygon crypto is ranked 12 in the market.
In the last 24 hours, Polygon (Matic) price has risen nearly 6%. Which creates a massive crowd among the crypto investors. The exchange status of this crypto leaves a remarkable footprint.
Why Does Polygon Perform Well?
During this falling market, Polygon did its job better than the other networks. During this bear market, Polygon was able to perform well with some pre-planned strategies. During the price decrease, Polygon managed to retain its key support levels very well. After that, the price was increasing again.
Moreover, the partnership with Coca-cola and Disney in Spring and Summer 2022 makes the network perform well with unexpected increasing prices. Also, the layer 2 scaling solution is one of the considerable reasons behind it.
Polygon Current Status :
As of the writing time, Polygon’s volume is around $1.4B. Its price is now $0.903413. Polygon’s current market cap is $7.2B along with an 8.0B Matic circulating supply, which is 80% of the total. The market activity is in a bearish position, which is 78% buying and 22% selling graph. The typical hold time according to this network is 103 days. Above all, the price change in the last 24 hours is +5.14%. The 7 days price change is +28.87%.
Experts’ Prediction On Polygon :
Government Capital :
According to Government Capital, Polygon might trade for over $3.7 per coin by 2023. Even go up to $20 within 5 years. Which indicates a bull run for long-term investors.
WalletInvestor predicted that Polygon’s price will be reduced as low as possible. It would fall to $0.035 by July 2023. According to WalletInvestor, Polygon might be a bad choice for upcoming years.
According to TradingBeasts, Polygon can reach up to $1.17 by December 2022. It would be stagnant at $0.9 for the whole of 2023. In 2024, it will again rise to $1.5. Which indicates a low to high rate in the long run.
Digital Coin Price :
Digital Coin Price predicted that in 2023, Polygon will reach a minimum of up to 0.93 and a maximum of $1.15.
The massive fall of the crypto market hits crypto investors. The first-ranking cryptos like Bitcoin, and Ethereum float in the ups and downs of the graph. Still, the valuable resistance phase has not occurred. Though the Bitcoin bull Michael Saylor’s comment on the Ethereum blockchain has raised a temporary relief among investors. This is the time when buyers can take their planned move. Price falls, which means the supply is high but demand is less. In this circumstance, sellers are expected to stagnate their movement in the Crypto market. But the selling pressure does match the expected graph according to the situation.
Still, sellers are dominating the crypto market even in this massive fall down. The high reducing price rate and stable seller activity leave the market a big concern.
Why Does Elon Musk Sell Crypto With A Huge Loss?
In the context of crypto, Elon Musk’s shocking step must be a considerable matter. Musk’s Dogecoin is sold with a million-dollar loss knowing the consequences! Whole social media contains only one question, why does Elon Musk sell his coin with a huge loss?
Initially, Musk stated that Tesla had not sold a single Dogecoin. Letter the announcement hits the market. It was officially announced that 75% holding of Tesla’s Bitcoin is sold.
In January 2021, Elon Musk has purchased Bitcoin at 1.5 billion US dollars. Whereas on June 2022, Musk sold it at 936 million US dollars. Which refers to a massive loss for Tesla.
It is reported that Elon Musk was forced to sell the holdings to avoid the loss of over 800 million dollars in Q2 of 2022.
Though Elon Musk did not make the price fall responsible for his selling. Rather he blamed the covid19 lockdown situation in China which raised the uncertain value of the amount.
Talking about Bitcoin, it is seen that Bitcoin is retesting one very important level of support. The market was running very critical resistance. The dumb money is already out of the market.
Asian Investors Tend To Sell More :
In the context of the investor’s demography, a massive population is from an Asian country, especially from India! More than 10 crore investors are from India. Which is approximately 7% of the population of the country itself. After India, countries like the USA, Russia, and Nigeria take the position of higher investors.
It is reported that Asian investors ars selling more than buying even in this price-fall market! Selling indicates that the price would increase sooner. Though according to several reports, the crypto price rate is expected to drop more. Then why are the sellers dominating the crypto market still?
To analyze the strategy, it should be discussed the value of different countries’ currencies. As the maximum number of investors are from India, then Indian rupees or INR’s value might be the main reason.
Cryptos are exchanged with Tether (USDT). 1 Tether (USDT) equals $1. But during the exchange in other currencies such as INR, the rate might differ. The average calculation shows that cryptos are 2 to 3 lakhs more expensive during purchasing for Indian investors than for US investors. It means buying is costly but selling will be profitable.
In this price fall market, selling pressure is still there for the anticipation of more falling. Bulk investors are from Asian countries. The country’s currency value is less than the USD. So for these Asian investors, this is a good time to sell. As it is anticipated that the price might fall more.
The price fall market is now a remarkable concern of crypto investors. Where demand slows down and price falls. Though the selling pressure becomes another concern of the crypto world.
Since the emergence of the new digital currency market in the financial sector, there have been quite a new reformation and regulations that have been introduced all around the globe. Like all aspects of the financial system, the cryptocurrency market has also been subjected to various highs and lows in its career graph in its attempt to establish a hold in the market. Various kind of cryptocurrencies has been introduced in the market out of which some have faced a downward trend whereas some have achieved international acclaim and have been adopted by various organizations as well. After having somewhat of a low year, Binance, which is knowns as a crypto exchanging platform has established its presence in France.
Take a look at the Binance system
After having somewhat of a low year, Binance, which is knowns as a crypto exchanging platform has established its presence in France. It was a nice and pleasant change after a year of being exposed to certain regulations and scrutinies that made it go through a tough time. It has collaborated with the finance system in France and has even decided to invest a sum of 100 million dollars as an aid to the cryptocurrency market as well as the blockchain system in France.
Certain steps are to be taken under this new system in France to support the start-ups that are emerging. In this, a new research office is to be established in France which is supposed to associate itself with an incubator program that is going to extend its help to the said start-ups.
What are the aims of this collaboration?
As reported by the authorities and experts of the crypto market, this initiative has been taken to introduce a whole new system and to come up with ways to protect and nourish this system. It is also done to get hold of all the tale t that is available and create a much bigger ecosystem. The research and development office that has been proposed to be set up in France, is a step towards achieving this dream.
With a strong fintech sector, France has proven itself to be capable enough to support this aim and help achieve this goal. It was also done after a thorough analysis of the prior graph of the fintech sector in France, which has shown positive trends and has been able to garner huge support from the investigation.
What were some of the problems Binance faced previously?
As mentioned above, Binance has just gone through a rough year and was under a lot of scrutiny. Problems arose in the relationship that is shared with its regulators who are present around the globe. In this, Binance had to face a lot of heat from authorities all around the globe in the form of investigations and bans from the topmost authorities. With all this happening, it had to suffer huge losses to the extent of shutting down some of its functions such as trading digital tokens as well as shutting down trading platforms in Singapore.
With the various changes that were occurring in the crypto market, the need to spread awareness about it, especially in its home market was felt and was even proposed to be done at the earliest. Their main focus was to offer educational programs as it was proven to be more fruitful than all kinds of traditional curricula. It is also the reason that educational programs also moved at a much faster pace than the traditional curriculum.
They have also tried to make the space more available and accessible to all those who wish to develop a better understanding of the space and the system. But for all these to be executed perfectly, whole teams need to come together to make it happen.