Crypto News: This Week in Crypto 25/01/2021

#1. JP Morgan Strategists Concludes That Bitcoin is a ‘Risk’ Rather Than a Safe Haven

JP Morgan strategists led by Nikolaos Panigirtzoglou in a note said that it’s more appropriate to characterize bitcoin as a ‘risk’ rather than a ‘safe’ asset. This was their conclusion after comparing how bitcoin had behaved over the past year against equity.

#2. Arca Co-founder Believes XRP Would be a “Remnant of History” by the end of 2021

In a recent statement, Phil Liu, Arca co-founder and securities lawyer, said that XRP would be history before the year runs out. In his own words, he says, “I think that this thing will be a Remnant of history by the end of 2021.” Phil Liu draws his conclusion amid the ongoing battle between the remittance firm Ripple and the Securities Exchange Commission (SEC).

#3. Investors Will Place Bigger Bets On Ethereum Than Bitcoin In 2021

According to a Cointelegraph article, Ethereum (ETH) will become the main asset for investors in 2021. The article reveals that Ethereum’s potential far outweighs that of bitcoin, and the community and investors are now starting to see the value of Ethereum.

Reasons cited include the fact that the Ethereum Ecosystem is highly demanded among developers. It’s also said that a continually growing transaction volume and Ethereum being the backbone of the decentralized finance sector are also great reasons Ethereum will remain a top choice in investors’ minds this year.

#4. MicroStrategy CEO Believes That Crypto Regulation Will Further Boost Bitcoin

MicroStrategy CEO Michael Saylor said an increased regulatory oversight in the crypto space would be a green light for Bitcoin, accelerating the crypto asset’s investment. Saylor said this while on an interview recently with Salt Talks.

In his words, he says;

“To the extent that we have regulated entities that are dealing in Bitcoin, I think it’s just going to accelerate the stampede of institutional money into Bitcoin.”

#5. Ethereum Sets A New All-Time High

The price of the second most valuable cryptocurrency by market capitalization soared to record highs recently. The price set a new high at $1,454.32, smatching through its previously set high of $1,439.33. Data shows that Ethereum has outpaced bitcoin on a year-to-date basis, increasing 88%, while bitcoin only rose about 11% this year.

#6. Hester Peirce Hopeful Of A Clear Crypto Regulation in 2021

Hester Peirce, one of five U.S. Securities and Exchange Commission (SEC) commissioners in a recent interview, said, “the U.S. government needs to provide more clarity and guideposts for crypto regulations — and better cross-agency coordination is needed.” Hester Peirce, also often referred to as crypto mum, believes this will provide the people with clear guidelines and then let them figure out how they can do something that is legal.

#7. Whale Alert Detects 100 Million XRP Transaction to Coinbase

Twitter Whale Alert bot detected a whooping sum of about 100 million XRP tokens being moved to Coinbase. Coinbase has recently delisted XRP from the list of tokens it offers on its exchange amid a lawsuit against Ripple. However, data provided by Bithomp, an analytics platform, reveals that this was an internal transfer between Coinbase wallets.

#8. Rothschild Investment Corporation Makes Bigger Bets On The Future of Bitcoin

According to data available on the U.S. Securities and Exchange Commission (SEC) website, Rothschild Investment Corporation has acquired more GBTC shares than its previous holdings. Grayscale Bitcoin Trust (GBTC) allows institutional investors to get exposure to the top cryptocurrency by market cap without directly owning it. At present, the Corporation now holds 30,454 GBTC shares.

#9. Institutional Traders Are Stacking Up Ethers, Saying It’s A Store Of Value

Apart from Bitcoin, institutional traders are now finding the second-largest cryptocurrency by market capitalization, a store of value like bitcoin, according to Coinbase’s annual review for 2020. The report noted that a couple of institutions had taken positions in ethers for their strong returns.

#10. Top World Universities Reportedly Buying Cryptocurrencies

According to a report, top universities have been buying cryptocurrencies on exchanges. A few of these universities are Harvard, Yale, Brown University, and the University of Michigan. An anonymous source, giving further details as to how long this must have been ongoing, says the Universities have been buying up crypto assets and holding them for at least a year.

#11. Marathon Patent Group Buys $150 Million Worth of Bitcoin

A publicly-traded firm, Marathon Patent Group, has acquired bitcoin worth $150 million. According to the company’s press release, Marathon Patent Group purchased these bitcoins for a little over $31,000 each.

Citing reasons for this move, Marathon’s chairman & CEO, Merrick Okamoto, believes that holding part of the company’s treasury in Bitcoin is a better long-term strategy longterm than holding the U.S. dollars.

#12. Ripple, Lulu Exchange, and Federal Bank in New Partnership Deal

A recent announcement by Lulu Exchange UAE via their official Twitter handle reveals that Ripple and the Federal Bank of India are in a new partnership to facilitate real-time payments from UAE to India. This partnership will make cross-border remittances between India and the UAE faster and more secure.

The Federal bank also believes the partnership will help explore new corridors where Ripple is aggressively pursuing new partnerships.

#13. Ripple Hit With Another Lawsuit

Amid an unconcluded lawsuit filed against Ripple, filed by the U.S. Securities Exchange Commission, the fintech firm has been hit by another lawsuit.

The second lawsuit, a class-action lawsuit, was filed on behalf of Florida-based purchaser Tyler Toomey. It accuses Ripple of violating the Florida Securities and Investor Protection Act by offering XRP to retail investors without imposing any restrictions.

#14. Reddit Partners With Ethereum in a First-Ever Blockchain Partnership

In a recent announcement, as revealed by a Reddit admin u/jarins, one of the popular social media platform, Reddit, with over 1.7 million monthly visits, is deepening its ties with Ethereum Foundation. According to the announcement, this partnership will increase the site’s “commitment to blockchain, accelerating scaling and resources for the Ethereum ecosystem, and bringing the value and independence of blockchain technology to millions of redditors.”

#15. Institutional Demand Insufficient to Keep BTC Above $30K; Says Wall Street Hedge Fund CIO

According to a recent interview with Bloomberg TV, Guggenheim Partners CIO Scott Minerd shared his thoughts on the most valuable cryptocurrency, bitcoin. According to him, bitcoin may further decline as he says institutional demand isn’t enough to keep bitcoin above $30K.

“I don’t think the investor base is big enough and deep enough right now to support this kind of valuation,” said Minerd.

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