Over $38M Worth of XRP Moved by Coinbase in a Single Transaction

Coinbase, a San Francisco based exchange, moved 62 million XRP as tweeted by Whale Alert. According to the tweet, the transfer was made from the internal wallet of the exchange. The 61,999,980 XRP coins is equal to $38,440,048 at the current market value.

Earlier in January, considering the SEC’s lawsuit against Ripple, Coinbase made the decision to suspend trading XRP on its platform. This suspension however does not affect the customers access to their wallet.  

The SEC alleged that Ripple, Christien Larsen co-founder of Ripple and Brad Garylinghouse, the current CEO- raised over $1.3b through the sales of unregistered digital securities to investors, and deprived them of their entitled information. Some crypto critics may see this as one way that crypto is used fraudulently, which is raising fears among regulators.

Few days ago US senator Elizabeth Warren expressed to the SEC over the growing risks imposed by cryptocurrencies on the American market and its citizens. She described digital assets as ”highly opaque and Volatile”. In an official letter to the head of the SEC Waren urged him to get to work by creating and implementing legislation to control the growing crypto market and will be expecting his reply by the end of july.

However, Senator Ted Cruz in an appearance on Fox News said Bitcoin has a lot of potential in the way it is growing and people are going to hold on to Bitcoin as a hedge against the rising inflation as seen in oil and gas, energy commodities and other industries.

In the same vein,  Microstrategy CEO Michael Saylor, described digital currency as “freedom and Property” to billions of people. 

 Some Countries around the world see bitcoin and other digital currencies as the future of money, El Salvador whose government has adopted Bitcoin as its legal tender. Others like China, Russia and Japan consider cryptocurrency to be a threat and are thus developing their own CBDCs to counter the effects on their citizens. 

Author Bio

I am a crypto and blockchain technology fan with a love for writing to enlighten others about the revolution. This I do by writing news stories to bring the latest developments to my readers and help them stay informed about the most recent developments in the space at all times.