Advertising

Grayscale permanently removes XRP and buys more Bitcoin

votes
Article Rating
Bybt recently estimated that Grayscale had withdrawn XRP from its investment funds. The move came a day after the United States Securities and Exchange Commission (SEC) filed against Ripple, and as a result, Grayscale has decided to focus more on Bitcoin.

Last Tuesday (January 5th), the company officially announced the withdrawal of XRP from its investment funds. According to Grayscale, the Ripple token was paid off and the amount was used to buy Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

Grayscale abandons XRP

Grayscale fund consists of different cryptocurrencies. XRP represented about 1.46% of the fund offered by the company. The manager justifies that the change is part of its quarterly review, not mentioning the SEC’s lawsuit against Ripple.

For instance, it was mentioned that the change was authorized by Genesis Global Trading, an authorized participant of the fund and as a result, Genesis will stop negotiations with XRP on January 15th.

READ more:  Ethereum node will be delivered by SpaceX at International Space Station

Thus, considering that the fund’s documentation states that a cryptocurrency can be withdrawn if the authorized participant is unable to trade it, Grayscale, in the end, opted for withdrawal.

The manager’s entire XRP balance was sold on Monday (January 4th), and the amount resulting from the sale was allocated to other crypto assets proportionately. The fund is now divided into 81.63% Bitcoin, 15.86% Ethereum, 1.08% Bitcoin Cash, and 1.43% Litecoin.

Impact on the cryptocurrency market

This is the most recent impact the SEC’s lawsuit against Ripple has had on the cryptocurrency market. Bittrex removed from its platform Monero, Dash, and Zcash. The common point between the three is that they are all cryptocurrencies focused on privacy.

Possible fear of a broader SEC onslaught on controversial issues may have motivated Bittrex.
Experts in the field argue that the outcome of the lawsuit against Ripple may be decisive in some aspects of the ecosystem.


Follow us on Facebook, Twitter, Instagram, and Telegram, and don’t miss any crypto news.


Disclaimer:

The information expressed in this article is solely those of the author and do not necessarily reflect the vies of CryptoDeFinance.  Each and every investment and trading move involves high risk. You should always conduct your own research when making a decision in crypto investment.
Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on tumblr
Share on telegram
Share on whatsapp

Bruno Marques

Hi! I am the CEO/Founder of Crypto DeFinance, and I am an Enthusiast crypto investor. I started this project so we can provide you with carefully curated news. If you like us and our news, share the posts and comment. Your visit and interaction is very important to us.
Subscribe
Notify of
guest
0 Comentários
Inline Feedbacks
View all comments

MORE NEWS

bitcoin
Bitcoin (BTC) $ 63,279.00
ethereum
Ethereum (ETH) $ 4,108.00
cardano
Cardano (ADA) $ 2.17
binance-coin
Binance Coin (BNB) $ 474.50
dogecoin
Dogecoin (DOGE) $ 0.246066
matic-network
Polygon (MATIC) $ 1.51
pancakeswap-token
PancakeSwap (CAKE) $ 19.89
0
Would love your thoughts, please comment.x
()
x
Don't Miss The Latest Crypto News! Subscribe Now