Category Archives: Cryptocurrency

Cryptocurrencies, such as Bitcoin, Litecoin, Ethereum, and Ripple, make the U.S. Internal Revenue Service (IRS) nervous. They want to know what you're up to so that they can tax it, and due to COVID-19, you must file your 2019 income tax by July 15, 2020.

On their new Schedule 1 form, the IRS has thrown in a new question: "At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?"

RELATED: IS NASA DEVELOPING ITS OWN CRYPTOCURRENCY?

Unless you have a death wish, or don't mind doing hard time, you've got to include your cryptocurrency dealings on your income tax filing. We're going to tell you how to do it, but first, a disclaimer.

We're not tax professionals, so take the facts provided below as informational only. Also, those living in countries other than the U.S. may have very different income reporting obligations.

The IRS identifies cryptocurrencies as property, just like collectible coins, valuable paintings, vintage cars, or stocks. Property can appreciate or depreciate in value.

You must report all cryptocurrency transactions and all cryptocurrency, or digital currency income even if you didn't receive a tax form from a cryptocurrency exchange.

While some exchanges, such as the popular site Coinbase, provide a transaction history to every customer, they only provide an IRS Form 1099-K to those customers whose transactions meet a certain dollar amount.

According to the IRS website, "A Form 1099-K includes the gross amount of all reportable payment transactions, and you will receive a Form 1099-K from each payment settlement entity from which you received payments in settlement of reportable payment transactions."

The IRS requires you to report your gains and losses on each of your cryptocurrency transactions. You report cryptocurrency transactions at their fair market value in U.S. dollars.

To calculate your gains and losses, you'll need the cost basis of each transaction, that is, the amount you spent in dollars to buy the cryptocurrency and the amount in dollars that it was worth when you sold it. You can use losses to offset capital gains, thus making losses deductible.

You must pay taxes on cryptocurrency if you:

You don't have to pay taxes on cryptocurrency if you:

Section 501(c)(3) is the portion of the U.S. Internal Revenue Code that allows for federal tax exemption of nonprofit organizations, specifically those that are considered public charities, private foundations or private operating foundations.

On its website, the IRS states that "Only individuals are required to file gift tax returns. If a trust, estate, partnership, or corporation makes a gift, the individual beneficiaries, partners, or stockholders are considered donors and may be liable for the gift and GST taxes."

An airdrop is a usually free distribution of a cryptocurrency token or coin to numerous wallet addresses. Airdrops are done to help newer cryptocurrencies gain attention and new followers.

Recipients are either selected randomly or the airdrop is publicized on bulletin boards or in newsletters. Some airdrops require joining a group, retweeting a tweet, or inviting new users.

Airdropped cryptocurrency should generally be taxable as ordinary income, and valued at its fair market value on the date of receipt. If your exchange doesn't yet support the new coin, meaning it can't be sold, then it isn't taxable.

A fork is an upgrade to a blockchain network. Permanent forks are used to add new features to a blockchain, to reverse the effect of hacking, or to fix bugs, as was the case with the Bitcoin fork that occurred on August 6, 2010, or the fork that separated Ethereum and Ethereum Classic.

Crypto that is received in a fork becomes taxable when it can be transferred, sold, or exchanged. The IRS discusses forks on its Frequently Asked Questions on Virtual Currency Transactions webpage.

Things get even more complicated if you bought cryptocurrency at different times, then sold only a portion of it. You need to choose the cost based on FIFO (First-in-First Out), LIFO (Last-in-Last Out), or the Specific Identification method, which identifies exactly which coins were sold. This IRS page provides information on this choice.

If there is one thing the IRS has a lot of, it's forms. Some of those you may need to use to report cryptocurrency on your income tax include:

If you followed the last link provided, you land on an IRS page with the word "Attention" in red, which is never a good sign. It's followed by several paragraphs, the first of which states: "Copy A of this form is provided for informational purposes only. Copy A appears in red, similar to the official IRS form. The official printed version of Copy A of this IRS form is scannable, but the online version of it, printed from this website, is not. Do not print and file copy A downloaded from this website; a penalty may be imposed for filing with the IRS information return forms that cant be scanned. See part O in the current General Instructions for Certain Information Returns, available at http://www.irs.gov/form1099, for more information about penalties."

If you understood this last paragraph, please let me know so I can put you up for a MacArthur Genius Grant. In the meantime, in July 2019, the IRS sent out over 10,000 letters telling recipients that they owed back taxes, interest, and penalties on their cryptocurrency transactions and that they needed to file amended returns. The IRS also lets recipients of the letters know that they could possibly face criminal prosecution and fines of up to $250,000.

In case you think dabbling in cryptocurrency sounds too complicated, consider this: on March 20, 2020, the value of Bitcoin rose 23% in just 24 hours, reaching $6,172.61.

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The IRS Wants to Know About Your Cryptocurrency Transactions - Interesting Engineering

Bitcoin price has been steady in its recovery since the Crash to $3,800 on March 12. Last week, the largest cryptocurrency by market capitalization made it above $9,000 and even closed in on $9,500. It goes without saying that despite the Coronavirus-triggered market crash, Bitcoin has been performing incredibly well in comparison to traditional market assets such as gold, stocks and oil.

Bitcoin has drawn closer to its third halving. The event, discussed far and wide in the industry will ensure that the reward miners get per block mined is reduced from 12.5 to 6.25 BTC. Halving is set to significantly cut the supply of new coins entering the market. While supply narrows, demand is set to remain the same or even increase. For this reason, investors across the board are anticipating a rally in the price of Bitcoin. The past two halvings saw Bitcoin hit new all-times highs and if history repeats then this halving could push Bitcoin not only above $10,000 but also to new levels past $20,000.

Also read: Bitcoin Price Analysis: BTC/USD surge to $10,000 pre-halving imminent? Confluence Detector

Bitcoin whales appear to becoming coming back following the devastating slump in price in March. The data by Glassnode indicates that the number of Bitcoin wallets with 1,000 BTC or more have seen an upsurge in the last couple of months.

The growth in the number of whales is attributed to the halving event in four days. However, some analysts argue that this could be a perfect way of making a squeeze on the halving day which could also result in a crash.

Ethereum price has recovered by over 56% since the crash on March 12. On the upside, a recent high marked the end of the incredible surge. Meanwhile, support has been established at $195 with $200 standing out as a critical zone as well. At the time of writing, Ether is valued at $206 and battling the selling pressure at $210. The short term goal is to clear the hurdle at $220 while the main goal is trade above $300 in the medium term.

Read more:Ethereum Price Analysis: ETH/USD shoots above $200 ahead Bitcoin halving triggered breakout to $300

Ripple, on the other hand, the other is trading 58% higher from the lows posted in March. The new April highs at $0.2350 is now the main resistance. Farther upwards, $0.24 is home to a great deal of bearish pressure. Other resistance zones that must come out of the way include $0.25, $0.28 and $0.30. On the downside, initial support lies with $0.21 ahead of the next target at $0.2050.

Read more:Ripple Price Analysis: XRP/USD delays triangle breakout, retests key support at $0.21

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Cryptocurrency Market Update: Bitcoin whales massively accumulating, Ethereum and Ripple commence consolidation - FXStreet

A newly-published study from think tank Rand Corporation explored the use of the privacy-centric cryptocurrency Zcash among criminals. Perhaps unsurprisingly, the report found that bitcoin is still king in those circles.

As first reported by Forbes, the Electric Coin Company the company behind Zcash commissioned the study, which was released on May 6. Zcash "has only a minor presence on the dark web," according to the think tank, "indicating that Zcash is seen as a less attractive option to dark web users and is used less often compared to other cryptocurrencies, particularly Bitcoin and Monero."

Specifically, Rand looked at three areas: money laundering, terrorism financing and illicit goods trade, of which Zcash seemingly plays a small role compared to more-widely used cryptocurrencies in this context.

"While there are certainly some indications or anecdotal evidence that Zcash may have been used or advertised for illicit purposes, there is no evidence of widespread illicit use of Zcash. Of course, absence of evidence does not equate to evidence of absence, meaning that enduring vigilance against malicious use of this cryptocurrency is nonetheless important," the report noted.

"We didn't find any significant evidence that the zcash was used for illicit activities, but also as we know, that doesn't mean that zcash isn't at all used for illicit activity," Rand Europe analyst Erik Silfversten was quoted as saying by Forbes. "We have to look at technology as a neutral, that it could be used for a wide variety of applications, and then we have to look at the actual evidence."

The findings echo those published last October by The Block Research, which found bitcoin, monero, and litecoin are the most-frequently-used cryptocurrencies by dark web marketplaces.

Of the 31 dark web marketplaces surveyed at the time, 29 utilized bitcoin, whereas just two offered Zcash support.

2020The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Rand Corporation report finds bitcoin is still the dark webs preferred cryptocurrency - Yahoo Finance

By Mustansar Iqbal, founder of AutoCoinCars:

In his book, The Internet of Money, Andreas Antonopoulos wrote, We are ahead of the curve. Bitcoin is growing faster than Twitter did in the first three years. Bitcoin is growing faster than Facebook grew in the first few years. Now, 11 years after its launch, digital currencies are set to transform another industry; the automotive trading market.

The world of investment is slowly but surely being taken over by the digital economy and, undeniably, cryptocurrency has seen an impressive rise over the past decade. Originally founded in 2009 with the aim of decentralising the control of money and any other valuable assets, Bitcoin is thought to equate to an estimated 34% of the total cryptocurrency market value.

Such technological advances bring opportunities for new markets and businesses to embrace the world of cryptocurrency. The automotive industry is no different and a prime example of a sector that looks to grow alongside the latest technological trends. The introduction of digital currency into the automotive market will undoubtedly support it through its greatest challenge; finance.

For retailers, the usual capital hold time within the automotive industry is upwards of 30 days, meaning that dealers do not see any money for up to a month after finalising a sale, with some finance offerings taking far longer. Through the introduction of cryptocurrency automotive trading platforms, dealers are able to see the funds within 24 hours of completing a sale putting the capital power back in the hands of dealers.

This is just the beginning of the payment process revolution within the automotive industry thanks to the universal reach of cryptocurrency. Personally, I believe that we are moving closer to implementing an international banking system, with digital currencies, like Bitcoin, being at the forefront of this change.

From a consumer perspective, there will never be anything quicker than the immediate face-to-face transaction of money, however cryptocurrency is a very close second. Across the UK, there is a growing consortium of people with access to cryptocurrency stocks. They will all be looking to cash out which is a process that is inevitably very expensive.

Asset trading platforms allow users to transfer their cryptocurrencies into physical possessions such as vehicles easily, quickly, and cheaply this is transforming the automotive market.

Most peoples concerns when using traditional methods of payment are counterfeit transactions. However, being a completely digital payment method, the use of cryptocurrency guarantees that all transactions are safe and secure. Implementing the use of cryptocurrency provides a high degree of transparency between the participants involved in a particular transaction. This transparency is revolutionary as it eliminates the demand for manual checks, which saves work, time and resources for both retailers and consumers alike.

Cryptocurrency clearly has its place within the automotive market, but how can we expect to see it transform the industry? Over the next 12-18 months, the retail industry expects to see a huge adoption of cryptocurrency in order to modernise conventional methods of dealings. Within the automotive trading market, the figures speak for themselves.

For hundreds of the UKs top car dealers, including Redline Specialist Cars, Saxton4x4 and Benz Bavarian, cryptocurrency is fast becoming the preferred method of payment, with many of the industrys most renowned names recognising the value a cryptocurrency finance offering brings to their business.

Overall, cryptocurrency is undoubtedly going to have a significant effect on the way people buy and sell cars in the future. With its global presence and the high level of personal accountability that it offers, it wont be long until were all reaping the benefits that cryptocurrency has to offer; one coin at a time.

Authors Bio: Mustansar Iqbal Founder and CEO of AutoCoinCars

Having achieved his Masters degree in Research & Marketing, Mustansar Iqbal worked within the product development industry for over 10-years. With a passion to create a solution that will transform the world of crypto payments within the automotive industry, Mustansars entrepreneurial skills led him to establish AutoCoinCars in 2019, with the aim of offering both car dealers and consumers the opportunity to buy and sell luxury vehicles through the use of bitcoin and other cryptocurrencies.

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Cryptocurrency and the future of the automotive trading industry - Irish Tech News

Cryptocurrency companies are banned on Google but the platform is allowing phishing sites to impersonate them. London-based bitcoin exchange Coin Corner showed that a fraudulent site mimicking it is allowed on Googles advertising platform though its own evidence-backed appeals of legitimacy to Google Ads have been constantly ignored.

Coin Corner marketing manager Molly Spiers says the policy is exposing customers to fraud. So @GoogleAds wont allow @CoinCorner a long-standing, legitimate business on their platform, but will allow phishing companies? Pay attention @Google! she tweeted on April 30.

Spiers shared a screenshot showing a Google advert that promotes http://www.coincornerr.com, an apparent phishing site that impersonates the Coin Corner website. The acceptance of the scam site by Google Ads enables it to come up higher on Google Search. She points out:

With Googles stance on #Bitcoin and #cryptocurrency advertising, any adverts that contain crypto-related keywords are going to be automatically disapproved, so it looks like they have copied our text but removed all references to bitcoin in order to get around Googles algorithms.

In 2018, Google banned cryptocurrency ads supposedly to protect users from scams but partially lifted the ban to allow regulated exchanges in the U.S and Japan to advertise. The continuing embargo on crypto companies outside the exempted territories, however, is not serving its purpose as phishing sites are allowed while appeals from regulated companies are disregarded.

Coin Corner has been in business for six years and is registered with the British authority, the exchanges CEO, Danny Scott, commented in Spiers thread. The company has contacted Google a number of times to ask for exemption in the UK to no avail.

Scott said Coin Corner reported the scam site to Google but it has not been removed from search results. Google has previously continued to run adverts from phishing sites even after they are exposed.

In a related episode of policy inconsistency, Googles sister platform, Youtube, recently took down Ripple CTO David Schwartzs videos, claiming that they are impersonations. You Tube is currently facing a Ripple lawsuit for not doing enough to protect users from giveaway scams.

The Alphabet-owned platforms need to update their policies and technologies to stop promoting fraudulent initiatives while censoring legitimate businesses and exposing consumers to scams.

What do you think about Googles practices? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Google Profits off Impersonations of Banned Cryptocurrency Celebs and Companies - Bitcoin News

Verady, the leading cryptocurrency tax and accounting software company, announced two major Ledgibleplatformclients, Blockchain.com and Algorand. The accelerated adoption by two prominent blockchain organizations highlights theLedgibleplatforms adaptability, security, and trusted brand within the cryptocurrency space.Ledgibleadds a necessary financial infrastructure component to both organizations as they expand their offerings.

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Blockchain.com, who has over 48 million wallet users and an exchange providing best-in-class trading capabilities, will benefit from the integration by incorporatingLedgiblesinstitutional grade reporting internally.

Algorand, a next-generation blockchain platform that enables the frictionless exchange of value, will leverageLedgiblefor internal accounting and auditing. In addition,Ledgiblewill be integrating ALGO into its software, so that all holders of the native token of the Algorand platform (managed by the Algorand Foundation) will have integrated accounting. Thisexpands the growing suite of digital financial products and services that are available to Algorand users.

Algorands next-generation blockchain technology is already breaking new ground with notable applications like the worlds first central bank digital currency.Ledgiblesintegration for institutional level financial management and reporting helps to further innovations like these that advance the crypto industry as a whole.

New product and service offerings, likeLedgiblesprofessional-grade accounting can leverage blockchain technology to spur mainstream adoption. As these solutions become more widely available and accessible, they will become as familiar as traditional financial solutions.

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WithLedgiblesability to perform AICPA SOC assured tax, accounting, and reporting of cryptocurrency activity, Blockchain.com and Algorand now have reliable, secure insight into their crypto financial transactions.

As one of the oldest crypto companies and one of the largest crypto exchanges with more than 48 million wallets in 140 countries with over 100 million transactions to date our accounting needs are immense, said a spokesperson for Blockchain.com. WithLedgible, weve found a platform that meets our institutional standards and brings best-in-class speed to our financial reporting and tracking.

One of Algorands goal is to enable enterprises to easily embrace the opportunity that blockchain provides, said W. Sean Ford, COO of Algorand. Broadly applicable financial reporting tools likeLedgible Accountingfurther that goal. Were excited to partner with Verady to not only account for our own assets, but to provideLedgible Accountingto our partners who are helping to develop and grow the Algorand blockchain.

Verady is determined to help move the cryptocurrency industry forward with advanced, secure, and intuitive reporting tools. In a rapidly changing economic landscape, were glad to work alongside leaders in the industry to make crypto more accessible, said Kell Canty, co-founder and CEO of Verady.

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Verady Unveils Ledgible Accounting Partnerships With Blockchain.Com and Algorand - AiThority

Venture Capital firm Andreessen Horowitzannounced that it was creating a second fund dedicated to cryptocurrency investments.

General Partners Chris Dixon and Katie Haun, in a joint statement, said that the firm, better known as "a16z," will focus on next-generation use-cases of cryptocurrencies and blockchain, including in payments systems, "decentralized finance," "Web 3," and content monetization.

a16z launched its first cryptocurrency-specific fund in June 2018 with an investment of $300 million.

Dixon and Haun said they see blockchain networks as better alternatives to established payments systems like PayPal Holdings Inc. (NASDAQ: PYPL) as they don't require banking infrastructure to transfer the money, but "the bits and bytes" being transferred "are themselves the bearer instrument."

The venture capital firm also sees Bitcoin (BTC) as a potential replacement of gold as a safe haven away from fiat. The cryptocurrencies also provide a better avenue of monetization for content creators, according to the investment firm.

"Rather than engaging audiences through centralized gatekeepers that charge high rents and create self-serving rules, creators can use token models that bypass gatekeepers and give their fans a direct stake in their success," Dixon and Haun said.

Blockchain networks also providean opportunity to move the web away from the control of few corporate-owned networks, like those of Facebook Inc. (NASDAQ: FB) and Twitter Inc. (NYSE: TWTR), according to a16z.

"Blockchains enable the creation of decentralized networks that make strong commitments baked into the architecture of the network itself as to how control and money will be distributed among network participants" Dixon and Haun noted. "Don't be evil' is replaced by can't be evil.'"

a16z has been investing in cryptocurrency and related businesses going as far back as 2013when it invested in exchange desk Coinbase.

Bitcoin traded 2.04% lower at $8,846.27 at press time on Thursday. The shares dropped after having crossed the $9,000 mark earlier in the day, in anticipation of miner reward halving due in two weeks.

Other cryptocurrencies traded similarly lower. Stablecoin Tether (USDT) was slightly up at $1.01.

2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Andreessen Horowitz Creates Second Cryptocurrency Fund With $515M Investment - Benzinga

ETH/BTC bears had a field day this Thursday as it dropped from 0.0227 to 0.0022. IN the process, the bears managed to take control for the fifth consecutive day. Since ETH/BTC is now trending below the 20-day Bollinger Band, it shows that the price is currently undervalued and may face bullish correction soon. The RSI indicator has dipped to 33.75 and is on the verge of entering the oversold zone. On the downside, there are three support levels that the bulls must defend at 0.0217 and 0.0212.

BTC/USD bulls remained in control for the second straight day as the price flew up from $9,029.73 to $9,341.85 and entered the red Ichimoku cloud. The price is trending in an upward channel formation as the bulls aim for the $9,500 psychological level. The resistance levels beyond that are at $9,615.85 and $9,941.73. On the downside, there are two healthy support levels $9,187 and $8,826.75. SMA 20 is about to crossover the SMA 200 to chart a bullish cross. The MACD indicates increasing bullish momentum, while the RSI is trending within the overbought zone at 76.45.

ETH/USD bears remained in control for four straight days, as the price fell from $205.46 to $205.64. The price is presently consolidating in a flag formation. On the downside, there are two support levels at $196.85 and $188.60. On the upside, ETH/USD must overcome resistance levels at $214.25 and $224.35. The MACD indicates decreasing bullish momentum, while the Elliott Oscillator is has had three straight red sessions.

XRP/USD fell from $0.217 to $0.216 as the bears retained control for the fourth straight day. The price is consolidating in a pennant formation as the sellers aim for the $0.2125 and $0.203 support levels. On the upside, resistance lies at $0.2236 and $0.235. The MACD indicates decreasing bullish momentum, while the Elliott Oscillator has had four straight red sessions.

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Cryptocurrency Market Update: Bitcoin leaves behind Ethereum and Ripple in the dust as bulls start consolidating their positions pre-halving -...

BTC/USD Daily CHART SHORT TERM

Bitcoin has seen an interesting week of trading as it rebounded from the support at $6,600 last week. The support here was provided by a rising trend line and was bolstered by a .236 Fib Retracement level. After rebounding, it went on to break above $7,000 but fell short at $7,200 this weekend which caused the coin to roll over again.

The cryptocurrency has since dropped beneath $7,000 and is now trading back at the support provided by the rising trend line.

Bitcoin is considered neutral at the moment, however, if it drops beneath the support line and falls below $6,600, the market would be considered as bearish in the short term.

Looking ahead, if the sellers push beneath $6,650, the first level of support lies at $6,612 (.236 Fib Retracement). Beneath this, support lies at $6,400, $6,200, and $6,085 (.382 Fib Retracement).

On the other side, if the buyers step in and push higher, the first level of resistance lies at $7,000. Above this, resistance lies at $7,174 (bearish .618 Fib Retracement), $7,200, and $7,400. If the bulls can break $7,400, higher resistance lies at $7,676 (1.618 Fib Extension), and $8,000 (bearish .786 Fib Retracement).

The RSI is trading beneath the 50 line which indicates weak bearish momentum. If it continues to drop further beneath 50, we can expect Bitcoin to drop beneath $6,600.

ETH/USD Daily CHART SHORT TERM

Ethereum managed to increase as high as $191 this week where it met resistance at a bearish .618 Fibonacci Retracement level. More specifically, it was unable to break above resistance at $187 (1.618 Fibonacci Extension level). It rolled over from here to drop into support at $170.

Etheruem is bullish right now after creating a fresh high for April. However, if it continues to fall and drops beneath $160 it would be considered neutral with a further drop beneath $150 turning the market bearish.

The first level of support lies at $167 (.236 Fib Retracement). Beneath this, support lies at $160, $152 (.382 Fib Retracement), and $140 (.5 Fib Retracement).

On the other side, if the bulls push higher, the first level of resistance lies at $176 (1.414 Fib Extension). Above this, resistance lies at $187 (1.618 Fib Extension), $191 (bearish .618 Fib Retracement), and $200.

The RSI is above 50 to show that the bulls are not willing to give up control of the market momentum which is a good sign for ETH.

XRP/USD Daily CHART SHORT TERM

XRP rebounded from support at the rising trend line last week which allowed it to climb as high as $0.196 this weekend. However, we can see that it rolled over from here as it drops back into the support at $0.18 which is further bolstered by the rising support trend line.

XRP remains neutral at this moment in time, however, if it was to break beneath $0.18 we could consider the market as bearish.

Beneath $0.18, the first level of support lies at $0.17 (.382 Fib Retracement). Beneath this, support lies at $0.159 (.5 Fib Retracement), $0.147 (.618 Fib Retracement), and $0.14.

On the other side, resistance is located at $0.19, $0.196, and $0.20. Above $0.20, higher resistance is found at $0.211, $0.22, and $0.229 (bearish .5 Fib Retracement).

LINK/USD Daily CHART SHORT TERM

ChainLink has been on an absolute surge during April as it manages to rise toward the $3.70 level. It has since dropped lower but has managed to find support at $3.40, where lies the .236 Fibonacci Retracement level.

ChainLink remains bullish right now but must break $3.70 to continue this bull run. A break beneath $3.40 would turn it neutral with a further drop beneath $3.00 turning it bearish.

If the sellers break $3.40, support can be found at $3.20 and $3.13 (.382 Fib Retracement). Beneath this, support lies at $3.00, $2.91 (.5 Fib Retracement), and $2.69 (.618 Fib Retracement).

On the other hand, the first level of resistance lies at $3.66 and $3.70. Above this, resistance lies at $3.80, $4.00, and $4.13 (1.272 Fib Extension level). Additional resistance lies at $4.38 (1.414 Fib Extension) and $4.50.

The RSI is well above 50 to indicate the bulls dominate the market momentum.

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Market Update: Bitcoin, Ethereum, Ripple, and ChainLink - Where Are They Heading?

Description

Bitcoin saw a 2.44% price fall today as it straddles the $6,850 support.Ethereum dropped by a total of 4% as it drops into $170.Ripple fell by a total of 2.5% as it drops into $0.18.ChainLink dropped by 4.2% as it reaches support at $3.40.

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Yaz Sheikh

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Coin Gape

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Cryptocurrency Price Analysis: Bitcoin, Ethereum, Ripple, and ChainLink Where Are They Heading? - Coingape

Institutional traders are bringing greater liquidity to Ripples XRP-powered cross-border payment product, On-Demand Liquidity (ODL), according to the companys vice president of global institutional markets.

Ripple VP Breanne Madigan says that XRP liquidity is the lifeblood of ODL, lowering the risk and cost of each cross-border transaction.

The continued growth of ODL has led to an expanding number of financial institutions, payment providers and market-makers to trade in XRP. The resulting increase in institutional trading volume has helped to bring further liquidity to XRP, specifically in ODL corridors in spite of the recent market turbulence surrounding the COVID pandemic.

Bitso, the largest crypto exchange in Mexico, has expanded its reach by utilizing ODL, dramatically increasing its XRP/peso volume.

It now also processes 2.5% of remittance transactions from the United States to Mexico, the third-largest remittance market in the world an achievement that the companys leadership chalks up to their partnership with Ripple.

According to Bitso head of finance Barbara Gonzalez Briseno, Ripples technology has enabled them to charge only a fraction of (traditional) wire transfer fees.

Madigan says that exchanges that arent ODL partners can also help increase XRP liquidity going forward.

But even non-ODL partner exchanges like Kraken or Coinbase will contribute to increased liquidity. As non-ODL partner exchanges continue to grow more mainstream, larger institutional traders will begin transacting in XRP, making order books including ODL order booksmore liquid.

Featured Image: Shutterstock/Irving Sandoval

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Ripple Executive Says Institutional Trading Boosting XRP Behind the Scenes, With Cryptocurrency Exchange Bitso Taking the Lead - The Daily Hodl