Crypto Flipsider News – XRP Rallies 30%; Vasil Launches; Tornado Cash Returns; Bitcoin Miner Bankrupt, The Netherlands Approves Coinbase
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XRP gathers 30% to lead Bitcoin (BTC) and Ethereum (ETH) price recovery
XRP is currently leading the crypto market recovery, surpassing the likes of Bitcoin (BTC) and Ethereum (ETH). Over the past 24 hours, XRP has risen 30% to over $0.552 for the first time since May 10.
The price of XRP is experiencing a strong upward trend due to this investor optimism has grown Ripple Vs SEC Litigation. There has also been a lot of whale movement on XRP, and many have been waiting for Ripple win his case against the SEC.
That includes Bitcoin, the world’s largest cryptocurrency, which has rebounded from more than three-month lows to trade as high as $19,464. However, investors expect a clear move above the $19,550 and $19,600 levels.
Ethereum (ETH) managed to snap a losing streak during which the altcoin’s peak price had fallen from $1,750 to $1,251. Over the past 24 hours, ETH has gained more than 5%, pushing its price to an intraday high of $1,351.
Ethereum (ETH) 24 hour price chart. Source: CoinMarketCap
Cardano (ADA) rallies 7% after successful launch of Vasil Hard Fork
The long-awaited Vasili hard fork is here finally launched and is now live on the Cardano blockchain. IOHK, the blockchain company behind Cardano, announced that the update took place on Thursday, September 22 at 21:44 UTC.
Vasili’s release is half of the hard fork process, which is expected to be completed on September 27. After its completion, the scalability and performance of the Cardano network is expected to improve significantly.
Vasil is enhancing Cardano’s smart contract capabilities with Plutus V2, which is expected to encourage developers to build more sophisticated decentralized applications (dApps), allowing it to compete with the likes of Ethereum, the BNB chain, Avalanche, and Polygon.
In reaction to the news of the successful launch, Cardano (ADA) started a short rally, during which the value of the coin increased by 7% in 24 hours. ADA traded as high as $0.4791 before returning to its current price of $0.4601 at the time of writing.
Considered the most important Cardano upgrade to date, Vasili is expected to make the network more developer-friendly and lower transaction costs.
Ethereum Coin Mixer Tornado Cash Returns to GitHub After OFAC Guidelines
Tornado Cash, a popular Ethereum coin mixer recently approved by the US Office of Foreign Assets Control (OFAC) is returned to the software development platform GitHub.
The platform’s code and profile were previously removed from GitHub, just hours after OFAC blacklisted the platform on August 8. Today, however, Ethereum developers woke up to find that the codes had been returned to GitHub.
The reinstatement of that code follows a clarification made to OFAC’s policies regarding Tornado Cash. OFAC declared that the copying and delivery of the Tornado Cash code is no longer prohibited by law.
OFAC went on to say that if Tornado Cash comes back online, US residents would be allowed to legally visit the Tornado Cash website.
The ongoing controversy surrounding Tornado Cash has raised many questions in the cryptocurrency and developer community.
Bitcoin (BTC) mining company Count North files for Chapter 11 bankruptcy
Compute North, one of the largest Bitcoin mining companies, archived for Chapter 11 bankruptcy on Thursday, September 23 in the United States Bankruptcy Court for the Southern District of Texas. Compute North cites BTC’s decline and rising electricity costs as reasons for its current struggles.
By court applicationCompute North owes about $500 million to 200 creditors and has estimated assets and liabilities of between $100 million and $500 million.
Compute North claims that funds will not be available to unsecured creditors after administration costs have been paid. The mining company now hopes to stabilize its business during bankruptcy.
The CEO of the mining company, Dave Perrill, has resigned from his position, but continues to serve on the company’s board. Meanwhile, former COO Drake Harvey has been promoted to president of Compute North.
Although Compute North becomes the first crypto-mining company to file for bankruptcy, the company has only joined the seemingly relentless list of victims of the crypto winter.
Coinbase receives official permission to operate in the Netherlands
Coinbase has received approval from De Nederlandsche Bank (DNB), the central bank of the Netherlands, to act as a crypto service provider. Approval is the starting point through which the exchange hopes to expand to the entire European Union.
Coinbase becomes the first major, global crypto exchange to be approved by the Dutch central bank. The regulatory license allows Coinbase to offer retail, institutional and ecosystem products to its customers in the Netherlands.
Coinbase confirmed that additional registrations and license applications are underway in several major markets, although it serves customers in nearly 40 European countries through hubs in the UK, Ireland and Germany.
The development follows a Q&A published by DNB on September 16, which includes guidance on policies related to screening sanctions for crypto transactions, outlining the risks and anonymity associated with cryptocurrencies.
The approval will help Coinbase keep pace with its competitors Binance and BitStamp, which have spread their reach across Europe.