Home > Crypto in a Minute > Monday Pumps, Ripple Co-Founder Dumps >

Monday Pumps, Ripple Co-Founder Dumps

Author: Jeffrey Craig Date: July 19, 2022

july-19-daily-update

Main Takeaway: Multi-day Recovery 

The cryptocurrency markets rose by 4% on Monday, with coins such as Ethereum (up 7%), Solana (up 6%), Polkadot (up 7%), Polygon (up 14%), and Avalanche (up 8%) stealing the show. So it’s a good day for smart contract platforms and layer 2 Ethereum scaling.

Moreover, the entire crypto market cap has regained the $1 trillion milestone. However, under current circumstances, it’s impossible to predict how long and if we will retouch June lows. This will in part depend on how company earnings go over the next few weeks – as many prominent US banks such as Goldman Sachs, JP Morgan, and Bank of America put out signals and warnings about a potential economic recession.

Key Stories: Ripple Co-Founder Sells Final XRP

Ripple Co-founder Jed McCaleb has finally sold the last of his XRP, and is estimated to have earned over $3 billion from his XRP and BTC sales. Most of these sales occurred after the SEC’s lawsuit against the company Ripple. XRP, Ripple’s associated cryptocurrency, is aimed to increase the speed and reduce the cost of transferring money between final institutions. XRP is number eight on the top 10 cryptocurrencies by market cap with a $17 billion market cap.

Secondly, more details have emerged regarding the 3AC debacle – in particular, Kyle Davies’ wife and Zhu Su are both creditors who are owed money in the 3AC bankruptcy, and another crypto lender Genesis is owed over $2 billion by 3AC. Genesis is the biggest credit of 3AC. So this is bad news for them. However, more than 30 companies have given money to 3AC, most of which will likely never be regained.

Investor Insight: Polygon Going Parabolic

Polygon over the past month has been the best performing ‘blue-chip’ crypto – having increased 100% since June lows.

MATIC Daily Chart

This is because of many reasons. First, partnerships – Polygon has recently announced partnerships with Disney (for an accelerator program), Reddit (for an avatar marketplace), Draft Kings (for an NFT marketplace), Meta (for an avatar marketplace), and Stripe (for global payments). So you can see that many famous global brands are choosing Polygon as their go-to cryptocurrency/blockchain solution.

Polygon Co-founder Mihailo Bjelic has also been tweeting lately that Polygon will be dropping a big announcement in the coming days to push its Web3 ambitions on Ethereum.

Today’s Top Gainers

The top five coins on Phemex d-o-d are Verasity (VRA/USDT), Yield Guild Games (YGG/USDT), QuickSwap (QUICK/USDT), Metis (METIS/USDT), and Ethereum Classic (ETC/USDT).


For any inquiries contact us at support@phemex.zendesk.com
Follow our official Twitter | Join our community on Telegram
Trade crypto on the go: Download for iOS | Download for Android
Phemex | Break Through, Break Free
start trading start trading start trading

Register On Phemex Now To Begin Trading

Register On Phemex

More Articles

DOGE Soars On Twitter Payments Potential

DOGE Soars On Twitter Payments Potential

Jeffrey Craig | November 28, 2022

MetaMask & Infura’s New Data Policy

MetaMask & Infura’s New Data Policy

Jeffrey Craig | November 25, 2022

Fed Minutes Sends Conflicting Signals

Fed Minutes Sends Conflicting Signals

Jeffrey Craig | November 24, 2022

JP Morgan Crypto Wallet

JP Morgan Crypto Wallet

Jeffrey Craig | November 23, 2022

Subscribe Phemex

Get The Latest News And Updates From Phemex!

Get The Latest News & Updates!