Bitcoin (BTC) hit yet another all-time high on Feb. 19 as the largest cryptocurrency set its sights on becoming a trillion-dollar asset. Data from Cointelegraph Markets and Tradingview showed BTC/USD reaching $52,932 on Bitstamp at the time of writing after rising % in an hour.
Holding $50,000 support over the past two days, Bitcoin was primed for further gains in the short term, analysts believed, with one area in particular capturing hodlers' imagination. At around $53,600, Bitcoin's total market cap will pass $1 trillion for the first time in history.
"It is simple. In the old world your money loses value, because governments debase currencies to fund their warfare & welfare state," quant analyst PlanB summarized on Friday.
Crypto adoption is also strengthening in South-East Asia, with 21% of Vietnamese and 20% of Filipino participants responding they had used crypto last year. As in Nigeria, Statista attributes much of the Vietnamese and Filipino demand for crypto to remittances.
Notably, Vietnam ranks second by adoption despite its central bank refusing to recognize crypto assets as a legitimate means of payment. In May 2020, Vietnam’s government established a research group tasked with developing and scrutinizing policy proposals concerning digital currencies, suggesting the nation may soften its stance at some point in the future.
PayBito said it would continue to monitor the ongoing legal dispute between the SEC and Ripple Labs, suggesting it could reinstate XRP trading depending on the outcome of the lawsuit.
In December 2020, the SEC filed a lawsuit against Ripple Labs, alleging that the sale of XRP coins constituted a violation of securities laws. Ripple Labs continues to deny the allegations and has since demanded that the SEC explain why XRP is classed as a security, while Ether (ETH) isn’t. Officials from the SEC had previously stated publicly that coins like Bitcoin (BTC) and Ether were sufficiently decentralized so as to not represent security issuances.
PayBito joins a long list of major exchanges that have opted to steer clear from XRP while the lawsuit is underway. Binance.US, eToro, Coinbase, Bittrex and OKCoin have all either halted XRP trading or delisted the coin completely.
This Daily Dose was brought to you by Cointelegraph.