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XRP Rises More Than 30% as Altcoins Piggyback on Bitcoin’s Wave

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XRP has surged to 16-month highs, leading a pack of cryptocurrencies all benefiting from bitcoin’s rally toward historic levels. 

XRP, the native asset of the XRP ledger, developed by payment-focused blockchain firm Ripple Labs, climbed to as high as $0.437564 before retreating to $0.413853 at press time, reaching the highest price point since July 2019, according to The CoinDesk 20.

The third-largest cryptocurrency by market value has gained over 33% in the past 24 hours, extending the year-to-date gain to 116%. 

Other alternative cryptocurrencies such as ether (ETH), litecoin (LTC), cardano (ADA), bitcoin SV (BSV), EOS (EOS), tezos (XTZ), and tron (TRX) are also flashing green. Most of these coins have picked up a bullish momentum in the past few days, seemingly tracking bitcoin‘s fast move toward the record high of $19,783 reached in December 2017. 

“Altcoins are high beta assets and usually move in the same direction as bitcoin, but more,” trader and analyst Alex Kruger tweeted on Friday. Alternative cryptocurrencies can be considered as leveraged bitcoin plays, according to Kruger. 

Bitcoin, the top cryptocurrency by market capitalization, has charted a steep rally from $10,000 to nearly $19,000 in the past eight weeks. 

At the currency price of $18,736, bitcoin is a little over 5% from setting a new lifetime high, while XRP is still down about 89% from its record high of $3.84 set in January 2018, according to data source Messari. 
XRP and other altcoins may also be rising in reaction to a proposed rule by the U.S. Office of the Comptroller of the Currency that would forbid banks to blacklist legal industries — including, presumably, cryptocurrency firms.  The proposed rule is likely welcome news to businesses in the space, which have long struggled to obtain, or keep, bank accounts in the U.S.





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JNJ Stock Up Over 2.5% Today, Johnson & Johnson Reports Profitable Q1 Earnings Results

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During the first three months of 2021, Johnson & Johnson reported revenue of $22.32 billion versus $21.98 billion expected by analysts.

Healthcare company Johnson & Johnson (NYSE: JNJ) stock has jumped over 2.5% on Tuesday, April 20, 2020, as of 11:00 a.m EDT to trade around $166.82. The Johnson & Johnson multinational corporation has just announced its Q1 earnings results that incidentally beat analysts’ expectations. Hereby prompting the sudden upside movement in JNJ stock.

Johnson & Johnson Q1 Earnings Results

During the first three months of 2021, Johnson & Johnson reported revenue of $22.32 billion versus $21.98 billion expected by analysts according to a survey conducted by Refinitiv. Additionally, Johnson & Johnson reported adjusted earnings per share of $2.59 in the first three months against an estimate of $2.34.

Notably, the company’s pharmaceutical business segment that developed the single-shot COVID vaccine generated approximately $12.19 billion in revenue, a 9.6% year-over-year increase.

During the first quarter, the company reported a $100 million sale of its COVID vaccine. However, the use of the company’s covid vaccine has been halted by the CDC due to blood clotting reports among people who have received its jab.

The consumer unit that is entitled to make products such as Neutrogena face wash and Listerine reported revenue of $3.5 billion, approximately 2.3% down from the same time last year. The company noted the decline in this segment was due to the fact that people are not stockpiling goods due to the pandemic.

The other JNJ segment noted in the report was the medical device unit that recorded a revenue of $6.57 billion, up approximately 7.9%. The increase was due to the increased demand for the devices to treat covid patients. Besides, the tweak was partly due to the reopening of elective surgeries that were enforced to give way to treat covid patients.

Notably, Johnson & Johnson raised its full-year earnings and revenue. In the next coming months to the end of the year, the company expects a full-year profit of $9.42 to $9.57 per share, compared with its previous forecast of $9.40 to $9.60 per share. Additionally, the company expects its revenue to hit between $90.6 billion and $91.6 billion, compared with its prior forecast of $90.5 billion to $91.7 billion.

JNJ Stock and Major Fundamental

JNJ stock investors might be torn between focusing on the full-year guidance that is positive and the fact that the company’s COVID vaccine has been stopped in major markets.

As the company revisits its COVID-19 vaccine to improve based on the blood clotting issue, investors might be watching how other segments perform in the coming months.

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A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”



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Value of Bitcoin Down 15% after BTC Price Reached Record High of Nearly $65,000

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Bitcoin declined 15% over the weekend. As BTC plunged, altcoins like Ethereum (ETH) also fell in value.

The value of the leading cryptocurrency by market cap Bitcoin fell as much as 15% over the weekend after reaching a record high of nearly $65,000 last week. According to Coin Metrics data, Bitcoin traded as high as $64,851 in the early hours of the 14th of April. The record high occurred ahead of Coinbase’s (NASDAQ: COIN) public debut on Nasdaq.

Bitcoin Value Down Less than One Week after Hitting Record High

As Bitcoin plunged, altcoins like Ethereum (ETH) also fell in value. As of the 19th of April, Bitcoin traded at about $55,000. Some equities related to cryptocurrencies also went low. Coinbase lost almost 2.6%, Voyager Digital dropped 9.6%, and Marathon Digital Holdings lost 8.7%.

At the time of writing, Bitcoin is down 3.24% to $54,792. In the last 24 hours, BTC has traded as low as $54,368. The king coin has also lost more than 3% in its market capitalization to a little over $1 trillion. On the other hand, ETH has also lessened 7% to $2,100.

The vice president of digital-asset strategy at Fundstrat Global Advisors Leeor Shimron commented:

“There’s been a lot of rumors and speculation about what pushed the market down over the weekend. To me, it’s boiled down to excess leverage within the system. We’ve seen it over the last couple of weeks, especially in bitcoin but it spilled into other asset classes as well.”

Shimron added that another factor behind the speculation is the huge BTC deposit over Binance during the weekend. He noted that about $5 billion worth of BTC contract was liquidated. Including the altcoin market, $9.5 billion was liquidated.

“Notably, this is twice the notional value compared to Black Thursday 2020, when bitcoin’s price dropped by ~50% in 24 hours. The fact this sell-off resulted in a drop of just 15% and quickly rebounded speaks to how much the market has grown and matured over the course of the last year,” added the vice president.

Bitcoin Surges 680% in One Year

As Shimron said, the crypto market has increased more than 680% in the last 12 months. The gains were caused by the continuous demand for crypto by institutional investors, among other factors.

The head of equities and derivatives strategy at BTIG predicted BTC to trade between $50,000 and $65,000.

According to Ari Wald, head of technical analysis at Oppenheimer, the recent Bitcoin decline seems like a trend. Speaking to CNBC’s Trading Nation on the 19th of April, Wald pointed out that Bitcoin plunged 20% in August, 17% in November, 31% in January. 26% in February, 18% in March and has now fallen about 16%. He further said that instead of Bitcoin investors recording losses, the king coin has grown more than 315% between August last year and now.

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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.



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NAOS Finance Completes New Funding Round Raising $5.1M

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NAOS Finance is an interoperable marketplace for loans supported by offline income streams.

NAOS Finance has gained traction towards the realization of its goal of fully automating tokenization and increasing access to tangible assets on on-chain liquidity. This became clear after an announcement by the NAOS official website that the institution has raised $5.1M in its latest funding.

Through this funding, the DeFi project will be able to “build a real-world asset-based infrastructure for the DeFi ecosystem to innovate on.”

Barely a month ago, NAOS Finance announced the completion of its seed funding phase, which saw participation from Mechanism Capital, The Spartan Group, SNZ, Youbi Capital, Incuba Alpha, Sora Ventures among others.

Attributed to the latest huge funding recorded for the actualization of the proposed real-world asset-based infrastructure are corporate institutional investors such as The Spartan Group, Lemniscap, CMS, Huobi DeFi Labs, Hashkey, Maven 11, Genesis Block Ventures, Incuba Alpha, DeFi Alliance, Collider Ventures Okex Blockdream Ventures, Morningstar Ventures Youbi Capital, GBIC, PrimeBlock Ventures, Primitive Ventures, GenBlock, AU21 Capital, Hash Global, hot labs and angel investors Richard Ma (CEO of Quantstamp) and Xinjun Liang (Co-Founder of Fosun Group).

NAOS Finance is an interoperable marketplace for loans supported by offline income streams. Purposely to bridge the global credit-gap, and allow lenders and borrowers to interact smoothly through blockchain technology, which is also accessible for SMEs. The platform is able to do this through “a global community of lenders that will instantaneously assess the risk of assets and the capital requirements will be fulfilled by lenders who understand the risk/return profile. In addition, lenders will be equipped with comprehensive analytical tools and complete sets of verifiable on-chain data to make informed investment decisions. Smart contracts will automate the entire funding and settlement process, fully emulating existing banking services at no additional cost or the need to be overcollateralized.”

Also, NAOS has come to tackle the inefficiencies in traditional finance by decentralizing the whole process. Unlike other DeFi, NAOS finance is making itself usable in the real world.

Kevin Tseng, the CEO Of the project during the last funding round had said “The potential of crypto to reshape the economy is almost unlimited, but it depends on our bringing a much broader swathe of the financial universe into decentralized ecosystems.” He went on to add that “NAOS can be a building block for a future in which all finance is decentralized and accessible — one in which DeFi isn’t just for a small number of technically savvy insiders.”

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Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.



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