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Amateurs Defy Investfunds. Ripple vs. SEC - who wins? Russia: 1st Place for Darknet Crypto Turnover.
At the end of January, the world has witnessed a rare situation: amateur investors almost drove to bankruptcy a couple of huge Wall-Street hedge funds. It is worth shooting a whole film on how a group of traders led by Roaring Kitty, a blogger, managed to soar up high the stocks of GameStop, a dying videogames company, which caused huge losses among the investing whales and fuss among media and news agencies.
We will not shoot anything, but just wonder: what happens next? The situation is truly unprecedented, but what do the high and mighties have to do with it? The huge hedge fund Melvin Capital would have crossed the verge of bankruptcy, if not for billions of dollars-worth infusion. It is highly likely that soon SEC will mess in to impose restrictions that would prevent amateurs from doing such masterminding ever again. While the brokers and trading platforms used by the Roaring Kitty followers already limited all trading with GameStop assets.
It is worth noting that this is the first time when average people managed to influence the market so much, which got a very cool welcome from brokers and hedge funds. All transnational corporations united to stop the traders. Even Google scrupulously erased all the comments in its sources, and the notorious Facebook even blocked the group where Roaring Kitty interacted with its subscribers. One thing is clear: we can forgo the dream of unowned Internet with no Big Brother always watching or limiting us.
By the way, the Roaring Kitty has been identified. It is a 34 y.o. Keith Gill, a US financial adviser. Will he be accused of anything and what it means for the already-unstable USA? We'll see... Well, Keith Gill can always ask for asylum in Russia like Edward Snowden, the Kremlin will most likely be happy to welcome him! By the way, we will have more info on Russia in our article further on.
We have already covered the situation around SEC and Ripple that led to a drastic fall of XRP rate, the cryptocurrency was even excluded from asset lists on several exchanges. Yet, just a couple of days ago Ripple sent its official reply where they totally reject all the accusations and claims that their cryptocurrency is a not stock asset and therefore does not need to be registered like a paper. Ripple bases its arguments on the nature of blockchain and decentralised Ripple coins in particular.
Another significant accusation from SEC is directly aimed at the coin founders, Chris Larsen and Brad Garlinghouse. They are accused of illegal currency speculations. The company fully rejects them ever selling Ripples below the market price; however, further on they accept that they had no bad intention, and even if anyone tried to lower the price, those were the buyers/partners, but Ripple has nothing to do with this.
The published reply to SEC made the crypto price soar by 130% after a quite significant downfall. What happens next and what does this storm result in? These questions are on every investor's mind. So far it is absolutely impossible to say anything. It all depends on further actions of SEC; the chances that Ripple has entered the dark side are quite high.
According to Chainanalysis reports for 2020, Russia is the top country for all darknet-located crypto users. The second prize goes to the USA, while the third prize goes to Ukraine. The funniest thing is that the sell and buy volumes inside Russia are almost the same. Analysts believe that it is a sign of the so-called money laundering.
These parameters were quite similar in China that took fourth place in this rating. The fifth one is another Asian player - Vietnam.