There have been several significant events in the crypto market in recent days:
1. Ripple launches its own stablecoin. The company, known for its XRP Ledger platform, is entering into competition with stablecoins such as Tether and USDC. This could strengthen Ripple’s position in the market and expand its sphere of influence.
2. Coinbase strengthens its presence in Canada. After receiving a license from Canadian regulators, Coinbase becomes the largest registered crypto exchange in the country, which expands its influence internationally.
3. Rise in crypto fraud. Reports indicate that losses from crypto scams will reach $5.6 billion in 2024, which is 45% more than the previous year. This highlights the need for tighter security and regulation in the industry.
4. Binance lawsuits in Nigeria. A lawsuit against crypto exchange Binance over tax evasion is ongoing in Nigeria, creating problems for the company's future operations in the country.
These developments are increasing competition in the market and drawing the attention of regulators to the crypto industry.