With September in full swing, let’s take a look back at the news stories that dominated the worlds of Forex, Fintech, and Crypto in our best of the week segment.
Russia Fines Google for Allowing eToro Promotions
The Moscow office of Russia’s Federal Antimonopoly Service (FAS) announced on Tuesday that it has slapped the search engine giant, Google with a fine of 200,000 rubles (around $2,720) for allowing advertisements of eToro, which is not regulated in Russia.
Earlier in May, the Russian authority first pointed out ‘multiple advertising law violations’ for the targeting of eToro advertisements to Russian investors. It pointed out the incorrect nature of the promotions as the broker is unlicensed in the country.
eToro stopped offering forex trading services in Russia in 2017. Additionally, it confirmed to Finance Magnates that neither did it have any operations in the country nor did it run misleading advertisement campaigns.
Read more on the eToro Russian Ad fine here.
Major Crypto Platforms Face Technical Troubles amid Strong Market Sell-Off
As sure as night follows day, as crypto markets plummeted earlier this week, major crypto exchanges suffered a number of ‘technical difficulties.
With the cryptocurrency market experiencing a significant bloodbath, which saw Bitcoin plunge 17%, Major exchanges, such as Coinbase, Gemini and Kraken, reported delays in transactions on Tuesday.
Read more on the crypto platform outages here.
XRP Gets Re-listed Temporarily on Coinbase Pro Due to ‘Technical Issues’
Speaking of ‘Technical Issues’, Coinbase had another unusual situation this week.
Coinbase, the US-based cryptocurrency exchange, has seemingly re-listed Ripple’s token XRP on Thursday through its Coinbase Pro platform, but it was short-lived. According to users who took to social media to report the matter, XRP/USD, XRP/EUR, XRP/GBP and XRP/BTC pairs appeared on the platform as available to trade.
Afterwards, the XRP price skyrocketed for a while when the news made headlines, but it erased the gains after Coinbase stated that such reports on a re-listing were inaccurate, and, on the contrary, it happened due to a technical glitch.
Read more on the XRP Coinbase Pro Relisting error here.
Address Activity of XRP Increases Near $1.10
XRP, the world’s 7th largest cryptocurrency, saw its price jump by nearly 10% within a single hour during the Asian trading session on Friday.
One of the major reasons behind the latest jump in XRP is its address activity. The total number of active addresses has increased sharply in the last few days and one leading XRP wallet recently moved 83 million coins to an unknown address.
Read more on the XRP Address Activity here.
Solana Becomes More Valuable than XRP
Solana (SOL) is now more valuable than XRP. SOL touched an all-time high of $214 on Thursday after a surge of more than 22% in the last 24 hours.
According to Coinmarketcap, Solana is the 6th largest cryptocurrency in the world with a market cap of over $60 billion. SOL’s market cap is more than Dogecoin (DOGE), XRP, Polkadot (DOT), Uniswap (UNI), USDC and Bitcoin Cash (BCH).
Solana is currently trading above $200 with a crypto market dominance of over 3%. SOL has surged by more than 80% within the last seven days.