The total value of all cryptocurrencies has surpassed $1 trillion for the first time ever, with bitcoin leading the charge. BTC is now trading above $37,000 and has a market capitalization of $690 billion. Ether is near $1,200, with a market cap of $136 billion.

Bitcoin tokenized on the Ethereum blockchain is now closing in on the $5 billion mark, a new all-time high that is worth more than 4% of the total market capitalization of Ethereum, the second-largest cryptoasset by market cap.

Cryptocurrency exchange Uphold has revealed it will maintain the XRP token listed on its platform until the U.S. Securities and Exchange commission’s (SEC) lawsuit against Ripple Labs is resolved.

Top stories in the Crypto Roundup today:

• Bitcoin’s Price Breaks $40,000 for the First Time Ever
• Ripple CEO Says Firm ‘Tried’ to Settle With SEC Ahead of Lawsuit
• World’s First Actively Managed Crypto ETP Expands Across Europe

Bitcoin’s Price Breaks $40,000 for the First Time Ever

The price of bitcoin has, for the first time ever, surpassed the $40,000 mark to hit a new all-time high of $40,181.23. The flagship cryptocurrency’s price climbed more than 700% from its closing low on March 12.

Bitcoin’s price has been rising thanks to increasing demand from institutional, corporate, and retail investors attracted to the currency because of fears associated with potential currency debasement and inflation in a world of low yields and negative interest rates.

While BTC more than doubled its previous all-time high of $20,000, Ethereum is trading below its all-time high of over $1,400, at $1,190. XRP, the fourth biggest in terms of market capitalization, has been recovering from a $0.18 low seen after the SEC’s lawsuit against Ripple was announced.

Speaking to Returns the CEO of crypto consortium Panxora group, Gavin Smith, said BTC could be due for a correction, saying that while “further growth is inevitable,” investors “should not expect this to move in a straight line.”

“The reality is that bitcoin is far from being a magic money tree, nor is it free from downward price swings. In fact, we can expect dips as sharp as 25% at times as investors periodically withdraw profits.”

Bitcoin’s surge so far this year has helped the total market capitalization of all cryptocurrencies surpass $1 trillion.

Ripple CEO Says Firm ‘Tried’ to Settle With SEC Ahead of Lawsuit

The CEO of Ripple, Brad Garlinghouse, has revealed in a Twitter thread that the firm tried to settle charges of conducting unregistered securities transactions with the U.S. Securities and Exchange Commission (SEC) before the lawsuit was announced.

In the thread, Garlinghouse noted he was limited in what he could say as the case is ongoing, and added that Ripple “tried” and “will continue to try [with] the new administration” to resolve the issue.

The SEC alleges Ripple, Garlinghouse, and its former CEO and current Chairman Chris Larsen sold $1.3 billion worth of XRP in unregistered securities sales in an “ongoing” violation of the law. The lawsuit comes after the SEC won cases against Telegram and Kik.

Garlinghouse said that Ripple “provided some customers, especially first movers” with incentives to use its On-Demand Liquidity product, which he said was lawful. He did not clarify whether Ripple paid exchanges to list XRP, but said the firm has “no control over where XRP is listed.”

World’s First Actively Managed Crypto ETP Expands Across Europe

Switzerland-based cryptocurrency investment management boutique FiCAS has announced it secured regulatory approval and passporting for the Base Prospectus and accompanying product documentation for its 15 FiCAS Active Crypto ETP (BTCA).

 The 15 FiCAS Active Crypto ETP is the world’s first actively managed cryptocurrency exchange-traded product (ETP), and given the regulatory approval, all types of investors in the European Union can now buy BTCA via their bank or broker.

Since the actively-managed crypto ETP was launched, its assets under management have increased to surpass $5 million, and it has had a performance of “nearly 60%” The ETP, it’s worth noting, does not track BTC or a combination of cryptoassets.

The cryptocurrency ETP was first launched in Switzerland in July 2020 and listed on the SIX Swiss Exchange. EU-wide passporting allows FiCAS to “break into the wider EU marketplace and offer the ETP to a wider pool of investors outside of its native Swiss market.”

How Decentralized Is Bitcoin?

This bubble chart  -- taken from the Flipside Data Cooperative - shows all Bitcoin transactions in real time. The fact that the "smaller wallet" cohort is growing in size means that an increasing number of users are buying less than 1,000 BTC. Accounts with more than 1K BTC are labeled as "Whales". 

However, despite this surge in withdrawals from exchanges, data from Flipside Crypto reveals that the largest 1.99% Bitcoin accounts still own 95% of the total BTC supply. 

State of the Crypto by Top Tier Exchange Volume

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