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Bloomberg Calls XRP a ‘Little-Known Cryptocurrency’, Community Reacts

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2 years ago

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Bloomberg Calls XRP a ‘Little-Known Cryptocurrency’, Community Reacts

Leading media outlet Bloomberg infuriates XRP community members with its description of the seventh-biggest cryptocurrency. 

In a recent article titled “Settlement Speculation Pushes XRP to Forefront of Crypto Rally,” Bloomberg characterized XRP as a “little-known cryptocurrency.” 

According to Bloomberg, speculations about a potential settlement in the ongoing lawsuit between the SEC and Ripple have put the XRP at the forefront of the crypto rally, with an astronomical price surge of 40% recorded over the past week. 

Notably, Bloomberg Crypto, the media outlet’s crypto arm, shared a link to the article on X. 

XRP Community Members React 

Despite Bloomberg highlighting XRP’s massive growth over the past week, its description of the asset as a “little-known” cryptocurrency irked community members. 

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The development triggered reactions among prominent XRP enthusiasts, including crypto YouTuber Ben Armstrong (a.k.a. BitBoy). 

Popular media personality Zach Rector characterized the description as a joke, adding that he would address it in a video later today. 

A Move to Attract Engagement 

Furthermore, most XRP enthusiasts suggested that Bloomberg intentionally used the description to stir engagement from its community members. 

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It bears mentioning that the Bloomberg tweet has received enormous engagement since it was posted yesterday at 17:44 PM (UTC). So far, it has attracted over 91,000 views, 382 likes, and 167 retweets. This is currently one of Bloomberg Crypto’s best-performing tweets in recent times. 

XRP Popularity Surges 

It is unclear whether Bloomberg intentionally used the description to fuel engagement. However, XRP has gained massive popularity in the crypto and traditional finance sectors. Crypto investors are usually focused on XRP due to its ranking among the top 10 crypto assets by market capitalization.  

Additionally, XRP has attracted investors’ attention based on its involvement in the ongoing legal dispute between the SEC and Ripple. Interestingly, several crypto entities, including Binance and Coinbase, leveraged the Ripple decision, which declared XRP a non-security, to bolster their arguments against the SEC. 

On the other hand, XRP is also making waves in the traditional finance industry. Several financial institutions, including Tranglo and Japan banks, have utilized XRP for cross-border settlements via Ripple’s payments solution, ODL (now Ripple Payments). 

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At press time, XRP is up 32.65% over the past 7 days to 59 cents. It is currently ranked as the seventh-largest cryptocurrency, with a market cap of $33 billion. 

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Crypto

Crypto Crime Wave Fueled by Chinese-Language Money Laundering | PYMNTS.com

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4 hours ago

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January 27, 2026

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Crypto Crime Wave Fueled by Chinese-Language Money Laundering | PYMNTS.com

Cryptocurrency laundering was an $82 billion problem last year, Bloomberg News reported Tuesday (Jan. 27), citing data from blockchain analysis firm Chainalysis.

Chinese-language money laundering networks made up $16.1 billion of that total as they play an increasing role in crypto crime, the report said.

“These are groups that are growing exponentially,” Andrew Fierman, head of national security intelligence at Chainalysis, told Bloomberg, per the report. “We’re talking about growth of over 7,300 times faster than other illicit flows.”

Although China has outlawed crypto transactions, illegal activity continues as the government chiefly focuses on behavior that threatens capital controls or financial stability, according to the report.

The networks “have really embraced cryptocurrencies,” said Kathryn Westmore, a senior associate fellow at the Centre for Finance and Security at RUSI, per the report, adding that crypto provides “a way to launder the proceeds of cash-generating criminal activities, like drugs or fraud.”

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The news followed a warning from the Financial Crimes Enforcement Network (FinCEN) in August, which said Chinese money laundering networks are now among the most significant threats to the American financial system, helping fuel the operations of Mexico’s most powerful drug cartels.

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“The networks have become effective partners because they can move cash quickly, absorb losses and leverage demand from Chinese nationals seeking to bypass Beijing’s strict currency controls,” PYMNTS reported Aug. 29. “By pairing cartel dollars with Chinese demand for U.S. currency, these networks have created what FinCEN called a ‘mutualistic relationship’ that strengthens both sides.”

Meanwhile, Eric Jardine, head of research at Chainalysis, discussed last year’s record-setting levels of crypto crime with PYMNTS in an interview published Monday (Jan. 26). Around $154 billion flowed to illicit addresses, the most ever recorded, and there was a 160% increase in illicit volumes.

“But treating that number as evidence of runaway criminal adoption may miss the more consequential story,” PYMNTS wrote. “What changed in 2025 was not merely volume, but the identity of the actors, the scale at which they operated, and the implications this has for banks, regulators, and the future architecture of financial blockchain compliance.”

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The true inflection came from “a shift in who’s doing what,” Jardine said, adding that in 2025, nation states, most notably Russia, began taking part “in earnest in the crypto ecosystem,” chiefly through sanctions evasion.

Unlike earlier state-linked activity, like North Korea’s hacking campaigns, this was not marginal behavior at the edges of the system, but “industrial-scale financial activity conducted in plain sight,” PYMNTS wrote.

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Crypto

Fixing BTC’s Quantum Issue Tops All Bitcoin Development Priorities, Says Willy Woo

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16 hours ago

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January 27, 2026

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Fixing BTC’s Quantum Issue Tops All Bitcoin Development Priorities, Says Willy Woo
Quantum risk is emerging as a decisive hurdle for bitcoin’s institutional future as sovereign investors weigh long-term resilience, pushing gold and BTC into sharper focus amid debt cycles, macro uncertainty, and geopolitical realignment, according to on-chain analyst Willy Woo.
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Crypto

Strategy buys even more Bitcoin—$264 million of it—even as Bitcoin slumps to $87,000. | Fortune

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1 day ago

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January 26, 2026

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Strategy buys even more Bitcoin—4 million of it—even as Bitcoin slumps to ,000. | Fortune

Despite the current downturn for crypto, Strategy added even more Bitcoin to its collection. The company bought more than 2,900 Bitcoin last week, bringing its total to over 712,000, according to an X post by cofounder Michael Saylor. The move follows a more than $2 billion purchase earlier this month. 

Strategy is the first and biggest digital asset treasury, or a type of company that acquires and holds on to large amounts of crypto. Saylor’s company began investing in Bitcoin in 2020 and now holds more than 3% of the total supply. This business model has confronted major challenges in the past few months, as the largest cryptocurrency has plummeted since its all-time high in October. Bitcoin is worth about $87,000, down about 31% since then, according to Binance. 

One analyst views Saylor’s purchase as expected, considering the company’s business strategy, which is to continually amass Bitcoin on the theory it will appreciate in the long term, and to time purchases to coincide with market dips.

“It’s not surprising for me to see that they’re really aggressively continuing to purchase [Bitcoin]”, said Nathan Schmidt, an analyst at CFRA Research. “It is certainly the playbook for them these days.” 

Bitcoin’s fall from its all-time high of about $126,000 in October was caused in part by a flash crash in the fall, where crypto traders lost more than $19 billion in their positions. Misfortunes for digital assets have only continued this calendar year. The sector dipped as tensions mounted between the U.S. and Europe over Greenland. In addition, major regulatory legislation, referred to as the Clarity Act, has stalled as major figures in the crypto industry spar over its details. 

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The major cryptocurrency isn’t the only one to suffer losses, as altcoins are down as well. Ethereum is down 30% in the last three months to its current price of $2,899, and Solana is down more than 38% to its price of about $124, according to Binance.

Crypto’s dip has led to disastrous returns for digital asset treasuries like Strategy. Saylor’s company stock is down about 64% since July to its current price of about $160. 

Schmidt, the analyst from CFRA Research, argues that the biggest risk to Strategy is long-term declines in the value of Bitcoin. He says that the company could survive such a dip in the next few years because of its liquidity, but that over time the company would be in trouble. 

Join us at the Fortune Workplace Innovation Summit May 19–20, 2026, in Atlanta. The next era of workplace innovation is here—and the old playbook is being rewritten. At this exclusive, high-energy event, the world’s most innovative leaders will convene to explore how AI, humanity, and strategy converge to redefine, again, the future of work. Register now.
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