Ripple is the latest digital coin to see massive investment volumes in a few short hours.
In the last 24 hours, Ripple digital exchange rose 89 percent. Ripple CEO Brad Garlinghouse says that the gold rush could be due to people’s fear of missing out, but considers that Ripple’s investment volumes are changing as people understand the difference between Bitcoin and Ripple. He says that a digital currency can stand the test of time based on “the utility it drives.”
“Bitcoin is not going to be used for a payment tool,” he said, noting that Bitcoin’s transaction clearance takes about 12 hours. Meanwhile, he says that Ripple is meant to solve cross-border transactions, so it’s fast and very “efficient.”
Bitcoin is still the number one cryptocurrency, according to industry source coinmarketcap.com. Ripple comes in at number three, with a market capitalization of about $30 billion, while Bitcoin’s market cap valuation is about $300 billion.
Legally, none of the digital currencies are regulated. The SEC has warned that it can’t offer foreign protection, because the currencies extend beyond the U.S. borders. Furthermore, the agency still has no regulations in place for crypto. Still, the CBOE started trading futures in December.
For full interview [click here](https://cheddar.com/videos/the-crypto-craze-december-15-2017).
An independent watchdog within the IRS reports that while taxpayer services have vastly improved, the agency is still too slow to resolve identity theft cases. And National Taxpayer Advocate Erin Collins says those delays are “unconscionable.” Erin M. Collins said in the report released Wednesday that overall the 2024 filing season went smoothly, though IRS delays in resolving identity theft victim assistance cases are worsening. It took nearly 19 months to resolve self-reported identity theft cases as of January, and Wednesday's report states that now it takes 22 months to resolve these cases.
Amazon.com Inc. surpassed $2 trillion in market value for the first time in afternoon trading on Wednesday. The push higher for Amazon’s stock market valuation comes a little more than a week after Nvidia hit $3 trillion and briefly became the most valuable company on Wall Street. Nvidia’s chips are used to power many AI application and its valuation has soared as a result. Amazon has also been making big investments in AI as global interest has grown in the technology. Most of the company’s focus has been on business-focused products.
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