Cryptocurrency XRP surged 17.6% over the past 7-day period, while other top 10 cryptocurrencies by market capitalisation experienced decline post the recent rally.

This is amid an ongoing lawsuit filed by the US Securities and Exchange Commission against two of Ripple’s executives in Dec 2020 for trading US$1.3 billion XRP as security without informing the regulator.

Other large cryptocurrencies such as bitcoin, Ethereum, and Binance Coin have dropped 0.7%, 6.2% and 5.4% respectively over the past week, according to CoinGecko data.

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Chart: XRP 7-day performance, CoinGecko

See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/news/cryptocurrency/mas-reiterates-crypto-dangers-amid-hodlnaut-woes?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>MAS reiterates crypto dangers amid Hodlnaut woes</a>

Sotheby’s has announced its first dedicated live evening auction for non-fungible tokens (NFTs). On Feb 23, the auction house will be auctioning Punk It!, a single-lot sale of 104 CryptoPunks.

With a landmark estimate of US$20 million to US$30 million, the sale marks the highest valued estimate for an NFT or digital art ever offered at auction, following Sotheby’s record-breaking sale of CryptoPunk #7523 for US$11.8 million in June 2021.

https://s3.ap-southeast-1.amazonaws.com/www.theedgesingapore.com/public/usr/eijawu/fa6e7e-sotheby-s.png

See also: <a class='gtm_see_also_2_inread' style='text-decoration: underline;' href='/news/cryptocurrency/fresh-block-meta-expands-instagrams-nft-support-across-100-countries-and-more?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Fresh Off The Block: Meta expands Instagram’s NFT support across 100 countries and more</a>

Accounting giant KPMG in Canada has completed its first direct investment in cryptocurrencies. While the firm did not disclose the value of its investment, its allocation includes bitcoin and Ethereum.

Benjie Thomas, KPMG in Canada’s managing partner said cryptoassets are a maturing asset class. “This investment reflects our belief that institutional adoption of cryptoassets and blockchain technology will continue to grow and become a regular part of the asset mix," he added.

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