InQubeta’s ($QUBE) Upward Trend Entices Major Investors
The insights of seasoned analysts serve as a guide for investors navigating the digital asset universe. Recently, crypto analyst Nicholas Merten has sounded an alarm, drawing attention to two prominent players in the crypto arena: Cardano ($ADA) and Ripple ($XRP). These remarks have caused an uproar in the crypto community, sparking discussions and raising pertinent questions about the future of these tokens.
While Cardano and Ripple face scrutiny, another star is on the rise. InQubeta ($QUBE), an emerging blockchain project, has been catching the eyes of major investors. With its use of non-fungible tokens (NFTs) and promising trajectory, InQubeta is quickly becoming a topic of interest in crypto. This article delves into the insights provided by Nicholas Merten, explores the intriguing potential of the InQubeta blockchain ICO and analyzes the possible future trajectories of $ADA, $XRP, and $QUBE.
InQubeta ($QUBE): Driving AI Revolution in the Crypto Space
InQubeta is a compelling and dynamic player experiencing growing recognition as a pacesetter focusing on crowdfunding to propel the AI industry. The upward trend of this blockchain ICO has not gone unnoticed, attracting the attention of major investors drawn to the project’s unique features and promising innovations. At the core of InQubeta’s appeal are its distinctive attributes, which include AI-driven solutions, a marketplace for trending NFTs, staking mechanisms, and a robust governance model. These features provide a multifaceted approach that captures the essence of the blockchain revolution, making InQubeta an enticing prospect for those seeking a top cryptocurrency investment in the future of decentralized technology.
The presale success of $QUBE is a testament to its growing prominence in crypto. The project has raised over $3.3 million in funds, with nearly 375 million tokens sold across four presale stages. With a token price of $0.0133 and a projected DeFi coin price upon launch of $0.0308, $QUBE has secured its position as a rising star and ignited curiosity about its potential impact on the broader blockchain and cryptocurrency ecosystem.
InQubeta’s allure in this volatile market is further enhanced by its vision and adaptability. As the crypto industry evolves, this blockchain ICO stands at the forefront of innovation. It offers investors a chance to be part of a transformative journey that blends cutting-edge technology with trending NFTs to provide a forward-looking approach to blockchain solutions.
Cardano ($ADA): Unfolding the Future of Blockchain
Cardano has firmly established itself as a notable presence within the cryptocurrency landscape. Launched with a focus on sustainability, scalability, and interoperability, Cardano’s approach to blockchain technology has garnered widespread attention and commendation. The significance of $ADA in the crypto world stems from its aim to provide a secure and scalable platform for developing decentralized applications.
Crypto analyst Nicholas Merten recently voiced concerns about $ADA, signalling potential challenges that could affect its trajectory, causing it to decline by over 37%. Merten’s concerns revolve around the project’s failure to form a bullish triple-bottom price pattern. According to this trader, the only saving grace for Cardano is a rebound in its liquidity. The recorded relative highs are weakening and showing significant resistance. If it falls any lower, $ADA could fall as low as $0.15.
Ripple ($XRP): Riding the Waves of Uncertainty
Ripple has been a prominent player in the cryptocurrency space, known for its focus on facilitating fast and cost-effective cross-border payments. Its unique consensus algorithm, the Ripple Protocol Consensus Algorithm (RPCA), and partnerships with financial institutions have set $XRP apart in the crypto world.
Merten’s concerns for the token primarily revolve around the legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). This ongoing legal dispute raises questions about the regulatory status of $XRP and its potential impact on the project’s future. He says its large selling volume is causing downward pressure on the token. With increasing supply and distribution following the unloading of more tokens previously locked in the blockchain, Ripple’s DeFi coin price could fall by about 70%.
Conclusion
This article delved into the insights of crypto analyst Nicholas Merten, who voiced concerns about Cardano and Ripple. Merten’s observations have shed light on the evolving narratives surrounding these projects, raising questions about their future in the crypto market. In contrast, InQubeta has been on an upward trend, catching the attention of major investors. Investors seeking a top cryptocurrency investment are looking to InQubeta and its suite of impressive features centered around providing AI-driven solutions. Now is the next best time to join the InQubeta presale!
Major Players Eye Bitcoin ETFs: What it Means for Crypto Investors?
Bitcoin ETFs (Exchange-Traded Funds) have been a hot topic in the crypto world, but why do they matter, and what impact can they have on the market? Popular analyst Lark Davis took to his YouTube channel and explained the importance of Bitcoin ETFs.
The SEC (U.S. Securities and Exchange Commission) evaluates Bitcoin ETF applications. Recent legal battles like Grayscale’s victory have pushed the SEC to reconsider its stance. This could lead to the approval of Bitcoin spot ETFs, providing an alternative to Bitcoin futures contracts.
The SEC has said no to many Bitcoin ETF applications due to concerns about Bitcoin’s price fluctuations, trading liquidity, and potential manipulation. However, recent approvals of Bitcoin ETFs based on futures, like those from VanEck and ProShares, and the Grayscale case suggest the SEC might be warming up to the idea.
Lark Davis pointed out the implications of the ETFs and highlighted their significance in cryptocurrency.
Big Players Entering the Game
Several major players in the financial world are vying to introduce Bitcoin ETFs. Institutions like BlackRock, with $10 trillion in assets under management, Fidelity managing $4.5 trillion, and Franklin Templeton overseeing $1.5 trillion, are all looking to get in on the action. These giants collectively manage an astronomical $17.7 trillion, a fraction of which flowing into Bitcoin would be game-changing.
Tax Benefits and Accessibility
Bitcoin ETFs offer tax advantages, making them appealing for investors to include in their retirement accounts. This accessibility appeals to those who want exposure to Bitcoin without the complexities of self-custody. It broadens the market to a broader audience who may not want to use cryptocurrency exchanges.
Liquidity Boost and Inclusion in Other ETFs
The introduction of Bitcoin ETFs would inject significant liquidity into the market. Projections suggest they could bring in up to $30 billion in new demand, potentially driving up Bitcoin prices. Additionally, these ETFs could be included in other ETF products, further boosting demand.
GSR Approved Major Payment Institution Licence in Singapore!
The post GSR Approved Major Payment Institution Licence in Singapore! appeared first on Coinpedia Fintech News
Cryptocurrency trading firm GSR has received in-principle approval from the Monetary Authority of Singapore (MAS) for a major payment institution license for its Singapore subsidiary, GSR Markets. The license is a “milestone” for the company and will deepen local partnerships, said COO Xin Song. GSR will continue to operate as a liquidity provider and also invest in entrepreneurs across APAC from its Singapore hub. MAS has provided a clear framework for digital asset utility, said Song.
Coinbase Secures Major Payment Institution Licence from Singapore’s Monetary Authority
Coinbase Singapore announced on 01 Oct 2023 that it has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This strategic move amplifies Coinbase’s dedication to serving the rapidly evolving crypto landscape in the Asian financial hub.
“Singapore has always been a significant market for Coinbase. The nation’s forward-thinking economic strategies align perfectly with our global mission. We’re not just here to provide exchange services; we’re here to build an ecosystem,” said Nana Murugesan, a spokesperson for Coinbase Singapore.
This license follows several initiatives tailored for the Singaporean market, including integrating PayNow and FAST bank transfers and introducing no-fee USDC purchases with the Singapore Dollar (SGD).
According to recent surveys, approximately 25% of Singaporeans see cryptocurrencies as the future of finance. This comes alongside an additional 32% of residents who are either current or former crypto owners. With over 700 Web3 companies in Singapore, the locale is a crucial nerve center for the Web3 and crypto economy.
Growing Beyond Just Exchanges
The impact of this licensure extends beyond mere currency exchanges; it underscores Coinbase’s commitment to fostering a more extensive Web3 ecosystem. The company has made over 15 investments in Singapore via Coinbase Ventures and has initiated partnerships with crucial local tech leaders like Nansen.ai, Blockdaemon, and Infura.
Moreover, Coinbase is deeply involved with the community and has been sponsoring events like Ethereum Singapore and conducting workshops at renowned universities such as the National University of Singapore (NUS), Singapore Management University (SMU), and Nanyang Technological University (NTU).
Regulatory Harmonization: A Global Mission
Coinbase’s new license is yet another feather in its regulatory cap, adding to its existing VASP registrations in countries like Spain, Italy, Ireland, and the Netherlands.
“Working with regulatory bodies worldwide is a cornerstone of our international growth strategy,” emphasized the spokesperson.
This latest development is a vivid reminder of why Singapore has earned its reputation as a crypto-friendly haven and a significant player in shaping the future of digital assets globally. With this license, Coinbase Singapore isn’t just setting up shop; they’re building the future of finance, one block(chain) at a time.
Coinbase Obtains a Major Payment Institution License for Singapore Expansion!
The post Coinbase Obtains a Major Payment Institution License for Singapore Expansion! appeared first on Coinpedia Fintech News
Coinbase Singapore has obtained a major payment institution license from the Monetary Authority of Singapore, allowing the company to expand its digital payment token services in the country. Singapore is a significant market for Coinbase, with 25% of Singaporeans considering crypto the future of finance and 32% being either current or past owners of crypto. The nation is also home to over 700 Web3 companies, making it a pivotal market for the growth of the crypto and Web3 economies. Coinbase has actively developed and released products tailored to the Singaporean market and plans to continue fostering strong relationships with industry associations and making region-specific investments.
XRP Lawyer John Deaton’s Major Announcements Shed Light on Ethereum’s ICO Scam
John Deaton, the legal representative for over 75,000 XRP holders, has finally made the ‘big announcement’ that he had pre-announced on his social media handle. Here are the three big announcements.
Announcement 1: Involvement with Steve Nerayoff
John discussed his communication with Steve Nerayoff, an attorney and significant figure in the cryptocurrency community. He mentioned they had been in touch regarding certain legal matters and had seen evidence that made him believe Steve was unfairly targeted. John plans to have Steve Nerayoff on his platform, Crypto Law, to share his story in the future.
“The people who distance themselves from Mr. Nerayoff, who minimized and trivialized his role in the beginning of certain platforms, I’m not going to get into names, but those who have been saying that “I’ve seen some receipts.” I can tell you they are not telling the truth.”
Nerayoff had said he possessed evidence of misconduct during the Ethereum initial coin offering in 2014.
Announcement 2: Involvement with Spin the Bits
He also announced his involvement with Spin the Bits, a project on the XRP Ledger. He emphasized that he’s not seeking investment from the community but is excited to work with them as an angel investor and part-owner. He expressed confidence in the project’s success.
Announcement 3: Release of His Memoir, “Food Stamp Warrior”
John revealed that he has been working on a memoir titled “Food Stamp Warrior” since 2020. This memoir discusses various aspects of his life, including difficult experiences such as poverty, violence, addiction, and abuse. John expressed that he debated whether to publish it due to its personal and challenging content but decided to share it because it could inspire and help others facing their own obstacles.
The attorney concluded and said, “The truth will come out, and we are getting closer.”
Pro-XRP Lawyer John Deaton Drop Three Hints on Today’s Major Announcement
In the cryptocurrency community, every piece of news has the potential to ignite waves of speculation and interest. The latest buzz was sparked by a cryptic exchange between two notable figures: Jungle Inc., a prominent voice in the XRP community, and John Deaton, a well-known crypto attorney and fervent supporter of XRP.
The interaction was straightforward, with Jungle Inc. reaching out to John Deaton on the “X” platform, inquiring about any hints regarding an anticipated announcement scheduled for today. Deaton didn’t leave his followers completely in the dark and gave three hints regarding today’s announcement.
Delving into the Clues
Deaton’s initial hint came as a photograph depicting him knee-deep in court documents, meticulously examining each page. While this might appear to be a casual moment captured on camera, those familiar with Deaton recognize that it likely signifies a profound legal investigation.
This suggests the possibility of significant legal developments on the horizon or new discoveries that could profoundly impact the crypto landscape. Given Deaton’s involvement in various crypto legal battles, any legal document scrutinized by him is bound to be of paramount importance.
The Enigmatic Reference to XRPL
The second hint provided by Deaton was the mention of “the XRPL.” For those not well-acquainted, XRPL stands for the XRP Ledger, a decentralized cryptographic ledger powered by a network of peer-to-peer servers. The XRP Ledger is pivotal to the functionality of the XRP cryptocurrency. By alluding to the XRPL, Deaton may hint at developments or updates related to the ledger itself or potentially groundbreaking news that could have a wide-reaching impact on the broader XRP community. This clue leaves room for imagination but underscores the significance of the upcoming announcement.
The ETH ICO Connection: Unraveling the Mystery
Lastly, mentioning “the ETH ICO” left many scratching their heads. ICO stands for Initial Coin Offering, a fundraising method where new cryptocurrencies sell their tokens to investors. Ethereum’s ICO, held in 2014, was one of the most successful fundraisers in the crypto world’s history. By drawing attention to this, Deaton could be alluding to a new fundraising initiative, drawing comparisons to Ethereum’s early days, or suggesting potential regulatory developments in light of the scrutiny ICOs have faced in the past.
Ripple’s Big Crypto Push: Is a Major eCommerce Transformation Coming?
Ripple‘s strategic focus on e-commerce is aligned with CEO Brad Garlinghouse’s mission to collaborate with U.S. Congress members in shaping crypto bills. Recently, Brad Chase, Ripple’s head of liquidity products, emphasized the company’s strong bet on e-commerce amid the evolving regulatory landscape.
He pointed to the rising institutional adoption of blockchain and crypto technologies, foreseeing a potential market surge to $250 billion by 2030, with an impressive CAGR of 54.5%. This surge hints at a transformative shift in global value exchange dynamics.
Ripple’s E-Commerce Transformation
In a new interview, Chase highlighted Ripple’s transformation role, mainly through products like Liquidity Hub, tailored to facilitate seamless crypto payments for enterprises. He underscored the critical importance of interoperability and liquidity in streamlining crypto transactions, envisioning a future where value transfer is as effortless as sending an email.
This vision opens doors to new possibilities for business and innovation.
Key Advantages of the Liquidity Hub
Ripple’s ultimate vision is to see every online retailer integrate its cryptocurrency system. A round-the-clock operational system will also give them appealing tools to boost online shopping and commercial transactions. While XRP is not yet included in the Ripple Liquidity Hub, Ripple has added Tether (USDT) and USD Coin (USDC), two of the most popular stablecoins.
Online retailers and marketplaces are increasingly recognizing the distinct advantages of cryptocurrencies, giving rise to a novel era in e-commerce. Chase focused on the considerable potential for establishing robust crypto standards for e-commerce and merchant payments.
Read More: Ripple’s Strategic Vision for XRP: Global Liquidity Tool in the Making
Operational benefits and beyond…
However, the benefits are more than just customer-centric. They have significant operational value in play. E-commerce stakeholders stand to gain enhanced payment flow efficiency and reduced operating and settlement costs.
This is not all; crypto payments bring forth additional advantages. Ripple introduced technologies like the Liquidity Hub to facilitate the adoption of digital assets. Chase highlighted how businesses can smoothly transition to crypto payments using these tools without the need for deep technical expertise. The Liquidity Hub stands out as an epitome for businesses, optimizing cryptocurrency liquidity.
Connecting Businesses Globally
Moreover, it connects businesses to an extensive global payment network. The demand for the hub is palpable, with numerous clients now turning to Ripple for real-time Bitcoin (BTC) requirements. The reach of Liquidity Hub continues to expand, offering access in regions like Brazil, Australia, and specific parts of the U.S.
Also Read: Ripple Rises Among Big Tech Titans: Earns Spot on Fortune’s Best Workplaces List
Will Ripple’s one-of-a-kind project gain traction in the market? Only time will tell.
XRP News: Ripple Lawyer, John Deaton Hints at Major Announcement This Week – What’s in Store?
John Deaton, the attorney representing a substantial number of XRP token holders in the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), has teased a major announcement on the horizon. Deaton clarified that this revelation won’t involve initiating a new lawsuit, but rather, it may pertain to unveiling crucial information regarding ongoing crypto-related legal battles.
Deaton to Interview Whistleblower?
Scheduled for this Friday, this announcement has sparked speculation in the community. Since he made it clear there will not be any new lawsuit. There’s anticipation that Deaton might host a notable guest during his weekly discussion on the CryptoLawTV YouTube channel. Some believe this guest could potentially be a whistleblower, possessing inside knowledge that could have a significant impact on the cryptocurrency market.
Is Deaton Going to spill the beans on the Binance Case since SEC faced a minor setback in the case recently? Or it will be related to Ripple’s Proper Party? We don’t know yet but one thing is clear Deaton has something bigger to reveal.
Binance Lawsuit can also be his priority
This announcement comes in the wake of increased attention on the Binance vs. SEC case, where the SEC has accused the exchange of non-cooperation in furnishing essential documents. However in this case Judge denied the access to documents and instead ordered them to find other ways to make the discoveries. Deaton’s announcement holds considerable weight for the XRP Community, as his legal representation of XRP holders in the Ripple vs. SEC lawsuit has positioned him as a prominent figure in the ongoing regulatory discussions surrounding the crypto industry. It will be intriguing to see what Deaton brings to this high-end case.
XRP Price Taking a Toll
In other news, Deaton also lashed out at The New York Department of Financial Services (NYDFS) for removing XRP, from its list of approved tokens, While approving BTC & ETH. He fears, that this might lead to a decline in XRP’s price, which could concern investors. Additionally, broader market trends have already caused this altcoin to lose the gains it had made since mid-July. This highlights the volatility and regulatory sensitivity of the cryptocurrency market. At $0.503, XRP is close to breaking the $0.505 barrier.
Major Coins Face Uncertainty, Sensei Inu’s Presale Sparks Interest
In the dynamic world of cryptocurrencies, where major coins often face waves of uncertainty and volatility, a new player has stepped into the ring, capturing the attention of investors and enthusiasts alike. Sensei Inu, with its unique approach and vision, has unleashed a presale event that is generating significant buzz within the crypto community. In this article, we delve into the reasons behind the growing investor interest in Sensei Inu’s presale and explore what sets it apart from the crowd.
A New Sensei in Town
Cryptocurrency markets have witnessed dramatic shifts in recent times. Major coins like Bitcoin and Ethereum have faced turbulence due to various factors, including regulatory concerns, market sentiment, and technological challenges. This has left many investors seeking new opportunities and innovative projects to diversify their portfolios.
Enter Sensei Inu, a cryptocurrency project that has quickly gained traction among crypto enthusiasts. The presale of Sensei Inu tokens (SINU) has become a beacon of hope for investors looking for a fresh alternative in the crypto space.
Rapid Success on Presale Launch
Sensei Inu made a bold entrance into the crypto scene with its presale launch, and the results speak for themselves. In an astonishing display of investor confidence, Sensei Inu raised over $50,000 within the first hour of its presale. This remarkable achievement underscores the widespread interest in the project.
One of the key factors contributing to this rapid success is the innovative tokenomics behind Sensei Inu. With each presale stage, the price of $SINU tokens increases. This dynamic pricing mechanism encourages early participation and rewards early investors, creating a sense of urgency and excitement in the community.
Multiple Payment Options
Sensei Inu has gone the extra mile to ensure accessibility for a wide range of investors. You can buy Sensei SINU tokens using Ethereum Network, BNB Chain, or even a Credit Card.
Investors can easily connect their wallets, choose their preferred payment method, and seamlessly participate in the presale. The inclusion of Credit Card payments through a trusted third-party service, “Wert,” adds an extra layer of convenience, making it easier for individuals to enter the crypto space.
Bullish Momentum
As the Sensei Inu presale gathers steam, it’s clear that investor sentiment is bullish. The project’s unique approach, rapid fundraising success, and flexible payment options have captured the attention of crypto enthusiasts worldwide. With each passing stage of the presale, the excitement continues to grow.
Conclusion
Sensei Inu’s presale has emerged as a ray of hope for investors seeking new opportunities in an era of uncertainty for major cryptocurrencies. The project’s innovative tokenomics, rapid success in fundraising, and user-friendly payment options make it an appealing choice in the crypto market. As the crypto community watches with bated breath, Sensei Inu’s journey is just beginning, and the future looks promising.
FAQs:-
1.How can I participate in Sensei Inu’s presale?
To participate in Sensei Inu’s presale, visit the project’s website and click on ‘Connect Wallet.’ You can then choose your preferred payment method, such as Ethereum, BNB, or Credit Card, and follow the instructions to finish your purchase.
2.What makes Sensei Inu different from other cryptocurrencies?
Sensei Inu distinguishes itself with its innovative tokenomics, dynamic pricing mechanism, and a commitment to providing multiple payment options. These factors make a contribution to its developing recognition.
3.Is Sensei Inu’s presale open to international investors?
Yes, Sensei Inu’s presale is open to investors worldwide. Anyone with access to the supported payment methods can participate.
4.Can I import $SINU tokens to my MetaMask wallet?
Yes, you can import $SINU tokens to your MetaMask wallet by clicking “Add To MetaMask” on the claim page once it is available. This allows you to keep track of your $SINU token balance within your wallet.
5.What is the future outlook for Sensei Inu?
While the cryptocurrency market is inherently speculative, Sensei Inu’s strong start and innovative approach have generated optimism. The project’s success will depend on its ability to deliver on its roadmap and execute its vision, making it an exciting project to watch.
Crypto Market Forecast: Brace for a Major Collapse in the Next 4 Months – Raoul Pal
Raoul Pal, a prominent figure in the financial sector, recently shared some stark insights on the impending banking crisis, which may shake the world’s financial foundations in the coming months. Pal’s predictions are based on the current global banking system’s frailty and the looming financial threats that could trigger a massive economic upheaval.
Global Banking on the Brink
Banks worldwide, particularly major players like Chase, Citigroup, and Bank of America, are currently walking a tightrope. Pal suggests that several of these banking giants are practically on life support, masked only by lenient accounting practices. The alarming rate of bank failures and the unreliability of certain countries’ monetary systems emphasize the looming severity.
Inflation Woes and the Common Man
The pinch of the crisis isn’t just felt in the boardrooms of these financial institutions. Regular folks are grappling with skyrocketing inflation rates, impacting their ability to afford basic necessities like food, shelter, and energy. If the trajectory continues, we could see a massive public panic, causing a significant run on the banks.
Crypto’s Potential Lifeline
The silver lining in this turbulent forecast might be the rise of cryptocurrency. Raoul Pal is optimistic about crypto’s role in possibly reshaping and potentially stabilizing the world’s financial landscapes in the face of the banking sector’s probable downfall. He passionately believes that, within this business cycle leading to 2025, crypto could emerge as the world’s best-performing asset, offering an alternative and more stable financial solution.
Economic indicators are hinting at potential challenges. The Federal Reserve’s increasing bond issues to address high-interest rates, coupled with a rising yield curve, are just a few of the concerns. With all these elements at play, Pal anticipates an economic slowdown, especially in the banking sector.
With approximately 13 trillion dollars of debt waiting to be rolled over and new bonds being issued, the need for strategic financial repositioning is paramount. Pal predicts that by the end of the year, the inflation rate might even dip below 2%, adding another layer of complexity to the scenario, and giving crypto its time to shine.
Crypto Market Prediction: Analyst Maps Buy Levels For Bitcoin and Major Altcoins
In the world of cryptocurrency, the winds of uncertainty are blowing, with many predicting a forthcoming market selloff. If these predictions materialize, the total valuation of the crypto market may dip below $1 trillion once again. Historically, September, particularly before Bitcoin’s halving, has proven to be a bearish month for the leading cryptocurrency and the broader altcoin industry.
Notably, on-chain data reveals that institutional funds are steadily flowing into the market, regardless of the price volatility that has been witnessed recently. Just last month, an address holding more than $3 billion worth of Bitcoins was traced back to Robinhood Markets, further underscoring the growing institutional interest in the crypto space.
Bitcoin and Altcoins Predictions
According to a prominent crypto analyst, known as Blockchainedbb on the X platform, the crypto market is on the cusp of a significant buying opportunity. The analyst anticipates a drop in Bitcoin’s price, with a projected range between $19,000 and $21,000 in the near future. However, Blockchainedbb does not foresee Bitcoin falling below the $18,000 mark again.
Turning to the altcoin market, the analyst anticipates a similar trend, with Ethereum poised to drop by approximately 23%. Ethereum’s price is expected to range between $1,000 and $1,200 in the coming weeks. Furthermore, the analyst has issued price targets for select altcoins, including Solana (SOL) at around $10, OCEAN at $0.20, Ripple’s XRP at 40 cents, TRIAS at $2.90, and Elon Musk-backed Dogecoin (DOGE) at $0.04.
However, it’s worth noting that the crypto market has displayed a propensity for sudden upswings, even amidst bearish sentiments that have led to mass trader liquidations.
G20 Summit 2023 : Major Decision on cryptocurrency, Agreement on Creating Global Regulatory Framework
The G20 leaders, in the Delhi Declaration, have backed the FSB’s recommendations for regulating cryptocurrencies. They also stressed their commitment to keeping a close eye on the risks of the fast-changing crypto world.
During a G20 meeting in New Delhi, leaders from many countries agreed to create a clear set of rules for cryptocurrencies. To make digital money more transparent, they also agreed to share information between countries.
A consensus declaration signed by G20 leaders read, “We call for the swift implementation of the Crypto-Asset Reporting Framework (CARF) and amendments to the CRS [Common Reporting Standard]. We ask the Global Forum on Transparency and Exchange of Information for Tax Purposes to identify an appropriate and coordinated timeline to commence exchanges by relevant jurisdictions.”
Right before the G20 Summit in New Delhi, the IMF and FSB published a paper about cryptocurrencies. They said that it’s important to have clear rules and regulations for cryptocurrencies to prevent risks to the economy and financial stability.
The Delhi Declaration read, “We endorse the Financial Stability Board’s (FSB’s) high-level recommendations for the regulation, supervision and oversight of crypto-assets activities and markets and of global stablecoin arrangements.”
Many governments have tightened regulations for cryptocurrency transactions. The European Union agreed new legislation to implement the Common Reporting Standard (CRS) in May. According to these laws, persons must mention the name of the person to whom they are sending cryptocurrency, their cryptocurrency address, and their account number. This is done to increase the transparency of bitcoin transactions for tax purposes.
The G20 finance ministers and central bank governors will continue discussing these issues at their fourth meeting in Marrakech, Morocco, during the World Bank and IMF annual meetings from October 9th to 15th, 2023.
Attention Trades; Bitcoin to Remain Flat This Weekend-Do Not Expect Any Major Move
Crypto markets nowadays have become less interesting as they have been trading in the absence of the required liquidity. Besides, the bears also appear to remain inactive, which has compelled the price of Bitcoin to remain within a narrow range. For this reason, the global crypto market cap has also remained stuck around $1.06 trillion for quite some time. However, if the market participants believe a massive change may occur in the coming weekend, it may just end up being fictional.
During the latest upswing beyond $28,000, the BTC price soared above the resistance line and not only reached the price reversal zone but also the next resistance levels. In the meantime, a regular divergence (RD) between volume and price between two consecutive peaks was witnessed. However, the rejection that followed dragged the price back to its initial resistance and also broke the major support at $25,800.
Despite the price plunge, the Bitcoin price reacted well to the price reversal zone and rebounded after a contact. Hence, now that the price is believed to undergo a sensible upswing, the lack of volatility may not allow it to do so.
The BTC price is trading within the support zone at the moment, and the recent rejection from the interim rejection may compel the price to reach lower support. This may trigger a notable upswing, which could push the price above $26,200 in the coming week. But the dropped trading volume and the upcoming death cross may not allow the price to soar beyond $26,000. Rather, it may face yet another bearish pullback, leading the token to visit the lower support at $25,200.
Therefore, market sentiment is expected to remain motionless throughout the weekend, with minor price variations. Until the bearish clouds of death cross hover over the markets, no specific price action may be expected.
Are Chainlink Sharks Gearing Up for a Major Move? LINK Price Breakout on the Horizon?
Chainlink (LINK) price action has been a challenging puzzle for crypto analysts as it continues its horizontal consolidation. Despite predictions of a breakout, the sideways movement that began in May last year persists. As per the latest crypto market data from Coingecko and Tradingview, Chainlink (LINK) has seen a 7.04 percent increase since September 5th, trading at approximately $6.38 during the early Asian session on Thursday.
Additionally, Chainlink has witnessed a substantial 33 percent spike in its average daily traded volume, reaching about $187 million. Meanwhile, the Chainlink network boasts a fully diluted valuation (FDV) of approximately $6.36 billion and a market capitalization of roughly $3.42 billion.
Santiment’s Chainlink Shark Accumulation Report
Market intelligence platform Santiment has conducted an on-chain analysis of Chainlink (LINK), revealing intriguing insights into accumulation patterns. According to Santiment, accounts holding between 10,000 and 100,000 LINK tokens have been actively accumulating. Notably, there are now 3,127 Chainlink accounts in this category, marking the highest level since December 3, 2022.
Santiment’s analysis also shows that Chainlink sharks, referring to larger holders, have added LINK tokens worth $9.6 million in the past three days. Consequently, Chainlink sharks collectively hold 0.154 percent of the entire circulating supply. Moreover, there has been an increase of 98 new Chainlink wallets holding between 10,000 and 100,000 LINK tokens since September 3rd, representing a growth of approximately 3.2 percent.
Major Tokens Remain Flat; Here’s What’s Incoming for Bitcoin & Altcoin
The crypto markets are becoming uninteresting nowadays, as the majority of tokens are lagging in variation. Considering Bitcoin, after the drop from levels above $28,000, the price remains stuck below $25,800. Besides, altcoins like Ethereum, XRP, Cardano, Solana, Polygon, etc. have been sustaining above the crucial support. This suggests they are accumulating strength to trigger a healthy upswing soon.
The BTC price is stuck within a range in the hourly chart, displaying fewer price variations. The Bollinger bands are getting squeezed, which compels the price to fluctuate with bigger margins. It may not be in favour of the bulls, but the trend reversal in the RSI keeps the hopes alive. Even if the price triggers a healthy upswing, the trend could remain under bearish influence below $26,300.
Hence, the traders may remain stuck as the current trade setup displays the possibility of a bull trap, as the BTC price could face yet another rejection at these levels. However, the current pullback may prevail for long as the star crypto appears to be on its way to marking the lows of the 2022 bear market. A popular analyst, Moustache, believes the BTC price may drop to as low as $12,000 as the altcoins are displaying huge momentum.
“Friendly reminder that the Altcoin Season Index shows that altcoins are moving at the same level as in 2019/2020.
That was the time when the foundation for 100x gains was laid.
Have fun waiting for 12K Bitcoin,”
Tether Emerges as Major Buyer of US Treasuries, Holding over $72.5 billion!
Tether, the issuer of the popular stablecoin USD₮, has emerged as a significant buyer of US Treasuries. The report indicated that Tether holds over $72.5 billion in US Treasuries, making it one of the top 22 buyers of the debt instrument. With demand for USD₮ increasing globally, Tether’s ability to buy US Treasuries has the potential to grow rapidly. This comes at a time when foreign demand for US Treasuries is slipping and US debt issuance is set to increase. Tether’s ability to support US and global financial stability has been highlighted as foreign buying declines.
US SEC Chair Gary Gensler Set to Tackle Major Crypto Discussions in Congressional Hearings
Is crypto entangled in an ego war, what’s happening with SEC’s legal setbacks, the recent cases are a huge cause of worry for investors and big institutions who are afraid to enter the regulatory muddle. At this time, Gary Gensler’s call is larger than expected; the meeting may make key choices.
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Gensler to Testify Before Two Congress Panels
Notably, U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler is set to appear before two congressional committees in September 2023. Although the official announcement does not say that the cryptocurrency market would be the main topic of discussion, it is likely that it will be the case. This follows the SEC’s recent legal defeats, such as the summary judgment in the XRP action and the success in the Grayscale spot Bitcoin ETF lawsuit.
With the #FireGaryGensler trend growing, the upcoming meeting’s agenda remains uncertain. People are eager to see if it will address crypto and Gensler’s involvement in legal proceedings.
What to Expect in the Meeting?
Gensler’s upcoming hearings will involve the U.S. Senate Banking Committee GOP and the U.S. House Committee on Financial Services Republicans. One key aspect of these hearings is the SEC’s plans regarding the approval of spot Bitcoin ETF applications from companies like BlackRock, Ark Invest, Fidelity, and Bitwise. The meeting is also very crucial as there will be added pressure on the SEC post-Grayscale victory to prove and clarify its stance on these applications. Moreover, Grayscale is aiming to convert its Grayscale Bitcoin Trust (GBTC) into a spot ETF.
In this context, Gensler has softened his aggressive take on crypto. Changing his stance from positive to neutral in an interview following the Ripple vs. SEC lawsuit summary judgment. He indicated that the SEC commissioners would make the decision to appeal the court’s ruling collectively, signaling a shift from his previous outspoken approach against crypto businesses.
The crypto wants him to resign only then a fair and transparent regulatory framework can be prevailed.
Impact on Crypto Market
Meanwhile, such events are directly related to crypto movements as they decide the fate of the trending tokens. The price of XRP could potentially rise to $1, building on the recovery that followed Grayscale Investments’ successful appeal against the SEC. The cross-border money remittance token has experienced a 2.8% increase to $0.53, with substantial trading volume and market capitalization. The king crypto BTC also surged to $28k after Grayscale’s SEC victory, but it might dip to $25k again.
BlackRock Emerges as 2nd Major Investor in Bitcoin Mining Companies!
BlackRock, the world’s biggest asset manager, has become the second-largest shareholder in four top Bitcoin mining firms via filings with the SEC. BlackRock has been gradually increasing its exposure to cryptocurrency holdings recently, with this move seen by many as a positive sign for long-term Bitcoin growth. The move comes as Bitcoin mining activity and price continue to surge, courtesy of increasing demand from institutional investors and retail traders alike.
Bloomberg Expert Mike McGlone Anticipates Decline in Major Bitcoin Price Spikes
In a world where volatility is both celebrated and feared, the convergence between Bitcoin and gold may just herald a new era for the foremost cryptocurrency. Let’s delve into the compelling insights shared by Bloomberg’s Senior Macro Strategist, Mike McGlone.
Bitcoin’s Relative Risk on a Downward Trend
Bitcoin is growing up, and with maturity comes reduced volatility. McGlone’s recent tweet emphasizes that Bitcoin’s relative risk might continue to decline, sitting currently at about 3x that of gold, yet still significantly lower than the peak of 12x in 2018. This shows a remarkable transformation in the behavior of Bitcoin, moving closer to the conventional store of value—gold.
Gone are the days of massive Bitcoin price spikes. A decline in volatility signals a more stable and less risky environment for investors. This doesn’t mean the excitement is gone, but rather, the drama of wild price swings has been replaced with a more predictable, more mature market landscape.
Bitcoin’s Maturation Process
Bitcoin is no longer the rebellious upstart it once was. Its growing adoption in traditional finance, as evidenced by moves like BlackRock’s Bitcoin ETF filing, indicates a recognition of its legitimacy. Futures, cash-and-carry arbitrage, and exchange-traded funds are characteristic of Bitcoin’s evolution into a mature financial asset.
All right, so we know that Bitcoin is growing up, but what about its price? There’s pressure, no doubt about it. Rate hikes from the Federal Reserve and that ever-climbing US dollar index are throwing a few hurdles in the way. But let me tell you something: don’t underestimate resilience.
BTC Price Analysis
As popular crypto analyst Ali Martinez notes, Bitcoin’s historical behavior suggests a possible rebound. With the price trading at $26,090 and a Realized Price of around $20,350, there could be room for upward movement. The trading volume may have decreased by 10% in the last 24 hours, but the market is far from stagnant.
Bitcoin’s path toward convergence with gold’s volatility reveals an evolving and maturing asset. This sophisticated dance between the digital and physical realms represents a transformation from wild adolescence to more refined adulthood.
XRP Price Dynamics: Decoding the Impact of Major Token Holders
The price of Ripple (XRP) suddenly dropped after news broke that the court had given the green light to the US Securities and Exchange Commission’s (SEC) request for an interlocutory appeal. The recent drop has wiped out all the gains made during the July 13 rally, with XRP plunging by 15% in the past week and 30% over the past month.
However, on-chain metrics have painted a different narrative. According to Santiment, the XRP Network is showing signs of improvement, as its price rose by 4% today. This increase seems to be influenced by the largest holders of cryptocurrency. There are 221 addresses with 10 million to 1 billion XRP each, holding a combined total of 16.13 billion tokens valued at $8.71 billion.
Reacting to the news, pro-XRP lawyer Bill Morgan wrote, “Those other ownership figures show 221 accounts which may represent less than 221 separate holders now hold about 30% of the entire circulating supply. @XRP_Productions should sell some.”
Moon Lambo, a well-known crypto enthusiast, also shared some interesting facts about these price movements. As Moon Lambo pointed out, sometimes $XRP outperforms Bitcoin during market crashes, and other times it’s the other way around. This shows that short-term price movements can’t always be predicted and that the crypto market is full of surprises.
The expert found humor in a recent crypto market crash where $XRP dropped significantly more than Bitcoin. Why? Because these drops, even though they might seem extreme, don’t necessarily reflect the long-term potential of a cryptocurrency.
He wrote on Twitter, “Why be fearful when we’re observing volatile price action given that data tells us we should expect volatile price action? The market is behaving in-line with what we should expect, yet some people freak out over normal market behavior?”
Ethereum Price Prediction: ETH/BTC Pair Poised for Major Correction, Expert Says
The cryptocurrency market is currently grappling with a prevailing sense of unease as numerous altcoins, including Ethereum (ETH), the second-largest cryptocurrency by market capitalization, find themselves caught in a downward spiral. Notably, crypto analyst Benjamin Cowen has emerged as a prominent figure voicing bearish sentiments regarding the ETH/BTC pairing.
In a series of insightful posts, Cowen delves into the recent decline of the ETH/BTC trading pair, suggesting that this decline could mark what he dubs an “altcoin reckoning.” His theory revolves around the idea that this slump might pave the way for substantial market corrections, compelling overvalued altcoins to realign with their intrinsic value.
Altcoin Reckoning: A Look At the ETH/BTC Pair
With a keen eye on the market dynamics, Cowen contends that the ETH/BTC pair’s trajectory has displayed intriguing patterns. During the bullish market phase, this pairing was among the last to surge; in a similar vein, it might stand as one of the final casualties during the bearish market phase.
“If this happens, expect an altcoin reckoning.”
Market Metrics
Presently, the ALT/BTC trading pair hovers around 0.47, with projections indicating potential resistance within the 0.48 to 0.50 range, as suggested by the Bollinger Moving Standard Band (BMSB).
Cowen, however, offers words of caution. He raises a red flag concerning the potential challenges that ALT/BTC pairs could face if Bitcoin’s value slips beneath the BMSB benchmark. Furthermore, he urges readers not to be swayed by the recent decline in Bitcoin’s dominance, a shift that may have misguided some into a false sense of security regarding the fate of altcoins.
“In the end, even the giants will fall.”
Read More: Bitcoin’s Fate Hangs in the Balance: Another Significant BTC Price Crash on the Horizon?
Expert Insights: CrediBULL Crypto Weighs In
Echoing Cowen’s sentiments, CrediBULL Crypto weighs in with his own perspective. He underscores Bitcoin’s formidable stance, projecting its potential to cast a shadow over Ethereum and most other altcoins in the approaching months. Drawing on historical price movements, CrediBULL delves into how Bitcoin’s performance has traditionally reverberated across the broader market.
He posits that as long as Bitcoin manages to sustain a value surpassing $25,000, the market sentiment is likely to maintain a positive trajectory, which could potentially propel Bitcoin’s dominance beyond the 50% mark, a projection shared by various experts.
Ethereum Stands Strong
One user, @hoss_crypto, remains optimistic about ETH’s potential rise due to several factors. Firstly, the approval of an Ethereum investment fund (ETF) could attract a surge of new buyers. Secondly, Ethereum’s staking mechanism, enabling users to earn income, holds appeal for traditional investors. Thirdly, Ethereum’s environmentally friendly model could capture the interest of major investors.
Lastly, the endorsement from companies such as PayPal utilizing Ethereum’s platform could foster greater adoption. Notably, recent revelations have shown that even former US President Donald Trump holds approximately $2.8 million in Ethereum wallets.
One thing remains certain: unpredictability. The current downtrend experienced by Ethereum and other altcoins has sparked intriguing debates about their future trajectories. While analysts like Benjamin Cowen and CrediBULL Crypto offer their unique perspectives, the market remains a terrain where resilience, innovation, and external endorsements can sway the tide in unexpected ways.
Read More: Ethereum Displays A Concerning Pattern On The 1-Year Chart! Is ETH Price Aiming For $1,400?
Stay aware and stay informed!
CAIZcoin Launches on Major Cryptocurrency Exchanges Worldwide!
CAIZcoin, a blockchain and cryptocurrency pioneer, has made its official debut on major cryptocurrency exchanges worldwide, marking a significant milestone for the groundbreaking blockchain and cryptocurrency platform. This move is part of the company’s vision to transform how individuals access and interact with digital assets, and its arrival on major exchanges opens up new opportunities for investors looking to participate in this innovative financial ecosystem. CAIZcoin is now available on major exchanges, including Binance, Bitfinex, Huobi, and OKEx.
Tether to Refocus on Major Blockchains, Ceases Support for Smaller Protocols
Tether, the largest stablecoin issuer, announced it would stop supporting several smaller blockchain protocols over the coming year. This move reflects Tether’s migration toward larger networks like Ethereum and Tron.
Specifically, Tether will cease issuing and interacting with the dollar-pegged USDT token on Omni, Kusama, and Bitcoin Cash by August 17th, 2022. Omni is a protocol layered on Bitcoin that initially enabled Tether transfers starting in 2014.
During the following year, Tether will maintain the redemption of USDT-Omni, USDT-Kusama, and USDT-BCH-SLP as per usual procedures. Beyond this initial period, Tether may assess and communicate any further adjustments.
Users also have the option to exchange USDT-Omni, USDT-Kusama, and USDT-BCH-SLP for different chains on platforms that support these particular assets, such as Bitfinex.
Tether cites a drop in Omni-based USDT usage
However, in its announcement, Tether cited declining usage of Omni-based USDT as more exchanges adopt alternative platforms. Currently, only $240 million of the $82 billion total USDT supply uses the Omni network.
Tether will continue enabling USDT redemptions on these networks for one year, giving users time to move funds. But the shift demonstrates Tether’s prioritization of higher-volume chains like Ethereum, which handles most of its activity.
Critics argue this increased centralization on a few platforms runs counter to cryptocurrency’s decentralization ethos. However, Tether claims its actions are customer-focused.
“To ensure continued capabilities…we must actively assess market demand and throughput,” the company stated. “Users should feel confident that Tether will remain responsive to market forces.”
Going forward, Tether aims to concentrate connectivity and liquidity for its USDT stablecoin on high-demand networks. While the move away from niche protocols has trade-offs, Tether asserts that this path makes USDT more accessible for its users in the long term.
Bitcoin Price Forecast: Analysts Predict Major Price Move Ahead
The value of Bitcoin has staged a noteworthy rebound, surging by 2% following a period of stagnation. Although it has remained steady at $29,399, the cryptocurrency’s value is displaying promising signs of growth. Adding to its appeal, Bitcoin’s volatility has maintained a modest level this August.
Renowned analyst Dave the Wave, notable for accurately predicting a Bitcoin crash in May 2021, is sounding a note of caution. He suggests that Bitcoin could encounter a significant downturn in the coming months, projecting a possible drop to a crucial level on its long-term growth curve (LGC) by year-end.
The LGC model provides estimates for Bitcoin’s highs and lows over time, smoothing out short-term fluctuations. Dave the Wave highlights that a 38% pullback from this year’s peak would not be cause for concern, as it would present favorable buying opportunities for long-term investors. His analysis hints at a potential price of approximately $24,000 by December 2023.
His assessment digs deeper, indicating that Bitcoin currently stands at a pivotal juncture between resistance and support levels, implying an imminent major price shift. He also underscores Bitcoin’s recent sideways trading as a signal of its maturing status and increased price stability from a broader perspective.
Differing Opinions: Another Analyst’s Positive Outlook
Contrary to Dave, analyst Kevin Kelly offers a more optimistic viewpoint. He points to positive indicators, like the conclusion of a downtrend based on ISM parameters, which he interprets as a bullish signal for Bitcoin’s growth.
Kelly also considers the upcoming Bitcoin Halving event scheduled for April 2024 as a supportive factor for his upbeat long-term price projection for Bitcoin. He concurs that a temporary decline over a two-year phase could precede a new all-time high (ATH) before any major pull-off occurs.
Currently, Bitcoin is trading at $29,571, reflecting a 0.7% uptick in the past 24 hours. The crypto community now watches closely to see how these diverse analyses play out in the unfolding market dynamics.
Worldcoin Suffers Major Setback, Gets Kicked Out of Kenya
Worldcoin, the identity-verification crypto initiative co-founded by OpenAI’s Sam Altman, faces a significant roadblock as the Kenyan government suspends its operations.
The project, known for its unique utilization of iris scan technology for identity authentication and cryptocurrency distribution, has swiftly become popular in Kenya, with hundreds of thousands of customers already enlisted. But the suspension in the nation, announced today, leaves many questions unanswered and the future of the project uncertain.
A Concern for Personal Security
Kenya’s Ministry of the Interior announced its decision citing concerns regarding Worldcoin’s collection of eyeball and iris data from citizens. The government has paused all activities associated with Worldcoin until public agencies can determine that there are no risks to the general populace.
This abrupt halt in operations is sure to affect the company’s current efforts in extending its reach worldwide. Worldcoin has not only made waves as a standard cryptocurrency but also with its iris-scanning technology.
The scans are part of a broader identity verification process, and customers who submit to them can claim a portion of Worldcoin’s recently launched WLD token. This inventive approach attracted many Kenyans, with long lines forming at shopping centers to partake in the iris scans.
The suspension comes at a time when the Worldcoin project was enjoying substantial popularity in Kenya. Crypto companies like Nuzo cashed in on Worldcoin’s fame, offering conversion services for the tokens. Moreover, the World App, a cryptocurrency wallet explicitly designed for Worldcoin, rapidly climbed to the top of the Kenyan Play Store’s download charts.
Legally Registered but Suspended
Though Worldcoin had legal permission to collect private data under its parent company, Tools for Humanity GmbH, the unexpected suspension raises questions about adherence to the Data Protection Act 2021.
The act dictates stringent requirements on data collection, further processing restrictions, quality assurance, and robust security measures. Moreover, the law mandates the storage of personal data within Kenya and sets specific conditions for cross-border processing.
Major Shift in Ripple Vs. SEC Lawsuit as Lead XRP Lawyer Departs
The never-ending tango of the Ripple vs. US SEC lawsuit takes an abrupt turn as Ripple’s top attorney, Lisa R. Zornberg, departs from the legal battlefield. The abrupt withdrawal follows her appointment as Chief Counsel by NYC Mayor Eric Adams. This sudden departure has stirred the waters of the ongoing Ripple lawsuit and left the crypto community on the edge of their seats.
The legal dueling grounds, the District Court For the Southern District of New York, have been left echoing with the news of Lisa R. Zornberg’s withdrawal. After tirelessly battling in favor of Ripple Labs and their CEO Brad Garlinghouse, Zornberg made a formal request to the court to step down from the case. With her departure effective July 31st, Ripple Labs will be left under the care of other attorneys from Debevoise & Plimpton LLP.
Ripple in the Pond
Zornberg’s abrupt withdrawal leaves questions looming in the air: will this impact Ripple’s case against the SEC? Ripple assures us not. They assert that the defendants, including CEO Brad Garlinghouse and co-founder Chris Larsen, will not suffer any adverse impacts due to her withdrawal. However, the magnitude of such a development in a case of this size can’t be downplayed.
For Zornberg, her withdrawal comes as a segue into a new role. Recently appointed by New York City Mayor Eric Adams, Zornberg now holds the title of City Hall Chief Counsel. From battling in the courtrooms over cryptocurrency to shaping policy in the heart of New York City, her career has taken quite the leap.
The Ripple Effect on XRP
The Ripple lawsuit has created ripple effects on the value of XRP, which saw a spike following the summary judgment and future plans revealed by Ripple. Despite a slight decrease in value recently due to profit booking by whales and traders, XRP’s price currently hovers around the $0.70 mark.
Prominent XRP holder and lawyer, John E. Deaton, expressed confidence, stating that even if SEC Chair Gary Gensler plans for an appeal, XRP would remain a non-security for at least the next two years.
Crypto Market Sees Major Bullish Trends in XRP and BRISE
In the drastically evolving crypto environment, the notable virtual assets BRISE and XRP have been exhibiting astounding performance over the past few days. While the prominent crypto exchange Ripple Labs’ victory over the Securities and Exchange Commission (SEC) in the long-held legal battle has significantly influenced its native token XRP’s price, it also has a colossal impact on the whole crypto industry.
Following the Federal Court’s declaration on Thursday that XRP is not a security and the token sale on crypto exchanges complied with securities law, major crypto exchanges shared their intention to relist XRP on their platforms. Consequently, XRP saw a huge hike in its price, creating a rally in the market. On Friday, boosted by the court’s ruling, XRP exhibited a surge of 62.71% reaching $0.7674.
At the press time, XRP is trading at a price of $0.7493, up 4.54% in one day, with a 24-hours trading volume of $3,887,901,797. Currently, XRP is ranked fourth by market cap, with a live market cap of $39,353,162,908.
The court’s ruling has stirred the crypto space with optimism, leading to a substantial increase in the other major cryptocurrencies’ prices. While the top cryptocurrency BTC viewed its yearly high of $31,700, the other virtual assets including SOL, MATIC, and ADA rose by more than 15%.
On July 7, the renowned crypto engineering organization Bitgert celebrated its second anniversary, preparing to announce the listing of its token BRISE on ten major crypto exchanges. Earlier today, the platform shared a Twitter post inviting its community’s attention to the upcoming promotion campaign and exchange listings.
In the previous week, while Bitgert honoured its second year, BRISE had been moving on a positive track, showing a bullish trend. On July 13, the token reached its weekly high of $0.00000026755. Though BRISE’s current price of $0.000000256443 shows a decline of 0.58% in the last 24 hours, it has grown by 13.03% over the week.
Why Crypto Market is Up Today? Here Are The Top Major Reasons
The cryptocurrency market experienced a significant boost, with the total market cap surging by over 6.5 percent to reach approximately $1.3 trillion in the past 24 hours. This surge was primarily fueled by the final ruling of the SEC vs Ripple case, which provided some much-needed regulatory clarity for the digital asset industry in the United States.
Following the ruling, Bitcoin broke above the $31,000 mark, while the altcoin market displayed a more bullish sentiment. The latest crypto price oracles revealed that the TOTAL2 market cap soared by over 10 percent, reaching about $608.7 billion during the early Asian market on Friday.
Among the altcoins, XRP registered the most substantial gains, reaching highs of about 95 cents on certain exchanges. With the initial frenzy now cooled off, XRP’s price still remained impressive, having surged by approximately 67 percent in the last 24 hours to settle around 78 cents.
Also Read Ripple Vs. SEC Verdict Is Out: Judge Torres Rules in Favor of Ripple
District Judge Analisa Torres’ ruling not only provided a favorable outcome for Ripple but also set the ball rolling for the digital asset industry in the United States. US House Majority Whip Tom Emmer even advocated for the ruling to be transformed into law, further solidifying the potential positive impact on the industry.
Moreover, altcoins closely associated with the SEC’s scrutiny, such as Polygon (MATIC), Cardano (ADA), and Solana (SOL), witnessed significant gains over the past 24 hours. Polygon saw an increase of around 18 percent, Cardano rose by 25 percent, and Solana experienced an impressive surge of 32 percent.
It is worth noting that XRP’s sister digital asset, Stellar XLM, also enjoyed a remarkable rally, with its price surging over 57 percent in the past 24 hours, reaching a trading value of around 15 cents on Friday.
Overall, the conclusion of the SEC vs Ripple case and the subsequent surge in the cryptocurrency market showcased a newfound optimism among investors, signaling a positive turn for the industry and paving the way for further developments in the United States.
XRP Relisted On Coinbase and Other Major Exchanges, Will XRP Price Hit $1 By July End ?
In a major development for the cryptocurrency market, Coinbase Global Inc has officially relisted XRP on its platform, pending favorable liquidity conditions.
Finally, XRP is not a “Security”
Today, the crypto ecosystem is experiencing a surge of optimism following Ripple Labs’ recent triumph over the United States Securities and Exchange Commission (SEC). Judge Analisa Torres’ declaration that XRP is not a “Security” has sparked enthusiasm, and now Coinbase exchange is joining the excitement by announcing the relisting of the digital currency open for trading.
Coinbase, the largest cryptocurrency trading platform in the United States, has reinstated trading for XRP on the XRP network. However, the exchange advises customers to avoid sending the cryptocurrency to other networks to prevent permanent loss of funds. Trading of XRP is expected to commence later today, subject to sufficient liquidity conditions being met.
The exchange shared the news via its Twitter handle, stating, “Trading is anticipated to begin later today, if liquidity conditions are met. Once a sufficient supply of this asset is established, trading on our XRP-USD, XRP-USDT, and XRP-EUR trading pairs will launch in phases. Support for XRP may be restricted in some supported jurisdictions.”
Coinbase had previously delisted XRP following the SEC’s lawsuit against Ripple Labs in December 2020, which claimed that XRP constituted an investment contract. However, with the recent favorable outcome of the legal case, Coinbase has reestablished its support for XRP, demonstrating renewed confidence in the digital asset.
However, the relisting on Coinbase is a testament to the growing interest in XRP, as other prominent exchanges, such as Gemini, have also expressed their intentions to relist XRP for both spot and derivatives trading.
XRP Hits High as Positive Sentiment Takes Hold
This relisting on Coinbase adds to the positive momentum for XRP, resulting in a significant surge in its price. Within the past 24 hours, XRP’s value has increased by over 74%, reaching a trading price of $0.8186. The relisting on Coinbase has contributed to the broader market revival, with Bitcoin (BTC) also experiencing an upturn and retesting the important psychological level above $31,000.
With the relisting on Coinbase, XRP holders and traders now have increased accessibility and opportunities to engage with the digital currency. This development marks an important milestone in the recovery and resurgence of XRP within the cryptocurrency market.