Category: Crypto market

Tether Buys Minority Stake in Juventus FC

Posted on by Olumide Adesina

Tether, a stablecoin issuer, purchased a minority interest in Juventus FC, a legendary Series A football team established in Turin, Italy

The investment backs Tether’s objective of incorporating digital assets, stablecoins, and human-first technology into daily life, according to the announcement made on October 14.

The investment’s financial specifics were not revealed.

The business stated that it hopes to make “strategic investments” in international sports teams to expand its user base for digital assets and payments. Juventus is the eleventh most valuable football team valued at $2.05 billion.

Tether’s investment in Juventus follows the stablecoin issuer’s record-breaking year. The company’s holdings of low-risk US Treasury bonds hit an all-time high of $113 billion in 2024, generating $13 billion in profits.

This expands on Tether’s earlier efforts with professional sports organizations. This sponsorship and Tether’s small ownership of Juventus further demonstrate the company’s commitment to encouraging the use of stablecoins and blockchain technology in mainstream industries like sports.

Tether will also invest in cutting-edge technologies like biotech, AI, and digital assets with the venerable sports sector to promote change on a global scale. “We’ll look into opportunities for creative partnerships and the possibility of completely changing the sports scene worldwide,” said Tether CEO Paolo Ardoino

 

SEC Accepts 21Shares Spot XRP ETF

Posted on by Olumide Adesina

The Securities and Exchange Commission (SEC) has officially recognized 21Shares’ application for an exchange-traded fund (ETF) that invests in spot XRP.

Grayscale Investments’ proposal to list and trade shares of its Grayscale XRP Trust as an ETF was recognized by the SEC shortly after this acknowledgment.

The impending approval of an XRP ETF has increased interest in Ripple’s based token, and these developments point to a possible change in the regulatory environment for financial products based on cryptocurrencies. 21Shares filed a Form S-1 with the SEC on November 1, 2024, requesting permission to list its Core XRP Trust shares on the Cboe BZX Exchange.

The trust seeks to provide investors with indirect exposure to the digital asset, per the filing. Canary Capital and Bitwise had already applied for a spot in the XRP ETF, and 21Shares was the third company.

Grayscale Investments’ proposal for an ETF has been accepted by the SEC. Following the SEC’s recognition, a procedure to gather public feedback on the application.

Under former Chair Gary Gensler, the SEC declined to review such ETF applications in late 2024, claiming that the outgoing administration would not authorize any.

Gensler is well-known for his multi-year war on cryptocurrency, which he waged against firms such as Coinbase, Ripple, and others. The regulator appears to be moving in a more pro-crypto direction now that Gensler is gone, though, and some have conjectured that it might reject the Ripple case and other non-fraud cryptocurrency lawsuits.

Forex Signals Brief Feb 14: Eurozone GDP, US Retail Sales Close the Week

Posted on by Skerdian Meta

 

Given the news of tariff announcements and hotter-than-expected PPI data, one might have expected the US dollar to strengthen—but instead, it weakened. The headline PPI report appeared strong, but a closer look at the components suggested that core PCE, the Fed’s preferred inflation metric, is likely to decline. Markets interpreted this as a dovish signal, causing Treasury yields to give up all of yesterday’s CPI-driven gains.

Additionally, the reciprocal tariff announcement had been anticipated for a week, reducing its shock effect. With a six-week delay in implementation, markets are now betting that these tariffs will either be negotiated, mitigated, or not enforced as strictly as initially feared.

US Stock Market Gains Despite Trade Concerns

  • Dow Jones: +355 points (+0.8%) at 44,711
  • S&P 500: +63 points (+1%) at 6,115, just 3 points shy of its record close
  • NASDAQ: +296 points (+1.5%) at 19,945
  • Russell 2000 (Small-Caps): +26 points (+1.17%) at 2,282

Forex and Commodities Reactions

  • USD/JPY erased 1.5 cents, reversing all of yesterday’s gain.
  • USD/CAD dropped more than 1 cent, dipping below levels seen before Trump’s 25% tariff announcement on Canada and Mexico.
  • DAX 40 climbed another 1%, continuing its steady rise.
  • UK FTSE 100 fell 1.5% following weak UK GDP data.
  • Gold surged rapidly toward the $3,000 mark, with buyers stepping in aggressively, pushing prices near Tuesday’s highs.

Conclusion

Markets have largely shrugged off inflation fears and trade war concerns, instead focusing on softer inflation indicators and potential tariff adjustments. Equities remain strong, with gold on track to break $3,000 and risk sentiment keeping the US dollar under pressure.

Today’s Market Expectations

Swiss CPI Inflation for January

Switzerland’s CPI is projected to slow further, with year-over-year inflation expected at 0.4%, down from 0.6%, while the monthly figure is forecasted at -0.1%. The market is pricing in a 92% probability of a 25 basis point rate cut in March and a total of 40 bps by year-end, effectively bringing the policy rate back to 0%. A strong Swiss Franc has contributed to disinflation, prompting the Swiss National Bank to consider interventions. SNB Chairman Schlegel has reiterated that while they are reluctant to return to negative rates, they will do so if necessary.

US PPI Inflation Comes After Yesterday’s Hot CPI

In the U.S., PPI data is expected to show a mixed picture. Headline producer prices are forecasted to rise 3.2% year-over-year, slightly below the previous 3.3%, while the monthly figure is expected to increase to 0.3% from 0.2%. Core PPI is projected at 3.3% annually, easing from 3.5%, with a monthly gain of 0.3% from 0.0% previously. Given recent inflation surprises, markets will likely react based on trends established in the previous day’s CPI report.

US Unemployment Claims

The U.S. jobless claims report remains a key labor market indicator. Initial claims have fluctuated between 200K-260K since 2022, while continuing claims remain elevated. This week’s initial claims are expected at 216K, slightly lower than the prior 219K. However, there is no consensus on continuing claims, which previously rose to 1.886 million from 1.850 million. The labor market remains resilient but shows signs of softening, reinforcing expectations for the Federal Reserve’s next policy moves.

Forex Signals Update

Traders are keeping a close eye on key technical levels and macroeconomic developments in order to predict the next move in the financial markets. Yesterday, gold resumed its upward momentum after falling nearly $80, but it remained below $2,900. The movements of forex pairs and stock markets highlight the mixed sentiment in financial markets. Gold continues to rise as investors seek a safe haven amid uncertainty, while US stock markets struggled with resistance and volatility.

Gold Buyers Are Relentless

Gold experienced a sharp pullback on Tuesday but found support at the 50-day SMA (yellow) on the H4 chart, rebounding above the 20-day SMA (gray) on Wednesday. However, it failed to hold above $2,900 after hitting a new high of $2,942 during the Asian session, retreating in the US session due to improved risk sentiment and profit-taking. Despite this, support at the 20-day SMA has held firm, generating a fresh buy signal. On Wednesday, gold reversed higher, climbing above the $2,900 level again.Chart XAUUSDm, H4, 2025.02.13 01:29 UTC, Exness Technologies Ltd, MetaTrader 5, Real XAU/USD – H4 Chart

EUR/USD Fail to Hold Above the 50 Daily SMA Again

EUR/USD has been in a consistent downtrend since October, dropping 10 cents despite occasional rebounds, such as January’s brief surge above 1.05 and last week’s move past 1.04. Buying interest remains weak, with lower highs reinforcing the bearish outlook. The European Central Bank’s dovish stance continues to weigh on the euro, while the US dollar benefits from economic resilience and the Federal Reserve’s cautious policy approach. If this dynamic persists, further declines in EUR/USD could follow.Chart EURUSDm, D1, 2025.02.12 00:25 UTC, Exness Technologies Ltd, MetaTrader 5, Real EUR/USD – Daily Chart

Cryptocurrency Update

Bitcoin Continues to Remain Between MAs

Bitcoin has also struggled to maintain its footing, mirroring the broader weakness in risk assets. The 100-day SMA has provided some support, but BTC must reclaim the 50-day SMA and hold above $100K to challenge its January all-time high near $110K. Meanwhile, multiple US states, including Texas and Florida, are considering legislation that would allow them to allocate up to 10% of excess reserves into digital assets. If this trend gains momentum, Bitcoin could solidify its position within the global financial system as a potential reserve asset.Chart BTCUSDm, D1, 2025.02.13 01:35 UTC, Exness Technologies Ltd, MetaTrader 5, Real

BTC/USD – Daily chart

Ethereum Starts to Reverse Higher

Ethereum has faced intense selling pressure, struggling to sustain gains after approaching $4,000 in late 2024. A flash crash on Monday slashed its value by 50%, briefly sending ETH down to $2,000 before staging a modest recovery. While downside risks persist, Ethereum could see a rebound if technical support at $2,000 holds and broader market sentiment improves.Chart ETHUSDm, D1, 2025.02.13 01:35 UTC, Exness Technologies Ltd, MetaTrader 5, Real ETH/USD – Daily Chart

Mastercard increasingly Use Blockchain

Posted on by Olumide Adesina

Mastercard stated that 30 percent of its transactions in 2024 were tokenized. According to the SEC filing, “about 30 percent of all Mastercard transactions are now tokenized.”

 

The company acknowledged the increasing competition in the changing payments sector while reaffirming its dedication to digital finance. Mastercard emphasized how the financial landscape is changing due to the speed at which technology is developing.

The business points improved cybersecurity and blockchain technology are revolutionizing payment systems. These advancements have the potential to challenge current technologies and offer more effective solutions.

The company claims that these developments could lead to new technologies that outperform or replace the ones we currently employ in our services and programs.

They might also lead to fresh and creative goods, services, and payment options.

“Stablecoins and cryptocurrencies are becoming attractive substitutes for conventional payment methods,’ the company added.

Their effectiveness and 24/7 accessibility have prompted broader adoption, especially in business-to-business (B2B) payments and merchant transactions.

Mastercard may be impacted by regulatory developments that hasten the adoption of digital currencies. The payment behemoth added that governments globally are actively investigating central bank digital currencies (CBDCs), which may develop specialized financial networks.

. Mastercard stated: “[This may] impact the extent of our role in facilitating CBDC-based payment transactions, potentially impacting the transactions that we may process over our network,” if this were to occur. “.

 

U.S. Fed Supports Stablecoin Regulation

Posted on by Olumide Adesina

US Federal Reserve Governor Christopher Waller called for a regulatory framework that would enable banks to issue dollar-pegged digital currencies and stated that stablecoins could broaden the appeal of the US dollar.

Waller stated that stablecoins are an “important innovation for the crypto ecosystem with the potential to improve retail and cross-border payments.”

He also stated that the stablecoin market has reached maturity and “would benefit from a US regulatory and supervisory framework that addresses stablecoin risks directly, fully, and narrowly,” adding that banks and non-banks should be able to issue stablecoins.

In addition, he called for clear regulations and said he was confident the private sector could develop stablecoin solutions for consumers and businesses. “I think the private sector can create solutions that help businesses and consumers, and the public sector can create a fair set of rules for market participants to follow,” he stated.

Waller acknowledged their current use cases, which are currently limited and include cross-border payments, retail payments, access to US dollars, particularly in countries with high inflation, and a safe store of value within cryptocurrency trading.

The US lacks a clear regulatory framework, state and international regulations are fragmented, and balanced regulation that ensures safety without stifling innovation are some of the difficulties. He also emphasized the dangers of failures and “de-pegs.”.

 

Binance CZ Mulls Meme Coin Launch

Posted on by Olumide Adesina

The former CEO of Binance, Changpeng “CZ” Zhao, may introduce a meme coin named after his dog.

The idea came about because of a heated social media debate yesterday in which users pushed him to post the name and picture of his pet.

It began when a user on X (formerly Twitter) posted a meme about Bitcoin’s price struggle, to express their frustration over the cryptocurrency’s inability to hold above $100,000.

“I recall a similar sentiment when Bitcoin crossed back and forth around $10,000 a few years ago,” CZ said, jumping into the discussion. When someone inquired, “CZ, do you have a pet dog?” he replied, “Yes, a Belgian Malinois, not a Shiba Inu. .”.

Crypto Kemal answered saying, “We need the name and photo ser. CZ asked, “Honest newbie question,” after quoting the post.

I share my dog’s name and photo, and then people make memories. How can you tell which one is “official,” or does it even matter? I see many people requesting a name and a photo of my dog. CZ added

Thirty minutes later, CZ came back with an update. I’ve got the answers. It’s quite intriguing how things operate. I will consider it for a day or so, as is customary when making significant decisions 😂. Should you respect his privacy or dox the dog for the cause?

CZ  expressed concerns about meme coins on numerous occasions. He described the trend as “a little weird” in 2024. He advised developers to create genuine blockchain applications rather than hype-driven tokens, which people in the cryptocurrency community now use as memes.

 

 

 

SEC Makes Decision on Grayscale XRP ETF

Posted on by Olumide Adesina

The cryptocurrency market, and the XRP community in particular, is full of optimism as the Grayscale Investments’ application to convert its XRP Trust into a spot exchange-traded fund (ETF) is anticipated to be decided by the Securities and Exchange Commission (SEC) as early as today.

The possible approval would be a major turning point, boost greater institutional acceptance, and open the door to wider market participation.

This possible approval would be a major turning point, boost greater institutional acceptance, and open the door to wider market participation.

It’s projected that such an approval will likely draw a swarm of institutional investors, increasing liquidity and possibly raising the asset’s market value. The SEC’s decision is especially significant, and approval could be seen as a positive regulatory signal given the ongoing legal debate over XRP’s classification.

This is a significant change in the regulatory mindset after former SEC Chairman Gary Gensler left the agency.

Gensler had been skeptical of cryptocurrencies and frequently classified them as securities.

The SEC is moving toward greater acceptance of financial products related to cryptocurrencies with its recent decisions to approve spot Bitcoin and Ethereum ETFs in 2024

Calm Before the Storm As XRP Price Sticks to $2.30-2.50 Range, While BTC Is Down 3%

Posted on by Skerdian Meta

Bitcoin and Ethereum have reversed lower today, while the XRP price is holding steady in a tight range which is a sign of a bullish breakout soon.

You can't keep a good Ripple down

Continue reading “Calm Before the Storm As XRP Price Sticks to $2.30-2.50 Range, While BTC Is Down 3%” →

Forex Signals Brief Feb 13: More Inflation Data and Tariff Talk

Posted on by Skerdian Meta

 Today we have more inflation reports from several countries and the usual trade tariff talk, which will drive markets around, on top of the UK GDP data.

Today we get the January US PPI inflation after yesterday's CPI data

Continue reading “Forex Signals Brief Feb 13: More Inflation Data and Tariff Talk” →