Category: Crypto market

Ethereum Bulls Show Exhaustion

Posted on by Olumide Adesina

Ether bulls lost the $2,600 support line amid a low-risk appetite in the crypto market.

Ethereum’s Relative Strength Index (RSI) is at 56, suggesting that the asset is strong enough to sustain its upward trend.  Technical analysts frequently use the RSI to determine whether an asset has the energy to push higher or is likely to undergo a reversal.  ETH seems poised to rise further if the market conditions are favorable given that the RSI is at neutral levels.

CoinGlass claims that long-term Ethereum holders have liquidated sizable portions of their holdings.

The company’s data indicates that exchanges have seen Ethereum inflows of $103 million, which could signal many investors are trying to sell their holdings. Large inflows into exchanges typically show traders may be getting ready for a possible sell-off, which could push the price lower.

In addition, Ethereum sales and transfers made by the foundation are recorded by on-chain data intelligence platforms such as Santiment and Arkham sparked discussion about the effects of the selling pressure among the ETH community of holders and traders.

On-chain developments are another significant market driver for Ether and traders’ changing sentiment.

According to data from IntoTheBlock, wallets holding Ethereum tokens valued at over $10 million saw a decline from $379.4 billion to $312.9 billion. This is more than a 17 percent drop from the previous week. .Large wallet investors are less optimistic about Ethereum’s short-term recovery.

Ethereum may either pull back if the resistance turns out to be too strong, or it may break above the $2,,800 barrier and hit the $3,500 target.. However, there may be some brief price fluctuations for Ethereum if selling pressure increases as a result of the significant inflows into exchanges.

 

Gemini Mulls Listing on U.S Stock Exchange

Posted on by Olumide Adesina

Cryptocurrency company Gemini financially supported by the wealthy Winklevoss twins, is reportedly contemplating launching an initial public offering as early as this year, sources close to the situation suggest.

Bloomberg reports highlighted discussions about pursuing an IPO are ongoing and no decisions have been made.

Companies in the sector have expedited their plans to go public following the election of President Donald Trump, who has emerged as a leading advocate for the cryptocurrency industry.

Cameron and Tyler Winklevoss gave Trump’s campaign more Bitcoin (BTC-USD) than was permitted and received a refund for the difference.

Gemini employs over 500 people in offices in New York, Seattle, Singapore, London, Dublin, and Gurgaon, India.

The company agreed to pay $5 million to settle a lawsuit brought by the Commodity Futures Trading Commission alleging that the company had deceived the derivatives regulator in an attempt to introduce the first Bitcoin futures contract governed by US law.

According to a filing made public in January, Gemini settled without acknowledging or denying liability. As part of a separate settlement with New York regulators regarding the so-called Gemini Earn program, Gemini agreed last year to return at least $1.11 billion to customers through the bankruptcy of Genesis Global Capital.

 

Ripple’s XRP Fused into Banking Network

Posted on by Olumide Adesina

Alessio Meloni, a cryptocurrency enthusiast, recently shared an important update about SWIFT and Ripple. Meloni stated that XRP can travel freely throughout the network since Ripple is now integrated with SWIFT via EastNets’ PaymentSafe.

He underlined that XRP is a crucial bridge currency for the future because it facilitates quicker and more secure cross-border transactions as an ISO 20022-compliant asset.

Ripple’s growing role in the financial industry is demonstrated by this development, which further incorporates digital assets into conventional banking systems.

Modernizing international payments through increased speed, efficiency, and transparency with XRP within SWIFT.

Along with SWIFT, EastNets’ PaymentSafe is a hub connecting several foreign and domestic payment networks.

One of this platform’s primary features is its universal translator, which makes it easier to convert between various payment formats, such as ISO 20022 and conventional MT messages.

Straight-through processing (STP) across payment networks is improved by PaymentSafe, according to a video that accompanied Meloni’s tweet.

Through efficient interaction between legacy and contemporary financial messaging standards, the universal translator minimizes delays and enhances inter-institution compatibility. CBPR+, cross-border payments, reporting standards, and ISO 20022 are among the formats the system supports, along with the popular MT standard.

Ripple’s adherence to ISO 20022 enhances XRP’s standing as a bridge currency in global finance. Common issues with cross-border payments, like exorbitant fees and lengthy processing times, can be easily and affordably resolved with PaymentSafe’s integration with SWIFT.

Tornado Cash: Alexey Pertsev Released From Prison

Posted on by Olumide Adesina

Alexey Pertsev, the creator of Tornado Cash, was released from prison in February. 7 and will continue to be under house arrest as he prepares to file an appeal.

Pertsev’s pretrial detention, which started in August 2022 and was prolonged in a previous court decision in November 2024, was halted by a Dutch court.

Pertsev is required to be electronically monitored as part of the pretrial release. In a social media post, the developer stated, “It is better than prison, but it is not real freedom.”.

Privacy advocates expressed alarm over Pertsev’s case, claiming a risky precedent for developers of immutable code and privacy-preserving technologies.

Pertsev was sentenced to five years and four months in prison after the’s-Hertogenbosch Court of Appeal found him guilty of money laundering in May 2024.

Dutch court officials still found Pertsev guilty even though the Tornado Cash software developers had no control over the money flowing through the protocol or the protocol itself.

Tornado Cash was sanctioned by the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury.

Government regulator officials asserted that over $7 billion in illicit funds have been laundered through it Since the service’s launch in 2019,.

In addition, OFAC cited $455 million in funds that were allegedly laundered through Tornado Cash after being allegedly stolen by the notorious North Korean hacking group Lazarus.

The US Fifth Circuit Appeals Court declared in November 2024 that OFAC had overreached its congressional powers in authorizing Tornado Cash’s unchangeable contracts.

Forex Signals Brief Feb 7: Can the NFP Save the USD Before the Weekend?

Posted on by Skerdian Meta

Today the NFP report is expected to show around 100K fewer new jobs in January, so a positive number could help the USD regain some of this week’s losses.

A strong NFP reading could send the USD higher

Continue reading “Forex Signals Brief Feb 7: Can the NFP Save the USD Before the Weekend?” →

World Liberty Financial stake on Ondo Finance

Posted on by Olumide Adesina

Ondo Finance’s layer-1 Ondo Chain, which tokenizes assets, endeavors to accelerate the creation of institutional-grade financial markets on-chain.

 

Team Trump joined the trend. A wallet linked to the President Trump-backed World Liberty Financial project contained $470,000 worth of the project’s native ONDO tokens, according to data from Arkham Intelligence.

World Liberty Financial offers lending and borrowing services.  The Trump brand strongly supports it; the president has endorsed the project and the president’s son announced its launch in August.

Donald Trump Jr. after the acquisition, was revealed as the Ondo Summit event’s unexpected closing speaker on Thursday.

Ondo Finance highlighted that top asset managers can tokenize their assets, which increases transparency, reduces fraud, and gives clients the chance to earn yield.

It also stated that the Ethereum Virtual Machine-compatible chain had “design advisors”  like  Franklin Templeton, Wellington Management, WisdomTree, and Google Cloud.

 “We think that Ondo Chain represents a significant step forward in the evolution of institutional-grade blockchain infrastructure.”  The company said in a press release issued on Thursday

Jenny Johnson, the CEO of Franklin Templeton, has stated that the blockchain will transform securities technology, BlackRock CEO Larry Fink has praised Ethereum for its potential to tokenize financial markets.

Four Asset Managers File For Spot XRP ETF

Posted on by Olumide Adesina

Four asset managers have recently submitted 19b-4 filings to the Cboe BZX Exchange in an attempt to list the first spot XRP exchange-traded funds in the US.

The exchange filed 19b-4 filings for ETFs that track the price of XRP, the fourth-largest cryptocurrency by value, for Canary Capital, WisdomTree, 21Shares, and Bitwise.

The Securities and Exchange Commission is notified of a proposed rule change through the 19b-4 filings, which, if accepted, would result in the nation’s first XRP ETFs.

The SEC, under former Chair Gary Gensler, permitted ETFs that track Bitcoin to start trading IN 2024.  Analysts have noticed a rise in the quantity and diversity of ETF filings about cryptocurrency under crypto-friendly acting chair Mark Uyeda.

A Gensler-led SEC  rejected Cboe BZX’s 19b-4 filings for spot Solana ETFs for Canary, 21Shares, Bitwise, and VanEck late last year.

Before the SEC will permit an ETF to begin trading, it requires a Form S-1 and a 19b-4 filing, which is the security’s initial registration with the agency. Bitwise was closely followed by Canary Capital, which filed a Form S-1 for its Canary XRP Trust.

The WisdomTree XRP Fund was submitted to the SEC in December, while 21Shares first filed for its XRP ETF, the 21Shares Core XRP Trust, in November.

JP Morgan projected that within the first 12 months of their launch, spot XRP ETFs will attract between $4 billion and $8 billion in net new assets.

Trump Will Launch Bitcoin ETF

Posted on by Olumide Adesina

Trump Media and Technology Group (DJT) plans to introduce its own Bitcoin Plus ETF,  a significant step for the business and the asset.

The business has applied for numerous trademarks under the Truft name. Fi umbrella, one of which is a BT investment vehicle.

According to a Thursday announcement, the company filed for six trademarks. The names are “related to the introduction of its customer separately managed accounts (‘SMA’) and customized exchange-traded funds (‘ETFs’) starting this year.

Donald Trump is unambiguous about his position on the cryptocurrency market  As the first pro-crypto president in history, Trump would indeed win the election and return to the White House

The business that bears his name is still aligned with those goals. On Thursday, the company made a major announcement after announcing last week that it would invest in cryptocurrencies.

The announcement also mentions that up to $250 million will be invested in its recently adopted FinTech strategy. The introduction of Bitcoin ETFs altered the digital asset market in 2024.

They were introduced in January of that year and quickly gained traction after being issued by well-known financial institutions like Fidelity and BlackRock. Because of their success, the products were dubbed the “greatest ETF launch in history.”.