Ripple Floods Market With RLUSD, Whale Transfers 30 Million XRP To Coinbase

Posted on December 25, 2024December 25, 2024 by Olumide Adesina

A massive RLUSD batch has entered exchanges over the last three days. 20 million RLUSD goes to the cryptocurrency market. Ripple Treasury has created and moved about 17 million RLUSD this week. The new stablecoin product was introduced a week ago and is listed on numerous cryptocurrency exchanges.

Ripple-affiliated anonymous wallets shoveled less than a dozen batches of RLUSD, some of which were nearly two million coins. A further 3,000,000 RLUSD were transferred in the last day, according to relatively recent data from the Ripple Stablecoin Tracker X account.

This time, XRP fans needed to pay attention because Whale Alert revealed a mysterious, extensive transfer of the tokens to Coinbase an American cryptocurrency exchange. The unknown wallet with the address “rBgEsEX” sent more than 30.17 million XRP, or roughly $69 million, to the Coinbase address “rUjfTQ.”

Market participants are primarily concerned that a sizable transfer from what looks to be an individual wallet to a major exchange may indicate an impending sell-off by a sizable, unidentified entity. On the other hand, cryptocurrency enthusiasts see it as a whale purchasing and taking assets out of the centralized exchange to hold in their own hands.

Price action shows that a critical support level for XRP is getting closer to $2.26, A breakout could happen and push XRP closer to the $2.4 range.

However, the recent volume decline suggests that there isn’t much momentum in either direction. This creates a special situation for traders; many are holding off on opening new positions until there is a clear breakout above $2.30 or a decline below the crucial support.

Turkey Enforces New Crypto Rule Against Money Laundering

Posted on December 25, 2024December 25, 2024 by Olumide Adesina

Turkey implemented new cryptocurrency regulations motivated by favorable regulatory developments in the world’s major jurisdictions like Europe.

Users who conduct transactions totaling more than 15,000 Turkish lira must provide the nation’s crypto service providers with their personal information under the new system published in the Republic of Turkey’s Official Gazette.

The new Anti-Money Laundering (AML) rule plans to stop cryptocurrency transactions from being used to finance terrorism and launder illegal funds.

Crypto service providers are exempt from collecting data for transfers of digital assets under 15,000 Turkish lira. A week before the world’s first comprehensive crypto regulatory framework, the Europe Markets 0in Crypto-Assets (MiCA) bill, is scheduled to take effect at the end of this month. Turkey’s new regulatory bill coincides with a surge in interest in crypto regulation.

Turkish cryptocurrency companies were active in 2024, as evidenced by the 47 license applications they submitted to the Turkish Capital Markets Board (CMB) in the run-up to August under the new regulation.

There was a surge in applications after the “Law on Amendments to the Capital Markets Law” took effect on July 2. The laws governing cryptocurrency trading in Turkey permit people to purchase, hold, and exchange cryptocurrency, but since 2021, it’s illegal to use it to make payments. Although cryptocurrency profits are not taxed in Turkey, a small transaction tax of 0.03% is being considered to support the country’s budget.

Russia Uses Bitcoin To Hedge U.S dollar In Foreign Trade

Posted on December 25, 2024 by Olumide Adesina

Russia has been experimenting with digital financial assets in international trade. Russian Finance Minister Anton Siluanov spoke on the state-run news channel Russia-24 in December about alternatives to the US dollar for trade.

The Russian government has passed legislation that permits foreign trade in DFAs and Bitcoin, according to Siluanov. The minister stated that such transactions have already been used and that Russia intends to expand and scale them further.

Siluanov stated that since DFAs allow for the use of contemporary infrastructure, their implementation in foreign trade as a substitute for the US dollar is “quite understandable” under the current conditions. “That is the future,” he added, describing it as an innovation in the global settlement system. “.

Russia legalized mining earlier this year, according to the finance minister. This explains why these kinds of transactions continue. We say they need to be developed and expanded, and I have no doubt it will happen next year,” he continued.

A few weeks after the finance minister warned the public against investing in cryptocurrencies in November, Siluanov made his most recent comments regarding DFAs and Bitcoin. The minister said, “I don’t recommend it as a means of investment,” during a speech on November 6 at a local educational event.

Vladimir Putin, the president, stated earlier this month that the current U.S. administration was undermining the dollar’s role. Many nations are forced to look for alternative assets like Bitcoin because the dollar is used as the reserve currency for political purposes. Putin’s comments suggested that the Russian leader supports widespread cryptocurrency use.

MicroStrategy Plans Buying Bitcoin Again

Posted on December 25, 2024 by Olumide Adesina

MicroStrategy called a special shareholders’ meeting on December 23 filing to buy more Bitcoin and expand its equity-issuance plan.

The company requested permission from the US Securities and Exchange Commission (SEC) to increase the authorized number of shares for both Class A common stock and preferred stock to give itself more flexibility to issue more shares as needed.

The American listed company’s Bitcoin strategy has been a major factor in the Nasdaq stock’s increase of over 422 percent this year. There was no public announcement of the special shareholder meeting date.

The First Amendment seeks to boost the authorized Class A common stock from 330 million units to 10.33 billion units while the Second Amendment aims to increase the authorized preferred stock from 5 million units to over 1 billion units

The company has been buying Bitcoin regularly since 2020, and since the plan was revealed, its purchases have increased. It purchased 42,162 Bitcoin this month alone, worth over $4 billion. MicroStrategy stated at the end of October that its Bitcoin yield was 17.8%, with plans to reach a yield of 6% to 10% annually between 2025 and 2027. It has reportedly raised $3 billion through convertible bond offerings and $13 billion through stock issuances. The document stated, “We have been carrying out our 21/21 Plan at a substantially faster pace than initially projected.”.

MicroStrategy is the biggest corporate owner of Bitcoin and has continued to purchase the cryptocurrency throughout the year. MicroStrategy owns an estimated $40 billion worth of bitcoins in total.

Bitcoin Short Sellers Roast Like Christmas Chicken

Posted on December 25, 2024December 25, 2024 by Olumide Adesina

The Fed’s hawkish Q1 2025 guidance has caused large corporate investors to rebalance their holdings. Thus, there has been significant whale activity in tandem with Bitcoin’s 6% percent price drop over the last seven days. The average value of Bitcoin transactions during this market downturn has significantly increased.

95,733 traders were liquidated for the day, the total liquidations comes in at $252.68 million as Bitcoin reclaimed the $95k support line. Bitcoin short sellers lost $70 million for the day amid record outflows in the digital asset space.

Bitcoin funds saw outflows totaling more than $1.05 billion For the fourth consecutive trading day, the largest-ever single-day outflow in BlackRock’s Bitcoin exchange-traded fund (ETF).

BlackRock’s iShares Bitcoin Trust ETF (IBIT) saw withdrawals totaling $188.7 million on December 24 surpassing the $72-7 million record set in December.

Christmas Eve saw a combined outflow of $338.4 million from all 12 US-based spot Bitcoin ETFs. since December. 19 The funds have experienced $1.52 billion in combined net outflows.

Digital asset investment products saw $308 million in inflows last week, but a significant outflow of $576 million on December 19th overshadowed this. Outflows totaled $1 billion over the final two days of the week. The Federal Reserve’s hawkish stance, likely caused the recent price declines to result in a $17.7 billion drop in the total assets under management (AuM) for Digital Asset ETPs.

Bitcoin futures are confined to a defined range of $95,000 to $98,000. This range is crucial because it is surrounded by important levels that have historically impacted price action These levels serve as possible turning points, where pressure to buy or sell may cause breakouts or reversals.

The Bull Bear Power (BBP) indicator, which has been in negative territory for a while, lends more credence to the bearish dominance. The midline of the Donchian Channels, $99,426, is where resistance is located. A bullish recovery could be indicated by a break above this level and a possible test of the upper resistance level of $108,353.

Bitcoin’s immediate future depends on its capacity to maintain a price above the $95K support line. While a sustained move above $99,426 might invalidate the current downtrend and indicate the beginning of a recovery, a close below this level could confirm bearish forecasts.

Forex Signals Brief Dec 24: Monetary Policy Meeting Minutes from BOJ and RBA

Posted on December 24, 2024December 24, 2024 by Skerdian Meta

Today is the last normal trading day until January 6, and the policy meeting minutes from the RBA and the BOJ will close the day ahead of the holiday period, so marry Christmas to all.

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Matador Technologies: Canadian Firm Adopts Bitcoin

Posted on December 24, 2024 by Olumide Adesina

A Canadian cryptocurrency company, Matador Technologies announced it would start using Bitcoin as a treasury reserve asset, beginning with a $4.05 million acquisition later this month.

Matador announced the company board unanimously approved the directors’ efforts to purchase Bitcoin. Matador announced that it would move most of its cash balances to the American dollar. in the interim while eschewing Canada’s official currency.

The Canadian company claimed that after evaluating the feasibility of its platform on Ethereum and Solana, Bitcoin was ultimately selected due to its safe and reliable network

Matador further stated that the Royal Canadian Mint, a company wholly owned by the Canadian government, will hold the physical gold reserves that underpin its digital representations.

A press release claims that the little-known business has been working on a platform allowing users to buy and sell digital gold on top of the Bitcoin network. The company previously stated that it plans to launch the platform in “early 2025.”. The company, formerly called Scaling Capital started trading under its new name on the TSX Venture Exchange.

Global companies like Tesla have added Bitcoin to their balance sheets since 2020, when software company MicroStrategy started buying the cryptocurrency, eventually accumulating more than $40 billion worth of Bitcoin

However, many businesses that have followed in MicroStrategy’s footsteps have been relatively small, as companies such as Microsoft have recently declined to take that route. Matador certainly falls into that category with a market valuation of $49.5 million. According to a press release, Matador eventually intends to release a mobile application that allows users to “buy, sell, and store gold 24/7.”.

However, the company’s website states its intentions to “build a significant portfolio of products” outside the precious metal.

Telegram Expected To Post $1 billion in revenue

Posted on December 23, 2024 by Olumide Adesina

Telegram will make profits this year for the first time according to a New York Times report. The report disclosed that the social media firm is expected to have $1 billion in revenue, up from almost $350 million the previous year.

Telegram also has roughly $500 million in cash reserves excluding cryptocurrency assets. 12 million users are subscribers who pay $5 per month for extra features.

Telegram ads accounted for more than half of its revenue this year. Additionally, it intends to increase the number of advertisements on public channels that receive over one trillion views monthly. Earlier this year, Telegram was worth over $30 billion. Specifically, cryptocurrencies have benefited Telegram, according to two individuals.

Toncoin, a virtual currency partially developed within Telegram and managed by outside developers, was among the hundreds of millions of dollars worth of digital assets the company sold this year. It has proposed new cryptocurrency-related concepts, enabling users to mine and trade cryptocurrencies on Telegram using third-party apps.

Telegram raised roughly $2.4 billion from investors, including sovereign wealth funds in the United Arab Emirates, through multiple rounds of bond offerings from 2021 to this year. According to Bloomberg data, some Telegram debts are also owned by BlackRock, the biggest asset management company in the world.

Telegram’s future is clouded by Mr. Durov’s legal battle in France. The 40-year-old, who has denied the accusations, was ordered to remain in France while the case is being investigated.

If found guilty, he could be sentenced to prison. He is the only owner and founder of Telegram. The business has not made its succession plan public and lacks an independent board. Mr. Dot Durov may be forced to take on additional debt or sell a portion of the company for the first time if it is cash-strapped or unable to create a viable business plan.

Bitcoin Price Analysis Points to $90K and Then $80K If Support Breaks During This Retreat

Posted on December 23, 2024December 23, 2024 by Skerdian Meta

The Bitcoin price has broken the $100, but sellers keep returning BTC below this level again, showing that buyers are not comfortable pushing the price too high and leaving the $100K level behind.

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Forex Signals Brief Dec 20: Brace for Thin Liquidity and Strange Price Action in Holiday Markets

Posted on December 23, 2024December 23, 2024 by Skerdian Meta

Last week was all about the FOMC meeting led to some heightened volatility, while this week the volatility might come from thin liquidity in financial markets.

Continue reading “Forex Signals Brief Dec 20: Brace for Thin Liquidity and Strange Price Action in Holiday Markets” →