Category: Crypto market

XRP Burns Faster Than Charcoal

Posted on by Olumide Adesina

XRP has been under high selling pressure as Bitcoin lost the $95,000 support line on Tuesday. The Ripple token has fallen more than 9% in the past day. Price action affirmed that XRP surged to a peak of $1.63 in November, it retested the channel’s upper trendline. 21.

 

XRP trades at $1.36 above the support level of $1.33. The price may fall to this level of support should bearish sentiment worsen.  The altcoin might drop to $1.15 if buying pressure at that level continues to decline. However, this pessimistic view will be refuted if market sentiment changes from negative to positive.

If this occurs, the altcoin will try to surpass its year-to-date high of $1.63. With XRP, DOGE, and ADA sharply declining from the higher valuation, several of the high-flying altcoins on Tuesday have also reversed their course. This significant volatility has hurt over-leveraged traders.. Liquidated positions have a combined value of nearly $500 million.

SEC accused Ripple of raising $1.33 billion through an unregistered securities offering through XRP sales, the company has been embroiled in a legal battle with the agency. Over the years, Ripple achieved some success showing that XRP is not a security.

The XRP community was enthused by Alderoty’s post, which many saw as a good thing for the future. He thanked the devoted “XRP Army” for their steadfast support, writing, “We kept the door open long enough for the industry to survive and seize this incredible moment.”.

Traders might interpret this as a sell signal to lock in profits, which could cause the price to decline or consolidate sideways. The price of XRP has been consolidating sideways within a triangle-shaped range Similar to a bull pennant. When the price breaks above the upper trendline and rises by the height of the previous uptrend, a bull pennant, a bullish continuation pattern, resolves.

Ethereum Hit Highest Level Since July

Posted on by Olumide Adesina

Ethereum’s price reached $3,500, the highest level the cryptocurrency has experienced in four months since it surpassed $3,500 on July 21. As of this writing, Ethereum has dropped back to about $3,445, up 3% for the day and 11.4 percent for the week, according to data from Binance. Ethereum underperformed compared to its major peers in the altcoin market.

ETH surged by only 49% since the year began. Bitcoin has increased 133% during this time, while Solana (SOL) has increased 150% Price action highlighted that the super altcoin experienced corrective retracements throughout its upward trajectory, with support located at $3K, close to the 200-day moving average.

The digital asset pushed back below the critical $3.5K resistance, which is in line with earlier swing highs, by increased buying activity, which served as strong support. A decisive supply zone, even with the renewed bullish momentum, is the $3.5K threshold.

If the $3.5K resistance is broken, buyers will likely continue to move towards its all-time high. Though most recent price action affirms the market might go through a protracted period of consolidation as it digests recent gains. A

Ethereum exchange-traded funds (ETFs) saw inflows of $91.3 million last Frida, after six days of outflows totaling $222.7 million, , according to data from CoinGlass. The cryptocurrency market has been extremely bullish following the election of Donald Trump as the 47th President of the United States, .

The market is on a green mode amid pro-crypto pledges made by the president-elect included establishing a strategic Bitcoin reserve and halting the SEC’s crypto crackdown.

MicroStrategy Makes It Biggest Bitcoin Purchase

Posted on by Olumide Adesina

MicroStrategy topped off its corporate coffers with a $5.4 billion Bitcoin purchase on Monday for the third time this month, increasing its total holdings to 386,700 BTC, or $37.6 billion. This is the biggest Bitcoin purchase disclosure the company has ever made, in BTC and value in dollars.

MicroStrategy has made the largest Bitcoin acquisition since the business began hoarding cryptocurrency in August 2020 under the direction of Executive Chairman Michael Saylor. MicroStrategy used the proceeds from the sale of its shares and convertible note offerings to buy $5.4 billion worth of Bitcoin As stated in a filing,

The company claimed to have acquired approximately 55,500 Bitcoin, with an average purchase price of $97,862. MicroStrategy’s stock price hit $439, up 4% during pre-market trading Before Monday’s opening bell,

However, as investors processed the Bitcoin-buying company’s most recent acquisition, MicroStrategy’s stock price shortly fell 1% to about $420 per share MicroStrategy’s stock has risen 80% in the last month as the purported Bitcoin treasury company’s BTC purchases have accelerated at an unprecedented rate.

MicroStrategy’s stock has increased 500% so far this year. MicroStrategy increased its sizeable Bitcoin holdings on Monday by acquiring 51,780 BTC, or $4.16 billion under the leadership of Executive Chairman and vocal Bitcoin supporter Michael Saylor.

MicroStrategy and Saylor since 2020 strategically decided to invest in the top cryptocurrency to “maximize long-term value for shareholders,” the purchase is the most recent—and largest—in a series of Bitcoin acquisitions. The business intelligence company has since changed it. Bitcoin Treasuries estimates that MicroStrategy has bought about 134,480 Bitcoin this month, for about $13 billion.

$13 billion Worth Of USDT Minted this Month

Posted on by Olumide Adesina

Tether to issue an additional 3 billion USDT tokens for trading on the Ethereum and Tron networks on November 23 amid increased trading volume in cryptocurrency markets, especially for Bitcoin, which is getting close to the $100,000 mark.

 

The USDT was issued on the Ethereum blockchain, and another billion were minted on the Tron network In two consecutive transactions as seen by Arkham Intelligence.

Lookonchain data showed Tether minted roughly 13 billion Lookonchain data showed Tether minted roughly 13 billion USDT since November 8, 2024. since November 8, 2024. The CEO of Tether, Paolo Ardoino, said on November 24 “Tether will need to reach hyper-productivity in 2025 to realize our grand vision.”

Stablecoin volume is a common metric used to assess market interest in cryptocurrencies. A large number of issued stablecoins is seen as a sign that prices are rising, while a low number indicates the opposite.

Traders and investors use Tether’s USDT to access cryptocurrencies and cash out their positions in fiat currency. Thus, a rise in trading activity is fueling the demand for stablecoins. President-elect Trump nominated Howard Lutnick, the CEO of Cantor Fitzgerald and an advocate of cryptocurrencies, to be Secretary of Commerce.

Cantor Fitzgerald announced that it had acquired a 5 percent stake in Tether for over $600 million, days after Lutnick was appointed. Investors and traders can access cryptocurrencies and cash out their positions in fiat money using Tether’s USDT.

President-elect Trump proposed Cantor Fitzgerald CEO and cryptocurrency supporter Howard Lutnick as his nominee for Secretary of Commerce.  Cantor Fitzgerald declared that it had purchased a 5 percent stake in Tether for more than $600 million, just days after Lutnick was appointed.

Forex Signals Brief November 25: Inflation and RBNZ Highlight the Week

Posted on by Skerdian Meta

This week we have inflation reports from the US and the Eurozone, as well as the USD Q3 GDP, while the RBNZ is expected to cut rates by 50 bps.

Will this week's inflation data show an increase again?

Continue reading “Forex Signals Brief November 25: Inflation and RBNZ Highlight the Week” →

USDT Stands Better Chances Under President Trump

Posted on by Olumide Adesina

Tether, owners of USDT stand a better chance of gaining political support from the incoming Trump administration after financial services firm Cantor Fitzgerald reportedly agreed to a 5 percent stake in the company within the last year.

WSJ’s  Nov. 24 report highlighted that when the deal was reached, the 5 percent stake was reportedly worth up to $600 million, using data from business associates with knowledge of the situation.

Given that Howard Lutnick, the CEO of Cantor Fitzgerald, was named Secretary of Commerce by US President-Elect Donald Trump in November, it may indicate that Tether will gain more political backing. 19. According to the WSJ, Giancarlo Devasini, who is thought to be Tether’s biggest shareholder, allegedly stated: “Lutnick will use his political clout to try to defuse threats facing Tether.”.

Lutnick, one of Trump’s transition advisors, is already collaborating closely with him. He has been screening applicants for other high-level government positions that might entail overseeing Tether.. Lutnick stated that he would resign as CEO of Cantor Fitzgerald after receiving confirmation from the Senate.

It comes after news that the Southern District of New York US Attorney’s Office has been looking into potentially illegal uses of Tether by third parties, including financing terrorism. During a period when many banks worldwide have cut off Tether, Cantor Fitzgerald has been one of the company’s most significant banking partners. Tether’s $134 billion in reserves are held in US Treasury bills by the Lutnick-led company.

Phantom Wallet most downloaded Crypto App on Apple Store

Posted on by Olumide Adesina

Phantom, a decentralized cryptocurrency wallet, has surpassed Coinbase (COIN) in the Apple App Store rankings, indicating an on-chain shift as traders adopt riskier meme coins. Phantom, a more difficult-to-use cryptocurrency wallet, has surpassed the well-known centralized exchange. 

Phantom ranked seventh among free apps on Apple’s platform, behind Temu and Google. the wallet is ranked 27th in the App Store, far ahead of Coinbase.

Phantom is a well-liked non-custodial wallet among Solana ecosystem users.  Solana, NFTs, and major blockchains are supported on the Phantom wallet. The application can connect with  Ledger hardware wallets and features a fraud detection system.

The flip calls into question what typical traders can afford to put up with in their early days of cryptocurrency trading. Although “being your bank” has always been a priority for the Bitcoin community, other areas of the crypto-verse, such as Coinbase, placed bets on a more approachable experience.

The craze for meme coins is on the high. New traders want to wager on the lowest-quality, hours-old, extremely risky, but occasionally extremely profitable (if you don’t lose your shirt, as most do) joke tokens, but Coinbase and other well-known exchanges don’t list them.

“All of the new on-chain paradigms can’t be handled quickly enough by traditional centralized exchanges,” stated Brandon Millman, CEO of Phantom.

Coinbase is Catching Up

Coinbase is onboarding meme coins. It approved FLOKI, PEPE, and WIF for traders last week. These tokens are more stable (relatively speaking) than, say, DIDDYOIL, a meme coin that is only available to traders who operate on-chain, because they existed for a comparatively long time and have amassed market caps in the billions of dollars. The company is trying to encourage — and capture — such activity with its layer-2 network, Base, even though the Coinbase exchange itself is only hesitantl entering the meme-coin space. Even though Base’s meme-coin scene doesn’t have the same volume as Solana (SOL), millions of dollars are still added daily.

Doge Blows Fire after Elon Musk’s Tweet

Posted on by Olumide Adesina

Dogecoin increased on Saturday amid rumors that Elon Musk would add payments to his X social media platform—formerly Twitter.

Dogecoin

The world’s richest man shared a screengrab of podcaster Joe Rogan’s profile early on Friday. A dollar sign is seen next to the celebrity’s profile picture in the photo, which raises the possibility that a new feature will be unveiled soon. Musk merely said, “True,” in response to a post made by an X user on Friday highlighting the enigmatic new widget that isn’t visible to users on the platform.
Nima Owji, whose bio identifies him as an “independent app researcher,” wrote, “I speculate that the ‘$’ button is used for sending money to someone as part of X Payments.”.
The price of Dogecoin has increased by 20% over the last day and is currently trading at $0.46 ON Binance

The pioneer meme coin has risen 24% in the last week after slowing down after a spectacular rally off Musk’s remarks and Bitcoin’s new all-time highs. A group of engineers created Dogecoin in 2013 as a lighthearted homage to the Shiba Inu dog meme known as “doge.”.
The altcoin intended to make fun of the numerous altcoins that entered the cryptocurrency market after Bitcoin gained traction.

Bitcoin is still trying to hit the long-awaited $100,000 mark after several close calls over the past day, but other altcoins, like Dogecoin, have shown exponential value growth Dogecoin places it in seventh place in the market valuation pegged at $68 billion.

Elon Musk, a fan of Dodge, started posting its memes, which led to the asset class gaining a cult following and seeing an increase in value. It hit a record high of $0.73 in 2021, but then posted a sharp decline in value
it has started to pump once more as Musk talks about his preference for the coin and his willingness to take a new role in President-elect Donald Trump’s new administration in the Department of Governmental Efficiency,

Cardano on blue steam, up 152% this month

Posted on by Olumide Adesina

Cardano posted huge upsides as buyers increased their exposure on the proof-of-stake smart-contract blockchain. The altcoin surged by about 10% on the last day. Binance data shows that the price is the highest since May 2022. The coin has increased by 20% this week, bringing the total gain for the month to 152%.

More than $3 million in short liquidations and $1.04 million in long liquidations boosted ADA’s rally on Friday.

Today’s price action shows that ADA/USD attempted to halt a multiyear downward trend. The daily chart displays the 50-week SMA embracing the multiyear descending trend line at $0.48. Notably, the 100-week and 200-week SMAs at $0.408 and $0.759 levels, are among the important levels ADA flipped into support during its most recent rally.

ADA is currently the tenth-largest digital asset in the world, valued at $31 billion. The crypto community’s expectation that Trump’s administration will create a more crypto-friendly regulatory environment is another significant factor influencing this performance. Gary

Gensler, the chair of the Securities and Exchange Commission (SEC), resigned in January. The fact that 20 coincides with the inauguration of US President-elect Donald Trump seems to have contributed to the bullish sentiment.

Cardano’s bullish momentum was triggered by whales, who held more than $10 million in the token. According to Tagus Capital, whales currently hold over $12 billion in ADA. On-chain activity confirms the participation of whales and institutions, indicating that this rally might be robust. In roughly two weeks, the number of significant transactions involving ADA has increased by 300 percent, according to data from IntoTheBlock.