Category: Crypto market

Forex Signals Brief November 18: Services and Mfg Unlikely to Change Markets This Week

Posted on by Skerdian Meta

Last week the US inflation and FED speech added volatility to financial markets, this week we have the UK and Canadian CPI inflation for October, as well as the manufacturing and services PMI reports from all over the globe.

Will we see an expansion in global services this month?

Continue reading “Forex Signals Brief November 18: Services and Mfg Unlikely to Change Markets This Week” →

Simon’s Cat expands to Solana

Posted on by Olumide Adesina

CAT, a licensed meme coin of Simon’s Cat, a popular online cartoon character, is making its way to the Solana blockchain to attract young people.

 

The Simon’s Cat token was developed in collaboration with Floki, BNB Chain, and DWF Labs in August. It was the first significant cat memecoin on the BNB Chain, CAT is formally associated with the well-known Simon’s Cat brand. It is supported by the company’s intellectual property, which generated $5.8 billion in revenue the previous year.

A 12-month token lock would grant early access to CAT on Solana, to BONK’S long-term holders. A vault will provide up to $100,000 worth of CAT at a price that is lower than the launch market price. By the morning hours of Asia, the vault had surpassed the initial goal of $100,000, with $240,000 worth of stablecoins deposited for CAT on Solana, according to data.

Solana has become a memecoin hotspot. It frequently experiences frenetic token issuance and trading cycles, which generate demand for SOL and result in gains redirected into newer tokens.

Solana broke a record of $300,000 set in 2021 when it collected $3.02 million in fees in a single day in March of this year. No other well-known blockchain, including Ethereum, BNB Chain, or Tron, experienced an increase in activity during that time suggesting that traders’ attention was concentrated on just one network.

Ripple accused of being anti-Bitcoin

Posted on by Olumide Adesina

Industry leaders are criticizing Ripple Labs and CEO Brad Garlinghouse after social media rumors surfaced that the CEO recently met with President-elect Trump. Ryan Selkis, the founder and former CEO of Messari, responded to the rumors by saying: “Brad Garlinghouse is shilling XRP and CBDC implementations’.

 

Pierre Rochard, vice president of research at Riot Platforms, reposted Selkis’ remarks. In his letter, “We can’t let Ripple co-opt the United States policymaking process with their anti-bitcoin agenda,”

Rochard agreed with Selkis and hoped the president-elect would include more Bitcoiners in his administration. The recent XRP rally, which saw the price of Ripple’s native currency soar by double digits, is thought to have sparked by the reported meeting between Trump and the Ripple CEO.

Brad Garlinghouse did not confirm or deny reports that he had met with Trump during an appearance on Fox Business. However, he was optimistic about the crypto industry’s prospects under the Trump administration, saying, “The crypto industry has embraced Trump; Trump has embraced the crypto industry.”.

He recognizes the opportunity, the innovation, the entrepreneurship, and I think it’s really sincere. ‘I’m really looking forward to what the future brings. “

The CEO of Ripple Labs added that he was not shocked by the cryptocurrency market’s bullish trend following the November 5 Trump victory. According to Garlinghouse, the primary reason for the repression of U.S.-based cryptocurrency projects was Securities and Exchange Commission (SEC) Chairman Gary Gensler’s animosity toward the sector.

The crypto industry and investors overwhelmingly supported President-elect Trump’s pledge to fire Gary Gensler on his first day in office. 18 US states, including Nebraska, Tennessee, Wyoming, Kentucky, West Virginia, Iowa, Texas, Mississippi, Ohio, Montana, and others, sued the SEC chairman in the aftermath of Trump’s win.

The theme of the lawsuit was that Gary Gensler’s “gross government overreach” against the cryptocurrency industry violated state rights.

Bonk on bonkers, hit all-time high 

Posted on by Olumide Adesina

Bonk, the second-largest Solana meme coin by market valuation broke its May record by reaching a new high of $0.00005 on Sunday. It surged even higher, reaching a new all-time high above $0.000055.  

Binance data highlighted that the meme token increased by 120 percent in the past week. The pump occurred after the project started a campaign to burn up to 1 trillion BONK by Christmas Day based on several engagement criteria, and encouraged fans and community members to finish social media tasks.  

Burning tokens reduces the tokens, increasing scarcity and possibly raising the price. A few other recent meme coin fads also reached all-time highs.  

BONK now listed on Binance America,  also caused a huge spike in activity and excitement surrounding the coin.  

An increase in trading volume during a price rally indicates strong market interest and conviction behind the price movement. More volume means more people are buying, which gives the upward trend more credibility.

This shows that market players are asking for the meme coin, which explains why BONK has risen by double digits in the past day.

The price’s double-digit rally over the past day has caused it to rise above the $0.00005 resistance.

Moo Deng (MOODENG), a Solana token inspired by the recently viral baby pygmy hippopotamus, hit a new high of $0.68 on Saturday. If this level is successfully broken, the meme coin may turn it into a support floor and move toward $0.00006 levels.

 XRP worth $60 billion amid Robinhood listing

Posted on by Olumide Adesina

XRP is on a bullish momentum gaining 80% within a week and  posting a market valuation of $60 billion.

Several positive news items like the re-listing on  Robinhood and the likely departure of Gary Gensler, the head of the SEC, have helped the token.

 

Given that the SEC is still suing Ripple and a likely change in leadership could end the case, this would undoubtedly be good news.

Last but not least, SG-FORGE, the cryptocurrency subsidiary of the French bank Société Générale, has revealed plans to add EUR CoinVertible (EURCV), its stablecoin, to the XRP Ledger.   The altcoin’s recent surge has enabled the cryptocurrency to emerge from a period of consolidation that began last summer.

XRP price chart shows a sell signal from the Daily Active Address Divergence (DAA) indicator. This indication stems from a decline in investor involvement despite the recent price spike, which caused the altcoin market to react instantly. Its price paused today due to the ensuing selling pressure, underscoring the impact of this sell signal.

This is in contrast to most cryptocurrencies, which have been correcting more or less sharply since yesterday. In contrast, Bitcoin has only increased by 15% in the past seven days.

Even though XRP had posted  amazing short-term gains, it is still down about 65% from its record peak, which was reached nearly seven years ago. Ethereum  and Bitcoin have fallen 3% and 40% from their respective lifetime highs.

Cardano (ADA) and Ripple (XRP) new alliance

Posted on by Olumide Adesina

Cardano (ADA) and Ripple (XRP) have sparked rumors of a possible partnership.   The two businesses now imply that they might work together, despite years of tense relations as Cardano and Ripple look for new strategic opportunities in the quickly changing crypto market.

 

 

The relationship between the two cryptocurrency giants is at a turning point after Charles Hoskinson, Cardano’s creator shocked the crypto community by announcing his support for Ripple and its CEO Brad Garlinghouse. Furthermore, this unanticipated assistance may also: Show a greater understanding of the shared difficulties that SEC regulations face.

 Cardano’s backing may boost the crypto alliance edge as Ripple continues its legal dispute with the SEC over its XRP token. A partnership of such magnitude may motivate other prominent figures in the crypto sector, which would generate market support! 

Industry watchers project such collaboration might bring together Ripple’s extensive payment network and Cardano’s strong blockchain technology, generating a potent industry synergy. 

Ripple’s payment systems and Cardano’s blockchain capabilities could be combined to create new opportunities for technological development.  Both businesses may be able to enter each other’s markets, thereby broadening their customer base and boosting uptake.  A collaboration might result in transaction procedures that are safer and more effective, which would help users everywhere. 

Ripple CEO Brad Garlinghouse has voiced optimism about the future of cryptocurrencies in the US and described a possible shift in the regulatory landscape considering Donald Trump’s election as president, “We finally have a pro-crypto president,”  Garlinghouse said in a recent interview with Fox Business. Trump has gained support in the crypto industry.

 ‘Trump has welcomed the cryptocurrency sector. He sees the opportunity, he sees the innovation, he sees the entrepreneurship, and I’m very excited about what the future holds,” He stated.

 Garlinghouse continued, adding that the new environment marks the end of years of stringent  oversight. “I think that’s very sincere.” opening the door to enormous expansion possibilities. 

Ethereum turns hot cake, highest inflows since August 

Posted on by Olumide Adesina

Spot Ethereum ETFs have seen their highest weekly volumes since the third week of their launch in August. ETH ETFs saw over $1.63 billion in trading volume last week, more than 44% more than the week before.

The total daily volume of all ETH ETFs during their first three weeks of trading was roughly $566 million.  Spot ETH ETF volume decreased and remained stagnant from mid-August to the end of October, averaging only about $168 million daily. this number has increased to an average of over $326 million in volume per day   during the past week,

Like what happened with the Bitcoin ETFs, this pattern of increased trading volumes in the initial trading weeks, followed by a protracted period of relative volume decline, and finally a prolonged period of even higher trading volumes is reminiscent.  

For comparison, the combined BTC ETFs saw an average daily trading volume of $2.36 billion over the first seven trading days. After that, there was a month-long “quiet” period during which their daily volume averaged only $1.04 billion.

However, after this month-long “quiet” period, BTC ETF volumes skyrocketed, averaging an incredible $5.4 billion in volume daily for the following four weeks, starting in February.   Bitcoin’s value increased by more than 35 percent and reached a new all-time high of about $74,000 during this time of increased ETF volume.

ETH’s price has risen by 25% this past week, the highest recorded trading volumes of its ETFs in three months. This is the largest weekly gain in the six months since May.   The initial volume spike was caused by enthusiasm and excitement, followed by a relative period of reduced trading volumes, and then a sustained and significant increase in volumes, accompanied by a similarly notable increase in the asset’s value   Ethereum ETFs are now riding a wave of post-election momentum.

Analysts ascribed ETHE’s significant outflow trend to the product’s comparatively high expense ratio, which makes it more expensive to hold than competing products. Shortly after, investors seemed more at ease with Ethereum after Donald Trump’s win, suggesting that the president-elect will lead a pro-crypto administration.

This contrasts with the global markets, which were caught off guard by macro jitters and an unwinding yen “carry trade.”.   With a shift in sentiment on Capitol Hill, lawmakers who support cryptocurrencies might also encourage more builders to develop applications on top of the Ethereum network.

Investors flock to Floki amid Coinbase listing

Posted on by Olumide Adesina

Floki (FLOKI) is one of Friday’s big winners, surging on the back of Coinbase announcing that it has added the dog-themed coin to its listing roadmap. 

The token jumped to nearly a six-month high price above $0.00028 after the news, rising 21% in less than an hour per data from Binance.

Overall, the 43rd most valuable crypto asset by market valuation— named after Elon Musk’s real-life dog—is up 16% over the last 24 hours, a recent spike overcoming some losses earlier in the day as crypto prices broadly correct after a recent surge. Floki has now nearly doubled in price over the last seven days.

Coinbase’s listing roadmap includes crypto tokens that the centralized American exchange is considering listing.

Coinbase added well-known meme coins: Solana’s Dogwifhat (WIF) and Ethereum’s Pepe (PEPE).  spot trading for these digital assets had already started on the U.S based crypto platform

Pepe’s price hit an all-time high on Wednesday. Binance data showed that these meme coins are among the top 50 most valuable cryptocurrencies globally by market valuation

Although Coinbase has historically adopted meme coins more slowly than some of its peers, it might be acting more quickly now that Donald Trump was elected last week and has pledged to loosen regulations on American cryptocurrency.

Dogecoin, the meme coin with the largest market value and origin, spearheaded the meme coin movement this week, reaching a price peak not seen in three years and increasing by over 100% in a week.

Nevertheless, DOGE has experienced a decrease of nearly 4% in value today, as the market momentum appears to be slowing down, thereby offering a more prominent stage for other meme coins such as Floki.

Goldman Sachs Bitcoin ETF Holdings hit $710 million 

Posted on by Olumide Adesina

Wall Street behemoth Goldman Sachs has shocked the financial community with its renewed interest in Bitcoin after revealing an astounding $710 million in BTC holdings across multiple exchange-traded funds.  

The American banking company’s exposure to cryptocurrencies has increased significantly, which may be crucial for its continued acceptance in the conventional financial sector. 

 

Goldman’s holdings of Bitcoin-related ETFs were significantly smaller in an August disclosure, , with the two largest being approximately $252 million in BlackRock’s IBIT fund and $33 million in Grayscale’s GBTC.  

However, there is a sharp rise in the company’s most recent filing, which was deposited on November 14. Its GBTC position increased 116 percent to $71.8 million, while its IBIT stake increased 83 percent to $461 million.  

Other investments include $22.5 million in Bitwise’s BITB and $95 million in the Fidelity Wise Origin Bitcoin Fund (FBTC), which represent  13 and 156 percent increase, respectively. 

Goldman Sachs’s most recent 13F filing marks a significant change from the company’s prior position on digital assets.  Several of the bank’s senior executives had earlier voiced differing levels of doubt about the asset class.  

 The company’s Chief Investment Officer for Wealth Management, Sharmin Mossavar-Rahmani, stated that Bitcoin was a volatile asset that should not be invested in for the long term. 

The business has adopted a more candid stance, with CEO David Solomon acknowledging that Bitcoin might be a useful store of value.

The developments of these holdings are not unique. A modest $51,921 position in FBTC was also disclosed by the Teachers Insurance and Annuity Association of America (TIAA), a prominent endowment manager that was previously recognized for its conservative stance.

Even though the allocation is modest, it shows that traditionally risk-averse segments are beginning to accept cryptocurrency, particularly Bitcoin. 

XRP runs at speed of light, sixteen month high

Posted on by Olumide Adesina

XRP outperformed the rest of the cryptocurrency market as the rally cooled off, rising by over 20% for the day.  Binance data showed that the altcoin  rallied 22% percent, reaching a sixteen-month high of $0.85.  

 

It has regained its previous prominence, and new opportunities have arisen since the altcoin was relisted on Robinhood in the US.

Market indicators show the 200-week simple moving average (SMA),  embraces the multiyear descending trend line at $0.6163,  providing instant support for the price of XRP. 

Technical indicators showed the moving average convergence divergence (MACD) indicator generated a bullish sign.  This occurred during the week ending November when the MACD line (blue) crossed above the signal line (orange) indicating that the market was  bullish 

XRP’s value has increased by about two-thirds in the past seven days. The digital asset ranged from $0.5441 to $0.9146 on the weekly spectrum 

Ripple’s token achieved the second-best performance of the ten most capitalized cryptocurrencies on the market with an increase of 49% behind Dogecoin’s 90% increase,  

This increase also comes amid impending turmoil in the US government following Donald Trump’s election.  The latter has surrounded himself with pro-crypto figures like Elon Musk

XRP’s fortune is also rising due to rumors that Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), is about to resign. Eighteen American States complained that SEC  abused its authority in relation to crypto assets, which boosted appetite for risk among crypto traders. 

The American legal system decided in July 2023 that XRP was not a “security” , as a result, was not under the SEC’s jurisdiction. However, the SEC added a twist a month ago by resuming its fight against XRP. Founded in 2012, XRP is currently the seventh most valuable cryptocurrency on the market, valued at $52 billion.