Ripple leads a $25 million Bitnomial funding round

Posted on October 16, 2024 by Olumide Adesina

Bitnomial, a U.S.-based and regulated digital asset derivatives exchange and brokerage platform, raised $25 million led by Ripple.

Bitnomial revealed that the fundraising round was led by Ripple, the digital asset firm which created the XRP token. This occurs as Botanical, the startup’s perpetual futures trading platform, gets ready to go live.

The press release highlighted that the firm intended to provide customers access to trading options, regular futures, and perpetual futures.

Although the platform is still in limited beta, customers can access products that adhere to the rules set forth by the U.S. Commodity Futures Trading Commission when it goes public.

Through its Bitnomial Clearing, LLC, Bitnomial is a CFTC-registered platform that functions as a futures commission merchant. Brad Garlinghouse, the CEO of Ripple, said Bitnomial is leading the regulated derivatives market into a new era.

According to Garlinghouse, Bitnomial intends to leverage Ripple’s soon-to-be-launched stablecoin, RLUSD. Remarkably, Ripple has named some platforms and exchanges as RLUSD launch partners.

Bitnomial recently filed a lawsuit against the U.S. Securities and Exchange Commission for persistently referring to XRP as a security.

Ripple filed a notice of cross-appeal, following the SEC’s filing of its notice of appeal in the Ripple v. SEC case. A U.S. judge declared in July 2023 that XRP is not a security and that secondary sales on exchanges do not make securities, or investment contracts on their own.

Tesla transfers its Bitcoin holdings after 2 years of dormancy

Posted on October 16, 2024 by Olumide Adesina

Tesla, the world’s most valuable car marker transferred its Bitcoin holdings to various anonymous accounts after two years of dormancy.

According to Arkham Intelligence data, Tesla-labeled wallets began moving funds on October 15, following several test transactions for tiny sums of Bitcoin. Subsequently, 11,500 Bitcoins valued at over $769 million were dispersed over seven wallets.

Tesla last traded Bitcoin in June 2022, when it sold 29,160 coins at an average price of $20,000 per, which remains the company’s largest transaction. Previously, the business offloaded 4,320 BTC each month after purchasing $1.5 billion of the flagship cryptocurrency in February 2021.
Tesla was the fourth-largest corporate holder of Bitcoin after business analytics firm MicroStrategy, Bitcoin miners Galaxy Digital, and Riot platforms, according to Bitbo data.

Tesla made no official comment about whether it intends to sell its assets, and the ownership of the recipient wallets was unknown. Tesla’s next Q3 earnings report, set for October 23, is expected to provide insight on the recent move.

On X, one observer speculated that the move was not a sale, but rather an attempt by Tesla to gain direct control of the currency. They remarked that this could herald the reactivation of Bitcoin payments, citing the usage of a legacy address format normally not utilized by exchanges for short-term transactions as a major clue.

At the time, Musk stated that the move was intended to demonstrate how simple it was to liquidate Bitcoin without significantly affecting the market.

Soon after, Tesla CEO Elon Musk stated that the company would accept Bitcoin as payment for its vehicles. However, just months later, in May 2021, the NASDAQ-listed business discontinued the payment option due to rising worries about the environmental impact of Bitcoin mining, including the heavy reliance on fossil fuels, such as coal, to power the mining operations.

Bitcoin Explodes, Breaks $66,000: Next Stop $74,000 Then 6-Figures?

Posted on October 16, 2024 by Dalmas Ngetich

Bitcoin ripped higher yesterday, closing above $66,000 in a welcomed bullish breakout formation. The recovery comes after weeks of lower lows that saw the coin temporarily fall below $50,000 in early August. As bulls find their footing and the trend shifts in favor of optimistic traders, the coin will likely float to as high as $70,000 and all-time highs. Fanning this wave of optimism are fundamental factors, including the upcoming elections in the United States and the inflow to spot Bitcoin ETFs. Additionally, favorable technical candlestick formations align in favor of buyers who have been on the sidelines for months.

The path of least resistance is emerging to be northwards. At press time, the world’s most valuable coin is up 3% in the past day and 8% in the previous trading week. With rising prices, engagement is also up, expanding to over $49 billion in 24 hours. Any expansion towards $70,000 in the next few hours could see the average trading volume rise to Q1 2024 average.

Traders are watching the following Bitcoin news developments:

Yesterday, Bitcoin broke above a multi-week wedge, pointing to strength. At this pace, the odds of BTC rallying in sync with early Q1 2024 gains remain high. As it is, bulls are eyeing $74,000.
The surge to over $66,000, analysts think, marks the start of the “uptober.” Historically, October and Q4 2024 tend to be bullish for the world’s most valuable coin. In Q4 2023, BTC rose by 49%.

Bitcoin Price Analysis

[[BTC/USD]] is ripping higher.

The close above the September high confirms the gains of last month.

The local support is now at $66,000. Accordingly, every low offers traders an opportunity to consider longs targeting $70,000 and $72,000.

If Bitcoin pushes above the round number at $70,000 with rising engagement, it can easily glide to a new all-time high.

On the flip side, any dip reversing October 15 gains will jeopardize the uptrend, slowing down optimistic buyers angling for all-time highs.

Ethereum Stagnant Above $2,300, Foundation Keeps Dumping: Should Traders Be Worried?

Posted on October 16, 2024 by Dalmas Ngetich

Ethereum is steady but still below the $2,800 line, per the formation in the daily chart. What’s needed is for the coin to break higher, closing above this liquidation line for the uptrend to take shape. Before then, ETH is bearish and likely undervalued versus other coins, not only Bitcoin but also Solana and Tron. As it is, bulls are confident. There is a chance for prices to rip higher as long as ETH stays above the local support at $2,300. On the lower end, a key support level to monitor is $2,100.

At press time, ETH is stable, but even with the flat price action of the past day, it is up by nearly 7%. This is because prices rose sharply on October 14, reversing most losses of the past few days when it consolidated. Amid this, the average trading volume is up, expanding to over $22 billion. Any upswing above $2,800 today or by the end of the week would trigger massive liquidity, pushing ETH to new Q4 2024 highs.

Traders are tracking the following trending Ethereum news:

In Q3 2024, Ethereum underperformed the traditional market. With rallying stock prices, NASDAQ rewarded its holders 24% more than ETH yielded. Accompanying dropping prices are the falling gas fees, which dropped to Q4 2020 levels.
The Ethereum Foundation sold another 100 ETH yesterday. Since early September, they have been selling small batches of the coin, totaling 1,450 ETH as of mid-October.

Ethereum Price Analysis

[[ETH/USD]] bulls stand a chance.

All the same, gains of October 14 are yet to be confirmed.

Presently, sellers are still in charge.

However, considering the recovery across the board and prices are still inside the bull bar of October 14, risk-on traders can consider buying the dip.

The local support will be around $2,500.

Any break above $2,700 could trigger demand, lifting Ethereum towards $2,800.

Risk-off traders can wait for a clean close above $2,800 or below $2,100 before aligning with the emerging trend.

XRP Bears Dominate Even after Ripple Announces RLUSD Partners: What’s Next for Price?

Posted on October 16, 2024 by Dalmas Ngetich

XRP is flat at press time, underperforming Bitcoin, looking at price action in the daily chart. Even though traders are confident and expecting prices to spike higher in the coming sessions, the failure of buyers to follow through on Monday’s gains is a concern. In the short to medium term, the reaction at $0.50 and $0.55 will shape the trend. A surge above $0.55 will be welcomed and would set the pace for even more gains toward $1, mirroring the impressive performance of Q3 2024. So far, there are political considerations to watch out for while also considering the general crypto sentiment.

Traders are upbeat despite XRP prices flat-lining on the last day. The seventh most valuable coin is up 2% in the past week, buoyed by decent trading volume. Over the past day, trading volume is up $1.2 billion.

The following XRP and Ripple news could shape price action:

Ripple has announced its exchange partners for the upcoming RLUSD stablecoin. Some of the big names include Bitso, Bitstamp, MoonPay, and Uphold.
All eyes are on the upcoming Ripple Swell 2024, which will be held less than three weeks before the United States General Election.

XRP Price Analysis

[[XRP/USD]] is flat and technically bearish.

Unless there is a conclusive close above $0.55, the path of least resistance is southwards.

The local support is $0.50.

Aggressive traders can short on every attempt higher below $0.55 while aiming at $0.45.

Any upswing above $0.55 could easily see XRP roar to $0.66.

For the risk-off traders, there are better entries for loading if the coin breaks above September highs.

If sellers take over, a close below $0.50 could fast-track the dump to August lows.

Institutional adoption boosts XRP trading activity

Posted on October 15, 2024October 15, 2024 by Olumide Adesina

XRP was trading at $0.54 late Tuesday, even as Ripple’s annual flagship event, Swell 2024, got underway in Miami. The coin’s circulating supply has increased by 0.16% during the past week. 56.65 billion XRP tokens, or around 56.65% of the maximum supply of 100.00 billion, are now in circulation.

XRP’s current market valuation ranking is $30.8 billion based on statistics from Binance. Ripple’s custody business has already seen considerable growth with a 250% rise in new clients Year on Year. Top financial institutions and cryptocurrency companies in important areas, such as the US, UK, and Singapore, already have XRP exposure.

Ripple has advanced significantly in the digital asset industry by adding new, bank-grade functionality to its custody services.
These improvements are intended to provide a safe and compliant environment for fintech and crypto-native enterprises. By integrating with the XRP Ledger (XRPL),

Ripple’s custody technology allows tokenized physical assets and supports low-cost trading on XRPL’s decentralized exchange (DEX).
This increasing trend suggests that people are becoming more optimistic about XRP’s prospects, particularly in light of recent court decisions favoring Ripple.

XRP has remained in a steady trading range, ranging between $0.50 and $0.64 highlighting a consolidation phase. In the past, XRP has demonstrated the capacity for dramatic price spikes, such as a 41,000% increase following the 2016 halving of Bitcoin and a 1,000% gain during the ongoing SEC case.

Some analysts believe that XRP will see a large increase. Ripple’s long-term course, however, may still be impacted by its ongoing legal disputes and regulatory scrutiny.
As stated in the announcement, “Ripple’s custody technology offers a single platform for safeguarding and managing digital assets, designed with the security and compliance standards that top global banks and financial institutions have come to rely on,” Aaron Slettehaugh, SVP of Product at Ripple, highlighted the platform’s security and compliance standards.

BTC Buyers Hesitate As Bitcoin Price Approaches $70K

Posted on October 15, 2024 by Skerdian Meta

The Bitcoin price broke above the descending channel as the buying momentum continued, but BTC buyers continue to hesitate every time BTC gets close to $70k. Today the price climbed to $67,700s but has reversed back down to $66K now and has formed a doji candlestick, which indicates a bearish reversal after the climb, however, the day is not over yet.

Continue reading “BTC Buyers Hesitate As Bitcoin Price Approaches $70K” →

Crypto presales this month that can make you rich

Posted on October 15, 2024October 15, 2024 by Olumide Adesina

Historical data has shown most crypto presales don’t succeed. We’ve seen ventures take off with the exhilaration of a rocket, only to fade out like a soggy firecracker. This post is for individuals who do not wish to be a part of that disappointment.

If you’re looking for anything that could surge in 2025-2026, you need to grasp why crypto presales are beneficial, and which types of cryptocurrency could explode during the next bull run. It wouldn’t be surprising if a few meme coins emerged from obscurity. However, the key here is community. If the presale has a thriving, engaged community, it’s worth paying attention to. If not, it’s most likely just another fad.

JetBolt

JetBolt is a cutting-edge blockchain platform that offers quick transaction speeds and zero gas fees to improve Web3 apps. It does away with the usual obstacles to blockchain adoption, like expensive fees and lengthy processing times, because it is based on the Skale Network. JetBolt’s non-custodial web wallet, which employs biometric authentication to safeguard customer funds, is one of its most notable features. Without depending on outside custody arrangements, this wallet enables users to engage with decentralized applications (dApps) smoothly.

XRP ETF token
XRP ETF token was created to benefit from the potential approval of XRP-based exchange-traded funds (ETFs), drawing interest from individuals interested in learning more about the interactions between traditional financial markets and cryptocurrencies. The platform features a liquidity pool, a token burn mechanism to regulate supply, and staking rewards. A percentage of the token supply is reserved for pre-sale and staking prizes to maintain the ecosystem’s vibrancy and user engagement. The burn tax feature, which progressively reduces the quantity in circulation, adds deflationary pressure.

Cybro
Cybro is a decentralized finance (DeFi) tool designed to enhance portfolio management and yield farming easier for Web2 users and amateur cryptocurrency investors. Cybro, supported by the Blast Layer 2 network, incorporates artificial intelligence (AI) to provide a simplified earning experience for users of the Blast ecosystem. The platform’s main goal is to give users simple-to-use tools, to manage DeFi’s intricacies without getting overwhelmed by technical jargon or difficult-to-use interfaces.

EcoChain
EcoChain aims to promote environmental sustainability through blockchain technology. It tokenizes real-world assets (RWAs) and employs a carbon-negative strategy to minimize carbon footprints. EcoChain is built around the $ECO token, which powers its ecosystem and allows users to engage in environmentally responsible activities such as trading carbon credits and offsetting carbon emissions.

The site also includes a Carbon Offset Tracker, which allows users to monitor their environmental impact, and a Green Marketplace, where carbon credits and related assets can be traded. Additionally, governance is decentralized, with the community actively developing EcoChain’s efforts via a DAO structure.

StarChain
StarChain is a state-of-the-art cryptocurrency platform that aims to transform scientific research accessibility, starting with astronomy. It uses blockchain and artificial intelligence (AI) technology to build the StarChain DataStore, a decentralized storage facility, that unifies and verifies scientific data from various sources into a single, easily navigable platform. The intention is to reduce the obstacles brought forth by separate data silos and increase the effectiveness and accessibility of research.

EarthMeta
EarthMeta, is a decentralized metaverse offering the opportunity to own and trade virtual real estate, including cities, landmarks, and digital assets. This innovative platform allows users to engage with a virtual world that mirrors the real Earth, offering an immersive experience where participants can explore, interact, and generate rewards. During the presale, users can acquire cities and take on the role of a state leader, with the ability to manage and subdivide their cities into NFT assets like landmarks or buildings.

CryptoScan
CryptoScan explores the crypto realm in-depth and provides real-time insights and analysis. It follows the performance of numerous cryptocurrencies using sophisticated algorithms, giving consumers a comprehensive picture of market patterns and movements.. The platform’s user-friendly interface helps you navigate the rapidly evolving cryptocurrency market regardless of your expertise

Ripple unveils a new stablecoin

Posted on October 15, 2024October 15, 2024 by Olumide Adesina

Ripple unveiled a stablecoin tied to the US dollar, hoping to disrupt the evolving digital market where the top two incumbents(Tether and USDC) control nearly 90% of the value.
The collaboration is a significant milestone for the popular crypto firm, coming more than a year after a historic victory over the Securities and Exchange Commission last year.

However, it will face an uphill battle in a confined market where the two largest players – Tether and USD Coin (USDC) – account for roughly 90% of total market capitalization.
Ripple announced that the stablecoin RLUSD will be available globally on digital platforms, including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish.
Stablecoins are digital tokens that have a steady value. They may be better suited for payments and converting crypto tokens into regular currencies because they are immune to the extreme price volatility observed in Bitcoin and ether.

Ripple stated that each RLUSD token is 100% guaranteed by US dollar deposits, government bonds, and cash equivalents.The business has nominated Sheila Bair, former head of the Federal Deposit Insurance Corporation, to the RLUSD advisory board.

Previously, Bair served as head of the board of Fannie Mae, a government-backed mortgage finance corporation, and assistant secretary for financial institutions at the US Treasury Department.

Chris Larsen, Ripple’s co-founder and executive chair, will join the board, as will David Puth, former CEO of CENTRE Consortium.
CENTRE, which formerly supervised USDC, was a collaboration between cryptocurrency exchange Coinbase, and stablecoin network Circle. It was shut down last year, and Circle now has complete control over USDC issuance and governance.

XRP Rising, Retests $0.55 As Ripple Whales Buy 40 Million Coins in 48 Hours

Posted on October 15, 2024 by Dalmas Ngetich

XRP is firm, trending higher like Bitcoin and other top altcoins. With prices retesting $0.55, buyers must conquer this liquidation level. If the uptrend is to take shape and losses of early October are to be reversed, then a follow-through of yesterday’s bar must be with rising volume. In that case, XRP can easily fly to over $0.66 in alignment with gains of Q3 2024. For now, traders are cautious but bullish. The optimism is also considering the positive cross-appeal by Ripple against the United States SEC.

After days of sideways movement, the breakout on October 14 is lifting sentiment. It could form the base for another leg up in the coming days. Thus far, XRP is up nearly 2% over the last day as engagement is above $1.1 billion. Any trend continuation today will see the average trading volume rise, even matching the August 7 and 8 averages.

The following XRP and Ripple news developments could shape prices:

Despite the absence of spot XRP ETFs in the United States, investors in other jurisdictions poured $1.1 million into XRP ETPs. Over the past few days, more capital has been flowing to the product, signaling institutional interest.
Over the weekend, Santiment reveals that whales have been positioning themselves for possible gains. They bought over 40 million XRP over the weekend.

XRP Price Analysis

[[XRP/USD]] is priming for possible gains after days of consolidation.

If prices close above $0.55 today, XRP will likely soar to $0.66 and September highs in a buy trend continuation.

All the same, the downtrend set in motion in early October remains.

This outlook will only change once the October 2 losses are reversed. That means Ripple bulls need to extend gains above $0.55 and decisively breach $0.60.

Before then, the immediate support remains at $0.50.