Category: Crypto market

Bitcoin Beats Gold: Binance CZ Forecast Proves Spot-On

Posted on by Olumide Adesina

Changpeng “CZ” Zhao, Binance co-founder, reaffirmed his long-held conviction that Bitcoin will surpass gold as the world’s most valuable asset.

This prediction has sparked new debates in the cryptocurrency community about the potential implications of this change for other digital assets, such as XRP. In the midst of global market uncertainty, gold has continued to rise and set new records, while Bitcoin has recently been under selling pressure and dropped below several important support levels.

The price of gold surged to an all-time high of $4,381 an ounce over the course of the last week, pushing its market capitalization above $30 trillion, the highest of any asset class.

CZ recently stated that he is confident Bitcoin will outperform gold in terms of value, but he acknowledged that the exact time frame is still unknown

The market capitalization of gold is $30.3 trillion, while that of Bitcoin is $2.14 trillion. This indicates that for Bitcoin to equal gold, it would need to grow by about 1,315 percent. A price increase of this magnitude would put Bitcoin close to $1.52 million per coin, given its current supply of roughly 19.93 million BTC.

CZ insists that it is attainable given the increasing global acceptance of digital assets. Additionally, he highlighted that macroeconomic factors and market cycles may affect how soon this milestone is attained. Analysts concur that if Bitcoin were valued at $30 trillion, it would probably lead to a significant expansion.

Evernorth’s $1B+ SPAC Splash: Ripple Fuels Massive XRP Treasury

Posted on by Olumide Adesina

Armada Acquisition Corp II, a publicly traded special purpose acquisition company (SPAC), and Evernorth, a recently formed Nevada corporation focused on promoting institutional adoption of Ripple (XRP), have officially launched and entered into a business combination agreement.

The company stated it will provide a special link for institutional investors seeking regulated, scalable exposure to the cryptocurrency asset by combining public market access with an active treasury model. After the deal closes, the combined entity will operate under the Evernorth name and is expected to trade on the Nasdaq under the ticker symbol “XRPN,” subject to standard listing requirements.

The press release states that the deal is expected to generate over $1 billion in gross proceeds. In addition to further investments from Ripple Labs and Rippleworks, a nonprofit organization supporting social impact initiatives, SBI has contributed $200 million to this total. Other notable investors in fintech and digital assets include GSR, Kraken, and Pantera Capital. Chris Larsen, a co-founder of Ripple, will also participate.

Most of the proceeds will be used to build a substantial institutional treasury for XRP by purchasing the asset on the open market.

Some funds will support corporate operations, working capital, and transaction costs. Through involvement in institutional lending, liquidity provisioning, and decentralized finance (DeFi) yield opportunities, Evernorth plans to gradually increase its XRP holdings per share, unlike a traditional passive ETF.

ProShares Files for SEC-Approved Crypto Powerhouse: Multi-Asset ETF Blends XRP, Solana, BTC, and ETH

Posted on by Olumide Adesina

ProShares, a well-known asset management company, has announced its plan to launch a new cryptocurrency exchange-traded fund (ETF) that will track the CoinDesk 20 Index. To do this, the company filed a submission with the Securities and Exchange Commission (SEC) and seeks approval.

Meanwhile, reliable sources have noted that this index, which measures the performance of the top 20 cryptocurrencies by market capitalization, is a key component of the cryptocurrency ecosystem. ProShares revealed the name of the new fund, which will be called the ProShares CoinDesk Crypto 20 ETF.

The firm states that it will enable investors to buy major cryptocurrencies like Bitcoin, Ethereum, XRP, and Solana. However, the SEC filing clarified that this ETF is designed to replicate the performance of the CoinDesk 20 Index. Importantly, fees and other costs will not be included in this. Research from credible sources also indicates that the index will not contain a wrapped token

ProShares launched the first Bitcoin-related ETF in the United States in 2021 with a Bitcoin futures ETF. The company has actively developed more cryptocurrency-related investment options since its inception. The most recent filing revealed that several institutions favored diversified cryptocurrency baskets to help mitigate the uncertainty surrounding individual assets, which prompted

ProShares to increase its interest in this marketplace. The CoinDesk 20 Index is updated quarterly in terms of its development process. It contains some of the most traded coins, including ADA, XRP, SOL, ETH, BTC, and Avalanche.

ADA, HYPE, XLM, and SUI are among the ETFs that REX–Osprey has recently filed for, which is consistent with a larger trend. If authorized, the ProShares CoinDesk Crypto 20 ETF will rank among the first diversified crypto ETFs in the United States.

Gold Crashes 6.3%, Marking Worst Day in Over a Decade

Posted on by Olumide Adesina

Gold prices fell as much as 6.3 percent, the largest decline since 201, as technical indicators suggested that previous gains might have been overdone. Traders also cited a stronger dollar as detracting from the metals’ appeal; however, the White House’s recent remarks eased concerns about US trade negotiations with China.

 

Significant liquidity was also removed from the market by India, the second-largest gold buyer, which shut down for the Diwali holiday. According to Bart Melek, the global head of commodity strategy at TD Securities, precious metals dealers and market trend watchers “are taking profits after a very robust rally.”

Technical market indicators for gold, he continued, indicated that the recent price increases were historically unsustainable and vulnerable to a reversal.

The drop abruptly ended a spike that had seen both metals reach all-time highs within the last week. Bets on the US Federal Reserve making at least some interest rate hikes had contributed significantly to gold’s rise.

Metals had reached record highs in the previous week, but the plunge abruptly stopped the surge. In addition to the so-called debasement trade, which occurs when investors withdraw from sovereign debt and currencies to safeguard themselves against unmanageable budget deficits, gold had risen sharply due to wagers that the US Federal Reserve would cut interest rates by at least one significant amount by the end of the year.

 

Forex Signals Oct 21: Netflix, GM and Coca-Cola Earnings While US Govt Shutdown End Nears

Posted on by Skerdian Meta

As investors begin a crucial week, increased volatility and cross-asset reactions are anticipated as Netflix, General Motors, and Coca-Cola earnings align with indications of a U.S. government shutdown agreement.
Continue reading “Forex Signals Oct 21: Netflix, GM and Coca-Cola Earnings While US Govt Shutdown End Nears” →

Bitcoin Slumps: Bears Smell Victory as Price Breaks $108K

Posted on by Olumide Adesina

The bears are back in town because Bitcoin just fell below $108,000. This correction is intriguing because of its timing, which may also be related to US President Donald Trump.

Bitcoin is showing early signs of recovery, trading near $109,000 after testing support at $107,500. Interestingly, the ongoing gold rally might boost Bitcoin’s growth

Bitcoin has historically experienced strong rallies following peaks in gold’s momentum. If this pattern continues, a rotation after gold’s peak could push Bitcoin to all-time highs. To keep the bullish momentum, Bitcoin needs to stay above $110,000 for now.

Bitcoin recovered to $112,000 after initially holding that support but then fell to $108,500 after losing over $3K in less than an hour.

CoinGlass data reports that the total value of liquidated positions is rising again, approaching $600 million. Nearly 200,000 traders are wiped out each day, and the largest liquidation involved $10 million on Hyperliquid.

Ripple’s XRP in Oversold Zone, $2 Tumble Imminent

Posted on by Olumide Adesina

XRP has declined by nearly 3% today, despite a sharp rise in exchange outflows. Deeper signals suggest that the latest buying surge may be a trap, even though it initially an accumulation. While retail investors show clear enthusiasm, major investor groups and key technical patterns warn that XRP’s recovery might not last.

The Hodler Net Position Change—a measure of long-term investors’ buying or selling activity—has dropped significantly.  Holdings decreased by 34 percent, from 163.68. 68 million XRP to 107.84. 84 million XRP from October 2 to October 15,

This indicates that long-term holders are selling rather than preparing for a comeback.
XRP is expected to move between $ 2. 2.3 and $ 2. 2.5 over the next week. A decline seems more likely because the chances of additional gains are low (less than 20%). The default scenario is the price remaining in a sideways range between $ 2 30 and $ 2 44. While a bullish move above $ 2. 50 seems unlikely; a clear drop below $ 2.30 could trigger a fall toward $ 2.18–$ 2.20.

Two other metrics support this outlook. The Smart Money Index (SMI), which measured the positioning of experienced traders, has fallen to its second-lowest point since early October. This reflects a decrease in rebound confidence. The Chaikin Money Flow (CMF), which monitors the flow of money into or out of large wallets, stays below zero.

The lack of significant buying by large wallets indicates weak conviction. Taken together, these indicators suggest that major players are pulling back, despite price volatility attracting many traders.

Exchange outflows have risen despite poor confidence among large holders, which is often seen as a bullish sign. From –12. 7 million XRP on October 10 to –960 million XRP on October 15, the Exchange Net Position Change- measuring the movement of XRP in or out of exchanges- has increased by over 7,400 percent. This signals that investors are withdrawing tokens from exchanges, reducing immediate selling pressure.

Smart money, whales, and long-term holders are staying on the sidelines, implying that this activity likely points to potential retail accumulation—smaller investors hoping to profit from a rebound. Retail-driven buying without whale support has historically caused rallies to fade quickly, trapping late buyers as prices reverse

Strong Dollar Weighs on Gold, Widening Gap from Record High

Posted on by Olumide Adesina

XAU/USD hits a new daily low in the $4,330 range, continuing its slide during the Asian session from near the all-time peak

Buyers are attracted to the US dollar for the third consecutive day,  which signals some profit-taking despite the daily chart being overbought. Additionally, a generally optimistic mood in the equity markets helps to reduce flows into the safe-haven precious metal.

The US dollar’s rally for the third day adds downward pressure on gold prices. The safe-haven metal is also being weakened by the global risk sentiment, which remains firm due to signs of easing US-China trade tensions.

US President Donald Trump said that imposing full tariffs on China was not feasible. Trump added that both countries would reach a great deal but warned that if no agreement is reached, China could face tariffs of 155 percent. This keeps the US-China trade negotiations next week in focus.

The CME Group’s FedWatch Tool shows that traders have nearly fully priced in a 25 basis point rate cut at both the October and December Federal Reserve meetings.  This could limit significant USD gains and help keep gold prices higher.

Investors seem worried that a prolonged US government shutdown could harm the economy.  the Senate voted Monday against reopening the government for the eleventh time with both sides still at an impasse,, extending the shutdown into its third week.

Additionally, Russian President Vladimir Putin reportedly reiterated his demand that Ukraine cede all of Donetsk Oblast as a condition for ending the war, even as he stated that Russia might be willing to relinquish some areas of occupied southern Ukraine. Furthermore, Trump mentioned on Sunday that the fighting lines should stay frozen in their current positions.

Forex Signals October 20: Earnings Focus, Tesla, Netflix, GM and Intel in Spotlight

Posted on by Skerdian Meta

This week’s equity sentiment will hinge on a series of corporate earnings, such as Tesla, Intel, Netflix, IBM, T Mobile, Coca Cola, General Motors etc. Continue reading “Forex Signals October 20: Earnings Focus, Tesla, Netflix, GM and Intel in Spotlight” →