Category: Crypto market

U.S. government puts GDP Data on Bitcoin, Ethereum, Solana, TRON

Posted on by Olumide Adesina

The U.S. government used public blockchains to distribute GDP data. Commerce Department officials stated that this move will create a new way to release economic data, not replace existing methods. The department announced on nine blockchains—Bitcoin, Ethereum, Solana, TRON, Stellar, Avalanche, Arbitrum One, Polygon PoS, and Optimism—the ‘official hash of its quarterly GDP data release for 2025,’ and in some cases, the topline GDP figure, in a press release.

NYSE

This endorsement of blockchain technology, originating from cryptocurrency but now used for trading stocks, money-market funds, and more, reflects the Commerce Department’s decision to leverage it for some of its most significant and market-sensitive economic data.

This development comes weeks after Trump dismissed the head of the Bureau of Labor Statistics following an agency report that showed slower job growth in recent months than previously estimated. The president suggested, without proof, that the figures were manipulated for political reasons. According to Commerce Department officials, the blockchain project is unrelated to the BLS’s dismissal.

Commerce Secretary Howard Lutnick also hinted that he aimed to change how GDP is reported to reduce government spending. The Bureau of Economic Analysis, part of the Commerce Department, is responsible for releasing these figures.

Ripple’s XRP Mastercard on Gemini, Boosting Crypto Adoption

Posted on by Olumide Adesina

Chief Technology Officer (CTO) David “JoelKatz” Schwartz and other top Ripple executives are testing the Ripple (XRP) powered MasterCard. According to Gemini CEO Tyler Winklevoss, Ripple’s Garlinghouse will receive “the whale limit” on his XRP card from the exchange.

 

He joked, “I’ve been told he’s good for it.”.The lead developer was photographed at the XPResso coffee shop in San Francisco, California, wearing an XRP embroidered T-shirt and other items.

JoelKatz marked a milestone in the adoption of the original altcoin by saying, “I got my XRP belt on, wearing an XRP T-shirt, holding an XRP rewards credit card at XRPresso; someone pinch me?”

The new card’s exclusive availability in the United States has also drawn criticism from some XRP holders. There is nothing particularly new about the product because Gemini has been offering XRP awards alongside its regular rewards for months.

Ripple (XRP) is currently facing favorable legal developments, including a $50 million settlement agreement with the US Securities and Exchange Commission (SEC). Additionally, by November 2025, America’s leading financial regulator will need to respond to a wave of ETFs based on bitcoin.

This could drive XRP to reach new all-time highs and make Ripple coin accessible to a broad range of traditional stock investors. After waiting seven years, Ripple (XRP) finally hit $3.165 more than a month ago.
The popular remittance altcoin has dipped back to exactly $3, but its daily spot volume remains over $6 billion. Ripple is competing for a slice of SWIFT’s $155 trillion market alongside Hedera (HBAR), Ripple recently partnered with the R3 Consortium.

Forex Signals Brief August 27: NVIDIA, Snowflake, CRWD, and RBC Report Q2 Earnings

Posted on by Skerdian Meta

Besides the Australian inflation, we have the Q2 earnings from Nvidia, Crowdstrike, Snowflake and RBC today. Continue reading “Forex Signals Brief August 27: NVIDIA, Snowflake, CRWD, and RBC Report Q2 Earnings” →

Coinbase XRP Holdings Plummet Alongside Ripple’s Market Volatility

Posted on by Olumide Adesina

Coinbase’s XRP reserves dropped by 73% since the end of the second quarter, decreasing from roughly 970 million XRP spread across 52 cold wallets to a much smaller collection of redistributed addresses.

This steep decline is caused by significant custodial rebalancing, and combined withdrawals disrupt the on-exchange supply.

While prices have fallen from a high of $3.66, open interest (OI) in XRP futures has decreased by 30% over the past month, from $11 billion to $7.7 billion. A decline in open interest typically signals reduced speculative activity, which could mean leveraged traders are taking profits or losing confidence in the market. Similar patterns appeared in Q1, when spot prices fell over 50%, and XRP’s OI dropped from $8.5 billion to $3 billion, a sharp 65 percent decrease.

The current situation reflects that trend, suggesting traders may begin accumulating once OI establishes a new base range. An accumulation phase is often preceded by OI moderation

Coinbase’s XRP reserves have fallen significantly since their June consolidation across 52 cold wallets. Only 16 lower-tier wallets and a much smaller combined balance remain after many large addresses were emptied, fragmented, or redistributed, according to blockchain analysis. Coinbase held roughly 970 million XRP in June, based on on-chain data. Overall cold-storage holdings tied to Coinbase decreased by about 73% by the end of August. This decline occurred through transfers out of exchange custody, the emptying of large wallets, or subdividing holdings into smaller operational addresses.

The drop coincides with XRP trading near $3, a recurring resistance level this year. Although more data and a broader market context are needed to confirm a causal link, lower exchange balances can influence price movement and reduce available supply.

According to CryptoQuant, exchanges across all value bands saw large XRP inflows during its recent rise to $3.66. Whale cohorts holding 100,000 to 1 million XRP showed the most activity. Historically, such inflows have preceded major market peaks, as seen above the $3 level in 2018, near $1.90 in 2021, and around $0.90 in 2023, suggesting large investors may again be positioning to profit.

Trump Media, Crypto.com Launch Crypto Treasury

Posted on by Olumide Adesina

Trump Media and Technology Group (DJT) and Yorkville Acquisition Corp. have reached an agreement.

The Cayman Islands-based blank-check company and DJT, in a filing on Tuesday, said that they will establish a cryptocurrency treasury company to hold Crypto.com’s native token (CRO). It is expected that the new company, called Trump Media Group CRO Strategy, will trade under the ticker symbol MCGA.

The president’s media company will own most of it, along with advisor Yorkville and Crypto.com. Blank-check companies are shell corporations that raise capital through initial public offerings (IPOs) to merge with or buy an existing private company.

They are also known as special purpose acquisition companies (SPACs). These vehicles are mainly used for faster public listings; however, unlike a standard IPO, they often lack transparency before listing.

The Republican presidential nominee, former President Donald Trump, talks with former Representative Devin Nunes from California on the third day of the Republican National Convention at the Fiserv Forum in Milwaukee, Wisconsin, on Wednesday, July 17, 2024.

Former President Donald Trump speaks with former Representative Devin Nunes in the Fiserv Forum at the Trump Media event.

XRP Mastercard Debuts: Spend Crypto with 4% Cashback

Posted on by Olumide Adesina

Gemini introduced a new XRP-branded Gemini Credit Card, issued by WebBank and supported by Mastercard’s World Elite program. Designed for XRP enthusiasts, the “Gemini Credit Card, XRP Edition” offers up to 4% cash back in XRP on purchases.

Gemini explained the launch in a post on X: “Introducing the Gemini Credit Card, XRP edition.”

Users can exchange their rewards for other cryptocurrencies or convert them into XRP after they are automatically deposited into their Gemini accounts.

Standard safeguards like fraud prevention, purchase monitoring, and zero liability for unauthorized charges are guaranteed by Mastercard’s World Elite framework.

It is not a standalone Mastercard XRP launch; rather, it is part of Gemini’s growing line of cryptocurrency rewards products that utilize Mastercard’s network. Mastercard provides its global payment power, while XRP offers quick and inexpensive infrastructure for cross-border settlements.

WebBank, a regulated US bank, provided the compliance layer required to integrate this product into the financial system. Gemini posted a teaser in New York that read, “Get ready,” featuring an image of a Mastercard with an XRP stamped on it. The phrase, “Issued by WebBank,” suggests an official launch is imminent. If this project comes to fruition, Mastercard could make a significant contribution to the emerging Web3 ecosystem, risking its market dominance and power, among other things.

ETHZilla Flexes Financial Muscle: $250M Buyback, 100K ETH Holdings

Posted on by Olumide Adesina

ETHZilla (ETHZ) approved a $250 million share repurchase program aimed at boosting shareholder value and expanding its ether reserves, which recently exceeded 100,000 ETH after acquiring 7.6K ETH last week.

The program will conclude on June 30, 2026, or once the full $250 million has been spent. Management states that repurchases help counteract dilution and demonstrate confidence in the company’s strategy.

Alongside $215 million in cash equivalents, ETHZilla reported holding 102,237 ETH worth $489 million, purchased at an average price of $3,948.72 per token.

The buyback announcement followed a sharp 30 percent drop in shares on Friday after shareholders requested to sell 74.08 million convertible shares. Since Monday’s opening, ETHZ shares have decreased by nearly 60%.

The market has responded in two ways. Some see this move as further evidence that corporate treasuries are increasingly adopting Ethereum. ETHZilla does more than accumulate crypto; it also seeks to outperform traditional staking by implementing a yield-generation strategy through Electric Capital, engaging in lending, liquidity pools, and bespoke agreements beyond simple staking.

This positions the company as one of the few publicly traded firms trying to convince institutional investors that Ethereum can be a profitable treasury asset and not just a speculative gamble.

Forex Signals Brief August 25: NVDA, CRWD Earnings on Top of PCE Inflation This Week

Posted on by Skerdian Meta

After Jerome Powell’s Dovish hints last Friday, focus will be on PCE inflation to be released this Friday as well as NVDA, CRWD Q2 Earnings. Continue reading “Forex Signals Brief August 25: NVDA, CRWD Earnings on Top of PCE Inflation This Week” →