Category: Crypto market

Ripple’s XRP Grills Under Hot U.S. Inflation data

Posted on by Olumide Adesina

XRP is experiencing significant sell-offs in response to macroeconomic news during Thursday’s trading session. The cryptocurrency’s price decreased by 5.3 percent on the previous day. Ethereum and Bitcoin both saw declines of 3.3 percent during that period.

 

The altcoin is currently falling amid decreased optimism about the likelihood of interest rate cuts this year following the latest inflation data. The Producer Price Index (PPI) showed a much higher inflation level than expected, causing valuation pullbacks for cryptocurrencies and stocks.

Cryptocurrency investors have been eagerly awaiting interest rate cuts, and this year, XRP and other leading tokens have already experienced substantial gains amid predictions that cuts will happen soon. Price increases may be imminent, as the July PPI data indicate that the inflationary effects of tariffs are still beginning to spread throughout the economy

The July PPI report from the Bureau of Labor Statistics (BLS) was released this morning, and its findings have notably heightened the bearish sentiment in the cryptocurrency market. According to the report, July’s PPI inflation was 3.7 percent, surpassing the 3 percent threshold that most economists recommend.

The month-over-month increase of 0.9 percent was the largest in over three years, up from 2.6 percent in June. This new inflation data may make the Federal Reserve less likely to cut interest rates at its September meeting, raising concerns about the impact of tariffs on the economy. The bullish outlook for XRP and other cryptocurrencies could weaken if the anticipated rate cut does not happen.

 

BlackRock Rejects XRP For Bitcoin, Ethereum

Posted on by Olumide Adesina

BlackRock, the world’s biggest digital asset management firm, rejected the notion of introducing a Spot exchange-traded fund (ETF) based on Solana (SOL) or Ripple (XRP). The industry leader in digital assets, with $11.5 trillion in assets under management (AUM), is renowned for Ethereum (ETH) and Bitcoin (BTC) Spot ETFs.

Many market watchers anticipated that BlackRock would be the next company to propose an ETF product based on Ripple after the SEC case.

In addition to Ripple (XRP), Solana’s SOL candidacy for a BlackRock crypto ETF is currently ruled out. In an interview with The Block, representatives of BlackRock said that the company’s current roadmap is focused solely on Bitcoin (BTC) and Ether (ETH).

BlackRock’s Head of Digital Assets, Robbery Mitchnick, previously stated that there is “very little demand” for other ETFs.
BlackRock’s entry into the Ripple ETF Market was hinted at by Nate Geraci, the President of the ETF Store, a few days before this. Eric Balchunas, the top ETF specialist at Bloomberg, asserts that

BlackRock has declined the XRP ETF proposal due to the strong profitability of its existing IBIT and ETHA ETF products, which focus solely on Bitcoin and Ethereum. Following the resolution of Ripple’s legal issues with the SEC, an increase in futures open interest and a positive market sentiment could drive XRP’s price back up to $6. The rise in open futures interest indicates that the market is quite confident in XRP’s potential price movement.

Several technical indicators suggest that XRP is likely to experience a price increase to $6. Two key factors supporting this optimistic outlook are the recent surge in open interest in futures contracts and the resolution of Ripple’s legal dispute with the SEC.

Forex Signals Brief for Aug 14: Alibaba, QUBT, TMC Stocks and Earnings in the Spotlight

Posted on by Skerdian Meta

Investors are watching Alibaba, QUBT and TMC earnings announcements today, with companies spanning e-commerce, quantum technology, and metals exploration set to report results that could sway their respective market sectors. Continue reading “Forex Signals Brief for Aug 14: Alibaba, QUBT, TMC Stocks and Earnings in the Spotlight” →

Bitcoin Blasts to New High on Rate Cut Optimism, Treasury Adoption

Posted on by Olumide Adesina

Bitcoin reached a record high on Thursday, supported by rising anticipation of a September interest rate cut and hopes for additional corporate purchases. Ether also advanced on Thursday and was close to a 2021 record high.

 

This week, multiple corporate purchases further boosted the cryptocurrency as more businesses adopted the Bitcoin treasury strategy popularized by Michael Saylor’s MicroStrategy. After reaching a record high of $124,436.08, Bitcoin pared its gains and finished the day up 3.2% at $123,164.

The world’s largest cryptocurrency has surged due to increased corporate purchases and weak U.S. inflation data, which raised the likelihood of a rate cut in September. According to CME Fedwatch, markets are pricing in a nearly 97 percent chance of a 25-basis-point cut in September.

Lower rates could boost cryptocurrency prices by increasing liquidity for speculative assets, thereby enhancing their value. Recently, there has been a surge in corporate Bitcoin purchases.

No Lost Transactions: Ripple Reaffirms XRP’s Decentralized Strength

Posted on by Olumide Adesina

David Schwartz, Ripple’s Chief Technology Officer, has utilized public forums to clarify common misconceptions regarding the XRP Ledger (XRPL) and the company’s influence over it.

Schwartz emphasized in a recent interview that the XRP Ledger functions as a public, decentralized blockchain where no single party, not even Ripple, has the authority to restrict or modify transactions. “No one has ever had a transaction stopped by Ripple,” he stated, highlighting the ledger’s accountability and transparency through its consensus process.

Schwartz also explained the role of Ripple’s sole validator on the network, clarifying that the company’s node holds no authority over the entire system. The XRP Ledger’s consensus process requires broad support and cooperation among validators to prevent unilateral changes.

The network currently utilizes a Unique Node List (UNL) consisting of 33 validators. This system is designed to protect against malicious actors who might attempt to flood the network with fake identities and disrupt consensus. Users have the option to select validators that match their preferences. Additionally, any controversial changes to the ledger must be accepted by the community as a whole.

Schwartz acknowledged that a technical glitch led to the loss of some early XRP transactions. However, he emphasized that this happened when XRP had no market value and only a small portion of the total supply had been distributed. Schwartz described the XRP Ledger as operating on an “anti-robustness principle,” prioritizing security over continuous operation by halting transactions when unexpected problems occur. While this has occasionally caused outages, it highlights the network’s commitment to security and transparency.

BMNR Stock Collapse to Comeback: BitMine Immersion’s $5B ETH Bet Strengthens Rally

Posted on by Skerdian Meta

In less than a week, BitMine Immersion Technologies has pulled off a spectacular comeback, using Ethereum’s surge to win back investor trust and score a triple-digit percentage gain.
Continue reading “BMNR Stock Collapse to Comeback: BitMine Immersion’s $5B ETH Bet Strengthens Rally” →

Forex Signals Brief for Aug 13: Trump Media, Lyell, Cisco Earnings and Stocks in Focus

Posted on by Skerdian Meta

Key Earnings Announcements to Watch today: Cisco Systems, Trump Media & Technology Group, and Lyell Immunopharma Continue reading “Forex Signals Brief for Aug 13: Trump Media, Lyell, Cisco Earnings and Stocks in Focus” →

Peter Thiel’s Bet Sends ETHZilla on Rampage

Posted on by Olumide Adesina

Peter Thiel is supporting another company that manages an Ethereum treasury; the company’s stock price tripled. According to a recent SEC filing, Thiel and his associates acquired a 7.5% stake in 180 Life Sciences, a biotech firm that previously concentrated on researching inflammatory diseases.

Billionaire Thiel Bets Big on Crypto: Founders Fund Invests $200 Million Before Bull Run

The company has recently shifted its focus to accumulating Ethereum and has rebranded itself as “ETHZilla.”

The company’s stock exploded, more than tripling in value in a matter of hours after word of Thiel’s investment circulated on Tuesday. The stock closed at $10.24, up nearly 207% from its close at $3.34 on Monday afternoon.

Thiel and his co-founders’ venture capital firm, Founders Fund, recently acquired a 91% stake in BitMine, another publicly traded company that has made a major commitment to buy as much Ethereum as possible.

That business, which formerly concentrated on mining Bitcoin, currently has over $5 billion in ETH and intends to raise over $20 billion to continue expanding its market-leading holdings. For years, Thiel and his venture capital funds have been heavily involved in the cryptocurrency space, supporting a wide range of blockchain projects, from prediction market Polymarket to entire networks like Ethereum layer-2 Layer N to centralized exchanges like Bullish and Bitpanda.

Thiel, a co-founder of PayPal and Palantir, has been a significant contributor to the political campaigns of far-right parties and has played a vital role in shaping the current Trump administration’s technology strategy.

ETH Shorts Wiped Out as Ethereum Hits Record $4,634 High

Posted on by Olumide Adesina

Ethereum has risen 30% this week alone, and short sellers are suffering on Tuesday after the recent surge.

Ethereum, the second-largest cryptocurrency by market capitalization, surpassed $4,600 0% by for the first time since 2021 on Tuesday evening.

ETH has increased by a third in 7 days. Bitcoin is up roughly 6% for the week and has remained relatively stable over the past month.

 

According to CoinGlass data, traders who are betting against Ethereum are facing losses on Tuesday, as over $110 million worth of liquidations have occurred on ETH short positions in the last day. Ethereum accounted for approximately $158 million of all cryptocurrency liquidations, out of $410 million in liquidations across all assets

ETH’s notable ascent has been bolstered by net inflows of billions of dollars into its exchange-traded currencies.
The second-largest cryptocurrency asset set a one-day inflow record on Monday, driven by investments exceeding $1 billion. Since July, it has only experienced three days of net ETF outflows.

Nearly 63 percent of Monday’s inflows came from BlackRock’s iShares Ethereum Trust ETF (ETHA), which led the inflows and almost matched the asset’s previous inflow record of $726 million. This amount exceeds the $170 million in net inflows for Bitcoin on Monday and continues a trend where ETH ETFs have outperformed Bitcoin ETFs over the past month.

Additionally, new treasury companies are actively using Ethereum, as shown by the aggressive acquisition of the cryptocurrency by firms such as BitMine Immersion Technologies and SharpLink Gaming..