Category: Crypto market

XRP Eyes $10 After 20% Bounce, as SEC Clarity, Trump’s 401(k) Order Lift Ripple Price

Posted on by Skerdian Meta

As excitement raced across the larger cryptocurrency market in the wake of significant legislative and legal developments, the price of XRP jumped late Thursday, rising more than 10% in a single session.
Continue reading “XRP Eyes $10 After 20% Bounce, as SEC Clarity, Trump’s 401(k) Order Lift Ripple Price” →

Cardano’s Midnight Airdrop: XRP Users Get NIGHT Tokens with Xaman Wallet

Posted on by Olumide Adesina

The Glacier Airdrop, launched by the Midnight Foundation, provides XRP holders with the opportunity to acquire the NIGHT token. This event is significant for the Cardano and XRP ecosystems as it represents a major cross-chain initiative.. The only platform authorized for the claim process is the Xaman Wallet, which provides access to the live airdrop

To participate, individuals must have held at least $100 in native tokens, including XRP, in a self-custody wallet during the snapshot period. While XRP holders are eligible based on their ledger holdings, the NIGHT token will be issued to new Cardano wallets, separate from the XRP Ledger.

This structure prevents multiple claims from the same user and ensures identities for each participant. The aim is to promote the use of new Cardano wallets, allowing each participant to make only one claim.

Wietse Wind, the founder of Xaman Wallet, emphasized the importance of using official tools and warned against clicking on suspicious or third-party links. He stated, “Only sign in with Xaman is safe,” highlighting the prevalence of scams that mimic legitimate support channels. It is advised that users avoid unsolicited communications and rely solely on the in-app notifications and support features of Xaman Wallet when seeking assistance.

The airdrop consists of three phases: a 60-day Glacier Drop, followed by a 30-day Scavenger Mine phase for unclaimed tokens, and a final Lost-and-Found phase. Cardano users will receive 50% of the total supply of NIGHT tokens, Bitcoin holders will receive 20%, and the remaining 30% will be distributed among users of Avalanche, Solana, XRP, Ethereum, BNB, and BAT. This airdrop has been described as one of the largest in recent cryptocurrency history, with 33.6 million eligible addresses across supported blockchains, including 2.2 million on the XRP Ledger.

Trump Unlocks $12.5 trillion Retirement Market for Crypto and Private Equity Investments

Posted on by Olumide Adesina

President Trump is set to issue an executive order that will allow alternative assets, such as cryptocurrencies, real estate, and private equity, to be included in 401(k) retirement savings plans.

 

This change will provide these sectors with access to approximately $12.5 trillion in retirement account funds. Sources familiar with the matter indicate that the executive order will instruct the Labor Department to review the guidance under the *Employee Retirement Income Security Act of 1974 (ERISA)* related to alternative asset investments in retirement plans.

Additionally, the order will clarify the government’s position on fiduciary duties when offering asset allocation options that include alternative investments.

It will also direct Labor Secretary Lori Chavez-DeRemer to work with federal regulators, including the Securities and Exchange Commission (SEC) and the Treasury Department, to assess whether relevant regulations need updating. The SEC will play a role in facilitating investments in alternative assets within participant-directed retirement plans.

This initiative is expected to be the Trump administration’s most significant effort to incorporate private assets into fixed-contribution accounts and a key part of its broader goal to promote the growth of the cryptocurrency sector.

The White House has been examining this directive in response to ongoing legal issues that have restricted the inclusion of alternative assets in most employees’ fixed-contribution plans.

Corporate plan administrators have been reluctant to engage with complex and illiquid products, leading to a significant concentration of retirement portfolios in stocks and bonds.

. The guidance from the Labor Department suggests that retirement plan administrators would not be violating fiduciary duties by adding private equity to investment portfolios. This guidance is reminiscent of policies from Trump’s first term, which were withdrawn during the Biden administration.

BitMine ( BMNR )Bold Bet: World’s Largest ETH Treasury—Genius or Gamble?

Posted on by Olumide Adesina

Bitmine Immersion Technologies (Nasdaq: BMNR) has solidified its status as the largest Ethereum treasury globally, with holdings exceeding 833,000 ETH. This achievement places Bitmine third overall in the corporate crypto treasury race, behind only MicroStrategy and Marathon Digital (MARA), and ahead of all other companies in terms of ETH accumulation.

 

Bitmine has rapidly changed the enterprise cryptocurrency landscape with its aggressive treasury strategy, which was introduced on June 30 and completed on July 8. With a bold commitment to Ethereum as a mainstream financial asset, the company aims to purchase 5% of the entire ETH supply.

Bitmine’s aggressive ETH strategy was explained by Thomas Lee, Chairman of the Board of Directors at Fundstrat. With Bitmine’s rapid progress in pursuing ETH’s “5 percent alchemy,” our holdings of ETH have grown from zero thirty-five days ago to over 833,000. We have set ourselves apart from our counterparts in the crypto treasury space in terms of this growth rate.

The business is supported by a select group of institutional investors, including Cathie Wood’s ARK Invest, Founders Fund, Pantera, Kraken, DCG, and Galaxy Digital, as well as Bill Miller III, a well-known investor and senior advisor at Miller Value Partners.

. According to Fundstrat data, the stock is currently trading at an average of $1.06 billion per day, ranking 42nd among all US-listed stocks—just behind Uber—and is one of the most liquid on the market.
Tom Lee and his teams point to the stock market’s liquidity and speed of execution. But nervousness is starting to show. It mentions BMNR, which, following profit-taking, posted corrections of over 45%. This highlights the risks of focusing on a single asset. Additionally, BitMine has altered its approach within a month.

The benchmarks for institutional cryptocurrency investment may be redrawn if the goal of 5% of Ethereum’s supply is accomplished. However, given the high volatility and stock’s propensity for fluctuations, this wager’s viability needs to be closely watched.

Ripple Bank: Charter: Boosting XRP, RLUSD Credibility

Posted on by Olumide Adesina

Diana, a cryptocurrency enthusiast, has drawn attention to a noteworthy development in the world of digital finance: Ripple’s official application to create Ripple National Trust Bank, a federally chartered trust bank with its headquarters located in New York City.

This action signifies a significant shift in Ripple’s organizational structure, with the company now focusing on establishing itself at the forefront of next-generation financial infrastructure, rather than traditional banking services.

“The filing with the Office of the Comptroller of the Currency (OCC) shows that the trust bank will not offer consumer-facing services like mortgages, branch locations, or checking accounts,” Diana said. Rather, its goal is clear and focused: using XRP and RLUSD-powered technologies to run the new rails of money.

The main focuses of the bank’s design are direct interaction with U.S. banks, real-time global settlement, and institutional liquidity. S. financial frameworks.
Diana explains the characteristics of a national trust bank, highlighting the fact that it is a fully fiduciary institution subject to federal regulation.

Ripple’s trust bank is designed to be a compliant, technologically advanced option for enterprise-level asset management and payment operations rather than competing with traditional financial institutions on their terms.

The RLUSD stablecoin and XRP in particular are expected to be managed by the bank.

Ripple has the potential to access vital U.S. resources thanks to its federal charter.. It can avoid using conventional middlemen in the settlement process by utilizing financial networks such as FedWire and ACH.

Forex Brief August 6: Applovin, Uber, Shopify, MacDonalds , AirBnB Earnings Preview

Posted on by Skerdian Meta

Major corporations such as Applovin, Uber, Shopify, MacDonalds , AirBnB are set to release their earnings, with investors focusing on tech, streaming, retail, and fast food giants to gauge market momentum. Continue reading “Forex Brief August 6: Applovin, Uber, Shopify, MacDonalds , AirBnB Earnings Preview” →

XRP Crash as Long Positions Get Wiped Out in Crypto Rally

Posted on by Olumide Adesina

Holders of XRP are currently facing a significant setback as the August cryptocurrency rally encounters its first turbulence. Data from CoinGlass indicated a staggering 7,676 percent imbalance between long and short positions on XRP over the past day.

 

A rapid sell-off occurred within a short time frame, causing XRP’s price to drop by 2.94 percent, from $3.04 to $2.97, as several important support levels were breached.  The one-sided nature of the market pressure makes this situation particularly noteworthy. 138,143 traders were liquidated in the past 24 hours,, the total liquidations come in at $358 million

Bitcoin (BTC) and Ethereum (ETH)  experienced long liquidations worth $41 million and $72 million, respectively. XRP recovered nearly 11 percent by Monday after finding support on Sunday around the 50-day EMA at $2.8. The 50-day EMA is a critical support zone, aligning with the daily level at $2.72 and the 50 percent Fibonacci level at $2.78. However, XRP fell 4 percent on Tuesday and, as of Wednesday, is still trading below $2.92. If the decline continues, XRP could approach its crucial support level of $2.8

The daily chart’s RSI shows a decline in bullish momentum as it falls below the neutral level of 50. The MACD indicator for XRP lends more credence to this pessimistic outlook.

Although XRP is currently holding steady, this incident highlights the risks associated with excessive leverage and suggests that the market is attempting to determine its next move. A recent liquidation event serves as a stark reminder of the dangers tied to unbalanced market conditions, even as the rally persists. The sharp compression of long positions underscores the volatility and rapid price swings that are characteristic of the cryptocurrency market. For XRP holders, this situation serves as a warning about the volatility of crypto trading, particularly when positions become overly concentrated.

Corporate Treasuries Boost Ethereum Demand as ETF Outflows Hit Record Highs

Posted on by Olumide Adesina

Ethereum (ETH) can’t maintain its $3.7K support level, despite SharpLink Gaming (SBET) announcing last week that it acquired over 83,000 ETH. Instead of reacting positively to the buying pressure from corporate entities, Ethereum’s movement closely mirrors a record daily outflow of $465 million from US spot ETH exchange-traded funds.

 

SharpLink Gaming, an Ethereum treasury and esports marketing company, purchased 83,561 ETH, bringing its total holdings to 521,939 ETH as of August 3.

The company announced that it raised $264.05 million during this period through its at-the-market (ATM) facility before an acquisition.

SharpLink adopted an Ethereum treasury strategy in May following a private placement of $425 million. Since then, it has applied to the Securities and Exchange Commission (SEC) to increase the size of its ATM facility to $6 billion,  to expand its Ethereum holdings.

Almost all of SharpLink’s holdings are staked, and since launching its treasury in June, the total staking rewards have increased to 929 ETH. SharpLink’s 521,939 ETH holdings position it behind BitMine (BMNR), which is backed by Peter Thiel, on the list of publicly traded companies creating treasury vehicles for the leading altcoin.

BitMine revealed its holdings of over 833,100 ETH, with two major shareholders being Cathie Wood’s ARK Invest and Bill Miller. As a result, total ETH treasury vehicle holdings have surpassed 10.9 million ETH.

BTC Under Fire: Prices Face Downward Push to $110K

Posted on by Olumide Adesina

Bitcoin fell below $113K due to global macroeconomic instability and whale sell-offs, which caused significant market swings across the cryptocurrency space.

Bitcoin drops below the previous all-time high of $111,980 if the 50-day EMA at $113,058 fails to hold as support. The decline could then extend to retest its key psychological support at $110,000.

The Relative Strength Index (RSI) is currently at 44, having been rejected from the neutral level of 50. This suggests that bearish momentum is increasing. Additionally, on July 23, the Moving Average Convergence Divergence (MACD) displayed a bearish crossover, which is still valid and further supports the strengthening bearish momentum.

This event highlights the volatility and potential strategic reassessment by traders and investors, emphasizing the impact of macroeconomic factors and institutional trading activity on cryptocurrency markets. About 80,000 BTC was sold by “whales,” or large institutional traders.

Binance advised traders to monitor economic data and reduce leverage. Bitcoin and Ethereum were most affected by the sharp price decline, which resulted in liquidations exceeding $1 billion in a single day. As altcoins experienced greater market losses, Bitcoin’s dominance grew. Economists cite the recent US tariffs signed by President Trump as a contributing factor to the current macroeconomic uncertainty.

Ripple Criticizes Proposed Crypto Law for Expanding SEC Authority

Posted on by Olumide Adesina

Ripple cautioned that the proposed law on the structure of the cryptocurrency market may strengthen SEC power and leave the digital asset sector with long-term regulatory uncertainty.

Stuart Alderoty, the chief legal officer at Ripple, wrote to Senate Banking Committee Chairman Tim Scott on August 5th, arguing that the bill did not deliver on its promises of clarity, particularly about SEC jurisdiction, token classification, and the handling of established digital assets such as XRP.

“We appreciate the chance to reply to your request for information, @BankingGOP. With more than ten years of experience collaborating with regulators worldwide—and valuable insights gained from our battle with the SEC—Ripple is excited about the opportunity to contribute our distinct viewpoint as Congress moves forward with legislation that safeguards consumers and fosters innovation in the cryptocurrency space.”

The business maintained that established tokens that function on open networks, such as ETH, SOL, and XRP, shouldn’t be subject to ongoing SEC scrutiny when buying.

The response suggested that tokens that have been freely traded on permissionless networks for five or more years be presumptively excluded from securities regulation, along with advocating for federal preemption of specific state laws to guarantee regulatory uniformity across the country.

XRP, however, fell 3.56 percent on Wednesday and is still trading below $2.92 as of this writing.