Category: Crypto market

Cardano supports Ripple Buying Circle

Posted on by Olumide Adesina

Cardano founder Charles Hoskinson has expressed his stance on the Coinbase and Ripple controversy, amid reports that both companies were attempting to acquire stablecoin issuer Circle.

 

Cardano’s chief defended Ripple in a recent “Ask Me Anything” YouTube video, stating that the cryptocurrency ecosystem can be strengthened by the payment company’s purchase of Circle. “Ripple’s acquisition of Circle would raise antitrust issues.

“It would improve the space, in my opinion,” he claimed. Hoskinson continues to be critical of the current cryptocurrency ecosystem, stating that it has been centralized through concerted efforts, making it challenging for projects outside these in-groups to succeed.

Coinbase and Ripple are reportedly bidding to acquire Circle, according to Hoskinson, who claimed that a “Coinbase A16Z Circle mafia” is committed to establishing an exclusive network within the crypto industry

Recent spike in XRP open interest aligns with a bullish trend in the cryptocurrency market.

Investors’ optimism is not isolated but rather a component of a broader market recovery. A strategic positioning by traders expecting further price appreciation is reflected in the capital inflow into XRP derivatives.

Furthermore, improved price discovery and volatility are frequently the results of derivatives markets’ increased participation, which can attract more capital and traders.

MicroStrategy MSTR Stock Leads with 5% Gain from Bold Capital Moves, BTC Recovery

Posted on by Skerdian Meta

With MicroStrategy leading the way and investor confidence firmly back in the risk-on camp, US stock markets are rebounding from a rough start to the trading week. Continue reading “MicroStrategy MSTR Stock Leads with 5% Gain from Bold Capital Moves, BTC Recovery” →

Forex Signals Brief June 3: Eurozone CPI Inflation to Cool Ahead of the ECB Rate Cut

Posted on by Skerdian Meta

Markets are expecting further cooling in the Eurozone inflation which could escalate the ECB rate cuts ahead in 2025.

Continue reading “Forex Signals Brief June 3: Eurozone CPI Inflation to Cool Ahead of the ECB Rate Cut” →

Ripple: Nasdaq Listed Vivopower Bets $100 Million on XRP

Posted on by Olumide Adesina

Vivopower, listed on the Nasdaq, is investing its funds into XRP with a bold $100 million wager, collaborating with Bitgo to drive its revolution. On June 2, Bitgo announced a strategic partnership with Vivopower International that will support Vivopower in acquiring $100 million worth of XRP as part of its transformation into “an XRP treasury and decentralized finance solutions company.”

 

Through this partnership, Bitgo has been designated as Vivopower’s exclusive trading and custody partner, utilizing Bitgo’s over-the-counter (OTC) trading platform and secure asset storage systems. This initiative, backed by a recent $121 million funding round, marks a significant step in Vivopower’s digital transformation.

Vivopower is a multinational provider of services and technology for electric vehicle batteries.

Demand for XRP surged after reports emerged that Bitgo and Vivopower had formed a strategic alliance to purchase an initial $100 million worth of the token for treasury purposes. The supply-demand equilibrium could shift markedly in favor of XRP if corporate

The demand for XRP in America is increasing. The Ripple case continues to be the primary factor driving this trend. If the SEC and Ripple reach a settlement, the possibility of an XRP spot ETF market could become a reality.

Similar inflows to the US Bitcoin spot ETF market might allow XRP to reach new all-time highs if the SEC approves the pending XRP spot ETF applications. If XRP surpasses $2.5, it could potentially reach its peak of $2.7, which was last seen on May 12. If the bulls can maintain a break above $2.75, they might set their sights on $3 and ultimately the all-time high of $3.5.

However, if it dips below $2, XRP could be exposed to sub-$2 levels for the first time since April 11.

COIN: Coinbase data Breach From India

Posted on by Olumide Adesina

Coinbase (COIN) was aware of a customer data leak at an outsourcing firm linked to a more extensive breach that could have cost up to $400 million.

 

Five former employees of the US outsourcing company TaskUs claim that at least one aspect of the breach, made public in a May 14 SEC filing, happened when an employee from India was caught using her phone to take pictures of her work computer.

Coinbase was informed right away, according to three employees and a person with knowledge of the situation. The former workers claimed that company investigators or coworkers who saw the incident in the Indian city of Indore briefed them on the situation, pointing out that the woman and a suspected accomplice provided hackers with Coinbase customer information in exchange for bribes.

Over 200 TaskUs workers were subsequently let go in a mass layoff that garnered media attention in India. Coinbase had previously attributed the breach, which it estimated could cost up to $400 million, to “support agents overseas.”.

Details of the incident, which are being reported here for the first time, raise additional questions about when Coinbase first became aware of the incident, even though the connection between TaskUs and the breach was previously claimed in a lawsuit filed last week in federal court in Manhattan.

Coinbase acknowledged that it was aware of contractors accessing employee data “without business need” in “prior months.”

The company claimed that it didn’t understand that the access was a part of a larger campaign until it received an extortion demand on May 11. Coinbase stated it had “cut ties with the TaskUs personnel involved and other overseas agents, and tightened relations” after the incident was recently discovered.

Facebook Rejects Bitcoin

Posted on by Olumide Adesina

Meta shareholders rejected a proposal to include Bitcoin on its balance sheet. A proposal for a “Bitcoin treasury assessment” presented to shareholders received 3.92 million votes in favor, just 0.08% of the total; nearly 5 billion voted against it, according to a regulatory filing on May 28.

Additionally, a regulatory statement released in April noted that Meta CEO Mark Zuckerberg holds 61 percent of the company’s voting power, which may imply he voted against the proposal.

The lopsided vote followed a suggestion from Bitcoin advocate Ethan Peck, a shareholder, who proposed that Meta allocate a portion of its $72 billion cash and cash equivalents to Bitcoin (BTC), arguing that doing so would serve as a hedge against inflation.

He contended that “28 percent of Meta’s total assets are consistently diminishing shareholder value since cash is consistently devalued and bond yields are lower than the true inflation rate.”

Peck, the director of Bitcoin for Strive, a wealth management company, added that BlackRock, Meta’s second-largest shareholder, suggested that a 2 percent Bitcoin allocation is appropriate.

Peck made similar Bitcoin treasury proposals to Amazon and Microsoft on behalf of the National Center for Public Policy Research (NCPPR), a conservative think tank. Amazon shareholders are awaiting a vote on whether to allocate at least 5% of the company’s assets to Bitcoin, while Microsoft shareholders rejected Peck’s proposal in December.

Ripple: XRP investors in Pain as Profits Evaporate

Posted on by Olumide Adesina

Many XRP investors are currently underwater. According to a recent Glassnode report, around the $3.40 peak, 70% of XRP’s capital was snatched up.

The pressure to sell is gradually rising, and many holders are finding themselves in a difficult position, as they are now experiencing losses.

XRP has over 587 billion in circulation. To support that, XRP’s MVRV ratio dropped from a high of 2.44 in mid-May (when the token hit $2.58) to 2.04 today. This is enormous compared to Bitcoin’s 21 million.

Essentially, investors are observing a decline in their unrealized profits, and many are aiming for the exit ramp to break even before the next squeeze intensifies. Consequently, Ripple finds itself in that precarious area where panic and patience begin to conflate. Declining unrealized profits mean the market is searching for a new spark to keep FOMO burning brightly.

Ripple CEO Brad Garlinghouse has made bold claims about the company’s plan to transform the banking industry.

Garlinghouse emphasized that many underestimate the scale of change. He referenced a discussion by Ripple’s CTO, David Schwartz, about the need to rewire the banking system.

Curiously, Garlinghouse added that he doesn’t view the Bitcoin community as an adversary, stating that if it succeeds, the XRP community will follow suit.

Ripple gave the Skull of Satoshi to the Bitcoin community. In his speech, Garlinghouse emphasized that maximalism is a dying breed and that infighting in the cryptocurrency sector is hurting the entire industry

Forex Signals Brief June 2: Markets Focus on ECB and BOC Rate Cuts, US NFP

Posted on by Skerdian Meta

This week brings a packed calendar of major economic events across key global economies, with central bank updates, inflation data, and labor market reports poised to drive forex volatility. Continue reading “Forex Signals Brief June 2: Markets Focus on ECB and BOC Rate Cuts, US NFP” →

Ross Ulbricht: Silk Road Creator Gifted 300 Bitcoin

Posted on by Olumide Adesina

Ross Ulbricht, the creator of Silk Road, received 300 Bitcoin as a single donation from an unidentified wallet. On January 21, President Donald Trump fully and unconditionally pardoned Ulbricht, who had been given a life sentence.

 

He was released after receiving a pardon after serving 12 years in prison. On June 1st, Ulbricht transferred the funds, sending $31.29 million to one address and $10,000 to another, according to blockchain data. The most recent donation amount is significantly larger than what Ulbricht received after his release.

Ulbricht received far more donations after his release than in the most recent one. $270,000 worth of Bitcoin was found in a wallet run by the Free Ross campaign days after he was released. The donation was made to “assist Ross in adjusting to his new life.”.

This happened after Ulbricht raised $1.8 million from his ongoing personal property auction. The auction was on Scarce City, a Bitcoin-only marketplace, and will continue until June 2.”I’ve decided to auction some personal items from before my arrest and during my time in prison,” Ulbricht wrote in a note on Scarce City.

“I appreciate that you think these reminders are helpful, but I don’t need them.” Prison ID cards, paintings he made while incarcerated, and a sleeping bag and backpack from before his arrest are among the personal belongings up for auction.

Ulbricht’s most recent prison ID card was sold for 5.5 BTC, or more than $580,000, after the winning bid of 11 BTC, or roughly $11 million, was not paid. Ulbricht may have access to millions of dollars’ worth of Bitcoin that the US government never confiscated, in addition to the substantial donations he has amassed. The government was involved in the Silk Road bust in 2013