Category: Cryptocurrency News

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Joseph Stiglitz has referred to the possible effects of a hypothetical victory by Donald Trump in the upcoming U.S. presidential election. The Nobel laureate specified that Trump’s threats to raise China’s import tariffs and his radical “zero-sum” view of the world could result in a fundamental shift in the current U.S. economy. Nobel Laureate Joseph […]

Demand for leverage in BTC futures jumped to $38 billion, but traders appear well-positioned enough to avoid surprise price swings.

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MINSAMA proudly presents its new, high-performance ASIC miner, the SAMA X 380, specifically designed for efficient and productive Bitcoin mining. Kindly view the press release video for an insightful presentation on the groundbreaking features and advanced technology of the SAMA X 380. This powerful device boasts an impressive hashing speed of 377 TH/s, exceptional energy […]

The reason behind the stagnant XRP price growth has remained a mystery, with many crypto analysts pointing to legal disputes and market volatility as key factors holding back its momentum. However, even during favorable market conditions and after gaining legal clarity following multiple Ripple Court wins against the United States Securities and Exchange Commission (SEC), XRP has still failed to experience a notable upward surge.  As a result, investors have questioned the cryptocurrency’s sluggish price growth, prompting a crypto analyst to provide a detailed explanation of why XRP remains at a low price, barely showing signs of a feasible rally.   Why XRP Price Struggles To Gain Momentum On October 13, a crypto analyst and researcher known as ‘Crypto Tank’ took to X (formerly Twitter) to discuss the reasons why the XRP price is not moving. In the lengthy X post, the analyst explained that the XRP price was determined by dividing the volume of XRP actively being used on the ledger by its circulating supply.  Related Reading: Over $182 Million Wiped Out As Bitcoin Price Breaks $64,000 And Sends Bears To The Gallows According to Crypto Tank, XRP investors have this misconception that the total XRP in circulation is about 56 billion. However, this figure is misleading as a large portion of XRP’s supply is held in various private wallets by large-scale holders, also called “Whales.” This means that most of XRP’s supply is not actively being used in the market, but is held firmly in these wallets.  The analyst revealed that what truly matters for XRP’s price movements is how much of the circulating supply is used to actively engage in transactions on the XRP ledger. Currently, only about 20% of the total XRP supply is actively engaged on the XRP Ledger daily.  For XRP to be used to execute transactions, it often needs to be paired with Automated Market Makers (AMMs), which provide liquidity during trades. These liquidity pools are important for XRP to conduct global settlements, as only ample liquidity can facilitate these enormous transactions which extend to trillions of dollars. This need for substantial liquidity in the XRP Ledger is what limits its price movements.  Following the analyst’s report, it is clear that XRP’s price struggles are more complicated than mere market volatility. Its ongoing legal dispute with the SEC also adds uncertainty to any potential price increases in the future.  Analyst Unveils XRP Road Map To $500 While discussing the reasons why XRP’s price has remained stagnant, Crypto Tank also unveiled a road map for how XRP could reach $500. The analyst explains that if XRP could become widely adopted for global settlements like SWIFT, it could potentially reach this price target.  Related Reading: Shiba Inu Price Flashes Historical Bull Flag, Here’s What Happened Last Time He disclosed that an increase in market capitalization or retail investors does not matter, as XRP would only surge to the projected $500 price if it can handle large institutional transactions through deep liquidity pools and AMMs.  Featured image created with Dall.E, chart from Tradingview.com

Bitcoin has recently shown significant momentum, reaching its highest level since July, briefly touching $67,900 and recovering 7%. This surge follows a dip to $58,900 at the end of last week, further fueling bullish sentiment among investors optimistic about the cryptocurrency’s potential to reach new heights before the end of the year. However, according to research from multinational bank Standard Chartered, this optimistic outlook may be realized even sooner than expected.  Key Factors Behind BTC’s Price Surge Geoff Kendrick, the head of digital asset research at Standard Chartered, recently estimated that the Bitcoin price could hit $73,800 ahead of the US presidential election on Tuesday November 5 , representing a 10% increase from current levels. particularly in relation to one of the largest public BTC holders, MicroStrategy, which recently increased its holdings to 252,000 BTC, led by the vision of co-founder and renowned Bitcoin bull Michael Saylor.  Related Reading: Worldcoin Gains Upside Momentum: Is A Major Breakout Ahead? Historically, MicroStrategy and Bitcoin have traded in tandem; however, Kendrick notes that MicroStrategy’s stock has recently outperformed Bitcoin, suggesting a developing premium that could drive Bitcoin prices higher in the coming days. Two key factors underpin this bullish outlook. The first is the news, reported by Bitcoinist last month, that BNY Mellon has received an exemption from SAB 121, a regulation that requires financial institutions to list cryptocurrencies on their balance sheets.  Kendrick explains that such regulatory relief is often seen as a positive signal for the broader Bitcoin market, potentially encouraging wider institutional adoption and therefore acting as a bullish catalyst for the ongoing rally seen in recent days. The second factor relates to MicroStrategy’s declared intention to evolve into a “Bitcoin bank,” which would involve offering Bitcoin capital market instruments. Kendrick believes that future exemptions could enable the firm to generate yield by lending out its Bitcoin holdings.  The analyst argues that as the digital asset ecosystem gains legitimacy and accessibility, MicroStrategy’s valuation should rise, further benefiting BTC’s price over the long term. Both Presidential Candidates Could Boost Bitcoin price Regarding the upcoming presidential election, Kendrick views the outcome as secondary to these fundamental factors. He asserts that regardless of whether Donald Trump or Kamala Harris wins, the broader digital asset ecosystem is increasingly poised to become mainstream.  Related Reading: SUI Records Substantial 120% Price Surge, But Insider Selling Claims Raise Red Flags While Kendrick has previously suggested that a Trump presidency would be the most beneficial scenario for BTC, with notable proposals for the industry including the establishment of a Bitcoin reserve for the country, he maintains that both candidates could positively impact the asset in the long term. In fact, Kendrick projects that if Trump regains the presidency, the Bitcoin price could soar to as high as $125,000 by the end of 2024. At the time of writing, BTC trades at $67,000, still holding to some of its gains of 2% in the 24-hour time frame despite quickly retracing before hitting $68,000.  Featured image from DALL-E, chart from TradingView.com

According to the latest data from Polymarket, former President Donald Trump is holding a commanding lead over Vice President Kamala Harris in the race for the 2024 election. As of Tuesday afternoon, Trump’s odds stand at 58.3%, compared to Harris’s 41.5%. Trump Leads Harris in 2024 Election Odds, Dominates Key Swing States On Oct. 15, […]