Category: Cryptocurrency News

The crypto community is currently buzzing with excitement and curiosity following rumors of Robinhood potentially listing XRP. These rumors come as the XRP price falls to pre-judgment levels, sparking hope that it could trigger a reversal. XRP Rumors Has Crypto Twitter In A Frenzy Rumor has it that an anonymous insider has confirmed the potential listing of XRP, the native token of Ripple, on Robinhood, an American financial trading platform, before the end of 2023. The rumor was started on August 22 by a crypto user on X (formerly Twitter) who goes by the username @25hoursawake.  The whispers of Robinhood listing XRP have sent shockwaves in the crypto community and numerous crypto investors and enthusiasts have taken to Twitter to air out their respective views and opinions on the speculation. Related Reading: Diamond In The Rough: Solo Bitcoin Miner Secures $160,000 Block Reward Robinhood is renowned for its meticulous listing process, and according to an X user Crypto Asset Guy, Robinhood has a reputation for not just listing any type of cryptocurrency. The trading platform puts considerable effort and time into its crypto listing procedure to ensure only the highest-qualified cryptocurrencies according to their standards are integrated into its platform.  Alternatively, the crypto and stock trading platform is also known for delisting cryptocurrencies without a second thought, if said cryptocurrency faces any form of regulatory or significant market challenges.  As the crypto space eagerly discusses the ramifications of Robinhood potentially listing XRP, some enthusiasts argue that integrating XRP tokens into the platform would have a positive outlook, exposing the digital asset to a wider audience and increasing investments in Robinhood.  Token price falls to levels before Judge Torres’s ruling | Source: XRPUSD on Tradingview.com Other individuals have pointed out Robinhood’s affinity for restricting trades and transactions during high market volatility. This has led to doubts about the platform’s ability to provide uninterrupted access to XRP users’ digital assets.  Commenting on the rumors of Robinhood listing XRP, Crypto Assets Guy stated that if the speculations prove to be true, then the crypto community should look forward to a surge in investments and market trends. He emphasized that Robinhood may have insights on XRP, unbeknownst to the public.  “If the rumors are true and Robinhood lists $XRP by the end of the year then prepare for a MASSIVE uptrend. Robinhood is known for being very tedious when selecting which crypto to list. So if they are getting ready to list XRP they must know something,” he said.  Additionally, the outcome would undoubtedly increase the cryptocurrency’s mainstream adoption. Analyzing The Potential Effect Of A Robinhood Listing Ripple has been in an ongoing lawsuit with the United States Securities and Exchange Commission (SEC) for almost three years now. The lawsuit was thought to be finalized after XRP took a win following Judge Analisa Torres’s ruling which stated that programmatic XRP sales are not to be considered a security.  Related Reading: Dogecoin Proof Of Stake Discussion Heats Up As Lead Dev Chimes In However, the SEC has recently issued an interlocutory appeal to reevaluate the case. This move has pushed XRP back to a potentially red zone in terms of regulatory challenges. If the SEC were to emerge victorious, then it could impact the potential listing of XRP on a platform such as Robinhood. Featured image from Coinmarketcap, chart from Tradingview.com

After having its banking ties slashed, crypto exchange Binance.US has revived its U.S. dollar on-ramp through a new partnership with MoonPay.

Crypto exchange Binance has had a tough few months in terms of market news and pressure from regulatory bodies. Just a few days ago, Binance lost another payment processing partner after Checkout.com terminated its contract with the crypto exchange. And now, another rumor that appears to be spreading is that Binance is selling Bitcoin on the spot market to sustain the price of its native token, BNB. Is Binance Really Selling Its Bitcoin To Buy BNB? The rumor originated from a post made by @WhaleChart on X (formerly Twitter), claiming that Binance is allegedly selling Bitcoin on the spot market to support the price of its own token, BNB.  Related Reading: Shiba Inu Community Leaves Shibarium Launch Troubles Behind As Wallet Count Crossed 10 Million BREAKING: Binance is allegedly selling Bitcoin to support the price of their own token BNB — Whale (@WhaleChart) August 22, 2023 This rumor seems to be gaining ground since the tweet first went live, especially as the price of BNB continues to struggle in the market. This is because as one of the biggest holders of both Bitcoin and BNB, Binance is in a unique position to manipulate the market if it wanted.  However, this remains only a rumor as there are currently no signs the crypto exchange is manipulating the price for short-term gains in BNB.  Additionally, data from Coinmarketcap shows that the prices of both cryptocurrencies have been falling together in the past week, with Bitcoin also down by 11.20% in a 7-day timeframe. This will not be the first time such allegations are being brought against the exchange. Binance has faced similar claims in the past, with crypto analyst JW claiming Binance was selling Bitcoin to prop up the price of BNB in June of this year.  Token price falls in tandem with BTC | Source: BNBUSD on Tradingview.com Binance CEO Changpeng Zhao (CZ), however, denied the allegations, dismissing them as an attempt to spread fear, uncertainty, and doubt (FUD).  4. Binance have not sold BTC or BNB. We even still have a bag of FTT. It is amazing they can know exactly who sold based on just a price chart involving millions of traders. FUD. 🤷‍♂️ pic.twitter.com/M3MUH2bFRE — CZ 🔶 Binance (@cz_binance) June 13, 2023 Whether or not the theories are true, Binance has surely been under intense scrutiny, but it continues to stand strong as the biggest exchange in the world.  BNB and other cryptocurrencies that rely on the BEP20 and BEP2 token standards are very dependent on Binance, as news surrounding the exchange has led to price pumps and dumps in the past. But there has been no solid evidence that the exchange has been manipulating the prices of any of these tokens. Related Reading: Gemini Hits Back At SEC Lawsuit With Dismissal Filing The price of BNB has seen a drastic reduction in the past few days as the entire market goes through corrections signaled by BTC falling by more than 8% in a couple of minutes last week. As a result, BNB has seen its price drop to $209.44, a reduction of 12.33% in the past few days.  To combat a further price drop, the BNB Chain had to manually liquidate a $200 million position on the Venus DEFI protocol, which would have been liquidated after BNB dropped below $220. At the time of writing, BNB is the fourth biggest crypto with a market cap of $32.2 billion. Featured image from Unsplash, chart from Tradingview.com

BlockFi argues its creditors, not FTX’s, are the “ultimate victims” of FTX’s alleged fraud.

The price of Bitcoin has stalled again around its current levels as an explosion in downside volatility broke critical support. The cryptocurrency is trapped between major players waiting and positioning for the next move; which side will prevail in this battle? Related Reading: Bitcoin On-Chain Data Suggests Price Is Top Heavy, What It Means As of this writing, Bitcoin trades at $26,000 with sideways movement in the last 24 hours. In the previous seven days, the cryptocurrency recorded a 12% correction which has severely impacted other assets in the sector, notably XRP and Binance Coin (BNB), which recorded losses north of 15% in the same period. Retail Traders Likely To Push Bitcoin Price Lower? In a report from Bitfinex Alpha, an analyst points out the influence of the derivatives sector on the spot Bitcoin price. Last week, BTC’s volatility was compressed, declining into historical lows, but a negative delta (high selling pressure) persisted, moving the price lower. At the time, Bitcoin dropped enough to trigger a liquidation cascade, which was potentially worsened by a prominent trader being forced out of their position on a crypto exchange, the report speculated. The chart below shows that Open Interest in the derivatives sector followed BTC’s price action. This market dynamics left Bitcoin in its current state. Analysts from Material Indicators called it a “game of chicken” between prominent players waiting to see if enough liquidity will be added to support the current levels or if the selling pressure will return. The analysts indicated that the BTC price orderbook is the thinnest in 6 months while adding the following: (…) we are seeing small amounts of bid liquidity ladder up from $20k closer to the active trading zone, but no liquidity of any size (new or moved) has been stacked into the range defending price from a Lower Low. Needless to say, printing a LL in this TF has macro implications. Printing 2 LLs would push #BTC down to sub $20k levels. Material Indicators showed that when the price of Bitcoin broke below critical support, most of the selling was done by relatively small traders. However, whales likely used small selling orders to reduce slippage and push prices down to current levels. Related Reading: 3rd Biggest Bitcoin Stash Now Belongs To Unknown Wallet, Amassed In Over 3 Months A similar scenario seems likely if the BTC price slowly bleeds into critical support triggering another liquidation cascade. In the meantime, the number one cryptocurrency seems bound to carry on its game of Chicken between large players. Cover image from Unsplash, chart from Tradingview

The RBA has wrapped up its CBDC pilot program and outlined four key areas that could be improved by the introduction of central bank-issued digital currency.

This year has been marked by significant volatility across the crypto market, including for Bitcoin, which has seen both gains and losses over the course of the year. Just a month ago in the middle of July, Bitcoin crossed over $30,000 and many investors saw this as the start of another bull run.  However, things seem to have taken a turn, as the price of Bitcoin has plateaued since then. The asset is currently struggling to find a push in price, and it would seem this sentiment has flowed into digital asset funds. According to the weekly report published by digital asset manager CoinShares, Bitcoin outflows from institutional accounts have resumed in the past week. Outflows From Digital Asset Investment Products Outflows from digital asset investment products have spiked in recent weeks to register a three-week run of outflows. This would indicate that institutional investors might be avoiding volatile cryptos. This comes two weeks after a brief period of inflows, where Ripple’s partial victory in court and recent US inflation data led to inflows in digital asset products.  Related Reading: Dogecoin Proof Of Stake Discussion Heats Up As Lead Dev Chimes In However, data shows that outflows resumed last week, and it appears that the euphoria that followed Ripple’s partial triumph against the SEC has dissipated. Digital asset investment products saw $55 million in outflows last week, with Bitcoin leading the charge with outflows of $42 million. Other cryptocurrencies like Ethereum registered $9 million outflows, while Polygon, Litecoin, and Polkadot saw outflows of $0.9 million, $0.6 million, and $0.5 million, respectively. On the other hand, XRP and Cardano saw an increase in their respective inflows of $1.2 million and $0.1 million.  In terms of region, Canada had the most outflows of $35.9. million, and Germany followed with $11 million. BTC price falls below $26,000 support | Source: BTCUSD On Tradingview.com Rise In Bitcoin Outflows Bitcoin outflows from exchanges suggest big investors may be losing faith in the popular cryptocurrency. One factor that fueled this outflow is speculations going around that the SEC might not actually approve applications for spot Bitcoin ETFs in the US. As a result, total assets under management (AuM) declined by 10% to close the week at $32.3 billion.  Related Reading: Gemini Hits Back At SEC Lawsuit With Dismissal Filing The speculations come as the SEC has delayed making a decision on Spot Bitcoin ETF applications multiple times. Each postponement casts more doubt on whether they will ever approve one and an outright rejection from the SEC will most likely lead to the price of Bitcoin falling to $20,000 and digital asset investment products registering more outflows. At the time of writing, Bitcoin is trading at $26,053 and is down by 11.09% in a 7-day timeframe.  Featured image from Unsplash, chart from Tradingview.com