Category: Cryptocurrency News

Bitcoin clinches a BTC price boost as the latest U.S. macro data flows in, with all eyes on Powell next.

The federal judge overseeing Sam Bankman-Fried’s fraud case reportedly suggested the former FTX CEO might be a flight risk, given his young age and potential prison time.

The Loom Network (LOOM), a multichain interoperability platform geared towards scaling high-performance decentralized applications (DApps), has surprised many with a 264% rally in just a month. Adding to the excitement, the renowned crypto exchange platform, Gate.io, has recently announced its decision to list the altcoin LOOM for trading.  As of the latest figures from CoinGecko, LOOM stands at a trading price of $0.145481, marking an impressive 28% rally within the past 24 hours and a 148% surge over the last seven days. Gate.io Embraces Altcoin Momentum The surge in the altcoin value also comes as a surprise given its pivotal role within the Loom Network’s ecosystem. LOOM tokens are not only the backbone of the Loom Network’s mainnet, Basechain, but also serve as the currency for developers looking to host their DApps on Basechain. Additionally, validators and delegators stake their LOOM tokens to bolster the network’s security. Related Reading: Solana Bulls Struggle To Break $21 Barrier – What Lies Ahead? Blockchain analytics platform Santiment, known for its sharp eye on market trends, has detected LOOM’s remarkable ascent. According to the latest report, LOOM’s price reached levels not seen since December 2021, briefly surpassing the $0.126 mark before a minor correction.  Notably, the ratio of LOOM tokens on exchanges has plummeted by 20.8% in the past five days, now standing at 14.9%. This reduction in circulating supply on exchanges hints at the possibility of an extended rally for LOOM, as demand continues to outpace the available token supply. The Crypto Market’s Rapid Evolution The altcoin market is a dynamic and ever-changing landscape, where even lesser-known projects can swiftly rise to prominence under the right conditions, leading to substantial gains for investors. A separate report describing LOOM’s remarkable rally has once again highlighted this phenomenon.  LOOM, alongside ImmutableX (IMX) and Frontier (FRONT), has emerged as one of the top-performing cryptocurrencies of the week. This surge in popularity aligns with the growing demand for new crypto wallet addresses being created within the network. Bitcoin (BTC) is currently trading at $26.490. Chart: TradingView.com Insights and Implications As the crypto market continues to rise above expectaions, altcoins like LOOM are proving their mettle with significant price surges. The listing of LOOM on Gate.io signifies a growing recognition of the project’s potential. Price analysis suggests that LOOM’s rally may not be over, with strong indicators pointing toward further upward movement.  Related Reading: Shiba Inu At $0.0000072: Sellers Push For Breakout From Compact Zone Altcoin enthusiasts and investors will undoubtedly keep a keen eye on LOOM’s performance in the coming weeks as the cryptocurrency market remains as unpredictable as ever. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from iStock

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One thing that has emerged that could influence the XRP price has been the possibility of Ripple carrying out an Initial Public Offering (IPO). This would mean that shares of the crypto firm would become publicly tradable like that of Coinbase’s COIN stock. However, even more prominent among investors is the possibility of how high the price of the shares could trade. Financial Expert’s Ripple Video Resurfaces The rumors had first begun with some members of the XRP community talking about a possible IPO. Like rumors are wont to do, it quickly took on a life of its own and grew from there. But the most interesting thing so far has been the resurrection of a video of financial expert Linda Jones talking about a possible valuation for Ripple. Related Reading: Analyst Presents 4 Charts That Prove Crypto Is Not Dead Jones had put forward a valuation of $5.7 billion for a possible stock, which placed the single share price at $35 apiece at the time, using data from the Linqto platform. She points to the XRP in circulation which comes out to over $21 billion. Given this, she believes that Ripple’s stock valuation at $35 is too low. Comparing Ripple to Coinbase which IPO’d at an $86 billion valuation, the financial analyst points out that Ripple stock would be valued much higher. She takes into account the market cap of the XRP supply as well, at which point she arrives at a $107 billion valuation. In this case, the value of Ripple stocks comes out to 20x higher than what they were valued at the time that the interview was made. This would put the Ripple stock at a value of around $600, but with the possibility of being higher as the expert points out Ripple’s valuation could reach as high as half a trillion. According to her, the company has what it takes to be considered a high-value company like Nvidia or Apple. What Happens To The XRP Price In This Case? If a Ripple stock were to be released and it reached as high as Jones’ calculations present, then there is more than enough reason for the XRP price to rocket alongside the stock price. In this case, Ripple would be the first public company to have a cryptocurrency, so there is really no historical data. However, some similarities can be drawn from Bitcoin’s connection to the stock price of Bitcoin mining companies. Related Reading: Crypto Analyst Predicts Huge Double-Digit Breakout For Bitcoin Price When the price of Bitcoin rallies, the stock price of Bitcoin mining companies have often followed suit. This is often because a surge in faith in one translates to a rise in faith in another. Applying the same logic to Ripple and a surge in the stock price would likely result in more interest in the underlying cryptocurrency, resulting in an increase in the XRP price. If the stock price eventually climbs above $600, then it is not out of the ordinary to expect the XRP price to cross $5 at least. Additionally, there would likely be a strong correlation in the performance of both assets, so a drop in one could mean a drop in the other, and vice versa. Token price rises above $0.5 once more | Source: XRPUSD on Tradingview.com Featured image from CoinMarketCap, chart from Tradingview.com

Spurred on by user requests, Bitcoin lending firm Ledn is rolling out an Ethereum yield product.

Coinbase and a group of crypto entrepreneurs went to Washington, D.C. to convince lawmakers to provide regulatory clarity for the industry.