Category: Cryptocurrency News

The Bitcoin and XRP price are showing some green on low-timeframes as certain narratives around the crypto space gain momentum. The cryptocurrencies stayed about two critical levels and could be poised to extend the trend in the coming days. Related Reading: XRP Price Set To Skyrocket: Crypto Analyst Predicts 1160% Surge Ahead As of this writing, the XRP price trades at $0.50 with a 1% profit in the last 24 hours. In the meantime, Bitcoin recorded a 2.4% profit over a similar period, but the number one cryptocurrency by market cap could underperform XRP and other altcoins. Coinbase To Launch Crypto Futures Trading Worldwide Crypto exchange Coinbase recently announced the launch of a derivatives platform for its international clients. The US company has been trying to increase its presence overseas as the Securities and Exchange Commission (SEC) tightens regulatory conditions in the country. In that sense, the crypto trading venue launched an international arm to grow revenue as spot trading volumes decline with the crypto market. Today, the exchange is confirmed to have secured a license with the Bermuda Monetary Authority (BMA) to allow institutions to trade perpetual futures outside the US. The company said in an official statement: Today, we are excited to announce that Coinbase International Exchange has received additional regulatory approval from the BMA to extend perpetual futures trading to non-US retail customers. In the coming weeks, we will begin to offer eligible customers access to regulated perpetual futures contracts on Coinbase Advanced. This announcement could onboard more traders to the crypto ecosystem to benefit Bitcoin, the XRP price, and the entire market. XRP has been among the most popular coins in the past few months following a critical legal victory in the US. XRP Price Ready For A Surprise Soon? While the legal scenario in the US is still uncertain for the nascent sector, analyst Brett Hill believes that XRP is one of the coins that will benefit due to its victory against the SEC. The analyst claims that the “Far West,” the era where everything was allowed, is “virtually over” for the nascent industry. If this scenario plays out, tokens with legal support will thrive, and XRP and Bitcoin seem the two likely winners in this new era. Just yesterday, SEC Chair Gensler reiterated that Bitcoin is not a security, according to US law, and a court did the same for XRP. Related Reading: Tellor (TRB) Is Up 640% In 2023, Back To 2021 Highs Ahead of Bitcoin, XRP? In that sense, the analyst says that the XRP could “take you all by surprise” in the coming 48 hours while adding: The golden age of cryptocurrency in the far west is virtually over; coming forward, everything will be regulated by white hats. Cover image from Unsplash, Chart from Tradingview

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

submitted by /u/fortune [link] [comments]

submitted by /u/PanickyProvocation [link] [comments]

submitted by /u/TarkovRedditor [link] [comments]

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.