Month: August 2023

“Bit Exchange now offers XRP-linked options, allowing users to trade XRP options without owning the cryptocurrency. Despite legal proceedings surrounding Ripple Labs, this move makes Bit Exchange a pioneer in offering XRP options trading to both institutional and retail traders.”

The top cryptocurrencies Bitcoin and Ethereum are reportedly less volatile than oil, with BTC and ETH’s volatility at 35% and 37% respectively, while oil’s volatility stands at 41%. This lower volatility might lead to market stability and consistent growth but also signals potential large price movements. Despite similarities, Bitcoin and Ethereum’s differing fundamentals suggest unique trajectories.

BitGo, a crypto custody services provider, has secured $100 million in funding boosting its valuation to $1.75 billion. This capital is targeted for strategic acquisitions and international expansion, in response to the growing demand for crypto custody services globally.

“The XRP’s performance has seen a 72% increase since the year began, despite recent market dips driven by delays in Bitcoin ETF decisions and weakness in stock markets. The current state of XRP shows a possible overselling and a potential rebound, suggesting optimism about XRP’s future.”

“The Bitcoin value recently slipped to its lowest since June 21, trading just above $28,346, related to Wall Street’s drop caused by banking apprehensions and interest rate fears. Meanwhile, PayPal suspended crypto purchases in the UK until early 2024 due to new FCA regulations, but continues its crypto push in the US.”

“The SHIB token price experienced a significant drop following the tumultuous public launch of Shibarium, a layer-two network, with technical glitches leading to a loss of trust and depreciation in the token’s value. Amid this, the new ERC-20 meme token Sonik Coin (SONIK) exhibits potential for near-future growth, though crypto investments carry high risk.”

Cryptocurrency derivatives exchange BIT has launched options connected to the payments-focused cryptocurrency XRP, allowing traders to speculate on XRP options without actually owning the cryptocurrency. This adds to BIT’s existing options, which also cover cryptocurrencies like bitcoin, ether, and Cardano’s ADA.

“Bitcoin has surged in Argentina following the primary win of Bitcoin-friendly candidate, Javier Milei, attaining new highs in Argentine’s crypto market. Interestingly, this rise is tied to Milei’s successful run, who plans to abolish the central bank and sees Bitcoin as a counter against inflation exploitation.”

“Cryptocurrency markets are seeing a surprising shift with Bitcoin and Ethereum becoming less volatile than oil. A factor of this decreased volatility is attributed to geopolitical tensions, economic echoes, and maturation of Bitcoin as market adoption increases.”

“Rollbit coin (RLB) sees 197% surge amid the unfolding GambleFi narrative, showing signs of resilience despite a grueling 53% retracement since its August high. Boding well for early adopters, Sonik Coin targets a $100M market cap with promising staking rewards. Crypto investing carries high risk but potential returns can be substantial.”

“Decentralized exchange market newcomer, XBULL, experienced a +1,000% surge on launch, bolstering its profile significantly. Meanwhile, Wall Street Memes ($WSM), a tokenized representation of the anti-bank movement, is gaining investor interest with its explosive growth, +30% presale guarantee, and promise of significant returns. However, given the volatile nature of the crypto realm, caution is advised.”

“Bitcoin has rallied by 70% since the beginning of the year. Markus Thielen, Matrixport’s Head of Research and Strategy, warns that should the trendline be invalidated, Bitcoin might face more significant losses. Careful observation and strategic adaptations will be key.”

CME Group is launching Bitcoin and Ethereum reference rates for Asian investors, indicating a growing institutional interest in digital assets. However, the overwhelming reliance on these rates could potentially amplify the risk of massive sell-offs in a volatile market climate.

In the midst of low volatility periods for cryptocurrencies, Bitcoin and others experienced a significant drop with liquidations on futures surpassing $160 million in 24 hours. This included Bitcoin futures, which amassed nearly $50 million in losses. Meanwhile, traders show a decreased risk-on sentiment, opening more positions but with less leverage. This plunge and slew of liquidations could be a critical signal for traders’ future positioning.

“The flagship cryptocurrency, BTC, is currently embroiled in a surprising pullback amidst market apprehensions sparked by banking sector worries and a potential recession in China. Meanwhile, leverage funds have increased bearish wagers in cash-settled Bitcoin futures, indicating a possible shift of sentiment in the crypto space.”

“The cryptocurrency market recently suffered a steep value drop in SHIB, BONE, and LEASH tokens due to suspected technical issues in the newly launched Shibarium network. Despite anticipated increases pre-launch, SHIB, BONE, and LEASH experienced decreases of over 8%, 14%, and 23% respectively.”