The cryptocurrency market faced a significant downturn following the announcement of President Donald Trump’s U.S. Bitcoin reserve plan
The initiative aimed to position the United States as a global digital asset leader fell short of market expectations, triggering a wave of selloffs.
Bitcoin, the flagship cryptocurrency, experienced a 3% drop, trading at $87,586.86 before dipping further to $84,688.13. Other major cryptocurrencies, including Ethereum, XRP, and Solana, also saw declines, with Cardano’s ADA token suffering a sharp 13% drop.
The market’s reaction underscores the gap between investor hopes and the plan’s immediate implications.
The executive order established a strategic bitcoin reserve funded exclusively by assets seized in criminal and civil proceedings. While this approach ensures no taxpayer burden, it disappointed investors who anticipated direct government purchases to bolster Bitcoin’s value.
White House Crypto and AI Czar David Sacks emphasised the reserve’s role as a ‘digital Fort Knox’, but the lack of immediate buy pressure dampened market sentiment.
The broader economic context also played a role. Weakness in equities and ongoing tariff concerns added to the uncertainty, compounding the market’s reaction.
Analysts noted that while the reserve plan is a step toward legitimising cryptocurrencies, its short-term impact on prices was underwhelming.
Despite the initial disappointment, the strategic reserve could have long-term benefits. By centralising and securing digital assets, the U.S. government aims to strengthen its position in the global financial system.
However, for now, the market remains volatile, reflecting the challenges of balancing innovation with investor expectations.
As the crypto landscape evolves, the success of such initiatives will depend on their ability to deliver tangible value to both the market and the broader economy.
Will the U.S. government create a strategic crypto reserve by directly buying the digital asset and holding it as a national reserve?
At this moment in time, only Trump has that ‘key’.
Bitcoin’s origin is one of the most captivating mysteries of the digital age. The cryptocurrency was created in 2008 by an unknown individual or group under the pseudonym Satoshi Nakamoto.
Despite numerous investigations, the true identity of Nakamoto remains shrouded in secrecy.
Story
The story of Bitcoin begins with the release of a whitepaper titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” This document outlined a new kind of decentralised digital currency, one that relied on cryptographic principles to ensure security and prevent double-spending.
Nakamoto’s revolutionary vision was to create a financial system free from the control of traditional banks and government interference.
Genesis block
In January 2009, Nakamoto mined the first block of the Bitcoin blockchain, known as the ‘genesis block,’ marking the birth of the cryptocurrency. Over the next couple of years, Nakamoto continued to work on the project, communicating with other developers via email and online forums.
The mystery surrounding the origin of Bitcoin
However, by 2011, Nakamoto had largely stepped away from active involvement in the project, leaving behind a legacy that would forever change the financial landscape.
Speculation
Speculation about Nakamoto’s true identity has been rampant. Some believe Nakamoto is a single, exceptionally talented individual, while others theorise that it could be a group of developers working under a collective pseudonym.
Over the years, various names have been proposed as possible candidates, including renowned cryptographers, developers, and even eccentric entrepreneurs. Yet, none of these theories have been definitively proven, and Nakamoto’s identity remains a closely guarded secret.
Intrigue
The intrigue surrounding Nakamoto is not just a matter of curiosity but also of financial significance. As the creator of Bitcoin, Nakamoto is estimated to own around one million Bitcoins. At current market values, this makes Nakamoto one of the wealthiest individuals in the world.
Bitcoin chart from inception as of 7th November 2024 touching $75,000
Bitcoin chart from inception as of 7th November 2024 touching $75,000
However, these Bitcoins have never been moved or spent, adding to the enigma of Nakamoto’s motives and intentions.
Myth?
The myth of Satoshi Nakamoto has taken on a life of its own, becoming a symbol of the power and potential of decentralized technology. The anonymity of Nakamoto also serves as a reminder of the core principles behind Bitcoin: privacy, decentralisation, and freedom from traditional financial systems.
In a world increasingly dominated by surveillance and control, the mystery of Nakamoto provides a compelling counter-narrative, one that continues to inspire and intrigue both technologists and libertarians alike.
In the end, the true identity of Satoshi Nakamoto may never be revealed, and perhaps that is as it should be. The enduring mystery adds to the allure of Bitcoin, ensuring that its origins will forever be a topic of fascination and debate.
Bitcoin, which could benefit from relaxed regulation, soared to an all-time high and topped $76,000.
Bitcoin rallied Wednesday 6th November 2024, hitting all-time highs as former President Donald Trump defeated Vice President Kamala Harris to win the election an become the 47th U.S. president.
The price of Bitcoin touched a fresh record of $76,493.86.
Bitcoin one-month chart as of 6th November 2024 – New high!
Bitcoin hits new all-time high of $76,493.86 6th November 2024
Trump’s support for crypto
The ‘noises’ around the Trump trade for crypto are reportedly of deregulation, potential tax cuts for an asset that is both held long term but also day traded, less dependency on government financial institutions and the Fed and maybe seen as an alternative as a decentralised currency. Trump has previously indicated support of risk assets and the growth of crypto.
Ether surged 11%, while Solana, rocketed 13%. Payment system token XRP jumped more than 5%. Meanwhile, Meme coins soared, with Dogecoin up more than 15%.
Shares of Coinbase surged around 31%%, posting its best day on record since its first day of trading. MicroStrategy, which has a high correlation play on the price of Bitcoin, advanced 13%.
Ripple has announced the launch of a range of features designed to assist banks and fintech’s with the storage of digital tokens, marking a significant expansion into the realm of crypto custody.
Crypto custody services, which support clients in managing their crypto assets, represent a new venture for Ripple, now unified under the brand Ripple Custody.
The company is best known for its XRPcryptocurrency and RippleNet, a distributed ledger platform facilitating fast interbank payments.
Bitwise Asset Management, a prominent player in the cryptocurrency investment space, has recently made headlines with its filing for a spot XRP exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC).
This move marks a significant milestone as it is the first attempt to create an ETF specifically for XRP, the native token of the XRP Ledger.
The proposed Bitwise XRP ETF aims to provide investors with direct exposure to XRP through traditional brokerage accounts. This will make it easier for both institutional and retail investors to gain access to this digital asset. Bitwise’s decision to pursue an XRP ETF underscores the growing recognition of XRP’s potential and its established presence in the cryptocurrency market.
Bitwise is no stranger to the ETF landscape, having successfully launched Bitcoin and Ethereum ETFs in the past. The company’s experience and reputation in managing crypto assets lend credibility to this new venture. However, the approval process for the XRP ETF is expected to be rigorous, given the SEC’s cautious approach to cryptocurrency-related financial products.
The filing comes at a time when the cryptocurrency market is experiencing increased interest from mainstream investors. XRP, known for its fast transaction speeds and low fees, has been a popular choice for cross-border payments and remittances. If approved, the Bitwise XRP ETF could attract a new wave of investors looking to diversify their portfolios with digital assets.
While the SEC’s decision is still pending, the filing itself is a testament to the evolving landscape of cryptocurrency investments. There is a growing acceptance of digital assets in traditional financial markets. Investors and crypto enthusiasts alike will be watching closely as this development unfolds.
Cryptocurrencies fell on Tuesday evening 1st October 2024, with Bitcoin retreating to the $60,000 level following an unstable beginning to what is typically one of its best performing months.
Shares associated with digital currencies also fell in after-hours trading. Crypto exchange Coinbase saw a decline of about 1%, and MicroStrategy experienced a 2% drop, following a decrease of 7.4% and 3.5% at the close.
Escalating conflicts in the Middle East have curbed investors’ appetite for risk as the new trading month and quarter got underway. On Tuesday 1st October 2024, Iran executed a ballistic missile strike on Israel in response to the recent assassination of Hezbollah leader Hassan Nasrallah and an Iranian commander in Lebanon.
The growing turmoil in the Middle East has driven oil prices higher and bolstered the U.S. dollar, casting a shadow over Bitcoin and other speculative assets.
The retail investment platform Robinhood has announced the introduction of cryptocurrency transfers in and out of its app for European customers
As part of its international expansion efforts, the company aims to enhance its product offerings in the region.
According to a blog post-dated Tuesday 1st October 2024, Robinhood will enable customers within the European Union to deposit and withdraw over 20 different digital currencies via its platform, including Bitcoin, Ethereum, Solana, and USD Coin.
This development grants Robinhood’s European clientele the option of “self-custody” of assets, allowing them to personally hold their cryptocurrencies in a privately-owned wallet, rather than relying on a third-party service to manage their funds.
Ripple CEO Brad Garlinghouse anticipates the total value of the cryptocurrency market will double this year.
He references the launch of the first U.S. Bitcoin exchange-traded fund (ETF) and the forthcoming Bitcoin halving event as key factors.
“The overall market capitalization of the cryptocurrency industry is expected to double by the end of this year, influenced by a range of macroeconomic factors,” Garlinghouse reportedly said.
He also considers the potential for favorable regulatory changes in the United States as another catalyst for the market’s growth.
SNAPSHOT: Cryptocurrency market value as of 8th April 2024
Let’s check in on the prediction at the end of the year and see where the crypto market is.
Bitcoin fell 7% Monday 11th December 2023 after touching $45,000 demonstrating its aptitude for volatility. A $5000 fall in 24 hours.
The move comes after a 12% tear for Bitcoin in December 2023 as expectations grew that the U.S. could soon approve its first spot bitcoin ETF.
Bitcoin has been on a steady climb in recent weeks, following a long period of market apathy that witnessed the price trade in a narrow range for months.
Bitcoin price as of Tuesday 12th December 2023
Bitcoin is a volatile investment – be VERY careful.
The sudden pullback triggered a spike in liquidations. Bitcoin: $146 million in long liquidations on Monday, and Ether: $100 million.
Other Altcoins such as: ADA, XRP fell in unison.
Bitcoin’s volatility will likely see it climb back to the $45,000 level quite quickly.
NOTE: Bitcoin can damage your wealth. Do your research!
Cryptocurrency company Ripple said on Wednesday 4th October 2023 that it has obtained a full licence to operate in Singapore, its Asia-Pacific headquarters since 2017.
‘We have hired exceptional talent and local leadership, doubling headcount over the past year and plan to continue growing our presence in a progressive jurisdiction like Singapore,‘ CEO Brad Garlinghouse said in a statement.
The new development comes less than four months after the Monetary Authority of Singapore granted an ‘initial in-principle’ approval in June 2023. With the full licence, Ripple will continue to provide regulated crypto payment services in Singapore.
Over 90% of Ripple’s business is outside of the U.S., and Singapore – and to a larger degree Asia Pacific – is one of its fastest growing region.
XRP Ripple Crypto digital coin and cross border payment system
The XRP ripple crypto coin is a digital currency that is used to facilitate fast and low-cost cross-border payments on the Ripple network.
The Ripple network is a decentralized system of servers that connects banks, payment providers, digital asset exchanges, and corporates. The XRP coin acts as a bridge currency between different fiat currencies and other digital assets.
The XRP coin has a fixed supply of 100 billion units and is distributed by Ripple Labs, the company behind the Ripple network.
The possibilities of how high the XRP price can go has triggered heated debate among crypto community members over the past week. One particular forecast put the price of the cryptocurrency as high as $10,000 as Ripple advances in the payments sector. However, the validity of this prediction is still heavily debated, leading crypto analysts to weigh in on whether this price point is even possible.
Why The Sudden Bullishness On XRP Price?
Indicators and investors alike turned bullish for the XRP price following Ripple’s partial victory over the United States Securities and Exchange Commission (SEC) in July 2023. The price of the coin had risen over 60% in the days following the ruling as interest soared.
The token’s rally has since slowed down since then, wiping the majority of its gains from the ruling. However, crypto analysts remain bullish. One analyst put the XRP price at $130, while another analyst sees it going as high as $500.
Investors like the coin
XRP’s trading volumes, which have been nearly consistent above $1 billion, also show that investors are heavily attached to the coin. This sustained bullishness is further fueled by Ripple’s exploits in the payments sector, as well as working with various countries on their Central Bank Digital Currencies (CBDCs).
Other sources are more conservative and estimate that XRP price could range from $0.50 to $2.18 by the end of 2023, depending on the outcome of the SEC lawsuit, the development of the Ripple protocol, and the market conditions. Some sources also provide long-term predictions for XRP price based on historical trends.
For example, one source suggests that XRP could reach $14.21 by 2040 and $106.14 by 2050 if it follows Bitcoin’s growth trajectory over the past five years.
What is XRP?
XRP is a cryptocurrency that powers the Ripple network, which is a decentralized platform for cross-border payments. XRP aims to provide fast, cheap, and secure transactions for individuals and institutions around the world.
XRP price predictions are based on various factors, such as the demand and supply of XRP, the adoption and innovation of the Ripple protocol, the regulatory environment, the competition from other cryptocurrencies, and the overall market sentiment.
$10 – $100 range?
Is $10000 possible for XRP price?
According to some sources, XRP price could reach as high as $100-$500 in the next four to seven months, based on the recent ruling that XRP is not a security and the potential growth of Ripple’s partnerships in the payments space. However, this is a very optimistic scenario that assumes a high level of adoption and innovation of the Ripple network.
This is NOT investment advice
However, these predictions are not investment advice and should be taken with a ‘pinch of salt’. The cryptocurrency market is very volatile and unpredictable, and XRP price could be influenced by many factors that are beyond anyone’s control. Therefore, it is advisable to do your own research and analysis before making any financial decisions involving XRP or any other cryptocurrency or any investment.
NOTE: These are not recommendations. Investments may go up or down. Your money is at risk!
Banks may use XRP Ripple as a payment system to replace SWIFT
XRP Ripple is a payment settlement system and currency exchange network that can process transactions globally. It is designed to facilitate cross-border payments by using XRP, a cryptocurrency, as a bridge currency between different fiat currencies.
XRP advantage is cost and speed
XRP Ripple claims to offer several advantages over SWIFT, the system most financial institutions use for international money transfers. XRP transactions can be completed in as little as 3 to 5 seconds and transaction fees are just 0.0001 XRP. SWIFT, on the other hand, can take up to 5 business days and charge higher fees.
Not so Swift
However, despite XRP Ripple’s efforts to disrupt the industry, SWIFT has not been idle. The interbank payments network has recently launched SWIFT Go, a new service that enables businesses and consumers to send low-value cross-border payments anywhere in the world in seconds with full transparency and security.
SWIFT has also reportedly completed a successful cross-border payment from Australia to Singapore in only 13 seconds in a trial.
Adoption?
Therefore, it is not clear whether banks will adopt XRP Ripple as a payment system to replace SWIFT, or whether they will stick with the incumbent network that has been improving its speed and efficiency. The outcome may depend on factors such as regulation, customer demand, and market competition.
Fast International money transfers via the XRP Ripple system could be adopted by banks
It may also depend on costs and speed guarantees – banks will love to save money on money transfers.
Now that an international money transfer can be completed in seconds and not days – what will the client be charged?
Summary
Ripple is confident U.S. banks will start wanting to use XRP for cross-border transactions after a judge gave the firm a partial victory in its fight against the SEC.
A judge ruled that XRP cryptocurrency Ripple is closely associated with, but was not in itself necessarily a security, in a development with major implications for the digital asset industry.
Fast International money transfers via XRP Ripple
It wasn’t a total victory for Ripple, however – the judge also ruled that sales of XRP by Ripple to institutional buyers do count as unregistered sales of securities.
XRP, the native token of the blockchain company Ripple, soared more than 60% on Thursday after a U.S. judge delivered a major victory to the firm in its legal battle with the Securities and Exchange Commission (SEC).
The SEC had sued Ripple in December 2020, alleging that it had raised over $1.3 billion through the sale of XRP in an unregistered securities offering. The SEC claimed that XRP was an investment contract that gave buyers the expectation of profits based on Ripple’s efforts.
However, the Judge ruled that XRP was not a security “on its face” and that some aspects of its sale did not violate the federal securities laws.
Digital coin
The judge drew a distinction between the sales of XRP to institutional investors, which she said could constitute investment contracts, and the sales of XRP to the general public on exchanges, which did not.
Argument
The judge also denied Ripple’s argument that the SEC lacked jurisdiction over XRP transactions because they were not domestic, and agreed with the SEC that the Howey test, a four-pronged criteria to determine whether an asset is a security, applied to cryptocurrency transactions.
The ruling was welcomed by Ripple and its supporters, who argued that XRP was a utility token that facilitated cross-border payments and did not depend on Ripple’s efforts for its value.
Ripple’s chief legal officer, reportedly tweeted: “A huge win today – as a matter of law – XRP is not a security. Also, a matter of law – sales on exchanges are not securities. Sales by executives are not securities. Other XRP distributions – to developers, charities, and employees- are not securities.”
A lawyer representing over 19,000 XRP holders who intervened in the case, reportedly called on U.S. exchanges to relist XRP in solidarity with the decision.
Crypyo boost
The ruling also boosted the sentiment in the broader crypto market, as it suggested that the SEC did not have unlimited authority over digital assets and that some tokens could escape the securities classification.
‘Have you seen the news? Crypto might possibly could be going manstream.’ ‘Oh WOW! – What’s crypto?’
Crypto-related stocks such as Coinbase and crypto-coins such as ADA, HBAR, BITCOIN & ETH surged following the news.
More to come?
However, the case is not quite over yet, as the SEC said it would continue to review the decision and pursue its claims against Ripple for the sales of XRP to institutional investors.
The SEC also responded to the judge’s ruling by saying that it did not change its position that XRP was a security and that it would seek to prove that Ripple violated the securities laws in certain circumstances.
The outcome of the case could have significant implications for the crypto industry, as it could set a precedent for how other tokens are regulated and how other lawsuits are resolved.
Crypto, short for cryptocurrency, is a digital or virtual currency that uses cryptography for security and operates independently of a central bank. Cryptocurrencies are decentralised currencies, meaning they’re neither issued nor governed by a central bank.
Some cryptocurrencies are issued by their developers, while others are generated by their respective network algorithms. They exist and operate on a public ledger called a blockchain, which records all crypto transactions. Blockchain encryption is designed to make all transactions safe and secure from tampering, counterfeit, and other forms of fraudulent transactions.
‘Do you know what crypto is? Nope, absolutely no idea, do I need to?’
Digital Wallet
Cryptocurrencies can be stored in a ‘digital wallet’ on a smartphone or computer, and owners can send them to people to buy things. Although we can’t see or touch cryptocurrencies, they do hold value. Cryptocurrencies are now being used to purchase many different products and services, and some people are even buying cars and houses with their digital assets. They’re not widely used at the moment, but many believe the use of cryptocurrencies could one day become a common way to trade.
Is there a future for a digital currency?
However, the future of cryptocurrency is uncertain and opinions are divided. Some predict that institutional money entering the market and the possibility of crypto being floated on the Nasdaq could add credibility to blockchain and its uses as an alternative to conventional currencies. Others predict that regulators around the world might come together on a global framework for crypto regulation, but this looks unlikely right now. It is impossible to predict the future of the crypto market with absolute certainty.
Despite a strong start to 2023, some analysts remain cautious on growth and predict pressure for digital assets. Cryptography and blockchains will continue to be integral parts of the modern economic toolkit.
In conclusion, while there is no consensus on whether crypto is the future of currency, it is clear that it has the potential to play a significant role in the future of finance.
Stop crypto?
There is evidence to suggest that the US, EU, UK and other nations are trying to regulate the crypto market. Some people in the crypto world believe that recent attempts to ring fence the crypto industry and cut off its connectivity to the banking system are reminiscent of a little-known Obama-era program called ‘Operation Choke Point’. This refers to a 2013 US government initiative that sought to cut off undesirable industries from banking services.
Meltdown
The sector was already under pressure, after prices of virtual currencies collapsed last year. Further damage came from the meltdown of several high-profile firms, including FTX, run by the so-called ‘Crypto King’ Sam Bankman-Fried, whom prosecutors have accused of conducting ‘one of the biggest financial frauds’ in US history. Jolted by the turmoil, US regulators stepped up their policing of the sector, which authorities say has been on notice since at least 2017 and that their activity runs afoul of US financial rules intended to protect US investors.
Crackdown?
The campaign has yielded a steady drumbeat of charges against crypto firms and executives, alleging violations ranging from failing to register properly with authorities and provide adequate disclosure of their activity to, in some cases, more damaging claims such as mishandling of consumer funds and fraud. The crackdown culminated this month in legal actions against two of the biggest platforms: Coinbase and Binance.
However, during a hearing on cryptocurrency and blockchain technology regulation, Senate Banking Committee Chairman Mike Crapo shared his belief that the United States would not be able to succeed in banning Bitcoin.
In conclusion, while there is evidence that the US is trying to regulate the crypto market, it is not clear if they are trying to stop it completely and there is also evidence that suggests that the US would not be able to succeed in banning Bitcoin.
What was operation choke point?
‘Operation Choke Point’ was allegedly an initiative of the United States Department of Justice that began in 2013 under the Obama administration. The program investigated banks in the United States and the business they did with firearm dealers, payday lenders, and other companies believed to be at a high risk for fraud and money laundering. It was an attempt by President Obama’s Department of Justice, the Federal Deposit Insurance Commission, the Consumer Financial Protection Bureau, and other government agencies to cut off banking and financial services for small businesses and industries that they deemed to be illegal enterprises or otherwise undesirable.
