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Crypto Market This Week: US Moves Forward With Pro-Crypto Moves, Major Coins Remain Volatile

The cryptocurrency market concludes another week with unprecedented developments that have sparked investor excitement. A strategic Bitcoin reserve was announced in the US, while a cryptocurrency reserve and summit were held. Simultaneously, despite the bullish developments, BTC and major league altcoins continued to encounter volatility in the market.

Below are some of the most talked-about market updates reported by CoinGape over the past week.

This week’s cryptocurrency market sees a Bitcoin stockpile and a cryptocurrency stockpile in the US.

US President Donald Trump announced a strategic Bitcoin reserve for the United States this week. This reserve is expected to comprise approximately 200,000 Bitcoins, which are currently held by the government through the cessation of funds involved in criminal and illicit activities.

Interestingly, Scott Bessent and Howard Lutnick have been appointed as officials who will focus on potential resources to help the reserve acquire more BTC in the future. Trump revealed that these BTC coins will also not be sold early, offering more value to the reserve.

Furthermore, the country expects to see a “crypto reserve” consisting of assets such as Ethereum (ETH), Solana (SOL), Cardano (ADA), and XRP in the future, according to Trump’s announcement. The main difference between the two sagas is that while the government is pushing to acquire more BTC, there will be no active efforts to increase the cryptocurrency stockpile. Taken together, these were the major developments in favor of cryptocurrencies in the US this week.

Crypto Summit: What’s New?

Simultaneously, the crypto market witnessed a cryptocurrency summit at the White House this week, hosted by President Donald Trump and crypto czar David Sacks.

Notably, Trump has shown strong efforts to end “Operation Chokepoint 2.0,” which has been putting regulatory pressure on banks, leading them to close accounts of crypto companies. Furthermore, the 47th US president has continued to reflect strong support for cryptocurrencies, suggesting that the government’s stance is likely to be more favorable to digital assets in the future.

Overall, the announcement of the Bitcoin reserve, the crypto summit, and the launch of an upcoming cryptocurrency arsenal have generated notable optimism in the market.

Bitcoin and altcoins remain volatile

However, despite the broader developments this week, BTC and major altcoins are facing turbulence in the crypto market.

The price of BTC closed the week close to $86,000 after going through a rollercoaster ride over the past seven days. The price of ETH lost almost 2% to close the week close to $2,200. XRP price also faced turbulence and traded at $2.32 at the close of the week, up just 3% in 7 days. Lastly, SOL price lost 3.5% on a weekly basis and remained at $138, in line with the overall market trend.

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Latest XRP News, Dogecoin Price Prediction, and ICO That Raised Over $13 Million in Weeks

The crypto world continues to change at lightning speed, and three projects stand out at the moment: XRP, Dogecoin, and Remittix, an ICO that raised over $13.2 million in just a few weeks.

While XRP is making headlines with its legal breakthroughs and new partnerships, Dogecoin is reeling from its previous success. Meanwhile, Remittix is ​​turning heads by focusing on real-world uses for crypto payments. Many investors see this as a positive sign, given that meme tokens, AI coins, and real-world asset (RWA) cryptocurrencies have all lost billions of dollars since January.

Latest XRP News: Big Changes in the Legal Field

In a legal dispute with the US Securities and Exchange Commission (SEC), XRP has been at the center. Now, rumors are swirling that the SEC could soften its appeal against Ripple, which could change how regulators deal with digital assets. John Reed Stark noted that the SEC is no longer pushing hard to label tokens as securities, hinting at a possible new plan to regulate cryptocurrencies.

Meanwhile, Ripple has partnered with BDACS in South Korea to offer secure, institutional-grade custody for XRP and RLUSD. Through Ripple Custody’s bank-like services, BDACS hopes to welcome more large-scale investors to the table.

Meanwhile, the XRP Ledger (XRPL) is getting an upgrade, adding programmability that doesn’t slow down the network. According to Jack Claver, this could allow developers to create custom solutions for large enterprises, boosting XRP’s standing among global companies. In the past day, XRP has risen to $2.14, with a trading volume of $8.53 billion.

Dogecoin Price Prediction: Tough Times for Meme Coins

Dogecoin, one of the original meme coins, isn’t looking so stable these days. The SEC recently said that meme tokens like Dogecoin are not securities. Still, Dogecoin fell 12.4% last Friday, falling below $0.19 for the first time since November 2024. Some data suggests that small retail holders may panic sell, causing the price to fall even further.

A “death cross” has now formed on Dogecoin’s daily chart, where the 50-day moving average crosses below the 200-day moving average. This is often seen as a sign of further declines. Some associate this decline with the negative market mood and political news linked to former President Trump.

Source: tradingview

If DOGE is to recover, it must break above $0.20, but many believe the real test lies around $0.29. If Dogecoin fails to hold $0.20, it could fall to $0.15, and even high trading volume may not be enough to revive it unless there is a compelling reason for investors to jump in again.

Remittix steals the show: ICO raises $13.2 million in weeks

As XRP adapts to potential SEC changes and Dogecoin struggles to recover, Remittix has emerged as the true success story. Many are calling it the next big thing in payments.

Rather than banking on internet hype, Remittix is ​​taking the “PayFi-first” route, solving real problems in the everyday use of money. As meme coins, AI cryptocurrencies, and RWA tokens lose billions in total value, Remittix has attracted those who want more than just hype.

The numbers are clear: $13.2 million raised in just a few weeks shows that there is a huge demand for coins that truly address the challenges of payments. Remittix’s system enables seamless conversions of crypto to fiat and is designed for easy adoption by merchants. It also emphasizes compliance with rules and regulations, providing greater peace of mind for large investors. This is something that many meme or AI coins have never been able to do. Why Remittix Could Be the Best Cryptocurrency Choice As the market grows weary of meme coins and projects caught up in legal chaos, payments-focused tokens like Remittix are on the rise. XRP could do well if it can resolve its legal issues, and Dogecoin still has fans despite its recent price woes. However, Remittix’s rapid growth and practical use cases show that investors are hungry for real-world value.

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Cryptocurrency analyst explains what could trigger Ethereum’s rise to $6,000

An analyst has revealed what may need to happen for Ethereum to rally towards the $6,000 mark, based on a pattern that is currently forming in its price.

Ethereum appears to be moving in an ascending channel recently

In a new post on X, analyst Ali Martínez talked about a pattern that Ethereum has potentially been following recently. The pattern in question is the “ascending channel” of technical analysis (TA).

Parallel channels are formed when the price of an asset consolidates between two parallel trendlines. The upper level of the channel is drawn by connecting successive highs, while the lower level joins the lows.

This pattern can take three orientations: positive slope, negative slope and zero slope. In the first, the trend lines follow an upward consolidation phase, and the pattern is known as an ascending channel. Likewise, in the second, the price trends downwards, and the formation is called a descending channel. The third type, where the trend lines are parallel to the time axis, does not have a specific name.

Like other consolidation patterns on AT, the upper line of a parallel channel will likely represent price resistance, while the lower line may act as a support point. Breaks above any of these lines may imply a continuation of the trend in that direction; A breakout above the channel is bullish and a break below it is bearish.

ETH spent some time making several touches of the line during the retest, but the pattern ended up holding while the coin managed to bounce. However, the resulting rally failed to take the price to the upper level as it in fact only disappeared by half. Since then, the asset has been declining.

Interestingly, a similar pattern was also observed in 2023, where a rejection in the middle of the channel sent Ethereum to a retest of financial results, starting the uptrend.

In the chart, Martínez highlighted what ETH’s next price trend could look like if it now also follows a similar trajectory. “If Ethereum $ETH is following an ascending parallel channel, a drop to the lower boundary of $2,800 could act as a launching pad for a move towards $6,000,” the analyst notes.

From the current price of the cryptocurrency, an increase to this final target of $6,000 would imply growth of almost 82%.

Ethereum Price

Ethereum has not yet been able to make any notable recovery from its recent decline as its price is still trading around $3,300.

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$1.75 Billion Lost? South Korean Cryptocurrency Platform Delio Files for Bankruptcy

A South Korean-based cryptocurrency platform has filed for bankruptcy, a local court has declared, after its customers were no longer able to withdraw their $1.75 billion worth of virtual funds.

The unfortunate circumstances facing Delio serve as a reminder that digital assets can offer tremendous growth, but they are also inherently volatile and high-risk investments.

Court Statement

The Seoul Rehabilitation Court has declared that cryptocurrency platform Delio has ceased operations, noting that the court declared the digital asset company bankrupt on Friday.

Since the middle of last year, the cryptocurrency platform has stopped allowing withdrawals of funds from virtual assets, leaving its customers unable to access their investments.

Around 2,800 cryptocurrency investors were affected and were unable to recover their cryptocurrency funds worth $1.75 billion.

[단독] ‘2500억 사기’ 델리오 파산https://t.co/WcGeIDiaQd#델리오 #delio #가상자산예치업체 #회생법원 #하루인베스트 #haruinvest #법인파산 #암호화폐 #가상화폐 #디지털자산 #가상자산 #코인

– KCG (Korea Coin Group) (@kdisla) November 22, 2024

Analysts explained that the Corporate bankruptcy occurs when a court declares a company bankrupt because the company is no longer able to pay its debts.

This judicial procedure allows the company’s assets to be converted into cash and then distributed to creditors. The Delio case is a good example of corporate bankruptcy.

A ray of hope

According to reports, after the court declares bankruptcy, “a claim is filed and an explanation is given on the distribution of assets at the creditors’ meeting.”

This offers Delio’s customers a glimmer of hope, as the South Korean court has ordered its creditors to file their claims by February 21, 2025. The court has also set a date for the creditors’ meeting on February 19, 2025.

Why did Delio declare bankruptcy?

An official at the Seoul Rehabilitation Court said that the main reason for Delio’s bankruptcy is that “its inability to pay was recognized in light of the suspension of withdrawals, the circumstances of the suspension of operations, and the extent of the damage.”

The official added that the cryptocurrency platform operated as a custodian and management company in which it generated profits and paid interest by “operating virtual assets such as Bitcoin deposited by customers”.

“The debtor lent and entrusted the operator with the management of the virtual assets deposited by customers, but a significant part of them were deposited in the FTX account and were being managed,” he continued.

However, he said that the “virtual assets entrusted could not be recovered” after FTX filed for bankruptcy in November 2022, which led Delio to suspend withdrawals on the platform.

Delio executive hits back at authorities

In September 2023, the cryptocurrency company accused South Korean authorities of misinterpreting the law after the state-run Financial Intelligence Unit (FIU) proposed the dismissal of Delio CEO Jeong Sang-ho.

The government also suspended the cryptocurrency platform’s operating license and ordered the company to pay a fine of $1.34 million.

The cryptocurrency platform’s CEO is currently facing charges of “fraud, embezzlement and breach of trust.” However, the Delio executive defended himself by saying that investors’ deposits on the platform were not “protected.”

Delio was founded in 2018 and received Virtual Asset Service Provider (VASP) status from the FIU in 2022, becoming the first South Korean company to achieve such recognition.

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Tether Increases Bitcoin and Gold Holdings to $4.8 Billion and $5 Billion

Tether (USDT) circulation has increased to $120 billion, marking a 30% increase by 2024.

Tether’s Bitcoin and gold holdings have increased to $4.8 billion and $5 billion, respectively.

Tether’s net worth has doubled to $14.2 billion as it faces ongoing legal challenges.

Tether has announced a substantial increase in its Bitcoin and gold reserves, as detailed in its latest Consolidated Financial Figures and Reserves Report for Q3 2024.

Tether’s Bitcoin holdings have reached an impressive $4.8 billion, while its gold reserves are now $5 billion, reflecting the company’s strategy to bolster its asset base amid growing global demand for its stablecoin, USDT.

USDT Circulation Increases 30%

This quarter was particularly notable for Tether, as USDT circulation soared to a record $120 billion, representing a 30% increase in 2024.

This increase totals $27.8 billion so far this year and brings Tether’s market cap close to that of its competitor, Circle’s USDC, which currently stands at $35 billion, according to data from CoinGecko.

Tether’s growth is indicative of the growing reliance on stablecoins within the cryptocurrency ecosystem, driven by increased market adoption and confidence.

Tether Expands Holdings of US Treasuries

In addition, Tether has significantly expanded its holdings of US Treasuries, which now amount to $84.5 billion, making up the largest segment of its reserves. This strategic move has contributed to Tether’s strong financial health, with net assets doubling to $14.2 billion from $7 billion at the end of 2023.

In addition, through its subsidiary, Tether Investments Limited, the company manages an additional $7.7 billion in assets across sectors such as sustainable energy, Bitcoin mining, and data infrastructure. However, these assets are not included in the reserves backing Tether tokens.

Despite its growth, Tether is currently embroiled in three civil litigation cases related to its holdings and operations. Notably, these cases include a class action lawsuit related to the 2017-2018 Bitcoin price crash, a lawsuit stemming from the Celsius bankruptcy, and a dispute over USDT in a wallet not controlled by Tether.