The post What Happened in Crypto This Week? A Crypto Crash Breakdown appeared first on Coinpedia Fintech News This is a very short and simple update on what we have witnessed this week in the cryptocurrency market. Staying up-to-date with the latest developments in the market is essential for making better decisions. Let’s analyse the market. Ready? Dive in! US Market Weekly Update The US S&P 500 index has slipped from $6,050.84 to $5,930.84, marking a decline of 2.02%. Notably, all the major markets, including Europe, China, Japan, India, South Africa and Australia, have witnessed drops this week. Europe has dropped by 2.04%, and China by 0.65%. This week, the US Federal Reserve reduced its interest rate by 25 basis points, bringing borrowing costs to the range of 4.25% to 4.5%. The US GDP Growth Rate QoQ Final index slightly increased from 3% in Q2 to 3.1% in Q3. The US Initial Jobless Claims index sharply fell to 220K in the second week of December from 224K in the first week. The US Core PCE Price MoM index dropped to 0.1% in November from 0.3% in October. Apart from these, several key indices have been released this week. The NY Empire State Manufacturing Index dropped from 31.2 points to 0.2 points in December. The US S&P Global Composite PMI Flash index sharply climbed from 54.9 to 56.6 in December. The S&P Global Manufacturing PMI Flash index declined from 49.7 to 48.3 in December. Meanwhile, the US S&P Services PMI Flash index surged to 58.5 from 56.1. The US Retail Sales MoM index fell from 0.5 in October to 0.7% in November. The US Industrial Production MoM slightly bettered from -0.4% to -0.1%. The US Business Investors MoM index grew to around 0.1% in October. The US NAHB Housing Market Index remained at 46 points in December, showing no change. The US API Crude Oil Stock Change declined to 4.7 million barrels in the first week of December from 1.232 million barrels in the last week of November. The US Housing Starts index slipped to 1.29 million units in November from 1.31 million in October. The US Existing Home Sales index jumped to 4.15 million in November from 3.96 million in October. This week, the US dollar has shown strength against almost all the major currencies, including the Euro, Chinese Yuan, Japanese Yen and Indian Rupee. Against the US dollar, the Euro has surged by 0.70%, Yuan by 0.27%, Yen by 1.78%, and Rupee by 0.20%. Crypto Market Scenario This Week The total crypto market cap has declined by 8.2% this week. The altcoin market cap has dropped from $1.55T to $1.39T. The total crypto market cap excluding Bitcoin and Ethereum has slipped from $1.07T to $969.31B. The total market cap excluding the top ten cryptocurrencies has slipped to $348.32B from $406.93B. Bitcoin Market Overview On December 16, Monday, the Bitcoin price stood at $106,058.18. On Thursday, it plummeted to a low of $97,461.38. At a point on Friday, the price dropped as low as $92,198.03. However, by the time of closing, buyers pushed the price to around $97,812.27. Between December 16 and 20, the market declined by at least 7.77%. Ethereum Market Scenario Analysis On December 16, the Ethereum price was at $3,988.87. By December 19, it fell to a low of $3,415.69, registering a severe correction of 14.36%. At a point on December 20, the price declined to as low as $3,108.75. By the time of closing, buyers pushed the price to $3,471.16. Between December 16 and 20, the market slipped by over 12.97%. Top Ten Cryptos: Weekly Performance Review In the last seven days, almost all the top ten cryptos have displayed drops. Dogecoin shows the highest 7-day drop of 19.1%. Cardano and Solana follow with 13.4% and 12.5% declines, respectively. Ethereum has slipped by 10.8%. Bitcoin, XRP and BNB have declined by 3.9%, 6.0% and 5.6%, respectively. Trending This Week Binance HODLer Airdrops, Circle Ventures Portfolio, Binance Launchpool, Binance Labs Portfolio, and Coinbase Ventures Portfolio are the top five trending categories at the time of writing. Among these categories, Binance HODLer Airdrops displays the highest seven-day change of +181.3%. Hyperliquid, LUKSO, Pudgy Penguins, Ethena, and Sui are the top five trending cryptos. Among the top five, Hyperliquid showcases the highest seven-day change of 54.6%. Crypto Category Overview In the last seven days, the Smart Contract Platform category has declined by around 6.7%, Layer 1 by 6.0%, Proof of Work by 4.4%, Proof of Stake by 11.6%, Centralised Exchange Token by 4.1%, Decentralised Finance by 9.9%, Meme by 16.9%, Liquid Staking by 11.7%, Crypto-Backed Tokens by 8.7%, Wrapped-Tokens by 8.6%, Decentralised Exchange by 3.8%, Artificial Intelligence by 14.5%, DePIN by 17.6%, NFT by 21.4%, Layer 2 by 13.1%, GameFi by 20.7%, Yield Farming by 17.4%, Real World Assets by 8.9%, Layer 0 by 19%, Metaverse by 20.7%, Internet of Things by 20.1%, Gaming Utility Tokens by 19.5%, Gaming Governance Tokens by 19.9%, Liquid Staking Governance Tokens by 22.2%, and Bridge Governance Tokens by 18.6%. Meanwhile, Stablecoins has grown by 0.8%, Perpetuals by 35.9%, Binance HODLer Airdrops by 181.3%, AI Agent Launchpad by 2.2%, and Virtuals Protocol Ecosystem by 13.9%. In conclusion, this week, global markets, including the US, Europe, China, Japan and India, have faced declines, alongside an 8.2% drop in the cryptocurrency market. Bitcoin, Ethereum and other major cryptocurrencies have seen losses. The US Federal Reserve cut interest rates by 25 basis points. The US dollar has strengthened against major currencies. Overall, it has been a challenging week for both traditional and digital asset markets. Stay tuned to Coinpedia’s Crypto Market Weekly Report – where we bring you
The post XRP Price Prediction: Donald Trump’s Fund Buying XRP, Hedera Sparks Optimism For The Tokens appeared first on Coinpedia Fintech News With the year coming to an end, XRP is finally showing signs of recovery after taking a bearish turn. With reports indicating that Donald Trump’s fund is purchasing XRP, there are speculations over its impact on the token’s value. Lets dive deeper to know XRP price prediction and what it means for the investors. XRP is currently trading at $2.30, up over 16% in the last 24 hours. After a slight decrease in the past week, the price of XRP is experiencing a modest recovery. Meanwhile, Bitcoin (BTC) is hovering around $99,000, which is fueling optimism in the market. Besides, Mark Yusko, founder of Morgan Creek Capital Management, recently highlighted Donald Trump’s alleged involvement in cryptocurrency investments. Yusko claimed that Trump and his son Eric have been actively acquiring digital assets, including Bitcoin (BTC), Hedera (HBAR), and Ripple’s XRP. According to Yusko, Trump’s investments, particularly in HBAR and XRP, could position him at the forefront of ETF approval for these cryptocurrencies. BREAKING: Famous hedge fund manager confirms that President Trump is buying $HBAR and $XRP This intensifies the earlier testimony by someone close to the Trump transition team regarding Trump planning a national reserve of made in America cryptocurrencies under the… pic.twitter.com/Y49taNQI0u — Shawn (@oroogle) December 20, 2024 Notably, this also aligns with earlier claims from a source close to Trump’s transition team, hinting at a national cryptocurrency reserve. Trump’s support for cryptocurrencies could positively impact XRP, driving a positive trend in its price. On-chain analyst Ali Martinez recently shared that whales bought 80 million XRP since the price correction began on December 17. Another Crypto analyst recently shared an X post highlighting a comparison between XRP’s 2017 and 2024 price trends. The chart shared in the post suggests XRP could mimic its previous bull run, potentially reaching $8–$13. The analysis shows historical patterns aligning with current market behavior, fueling excitement among XRP holders.
Bitcoin ETFs faced significant outflows due to recent market conditions. Institutional confidence remains as companies continue to invest in Bitcoin. Continue Reading: Bitcoin ETFs Experience Major Outflows as Market Conditions Shift The post Bitcoin ETFs Experience Major Outflows as Market Conditions Shift appeared first on COINTURK NEWS .
Tether, the company behind the world’s largest stablecoin by market capitalization, has recently invested $775 million in Rumble, a video-sharing platform that positions itself as a censorship-free alternative to YouTube. The collaboration between Tether and Rumble marks a strong stance in favor of free speech and financial freedom, according to statements from both companies. In a December 20 post on X, Tether CEO Paolo Ardoino expressed the company’s commitment to supporting technologies and businesses that promote resilience and independence. “Tether deeply believes in the fundamental values of freedom of speech and financial freedom,” Ardoino emphasized, framing the investment as a strategic step toward empowering individuals. Ambitions to Challenge YouTube Rumble CEO Chris Pavlovski welcomed the investment, underscoring his determination to disrupt YouTube’s dominance. In a statement on social media, Pavlovski said, “YouTube, lookout. I’m coming for your monopolistic market share globally.” The partnership aims to integrate advertising, cloud services, and crypto payment solutions, strengthening Rumble’s position as a competitive platform. The announcement immediately impacted Rumble’s stock price, with shares (RUM) soaring by 51.60% in after-hours trading, hitting $10.90, according to Google Finance. This surge reflects market confidence in the alliance between Tether and Rumble, as well as growing interest in platforms that prioritize free expression . Bitcoin on Rumble Balance Sheet In addition to its partnership with Tether, Rumble recently decided to add Bitcoin to its corporate balance sheet. The decision follows a social media poll conducted by Pavlovski in November, where 93.9% of 43,790 respondents voted in favor of the move. Rumble’s board of directors approved a strategy to allocate up to $20 million from its excess cash reserves toward Bitcoin acquisitions. This step aligns with the platform’s focus on financial innovation and decentralization, positioning it as a forward-thinking player in the tech and crypto sectors. Tether’s investment and Rumble’s bold financial strategies signal a growing alignment between decentralized technologies and platforms advocating for free speech. The post Tether Invests $775M in Rumble to Champion Free Speech appeared first on TheCoinrise.com .
The post Donald Trump’s Inauguration: Ripple Leads the $200M Crypto Donation Wave appeared first on Coinpedia Fintech News The inauguration function of Donald Trump is set to take place on January 20, 2025. The general anticipation is that the United States will witness a lavish inaugural function – far more extravagant than in the previous inaugurations. The inauguration committee has already collected $200 million, and the fund is expected to cross $225 million before the inauguration day. Notably, it is the unprecedented support from the crypto industry that has pushed the fund to this high level. Curious to know more? Read on! Why Crypto Companies Are Backing Trump During the US election campaign, Donald Trump presented himself to the electorate as a pro-crypto candidate. He promised to formulate policies necessary to strengthen the cryptocurrency sector, and assured voters he would dismantle policies that have stifled the growth potential of the sector. Ripple, a crypto company that is fighting a tough legal battle with the US SEC, has donated more than $5 million, as per reports. Coinbase and Kraken are among crypto companies that have made significant contributions to the inauguration committee. Reports suggest that Coinbase and Kraken have contributed at least $1 million each. Interestingly, some crypto companies, like MoonPay, have declined to comment on how much they have contributed to the inauguration fund. Record Fundraising Efforts for Trump’s Inauguration As per a recent report, at least $200 million has been collected so far by the inaugural committee for the three-day celebration, which will mark the official commencement of Trump’s presidency. The report notes that the inaugural committee is preparing to amass over $225 million before the inauguration day. Trump’s Crypto-Friendly Appointments Trump recently named a pro-crypto advocate, Paul Atkins as the successor of Gary Gensler, who is set to step down from his post of the US SEC chairman on the day when Trump takes his oath as the president. Reports indicate that Trump is planning to bring in several pro-crypto figures to his cabinet. There is a high chance that vocal crypto supporters, Scott Bessent and Howard Lutnick, will secure key positions in Trump’s cabinet. Recently, Brad Garlinghouse, the CEO of Ripple, welcomed the appointments made by Trump, terming the action as a fresh start for the crypto industry. Big Tech Joins the Fundresing Wave It seems that not just the crypto industry, but also the entire technology sector is enthusiastic about the beginning of the presidency of Republican leader Donald Trump. Among top tech company figures who have contributed to the inauguration fund are Jeff Bezos, Mark Zuckerberg and Sam Altman. Reports say that each of these three top tech leaders have donated $1 million to the inauguration fund. In conclusion, as Trump’s pro-crypto administration takes shape, the industry’s historic support reflects optimism for regulatory clarity and innovation. 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Spacecoin XYZ has taken its first step in launching its extra-terrestrial decentralized physical infrastructure network.
In a significant sign of increasing institutional interest, OTC desks have reported their largest monthly inventory decline of 2024, shedding 26k BTC. This dramatic reduction not only indicates heightened demand
Cryptocurrency analytics firm Santiment has presented its latest market assessment in a video featuring the company's founder, Maksim Balashevich. Maksim Balashevich noted that to gauge the health of the market, it is important to analyze the average dollar investment age (MDIA). This metric reflects the average age of coins in a wallet and can indicate whether assets are actively traded or held: A decline in MDIA indicates that younger coins are circulating in the market, indicating active participation and optimism. Conversely, a rising MDIA could indicate accumulation that could lead to a recession in the market if not accompanied by new buying pressure. “Seeing that the average invested dollar age is falling is a positive sign. It confirms the upward price movements and shows that the assets are entering a healthy cycle,” said Maksim Balashevich. Analysts say that recent market conditions show signs of accumulation, with investors remaining confident in the market despite price corrections. Maksim Balashevich warned that this could signal a long-term uptrend, but could also be a precursor to short-term fluctuations. Related News: What Will Happen for Cryptocurrencies in 2025? Here are the Analyst's Opinions for the Trump Administration “When you see accumulation and the price starts to rise slightly after a decline, it usually indicates strong belief among investors. However, this can lead to vulnerability if there is excessive optimism without sufficient buying pressure,” he said. Santiment analysts also looked at the historical course of market activity in the final months of the year. In previous years, including 2017 and 2021, there were significant swings in December and major corrections after all-time highs. “This year has been a big tax year for many institutional and individual investors who profited from crypto and stocks,” said Maksim Balashevich, suggesting that even if long-term fundamentals remain strong, year-end profit-taking for tax purposes could lead to further price declines. Despite the short-term turmoil, Santiment analysts remain optimistic about 2025. They predict softer market conditions in early 2025 as the industry matures and adapts to macroeconomic factors. *This is not investment advice. Continue Reading: Santiment Founder Reveals What To Expect In Bitcoin And Altcoins Between Now And New Year’s Eve
TL:DR; Investors with lots of conviction for certain assets tend to utilize deep corrections to stack more of those coins, and this seems to be the case in regards to the two of the largest cryptocurrencies – DOGE and XRP. On-chain data shows that large wallets poured millions into both during the recent market meltdown. The market-wide crash that began in the middle of the business week caught many by surprise, given the billions of dollars worth of liquidations that were evident on a couple of occasions. All crypto assets headed south vigorously, with BTC leading the way by plummeting from over $108,000 on Tuesday to $92,000 on Friday. As it typically happens, the altcoins were not sparred, just the opposite. Dogecoin and Ripple were among the worst-performing assets at one point. The largest meme coin stood north of $0.41 before the correction began but dumped by over 35% to its low on Friday of $0.26. XRP’s price plummet was almost identical as the asset came crashing down from $2.72 on Tuesday to $1.96 – a 28% drop. However, both have bounced off since those lows, with DOGE trading close to $0.34 (30% higher) and XRP at $2.3 ( up by 17% ). On-chain data shared by the popular crypto analyst Ali Martinez shows that whales tracking both assets didn’t sit on the sideline but actually went on an accumulation spree. In Ripple’s case, they stacked up on 80 million tokens since the retracement began on December 17. Whales bought 80 million $XRP since the price correction began on December 17! pic.twitter.com/nakUKEIzYC — Ali (@ali_charts) December 20, 2024 Dogecoin whales also opened up their wallets by accumulating over 250 million DOGE. Such big purchases tend to positively impact the underlying assets’ prices due to the declining immediate sell pressure. Whales bought over 250 million #Dogecoin $DOGE during the recent market dip! pic.twitter.com/qH7JSkkdhK — Ali (@ali_charts) December 21, 2024 The post Ripple, Dogecoin Whales Bought the Dip as XRP, DOGE Prices Soar appeared first on CryptoPotato .
OTC desks inventory see their largest monthly inventory decline for 2024 down by 26k BTC signaling increased demand for Bitcoin by institutional investors.