Trump Appoints Bo Hines as Executive Director of the New Presidential Crypto Council In a recent announcement made on Truth Social , U.S. President-elect Donald Trump revealed that Bo Hines , a former college football player and graduate of Yale University and Wake Forest University Law School , has been appointed as the Executive Director of the newly established Presidential Council of Advisers for Digital Assets . This advisory group, which will be chaired by White House A.I. and Crypto Czar David Sacks , is also known as the Crypto Council and will include several prominent figures from the cryptocurrency industry. This move signals Trump’s commitment to enhancing the U.S. position in the global cryptocurrency market by fostering innovation and supporting digital asset growth . Bo Hines , who hails from North Carolina , will work alongside David Sacks and other council members to ensure that crypto industry leaders have the resources and regulatory support needed to facilitate the technological progress of the U.S. cryptocurrency sector . The Role of the Presidential Crypto Council The newly formed Presidential Council of Advisers for Digital Assets , also referred to as the Crypto Council , will focus on advising the President on policies related to cryptocurrency and digital assets . The council aims to promote the growth and adoption of digital currencies and blockchain technologies in the U.S., while also addressing regulatory issues, market volatility, and ensuring the security of the evolving crypto ecosystem. By bringing together key industry figures and thought leaders in the blockchain and cryptocurrency space , the council is positioned to play a crucial role in shaping the future of digital assets in the U.S. and globally. The inclusion of David Sacks , a well-known advocate for cryptocurrency innovation , as the Crypto Czar further demonstrates the administration’s commitment to advancing digital finance . Bo Hines: From College Football to Crypto Leadership Bo Hines , the newly appointed Executive Director of the Crypto Council , brings a unique blend of experience to the role. A former college football player , Hines has also graduated from Yale University and Wake Forest University Law School , which gives him a strong foundation in both leadership and policy. As the Executive Director , Hines will work directly with David Sacks and other council members to develop and implement strategies that promote the growth and adoption of cryptocurrency technologies in the U.S. He will be responsible for collaborating with industry stakeholders, facilitating discussions on policy development, and helping create a regulatory environment that fosters innovation in the crypto space . His background in law and leadership, combined with his deep understanding of the importance of technological progress in the financial sector , makes him an ideal choice to oversee the direction of the Presidential Crypto Council . Promoting Innovation and Growth in the Crypto Sector The creation of the Presidential Council of Advisers for Digital Assets is a significant move in the ongoing efforts to promote crypto innovation and support the growth of the digital asset sector in the U.S. As Executive Director , Bo Hines will work to ensure that industry leaders and entrepreneurs have the resources they need to push the boundaries of blockchain technology and digital currency development . This includes addressing the challenges that come with scaling crypto technologies, creating a secure environment for digital asset transactions , and ensuring that U.S. policies around cryptocurrency keep pace with global developments. By creating a strong, pro-crypto regulatory framework , the Crypto Council aims to support the adoption of cryptocurrencies in mainstream finance and digital economies . Trump’s Pro-Crypto Vision for the Future President-elect Donald Trump’s nomination of Bo Hines to lead the Presidential Crypto Council is a clear indication that his administration plans to continue fostering the growth of the cryptocurrency sector in the U.S. Under David Sacks’ leadership , the Crypto Council will be responsible for pushing policies that ensure the U.S. remains at the forefront of cryptocurrency and blockchain technology development. This aligns with Trump’s vision for the U.S. to remain competitive in digital finance and technological innovation . By embracing the growth potential of cryptocurrencies and their underlying blockchain technologies , the Trump administration aims to position the U.S. as a global leader in the emerging digital economy. The Future of Digital Assets in the U.S. The establishment of the Presidential Crypto Council and the appointment of Bo Hines as Executive Director marks a pivotal moment in the development of U.S. digital asset policies . With a strong focus on promoting innovation , security , and economic growth , the Crypto Council is poised to play a key role in shaping the future of cryptocurrencies in the U.S. With the crypto market continuing to evolve rapidly, cryptocurrency adoption is likely to increase, creating new opportunities for businesses, investors, and governments. The work of the Presidential Crypto Council will be essential in ensuring that the U.S. remains competitive in the global digital economy , positioning cryptocurrencies as a cornerstone of future financial systems. Conclusion: A New Era for Crypto Policy in the U.S. The nomination of Bo Hines as the Executive Director of the Presidential Crypto Council is a bold move that signals the Trump administration’s commitment to fostering the growth of digital assets and blockchain technology . With Hines’ leadership , the council will likely play a crucial role in shaping the future of crypto policies , ensuring that the U.S. remains a leader in crypto innovation . As the digital asset space continues to grow, the Presidential Crypto Council will be pivotal in creating a regulatory environment that supports the development and adoption of cryptocurrencies . With Bo Hines at the helm, the U.S. is poised for a future where blockchain and crypto technologies drive economic growth and technological progress . To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news , where we delve into the most promising ventures and their potential to disrupt traditional industries.
Trump Nominates Pro-Crypto Stephen Miran as Chairman of the Council of Economic Advisers In a recent announcement made via Truth Social , U.S. President-elect Donald Trump revealed that he has nominated Stephen Miran , a Harvard-trained economist and former senior advisor for economic policy at the U.S. Treasury Department during Trump’s first term, to be the chairman of the Council of Economic Advisers (CEA) . This nomination is significant not only for Miran’s credentials but also for his stance on cryptocurrency , an area that has gained increasing attention in the economic and financial sectors. A Pro-Crypto Stance from Miran Stephen Miran is known for his pro-crypto views, and his nomination comes at a time when cryptocurrency is becoming more integrated into the global financial ecosystem. In a recent appearance on The Bitcoin Layer podcast , Miran expressed his belief that cryptocurrency could play a key role in driving economic innovation and ushering in what he described as another Trump Administration economic boom . Miran’s comments on cryptocurrencies underscore his recognition of the potential role digital assets could play in shaping the future of the U.S. economy. He stated that crypto has a “big role potentially to play in innovation,” aligning with his broader economic outlook that seeks to capitalize on emerging technologies and disrupt traditional financial systems. Background of Stephen Miran Stephen Miran is a seasoned economist with significant experience in U.S. economic policy. He served as a senior advisor for economic policy at the U.S. Treasury Department during President Trump’s first term , where he worked on various economic reforms and contributed to policy discussions on key issues such as taxation and trade. Miran is also a Harvard-trained economist , and his academic background and expertise in economic policy make him a strong contender for the role of Chairman of the Council of Economic Advisers . His deep understanding of macroeconomics and financial policy will be crucial as he works alongside the president to shape the country’s economic agenda in the coming years. The Council of Economic Advisers and Its Role The Council of Economic Advisers (CEA) is a key advisory body within the U.S. government that provides economic advice to the president. It plays a critical role in formulating national economic policy and analyzing the economic implications of proposed policies. The CEA has a history of being a platform for shaping the nation’s economic direction, and under Miran’s leadership, there is potential for a stronger focus on emerging sectors such as cryptocurrency , blockchain , and financial innovation . Miran’s nomination signals that the Trump administration is likely to pursue a more pro-innovation approach to economic policy, with a particular emphasis on technology-driven economic growth . This could include efforts to foster cryptocurrency adoption , blockchain innovation , and other areas where the U.S. can maintain a competitive edge in the global digital economy . Miran’s Crypto Vision for the U.S. Economy Miran’s pro-crypto stance is not just a personal view but reflects broader economic trends that are gaining traction worldwide. Cryptocurrencies, particularly Bitcoin , are increasingly seen as legitimate assets and alternative financial systems that can complement traditional currencies and offer greater financial inclusion . As cryptocurrencies continue to evolve and mature, they have the potential to disrupt existing financial infrastructures and create new opportunities for economic growth. In his comments on The Bitcoin Layer podcast , Miran highlighted the role crypto could play in stimulating economic activity and innovation, a vision that aligns with the broader goals of the Trump administration to foster a thriving economy through technological advancement. By nominating a pro-crypto economist like Stephen Miran , the incoming administration is signaling that it sees the potential for cryptocurrency to contribute positively to the country’s economic development . This could open doors for regulatory frameworks that support digital asset adoption while ensuring financial stability and security . Trump’s Vision for the Future of Crypto in the U.S. With Miran at the helm of the Council of Economic Advisers , there is speculation that the Trump administration will continue to support blockchain technology and cryptocurrency innovations as part of its broader economic agenda. This could involve the creation of a regulatory framework that facilitates the growth of crypto-based technologies while addressing concerns around issues such as money laundering and fraud . Miran’s views on cryptocurrencies and innovation may lead to initiatives aimed at fostering financial technology and the digital economy . This could involve incentivizing private sector investment in blockchain solutions and promoting the use of digital currencies for cross-border payments , remittances , and other financial services. Conclusion: A Pro-Crypto Future for the U.S. Economy? The nomination of Stephen Miran as the chairman of the Council of Economic Advisers signals a potential shift toward a more tech-forward approach to economic policy in the Trump administration . With Miran’s pro-crypto views , there is a clear indication that the administration may push for greater cryptocurrency adoption and integration into the broader U.S. economy . As cryptocurrency continues to grow in importance on the global stage, the U.S. government’s role in shaping blockchain and digital asset policies will be crucial. With Stephen Miran ’s economic expertise and pro-innovation outlook, there is potential for a dynamic regulatory environment that supports the development and mainstream adoption of cryptocurrencies in the years to come. To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news, where we delve into the most promising ventures and their potential to disrupt traditional industries.
ETFs, Governments, and MicroStrategy Control 31% of Bitcoin Supply, Says CryptoQuant CEO In a recent update, Ki Young Ju , the Chief Executive Officer of blockchain analytics firm CryptoQuant , revealed that ETFs , governments , and MicroStrategy now hold a significant portion of the total Bitcoin (BTC) supply. According to Ju , these entities currently control a staggering 31% of all Bitcoin in circulation. This marks a remarkable increase compared to their collective holdings in 2023, which were only around 14% . Ju shared this data through a post on X (formerly Twitter) , underscoring the growing influence of institutional investors and governments in the Bitcoin market . This surge in holdings reflects a shift towards more institutional adoption of cryptocurrencies , particularly Bitcoin , which continues to gain traction as a store of value and an asset for diversification in traditional investment portfolios. A Growing Trend: Institutional Ownership of Bitcoin The sharp increase in Bitcoin ownership by entities such as Exchange-Traded Funds (ETFs) , governments , and MicroStrategy signals a growing trend towards the institutionalization of Bitcoin. These organizations have long seen the value of Bitcoin as a hedge against inflation and economic uncertainty, especially amid the growing adoption of blockchain technology and cryptocurrency in the global financial ecosystem. The fact that ETFs and governments now control a combined 31% of Bitcoin’s total supply is a clear indicator of the increasing trust in Bitcoin as a legitimate asset class. Over the past few years, numerous financial institutions have launched or shown interest in launching Bitcoin-backed ETFs to allow investors to gain exposure to the cryptocurrency market without directly holding the asset themselves. MicroStrategy’s Continued Dominance in Bitcoin Holdings MicroStrategy , the U.S.-based business intelligence firm, has been a long-time advocate for Bitcoin and is the largest corporate holder of Bitcoin . The company’s CEO, Michael Saylor , has led the firm to accumulate tens of thousands of Bitcoins over the past few years. As of now, MicroStrategy holds over 124,000 Bitcoins , making it a significant player in the Bitcoin market . This growing institutional ownership is not just about investment —it also signals greater stability for the cryptocurrency as a whole. MicroStrategy’s massive accumulation of Bitcoin showcases its belief in Bitcoin’s potential as a store of value and a financial asset for long-term appreciation . The Role of Governments in Bitcoin Ownership Another notable point in Ju’s revelation is the role of governments in accumulating Bitcoin. While specific government holdings are not always public, several countries have either mined Bitcoin or seized assets in various crypto-related law enforcement actions, contributing to their ownership of the cryptocurrency. For example, El Salvador , under President Nayib Bukele , has purchased large amounts of Bitcoin as part of its national cryptocurrency adoption initiative. Government ownership of Bitcoin further emphasizes its growing role in global monetary systems and its potential for nation-states to hold reserves in a decentralized, digital currency. This trend could continue to develop as more governments and central banks explore the potential benefits of holding Bitcoin alongside traditional currencies like the U.S. dollar . A Significant Shift in the Bitcoin Market The 31% ownership of Bitcoin by ETFs , governments , and MicroStrategy represents a significant shift in the Bitcoin market . Traditionally, Bitcoin was seen primarily as a retail investment and was mainly owned by individuals and smaller players . However, as institutional adoption increases, Bitcoin’s market dynamics are shifting, leading to greater market stability and legitimacy for the cryptocurrency. This growth in institutional holdings also suggests that Bitcoin’s role in the global financial ecosystem will continue to expand, especially as cryptocurrency adoption accelerates in the coming years. With ETFs and major corporations increasing their Bitcoin exposure, Bitcoin is becoming more ingrained in mainstream financial markets. What Does This Mean for Bitcoin’s Future? The rise in institutional holdings of Bitcoin suggests a positive outlook for the cryptocurrency’s future. As more traditional financial institutions , governments , and corporations continue to adopt Bitcoin as a store of value , its price stability and legitimacy as an asset class will likely increase. This could potentially lead to further price appreciation and greater global adoption , especially if other large players in the financial sector begin to follow suit. Additionally, the growing dominance of institutional investors and governments in the Bitcoin market could lead to greater regulation and standardization of the cryptocurrency market, helping to mitigate risks for retail investors while fostering confidence in Bitcoin as a mainstream asset. Conclusion: Institutional Ownership Marks Bitcoin’s Evolution The fact that ETFs , governments , and MicroStrategy now hold 31% of all Bitcoin is a testament to the growing institutional adoption of the cryptocurrency. With these players driving Bitcoin’s price stability and mainstream acceptance , Bitcoin is becoming a more prominent asset in global financial markets . As Bitcoin continues to gain legitimacy and institutional backing , the future of cryptocurrency looks increasingly secure. With institutional adoption on the rise, Bitcoin’s evolution from retail-driven speculation to a mainstream asset class is becoming a reality. To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news , where we delve into the most promising ventures and their potential to disrupt traditional industries.
Cardano founder Charles Hoskinson says he wants to help the United States establish a crypto-friendly regulatory regime once President-elect Donald Trump returns to the White House. He believes he can play a central role in the process, helping to facilitate conversations between prominent figures in the crypto industry and Trump’s “Crypto Czar”. Hoskinson’s comments came during an interview with COTI founder and CEO Shahaf Bar-Geffen, where he explained that the U.S. has fallen far behind other, more forward-thinking nations in Europe, the MiddleEast and Asia. He points out that countries like Israel and Japan has already established progressive regulations to foster the growth of crypto, whereas the U.S. has taken a much more hostile stance towards the industry. That will change under Trump, Hoskinson said. “The current President created this situation, but the upcoming President, Trump, wants to fix it,” he said. “So he’s going to appoint a Crypto Tzar, he’s going to work with the Senate and Congress now that there’s a unified government, and he’s going to appoint a pro-crypto SEC chair and CFTC chair.” Crypto Industry Must Step Up Now It’s not yet clear who Trump will turn to as his Crypto Czar. For days, it was said that ex-PayPal Chief Operating Officer David Sacks was the front-runner to land the job, but it’s said that he has since been sidelined due to his refusal to fully divest from his investment firm, Craft Ventures. Nonetheless, Hoskinson said Trump’s promise to hire somebody to take control of the crypto industry is a major step towards the U.S. introducing a more accommodating regulatory environment. What the crypto industry needs to do is take the initiative, and start looking at new ways in which emerging technologies like decentralized finance, decentralized autonomous organizations and smart contracts can be better regulated. “The industry has an obligation to use the next 6-9 months wisely, to have a discussion about what executive orders, administrative changes and law-making needs to be done to create a framework that’s workable for everybody,” Hoskinson stated. U.S. Risks Being Sidelined Without Regulation Hoskinson, who first came to prominence in the crypto industry when he helped to create the Ethereum network almost 10 years ago, is adamant that the U.S. needs to take action soon, or risk falling behind in what will eventually grow to become “a $10 trillion to $20 trillion industry.” He said the existing uncertainty has forced too many crypto projects to ignore the U.S. market and focus their efforts elsewhere, in countries with friendlier crypto regulatory regimes. COTI is one of those projects, Hoskinson said. He noted that it has made real strides in other countries like Israel, where it’s working with that country’s central bank on its “Digital Shekel” initiative. “COTI is worth about a quarter of a billion dollars today, and that entire ecosystem can’t touch the U.S.,” he said. “That’s one of thousands of stories globally, and think of all the value that would bring to the U.S. And think of the value the U.S. can bring to these projects.” Hoskinson accused the outgoing Biden administration of arbitrarily cutting off the entire crypto industry. And that forced the industry to do the same. “People basically said draw a ringfence around the U.S. and pretend it's radioactive and don’t touch it,” he said. “They said, never have a U.S. customer. It’s pretty devastating.” Fortunately, Hoskinson believes it’s not too late for the U.S. to reverse its stance, and in his opinion it can still become the best country in the world in which to establish and operate a crypto business. What’s required to get there is a fundamental shift in the way the U.S. government approaches financial innovation, he said, and he’s confident that will happen under Trump. “I think the team Trump is putting together is quite competent, quite capable,” he said. “I believe there’s a strong possibility that not only the U.S. people, but also international entrepreneurs, will be able to interact with that team and create a global framework that the IMF can understand, the FATIF can understand, that foreign regulation can interoperate with.” The “Connector-In-Chief” This is where Hoskinson thinks he can play a useful role, helping to formulate that framework. He told Bar-Geffen that he sees himself as a “connector-in-chief”, using his contacts with the industry and the U.S. government, facilitating conversations between policymakers and international crypto experts. As part of his plans, Hoskinson said he is working with various other people to send out a survey to major U.S. crypto companies, so he can provide that feedback to the Crypto Tzar and other key leaders in the Senate and Congress. The idea is that the industry will be able to say, off the record, “What’s the good, what’s the bad and ugly, and what do we need to fix.” “I’m going to bring in people from abroad, who would normally be excluded from the U.S. political process, and have them talk to U.S. lawmakers and talk to the administration to share problems they have already solved in many cases,” Hoskinson explained. “People from the ADGM in Abu Dhabi, for example, or people from FINMA in Switzerland and the Monetary Authority of Singapore.” Hoskinson admitted that this would be quite a revolutionary step for the U.S., as the country tends to do the opposite, regulating things at home before pushing its ideas outbound. “The world is ahead of us, so it’s time we learn from them and don’t replicate any of their mistakes,” he added. “Trump has made the mandate very clear. He wants the U.S. to be the best country in the world to found and run a cryptocurrency business or a blockchain business.” Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
The XRP market has shown resilience amid recent volatility in the cryptocurrency ecosystem. At the time of writing, XRP is trading at $2.19, down 2.46% in the last 24 hours. Over the past week, the digital currency faced intense sell-offs, sliding from a high of $2.29 to a low of $2.14 before stabilizing at its … Continue reading "XRP Bulls Gear Up for Potential Rally Amid Market Volatility" The post XRP Bulls Gear Up for Potential Rally Amid Market Volatility appeared first on Cryptoknowmics-Crypto News and Media Platform .
Binance Alpha’s Token Selections: A Performance Overview Binance Alpha, a platform within Binance Wallet designed to spotlight early-stage crypto projects, has showcased 29 tokens since its inception. Recent data indicates that 17 of these tokens have experienced price increases, while 12 have seen declines. Top Performers Among Binance Alpha Tokens Tokens with smaller market capitalizations have generally exhibited higher gains. Notable top performers include: SHOGGOTH : This token has demonstrated significant growth, with its price currently at $0.0451. FROG : Frodo the Virtual Samurai (FROG) is trading at $0.0063, reflecting a substantial increase. BOB : BOB Token’s price stands at $0.000022, marking a notable rise. TERMINUS : Currently priced at $0.2554, TERMINUS has shown impressive appreciation. GNON : Numogram (GNON) is valued at $0.0412, indicating significant growth. Underperformers in the Selection Conversely, some tokens have faced declines: APX : AstroPepeX (APX) is currently priced at $0.0001448, experiencing a downturn. GRIFFAIN : Trading at $0.1948, GRIFFAIN has seen a decrease in value. Implications of Binance Alpha’s Selections The performance of these tokens suggests that inclusion in Binance Alpha can significantly influence market dynamics, particularly for tokens with smaller market caps. Investors appear to respond positively to Binance’s spotlight, potentially driving demand and price appreciation. Conclusion Binance Alpha’s curated selection of tokens has led to varied market performances, with a majority experiencing price increases. Smaller market cap tokens, in particular, have benefited from the exposure, achieving gains exceeding 100%. However, some tokens have faced declines, underscoring the inherent volatility and risks associated with early-stage crypto investments. To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news, where we delve into the most promising ventures and their potential to disrupt traditional industries.
U.S. Spot Ethereum ETFs Witness $62.73M in Weekly Net Inflows U.S. spot Ethereum ETFs continue to attract substantial investor interest, recording a net inflow of $62.73 million last week, as reported by Odaily , citing data from SoSoValue . This marks the fourth consecutive week of net inflows, showcasing sustained confidence in Ethereum-based investment vehicles. Key Highlights from the Week 1. BlackRock’s ETHA Leads the Pack BlackRock’s ETHA ETF emerged as the top performer with an impressive $144 million in net inflows , reflecting strong institutional and retail interest. 2. Grayscale Faces Challenges In contrast, Grayscale’s ETHE ETF experienced an outflow of $99.83 million , signaling shifting investor preferences. 3. Total Inflows Reach $2.33 Billion As of December 20 , the cumulative inflows across all U.S. spot Ethereum ETFs totaled $2.33 billion , highlighting their growing prominence in the crypto investment landscape. Ethereum ETFs: A Growing Market 1. Consistent Growth Amid Volatility The consistent inflows into Ethereum ETFs underscore their appeal as a regulated, secure entry point for investors seeking exposure to Ethereum , the second-largest cryptocurrency by market cap. 2. Institutional Dominance The involvement of major financial institutions like BlackRock reflects increasing institutional confidence in Ethereum’s long-term potential, especially in decentralized finance (DeFi) and smart contracts. 3. Changing Investor Dynamics The contrasting fortunes of BlackRock’s ETHA and Grayscale’s ETHE highlight evolving investor priorities. Factors such as management fees , liquidity , and regulatory trust may be influencing investor choices. Why Ethereum ETFs Are Gaining Momentum 1. Regulatory Clarity The approval of spot Ethereum ETFs in the U.S. provides a regulated avenue for investors to gain exposure, mitigating risks associated with direct cryptocurrency ownership. 2. Ethereum’s Expanding Use Cases DeFi Applications: Ethereum powers a significant portion of decentralized finance, offering real-world utility. Layer 2 Scaling Solutions: Innovations like Optimism and Arbitrum enhance Ethereum’s scalability, boosting its adoption. 3. Diversification Opportunities ETFs enable investors to diversify their portfolios without the complexities of managing digital wallets or private keys. Outlook for Spot Ethereum ETFs 1. Sustained Growth Expected With cumulative inflows crossing $2.33 billion , spot Ethereum ETFs are positioned to see continued growth as more investors seek exposure to digital assets. 2. Competitive Landscape Industry leaders like BlackRock are expected to maintain their dominance, while others, such as Grayscale , may need to innovate to retain investor interest. New entrants and evolving product offerings could further expand the market. Conclusion The U.S. spot Ethereum ETF market is gaining significant traction, with $62.73 million in weekly net inflows reflecting strong investor confidence. While BlackRock’s ETHA continues to lead the charge, the contrasting performance of major players like Grayscale’s ETHE highlights shifting dynamics in the crypto investment ecosystem. As Ethereum’s use cases expand and regulatory clarity improves, spot Ethereum ETFs are likely to remain a pivotal vehicle for investors seeking exposure to the evolving crypto landscape. To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news , where we delve into the most promising ventures and their potential to disrupt traditional industries.
Ripple’s native cryptocurrency XRP has shown major strength during the crypto market pullback, despite a 400% gain amid rising hopes of an XRP ETF launch. Ripple price is currently trading in a bull-flag pattern and eyeing a breakout to the $3.5 level. Despite the current pullback, XRP is still trading 44% up on the monthly chart. Following Donald Trump’s victory on November 5, Ripple’s native crypto has continued to rally. Some analysts predicted XRP’s mega bull run to $10 and beyond on the end of Ripple vs SEC lawsuit . Key Factors Influencing Ripple Price Rally Ahead Ripple’s XRP Shows Strength on Technical Chart Last week, following Bitcoin’s all-time high of $108K, the crypto market crashed leading to a strong drop in BTC as well as the rest of the altcoin market. Amid the broader market sell-off, Ripple price bounced back from the lows of $2 and is holding the crucial support of $2.18 as of press time. On the technical chart, XRP is making a bull flag pattern and could rally to $3.5, gaining another 60% from the current levels. However, Ripple’s native crypto first needs to break above $2.42. Source: Bark Crypto analyst Ali Martinez has shared his outlook on XRP, suggesting that if Ripple price can maintain support above $2.20, it may consolidate before attempting another push toward the $2.70 resistance level. However, he cautioned that if the $2.20 support fails, a decline to $1.96 could be imminent. Source: Ali Charts Whale Activity Pushes Ripple Price Higher Amid the crypto market crash during the last week, XRP whales saw an opportunity to add more coins amid Ripple price retrace. Following the first major correction on December 17 last week, XRP whales accumulated 80 million coins leading to a quick bounce back from the support levels of $2.0 Furthermore, a massive transfer of $222 million worth of XRP has sparked further speculation of a major surge ahead. As a result, some market analysts are also giving very high bullish targets of $13 in the next bull run. RLUSD Stablecoin Launch to Benefit XRP Ripple Labs CTO David Schwartz recently commented on the company’s new RLUSD stablecoin , which went live last week. Schwartz highlighted that Ripple USD provides valuable use cases for both users and developers. He emphasized that the stablecoin generates both direct and indirect benefits for the XRPL ecosystem, with one key advantage being its ability to drive positive trading volume, using XRP as a bridge asset. XRP ETF Demand on the Rise With President-elect Donald Trump set to take office next month in January, the market is optimistic that Ripple will soon settle the SEC lawsuit. Last week, there were strong sentiments on the filing of BlackRock spot XRP ETF . However, BlackRock’s head of ETF J ay Jacobs denied the rumors soon after. Despite this, crypto market enthusiasts are optimistic about having an XRP ETF by the end of 2025. However, such a development could trigger institutional interest in the asset class thereby pushing Ripple price higher. Some top asset managers like 21Shares and WisdomTree have filed with the U.S. Securities and Exchange Commission (SEC) to launch their spot XRP ETF in the market. Similarly, Bitwise 10 Crypto Index ETF filing also features XRP with Ripple’s native crypto having 1.56% weightage in it. The post Will Ripple Price Rocket 60% After XRP ETF Launch? appeared first on CoinGape .
Ethereum (ETH) faced increasing sell pressure last week as crypto prices tumbled. The largest altcoin, on the verge of an uphill climb ahead of 2025, has plummeted beyond multiple resistance levels. ETH trades at $3,336 at press time, a 2% drop in 24 hours and a sharp 19% decline this week. Massive ETH Outflows Data from crypto analytics firm Lookonchain shows whales offloading assets to recoup slight gains. This has ushered in declining sentiments after the Federal Reserve’s Jerome Powell stressed caution for future cuts. Although the central bank slashed policy rates by 25 basis points and hinted at two cuts in 2025, investors moved slowly after the decision. Caution on the Fed’s part could mean delayed cuts, which will cause funds to flow out of risky assets. Ethereum and altcoins have traded in this downward direction. An ETH whale sold huge assets on decentralized finance (DeFi) protocols to repay loans. The trader deposited 22,746 ETH worth approximately $77.7 million on Binance. On-chain data shows the amount used to pay Spark and Aave’s debts. In the last 48 hours, the wallet moved 31,968 ETH, about $122 million, to Binance. The exchange continues to record crypto exits as the wider market tumbles. The movement to centralized exchanges from other custodians indicates a scale sparking bearish sentiments. Hours after the transaction, another whale moved 49,910 ETH worth $170 million to Binance and withdrew $137 million of stablecoins from the exchange. Offloads by the Ethereum Foundation have also sparked low sentiments this year. The community criticized these withdrawals, calling for accountability before the team explained. “ Since the #EthereumFoundation sold 100 $ETH on Dec 17, the price of $ETH has dropped by ~17%, marking another successful top sale. Over the past year, #EthereumFoundation has sold 4,466 $ETH($12.6M) across 32 trades, with 15 of them executed at the top(marked in red in the table),” Lookonchain wrote. What’s Next For ETH Price Ethereum price has faced significant pressure alongside the wider market. Total liquidations have topped $2 billion, with the market cap declining 8% in 24 hours. As volumes plunge, several experts cast doubt on the anticipated ETH rally. However, ETH bulls continue to pick up assets, pushing for a recovery and a price above $5K in the altcoin rally . This is fueled by recent outflows from Bitcoin after its price slumped retracted below $100K. Analysts opine that the first step in an upward movement for ETH revolves around reclaiming the $3,500 resistance.
The post FTX Founder Sam Bankman Fried To Receive a Presidential Pardon? Truth OR Rumor? appeared first on Coinpedia Fintech News Sam Bankman-Fried (SBF), the former CEO of the defunct crypto exchange FTX, has become the subject of growing rumors surrounding the possibility of him receiving a presidential pardon. With SBF facing a lengthy sentence for his crimes, the speculation grew after Billionaire founder Elon Musk, said he would be “shocked if this doesn’t happen.” SBF To Get Presidential Pardon Failed crypto exchange FTX, whose empire collapsed in November 2022, was convicted on all seven charges after a five-week trial that concluded in November 2023. As a result, SBF was sentenced to 25 years in prison, though the U.S. government had requested a sentence between 40 and 50 years . His legal team had argued for a much shorter sentence of just six years. In response to speculation on X that SBF, the founder of FTX, might receive an early pardon from President Biden, Elon Musk responded: “I will be shocked if this doesn’t happen.” But on the Polymarket, the probability of Biden pardoning SBF is only about 5%.… — Wu Blockchain (@WuBlockchain) December 23, 2024 Despite his conviction, the idea of a pardon has gained attention, mainly because of SBF’s close ties to the Democratic Party. He was one of the biggest donors to the party, which has led some to believe that his political connections might help him get a lesser sentence or even a pardon. The upcoming bankruptcy proceedings for FTX , starting in January 2025, have led some to argue that pardoning SBF could help the country move on from the scandal. Elon Musk Weighs In on the Possibility The speculation surrounding a potential pardon gained further traction after Tesla CEO Elon Musk’s comments on X. Musk tweeted that he would be “shocked if this doesn’t happen,” adding fuel to the rumors. I will be shocked if this doesn’t happen — Elon Musk (@elonmusk) December 23, 2024 The possibility of a pardon may have some credibility, considering President Joe Biden granted pardons to his son, Hunter Biden, on two separate charges despite earlier promises to avoid such actions. Some even pointed to the fact that six charges against SBF were dropped, sparing him a second trial. Polymarket Predict 16% Chances Despite Musk’s confident prediction, the chances of President Biden granting a pardon to SBF seem low. According to Polymarket, a prediction market platform, the probability of a pardon is just 16% . This number indicates that, according to market participants, the chances of such an event occurring are minimal.