BTC at $100,000 As Ripple’s RLUSD Struggles
This week in crypto, BeInCrypto decompressed the Ripple attempts to create RLUSD StablecoinBitcoin faces a correction after crossing the $100,000 milestone, and more.
Cardano founder Charles Hoskinson also sent a message of unity to all cryptocurrency enthusiasts, warning of potential hostility from the banking industry.
Ripple’s RLUSD stablecoin
On November 29, there were reports that the New York Department of Financial Services (NYDFS) may soon Approval of Ripple’s RLUSD stablecoin. New York has been an important market for stablecoins, and this approval would be a huge win for Ripple considering its long-standing battle with the SEC and regulators.
Unfortunately, these expected benefits have yet to materialize. in the most recent Meeting In Prague, Chief Technology Officer David Schwartz discussed some of the speed bumps in the final sprint. He remains optimistic about Ripple’s chances of launching the asset before the end of the year, but admits there are significant difficulties:
“The annoying thing for us is that the holidays are coming up and our partners want to hit the ground running. Once you start getting Christmas and New Year’s, people disappear. There are a lot of moving parts involved, the biggest of which One is (NYDFS). They’re checking all of our processes, compliance and all those things,” Schwartz said.
Still, the company managed to benefit from the hype. By December 4th, XRP price surges Driving massive growth Meme coins in the Ripple ecosystem. The market capitalization of one of the tokens, ARMY, reached a peak of $90 million, while the price of RIPPY reached an unprecedented 22,825% increase. Both meme coins have since seen significant liquidation.
Unfortunately, this bullish trend did not last. Bearish signal today This indicates that XRP is facing serious price resistance and has little forward momentum. The asset peaked mid-week and has been declining since then.
Bitcoin hits $100,000 mark and gets into trouble
Bitcoin, The world’s first and leading cryptocurrencyat last Reached $100,000 milestone Wednesday, December 5th. The community response to this milestone was overwhelming, but the event immediately triggered some strange behavior. For example, an exchange that has expired Mt. Gox quickly moved $2.43 billion in Bitcoin After the price threshold.
The exchange’s motivations for taking this action are currently unclear. If Mt. Gox plans to sell or otherwise repay these assets to creditors, such action has not yet taken place. However, this sudden and unexplained shift has panicked the market. These guesses are helpful Facilitate sudden flash crashes the next day.
On December 6, Bitcoin quickly fell from $100,000 to $97,000, triggering liquidations of more than $1 billion. The U.S. federal government also Bitcoin transaction volume approaches $2 billionhalf of which went to Coinbase earlier this week.
These major trades have created temporary uncertainty, and options traders are also Hedge against potential declines. Nonetheless, Bitcoin’s value once again topped the $100,000 mark by Friday.
Finally, Cardano founder charles hoskinson A call for unity within the crypto industry community urged Outperform the competition. Hoskinson acknowledged his previous (sometimes harsh) criticism of other blockchain ecosystems, but encouraged the community to “let past comments and opinions fade away” and “embrace a total reset of all ecosystems.”
“2025 is the year of unity and progress. We have an opportunity to make cryptocurrencies mainstream and grow our market to be worth tens of trillions of dollars, getting into every home and government. We can’t let petty tribalism squander this Opportunity,” Hoskinson claim through social media.
He also clearly pointed out reason Embrace this new attitude: The recurring specter of legal cryptocurrency crackdown. Hoskinson pointed out, Banking industry still harbors lingering hostility The move to cryptocurrencies comes despite governments appearing more friendly. He warned of new “Operation Choke Point” and claimed the industry had a A new window into pro-crypto regulation.
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