Daily Crypto Signals: Ripple’s Stablecoin Approved, Bitcoin Predictions, and Market Volatility
Tuesday saw big price swings across the main cryptocurrencies, Eric Trump’s Bitcoin forecasts, and Ripple’s stablecoin regulatory approval—all of which represent important changes in the cryptocurrency market.
Crypto Market Updates
Regulatory benchmarks, technical developments, and market volatility defined the day. Key events include Google’s quantum computing discovery, Eric Trump’s bullish Bitcoin prediction, and the approval of Ripple’s RLUSD stablecoin by the New York Department of Financial Services.
Bitcoin to Touch $111K by February?
Bitcoin BTC/USD experienced substantial price fluctuations, with $2.9 billion in liquidations occurring in December. Despite short-term volatility, the derivatives market remains optimistic, with options markets suggesting a potential price of $111,000 by February. Institutional investors like MicroStrategy continue to accumulate Bitcoin, purchasing 21,550 BTC at an average price of $98,783.
XRP Gets a Boost After NYDFS Approval for RLUSD Stablecoin
Following the approval of its RLUSD stablecoin by the New York Department of Financial Services, Ripple’s XRP/USD witnessed a 10% rise. Exchange and partner listings, according to CEO Brad Garlinghouse, would shortly be forthcoming. Ripple wants to enter the expanding stablecoin industry, hence the stablecoin is now under beta testing on Ethereum and XRP Ledger.
Chainlink’s Coinbase Integration
Chainlink LINK/USD integrated with Coinbase’s Project Diamond, a digital asset platform for global institutions. The integration will provide data transmission and cross-chain interoperability. Chainlink Labs is expanding its presence in the Middle East and North Africa region and predicts the tokenized asset market could reach $10 trillion by 2030.
Cardano’s Downturn After X Hack
Following the X account hack at the Cardano Foundation, Cardano ADA/USD suffered. The token is down 9% in 24 hours and trades about $0.98. With the total value locked (TVL) falling over 21% from its recent all-time high, the hack and later false posts adversely affected user mood and network activity.
Memecoins See Losses
Including Dogecoin DOGE/USD, memcoins suffered large losses. Three-week low in memecoin market capitalization: $119.6 billion. With about $72.6 million in long positions closed, Dogecoin dropped 5.6%. Leveraged position liquidations in the more general crypto market totaled about $1.7 billion.
Raydium Overtakes Uniswap
Solana-native distributed decentralised exchange Raydium outperformed Uniswap UNI/USD in monthly trading volumes for the second month running. Driven mostly by memecoin trading, which represented for 65% of Raydium’s monthly volume, its volumes in November were almost 30% higher than those of Uniswap.
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