Whale Alert, a platform that tracks large amounts of crypto assets, has found several big deals in XRP, the sixth-largest cryptocurrency affiliated with Ripple.
The total amount of crypto transferred
to fiat exceeds $150 million. According to shared analytics data, the largest single transfer here made up 85.8 million XRP tokens. In the last 24 hours, Ripple and
several top cryptocurrency exchanges have traded a whopping 125.3 million XRP coins, which costs $155,176,317 in fiat. Ripple closed two transactions, moving a
total of 20 million XRP. Whale Alert says these coins
were moved to an anonymous wallet. However, data from analytics website Bithome shows that the
recipient was a RL18-VN wallet.
It is a wallet,
usually over Ripple, which distributes XRP to investors, customers and partners and is sent to crypto exchanges to support the liquidity of the coin. The
company also uses this address to convert XRP into
fiat to cover operating expenses.
Huge chunks of 85,849,900 XRP tokens transferred to Binance, totaling $104,214,600 at current exchange rates 9,500,000 XRP transferred from Bitstamp exchange to an
anonymous crypto wallet Meanwhile, people in the XRP community are facing the ongoing
Ripple SEC lawsuit Most of this comes from the fact that many people lack the clarity necessary to understand where this case is actually now.
The controversial issue of sealing documents and evidence
is a prime example. In the litigation update, the
Securities and Exchange Commission opposed Ripple's application to seal.
According to the agency, the seal request meets the criteria set out in the precedents of Lugosh and Onondaga's pyramids.
"More fundamentally, Ripple's request for sealing conflicts with Lugosh's assumption that the public has access to judicial functions in the context of this case.
But the SEC didn't want everything to be hidden. Instead, the plaintiffs are 'partly' against the defendant's request. While bewildering some in the community, one community member tweeted,
"The question I have is, why did the SEC respond to Ripple? Are you filing a letter against
Ripple's request for sealing when you do the SEC in favor of sealing the details
of Ripple's testimony?"
He mentioned the possibility that the SEC didn't want to seal it because there was no need for it
, but Ripple appeared to have been offered a seal on behalf of the SEC,
saying that it
seems to be trying to create the idea that the SEC owes them money.
Whereas the SEC
speculated that he might be trying to save face after finding nothing in the
testimony of are dependent on According to the SEC, this is why the SEC is
trying to force the production of Slack communications.
It's been a long wait, because Bitcoin and cryptocurrency ETFs will bring cash inflows from big investors.
Countries like Canada and Brazil have already
approved Bitcoin and Ethereum ETFs, but the US SEC has been reluctant to do so.
I think this could happen as early as the end of this year , according to the CIO and head of ETF trends research , a bitcoin ETF based on futures products
could get approval before the end
of the year. He made it clear, however, that the actual Bitcoin ETF, which behaves like the GLD (Gold ETF) for Bitcoin,
is probably now on
hold for at least a year.
Nevertheless, SEC Chairman Gary Gensler recently
hinted at considering an ETF
based on Bitcoin futures under strict guidelines.
It's worth noting, however, that Nadig's optimism goes against recent comments made by Todd Rosenbluth
about the approval of futures ETFs.
This is because ETFs will involve unique risks, which will include higher costs and the fact that they will not track
the price of the underlying spot digital asset.
Nadig doesn't believe that's true The researcher has been wondering what happened while the US fights 'stagflation' Talking about the possibility of
investing in ETFs, we proposed an option for investors who can indirectly invest in bitcoin and cryptocurrencies through ETFs.
Here he is referring to VanEck's great
digital transformation ETF DAPP, which, in turn
, invests in companies that are contributing significantly to the crypto industry. These include Coinbase, Square, and Microstrategy. "
Companies that bring cryptocurrencies to their balance sheets as a kind of proxy for the , or companies like Coinbase and Square that are really helping to advance the ecosystem
broke $48,000 for the first time since May.
The world's largest cryptocurrency has
risen 4% in the last 24 hours and could face resistance close to $55,000 by the weekend Coinbase said Thursday it plans to raise its holdings by $500 million. Crypto Exchange CEO Brian Armstrong announced on Twitter that Coinbase
will invest 10% of all future profits in cryptocurrencies. Bitcoin's price rise
also coincided with stock market stabilization since the recession earlier this week. The 10-year Treasury yield closed at 1.259% on Thursday, compared to 1.245% on Thursday.
Santiago Espinosa, MRB Partners Strategist, wrote that “Bitcoin and other cryptocurrencies have received technical support in terms of price as they are slightly oversold,
” wrote Santiago Espinosa, a policy maker at this point. Some cryptocurrencies could continue to do well if
they ignore inflationary pressures and regulatory issues don't become a mainstream issue.
The negative correlation between Bitcoin and gold has
deepened over the past few months as inflation expectations eased.
Gold has fallen about 6% so far
, compared to a 65% gain for Bitcoin over the same period. Bitcoin and iShare Long-Term Treasury Trades The correlation between funds
turned positive for a while in July as crypto sell-offs stabilized. Recently, Bitcoin's recovery rally
coincided with the rise in 10-year Treasury yields approaching 1.40% resistance. The rise could reflect greater engagement with sophisticated traders Delphi Digital said on Twitter that futures and perpetual swaps have
become the most popular financial instruments in the crypto market over the past year. Perpetual futures account for more than 60% of total daily bitcoin volume.
According to Delphi, perpetual futures products are
associated with spot market activity and are rapidly becoming a major source of price discovery. Bitcoin perpetual swaps are a type of derivative in the cryptocurrency market similar to traditional market futures contracts. We also
found a similar trend in Ethereum, but the spot market still
plays a bigger role than the futures market with ETH Bitcoin miners’ Positioning Index (MPI) has
flattened over the past two weeks .
Tracks whether it is moving higher or lower CryptoQuant wrote in a blog on Friday that
miners monetization is clearly slowing down with stagnant price rise
CryptoQuant says BTC price correction will
make a decisive move beyond the $50,000 level A price
breakout could encourage miners to take a seat Bitcoin’s general sentiment in the crypto market has been decidedly bullish after a few weeks at its rising price, with sellers exhausted and unable to continue their attacks.
Investment firm Fidelity Juri Timer, head of global macrofinance at the company,
believes that Bitcoin can reach its previous highs again. Timer tweeted a comparison of the
price of BTC at different historical moments. The re-price movement is
said to be similar to the experience of the distribution phase in February and April. At that moment, the price of BTC seemed to have been fixed, but it
finally moved to a
Adding the rest of the crypto space brings
back the $2 trillion market cap. This is no longer an exceptional move.” Many experts believe that the macroeconomic environment
favored bitcoin, gold, and risky assets that could generate returns for investors.
Comparing performance Cryptocurrencies and precious metals made similar moves. The expert made
it clear that these predictions were highly subjective, but as BTC acquires gold's market share,
it could be a sign of future growth in value . The fundamental
network is steadily improving . At its peak, it had 34.3 million addresses. That number has dropped to a low of 31.8 million and
has risen again to 33.5 million now, said Timer. We utilized a demand model based on a curve pattern and a supply model similar to Plan B's stock-to-flow. During the third market crash in mid-July,
this model crossed and created a good basis for consolidation.
Bitcoin's hashrate remains well below its highs,
but is rising again from the abyss. Higher prices are likely as mining adjusts it according to demand.
Experts argued that another bullish factor for BTC’s price in the long run was the
migration of miners to China.
This issue, which has been a major driver of recent sell pressure, has made the energy consumption of crypto much cleaner and motivates new inventors to
jump into the crypto market. The crash that pushed Bitcoin from an all-time high of $64,000 to an
annual low of $29,000 will eventually have positive implications, the expert argued, claiming that short-term investors have lost market share to long-term investors and hoddlers
Long-term investors accounted for around 12% of the market, according to data provided by Timer.
Speculators have been crushed as usual in the process, which
is now only 17% of the market, which is in line with historical bottoms,” he concluded
. From the outset, BTC’s two-tier payment protocol has
shown parabolic growth in terms of activity. For example, the number of BTC held on the chain has
increased significantly and other factors have also recorded an uptrend
Not a single beat has been missed in terms of momentum over the past month. Parabolic growth can be supported by the fact that the growth rate was only
23% between February 2020
and 2021. Over $Billion Since the beginning of the year, the number of channels and nodes
has seen consistent growth, with figures of 76% and 58.2%, respectively, but keep in mind that these stats could be higher, as about 27.8% of Lightning channels
are estimated to be private.
Consistency has been an issue with Lightning in the past. Initially, in 2019,
legitimate advertising was centered around the Lightning Network, followed by massive publicity through the Lightning Challenge, but by the end of 2019, interest had faded. Bitcoin during the pandemic
Now, as the world begins to adapt to the Covid-19 era, the Lightning Network has revived its momentum.
Certain factors have played a major role, for example, Block Stream
To simplify their use, they announced a new service called Greenlight, but El Salvador's announcement
may have played a major role in
Ranked in the top 15 of the most downloaded finance apps on the App Store Plus, according to a recent Coin Matrix report, a Lightning power payment plug that runs the 4th largest public node by capacity Opennode,
the company that builds the platform, said in June it will partner with e-commerce platform Big Commerce to allow any of the more than 60,000 global merchants on the platform
to accept bitcoin payments,
which could pose a growing threat to other protocols. is there? Scaling has always been an issue for Bitcoin and Ethereum,
after which the ETH team decided to switch to a PoS protocol. Lightning was seen as a solution, but
until recently it lost interest, but
there are signs that BTC will eventually bubble up trading traffic. According to Arcane Research,
Bitcoin transaction fees have fallen by a whopping 96% since April. In fact, it
was as low as when the value of Bitcoin was below $10,000.
Very Impressive This story has an
immediate impact on the price of Bitcoin as Ethereum may curb Bitcoin fee issues before it completes its POS transition .
Collecting traffic in a bullish rally makes
sense for the world's largest digital asset. So, Bitcoin
may be scaling at the right time. On the other hand, on-chain analysis shows that some
Ethereum indicators are showing signs that whales are continuing to accumulate cryptocurrencies.
It seems to be moving in a direction suggesting that .
is an indicator showing the net amount of ETH
entering or exiting centralized exchanges Investors are interested in hodling or
over-the-counter (OTC) trading, which may indicate buying pressure in
the market. There may be selling pressure This indicator is
showing a negative spike for cryptocurrencies recently.
The following indicator shows the total amount of ETH present in exchange wallets as deposits on all exchanges.
An increase in this value means more ETH is being transferred to the exchange for the purpose of selling. Similarly, a decrease is more This
means that many investors want to put their coins in their personal wallets. The value of this indicator
seems to have been declining in recent months. This trend makes sense as net money flows have been largely negative during that period.
more whales keep accumulating ETH rather than looking for dumps .
Finally, there is
a unique number of depositors in ETH 2.0 showing the number of accounts holding at least 32 ETH. More and more whales are interested in storing their coins
. The value of the indicator is rising over the years. Taken together, these indicators
show that the long-term outlook for Ethereum is fairly robust..