24/7 Cryptocurrency News
Ripple Moves 294K RLUSD Stablecoins, What’s Happening?
Published
5 hours agoon
By
adminRipple’s RLUSD stablecoin, pegged to the U.S. dollar, has been involved in a series of substantial on-chain transfers ahead of its anticipated launch. Blockchain data showed that Ripple’s Treasury moved a total of 294,000 RLUSD tokens across multiple transactions. The largest transfer involved 78,500 RLUSD from Ripple’s Treasury to an unidentified wallet, with subsequent transfers to other unknown wallets.
RLUSD Stablecoin Sees Substantial Transfers Ahead of Launch
According to Ripple Stablecoin Tracker, Ripple recently moved 294,000 RLUSD stablecoin tokens across high-volume transactions, sparking XRP price rally speculations. The largest transfer recorded was 78,500 RLUSD, initially moved from Ripple’s Treasury to unknown wallets and later transferred between unidentified wallets.
Other significant movements included transfers of 68,500 RLUSD and 58,500 RLUSD between various wallets. These transfers mark the first notable movements since the RLUSD minting process ended on October 26, indicating possible final preparations for the stablecoin’s launch.
🚨🚨🚨🚨🚨 78,500 #RLUSD transferred from unknown wallet to unknown wallet.https://t.co/vCUyS7quBD
— Ripple Stablecoin Tracker (@RL_Tracker) November 7, 2024
Speculation around the motives behind these transfers has grown, with market analysts proposing several potential reasons. Some suggest that Ripple might be testing wallet functionality and liquidity management before the public release of the RLUSD stablecoin. These transactions, occurring just weeks before the launch are strategic moves to ensure sufficient liquidity and efficient operations for early trading.
Ripple’s Parallel XRP Transfer Fuels Investor Curiosity
In addition to RLUSD stablecoin movements, Ripple transferred 470 million XRP tokens on November 6, valued at approximately $250.45 million. This transaction led to considerable speculation among investors. The purpose of this significant XRP transfer remains unconfirmed, though some analysts believe it may relate to Ripple’s On-Demand Liquidity (ODL) service, which supports cross-border payments using XRP.
On-chain data revealed that the wallet receiving this large XRP transfer subsequently moved 100 million XRP to another address, valued at $53.27 million. However, Ripple has not made any official statements regarding the purpose of these XRP movements.
However, the upcoming launch of RLUSD stablecoin has prompted discussions about its impact on XRP price. Some analysts speculate that the stablecoin’s introduction may drive increased demand, pushing XRP price toward $2 in the long term.
Moreover, technical analysis suggests XRP is currently range-bound, with resistance at $0.556 and $0.6. Nonetheless, the Ripple token’s recent surge to a monthly high has sparked optimism for a potential rally toward $1, driven by speculation around SEC leadership changes.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
You may like
What is a crypto swap? Crypto swaps explained simply
Jack Dorsey’s Block Boosts Bitcoin Mining Plans Amid Trump Win
Trader Says Telegram Gaming Token Primed To Rally by Nearly 100%, Updates Outlook on Ethereum and Dogecoin
Cardano and Ripple give up on new highs; migrates to PCHAIN for 21,320% returns
How many cryptocurrencies are there? Total number and types
Who is Most Likely to Replace Gary Gensler After Trump Win?
24/7 Cryptocurrency News
Jack Dorsey’s Block Boosts Bitcoin Mining Plans Amid Trump Win
Published
2 hours agoon
November 8, 2024By
adminBlock Inc., formerly known as Square, led by Jack Dorsey is redirecting its strategy to Bitcoin mining and self-custody wallets as it reduces its funding on the decentralized web projects and the music streaming app, Tidal. This strategic shift was made shortly after Trump’s win in the recent U.S. presidential election, which has positive sentiment in the cryptocurrency industry.
Trump supported the digital asset industry during his presidential campaign, and the struggling Bitcoin mining sector, which has been unprofitable since the halving in the first half of this year.
Block Prioritizes Bitcoin Mining and Wallet Development
According to Block’s third-quarter shareholder letter, the company decided to shift resources from Web5 and Tidal toBTC products. Block, which has been constructing mining equipment instead of mining the Bitcoin, plans to increase its impact within the industry through the manufacturing of mining equipment. This comes after Bitcoin Maxi Michael Saylor invited Microsoft CEO Satya Nadella to consider adding Bitcoin to the company’s investment portfolio.
The company disclosed that it had found a 3-nanometer mining chip in April 2024, which proved that the company is working towards enhancing mining technology for business use. In July this year, Core Scientific, one of the largest Bitcoin mining companies, said it would employ Block’s miners for its operations, suggesting high interest in Block’s products.
Furthermore, Block has also announced the intention to increase investment in Bitkey, a recently launched self-custody Bitcoin wallet introduced in March. Bitkey enables users to buy, sell, and hold Bitcoin with the ability to connect to Block’s Cash App and Coinbase platform. The emphasis on Bitkey is in line with Block’s vision of offering safer storage and transaction solutions for cryptocurrencies.
Decision to Wind Down Web5 and Tidal Investments
Block’s decision to shut down the Web5 project marks the end of an ambitious attempt to develop a decentralized internet framework. Web5, introduced in 2022, aimed to create technologies that support decentralized identity, personal data storage, and verifiable data exchange.
However, with limited progress and mounting competition in the blockchain-based internet space, Block has chosen to discontinue the project and allocate its resources to areas with stronger demand and clearer revenue prospects.
The company is also scaling back its investment in Tidal, the music streaming platform it acquired in 2021 for nearly $300 million. Tidal has undergone staff reductions in recent years, and Block’s leadership acknowledged that the platform had not met expectations for user growth and revenue. By reallocating funds from Tidal, Block aims to strengthen its financial position and channel resources toward its cryptocurrency initiatives.
Financial Performance and Market Reaction
Block’s third-quarter financial report revealed revenue of $5.98 billion, below analysts’ expectations of $6.24 billion, according to FactSet. This miss, coupled with the restructuring announcement, led to an initial 10% drop in Block’s share price in after-hours trading.
Although the stock recovered some losses, Block remains under pressure to demonstrate growth, especially as it faces competition from payment companies like PayPal and Stripe.
Revenue from Bitcoin and Cash App also fell short of projections, reporting $2.43 billion and $3.93 billion, respectively. Block attributed some of these results to a challenging market environment for digital assets. Despite these challenges, the company reported a 6% year-over-year revenue increase, reflecting steady growth in its core business.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
24/7 Cryptocurrency News
Detroit To Accept Tax Payments In Crypto, Here’s When
Published
8 hours agoon
November 7, 2024By
adminDetroit is becoming the biggest US city whose resident will be able to settle their tax payments in cryptocurrency, city officials announced Thursday. The move will make Detroit the largest US city to accept crypto payments for public services.
City officials said transactions are set to occur via a secure platform maintained by PayPal. The service is set to start by mid-2025.
Detroit Becomes First Major US City to Accept Crypto for Tax Payments
Detroit recently announced that starting next year, residents will be able to settle their tax payments by using crypto. This makes Detroit the largest US city offering crypto payment options for municipal services.
The city said the transactions would go through a secure platform powered by PayPal. This “aligns with Detroit’s larger strategy to explore innovative technologies. It could also enhance public services, strengthen civic engagement, and foster economic growth.
The city of Detroit has announced that beginning “mid-202.| However the city didn’t set an exact date when citizens can start with their tax payments with cryptocurrency. According to city treasurer Nikhil Patel, this would make Detroit the largest US city offering crypto for municipal payments.
Detroit is building a technology-friendly environment that empowers residents and entrepreneurs,” said Mayor Mike Duggan. “We are excited to be one of the first major US cities to explore blockchain’s civic applications and allow our residents to take advantage of cryptocurrency as a payment option.”
Detroit Seeks Blockchain Brains
Coupled with the new payment system, the city calls on blockchain entrepreneurs to come and present their unique civic solutions. These presentations will go to Detroit’s newly minted Entrepreneurship and Economic Opportunity Director, Justin Onwenu. The work aims to position Detroit as a hub for blockchain-driven economic development and innovation in public service.
Detroit is calling on blockchain entrepreneurs to submit their proposals to Justin Onwenu, the city’s Director of Entrepreneurship and Economic Opportunity, by December 15, 2024. Those interested can email their proposals to [email protected].
Proposals should include a description of the proposed solution, identification of potential stakeholders, cost estimates and risk assessments, and an outline of how the solution will enhance city services and benefit Detroit residents.
Currently, only Colorado, Utah, and Louisiana accept cryptocurrency for state payments, making Detroit’s initiative one of the first among major US cities.
Some companies are already testing tax payments on blockchain. Most recently, OrbitLabs has proposed a thorough review of the new “Reverse Charge” tax system on Terra Classic. This tax mechanism aims to simplify tax handling on the blockchain by deducting taxes from the recipient rather than the sender.
Teuta Franjkovic
Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries.
Starting her career in 2005 as a lifestyle writer for Cosmopolitan, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.
Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions.
Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
24/7 Cryptocurrency News
Coinbase Brings Bitcoin to Solana with cbBTC
Published
11 hours agoon
November 7, 2024By
adminCoinbase has just announced cbBTC, the very first Bitcoin-backed token on Solana. The newly minted SPL token is backed 1:1 by Bitcoin and held in Coinbase custody. It provides an easy way for users to access BTC directly on the Solana blockchain.
According to the announcement on X, cbBTC by Coinbase brings the power of Bitcoin onto Solana’s high-speed network, expanding the availability of BTC to decentralized applications and traders worldwide.
Bitcoin Now Accessible on Solana with Coinbase’s cbBTC
Coinbase has officially launched cbBTC on the Solana blockchain to increase access to Bitcoin within Solana’s fast-growing DeFi ecosystem. cbBTC, issued as an SPL token, is backed 1:1 by native Bitcoin held by Coinbase.
cbBTC is live on @solana.
cbBTC is an SPL token that is backed 1:1 by Bitcoin (BTC) held in custody by Coinbase.
This is the first token Coinbase has issued on Solana, and with it, we’re excited to bring easy access to BTC.
Here’s what you can do with your cbBTC on day one ↓
— Coinbase 🛡️ (@coinbase) November 7, 2024
The addition will join the variety of other wrapped options for Bitcoin on the chain. Some include tBTC, WBTC via Wormhole, and soon-to-be-listed zBTC and sBTC. This further rounds out the Bitcoin offering on Solana.
On the first day, it was integrated into major DeFi platforms, including Jupiter Exchange, Meteora, Kamino Finance, Jito Sol, PhoenixTrade, DriftProtocol, Raydium, Orca, Save Finance, ManifestTrade, and Loopscale Labs, where it also presents users with most of the liquidity and collateral opportunities presented on Solana’s DeFi applications.
In the meantime, Solana (SOL) price appears poised for a breakout as bullish momentum gains traction. It also lifts the cryptocurrency to a three-month high. Some experts think it could soon reach $300 and surpass BNB token.
cbBTC Making Inroads in Global Crypto Markets
On September 12, Coinbase introduced the cbBTC customers in Singapore, Australia, the UK, and the US – apart from New York. This is its wrapped Bitcoin product, first available on Ethereum and Base. It is fully backed at a 1:1 ratio by Bitcoin and held in Coinbase custody.
One more notable thing is that cbBTC will be operated without order books or trading pairs dedicated explicitly to itself within the Coinbase platform. This is how it makes its usage seamless over multiple chains.
According to CryptoQuant, cbBTC has emerged as the third most used wrapped Bitcoin asset in just one week. The token has leapfrogged long-standing competitors such as Huobi BTC, HBTC, and renBTC, RENBTC to compensate for lost ground in the wrapped Bitcoin market.
Teuta Franjkovic
Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries.
Starting her career in 2005 as a lifestyle writer for Cosmopolitan, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.
Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions.
Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
What is a crypto swap? Crypto swaps explained simply
Jack Dorsey’s Block Boosts Bitcoin Mining Plans Amid Trump Win
Trader Says Telegram Gaming Token Primed To Rally by Nearly 100%, Updates Outlook on Ethereum and Dogecoin
Cardano and Ripple give up on new highs; migrates to PCHAIN for 21,320% returns
Ripple Moves 294K RLUSD Stablecoins, What’s Happening?
How many cryptocurrencies are there? Total number and types
Who is Most Likely to Replace Gary Gensler After Trump Win?
Detroit To Accept Tax Payments In Crypto, Here’s When
Analyst says $1 is impossible for Shiba Inu, Dogecoin price soars
Coinbase Brings Bitcoin to Solana with cbBTC
Here’s How Quickly Gary Gensler Could Lose His SEC Chair Gig Under Trump
The Bitcoin Report: Key Trends, Insights, and Bitcoin Price Forecast
Eclipse launches public mainnet of first SVM L2 on Ethereum
How Far Can Cardano Price Rise in November?
Bitcoin Indicator Signals Equilibrium After Trump Victory – A Clear Path To New Highs?
182267361726451435
Top Crypto News Headlines of The Week
Why Did Trump Change His Mind on Bitcoin?
New U.S. president must bring clarity to crypto regulation, analyst says
Ethereum, Solana touch key levels as Bitcoin spikes
Bitcoin Open-Source Development Takes The Stage In Nashville
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
Ethereum Crash A Buying Opportunity? This Whale Thinks So
Shiba Inu Price Slips 4% as 3500% Burn Rate Surge Fails to Halt Correction
‘Hamster Kombat’ Airdrop Delayed as Pre-Market Trading for Telegram Game Expands
Washington financial watchdog warns of scam involving fake crypto ‘professors’
Citigroup Executive Steps Down To Explore Crypto
Mostbet Güvenilir Mi – Casino Bonus 2024
Bitcoin flashes indicator that often precedes higher prices: CryptoQuant
Trending
- 2 months ago
182267361726451435
- 24/7 Cryptocurrency News3 months ago
Top Crypto News Headlines of The Week
- Donald Trump3 months ago
Why Did Trump Change His Mind on Bitcoin?
- News2 months ago
New U.S. president must bring clarity to crypto regulation, analyst says
- Bitcoin4 months ago
Ethereum, Solana touch key levels as Bitcoin spikes
- Opinion4 months ago
Bitcoin Open-Source Development Takes The Stage In Nashville
- Bitcoin3 months ago
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
- Price analysis3 months ago
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
✓ Share: