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WhiteBIT Expands Crypto Lending: 60+ New Assets!

Albert Brown
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WhiteBIT Expands Crypto Lending: 60+ New Assets!

WhiteBIT, the largest cryptocurrency exchange in Europe, continues to impress its users with groundbreaking innovations! The Crypto Lending feature is now even more rewarding with the addition of 60 new assets, which can be used not only for margin and futures trading but also for crypto lending, unlocking new opportunities for those looking to invest and earn income effectively.

How does it work?

Crypto Lending allows you to lend your cryptocurrencies to WhiteBIT by selecting a flexible plan of 30, 90, 180, or 360 days. It offers the opportunity to earn up to 13.49% annual income in the same cryptocurrency you lend. This unique tool is ideal for crypto traders seeking to grow their assets with minimal risk.

Why choose Crypto Lending with WhiteBIT?

  • A variety of assets. The list of newly added cryptocurrencies features some of the most popular and in-demand assets: PEPE, BONK, SUI, DAI, TON, BOME, MRK, and many others.
  • Security and convenience. Your funds work for you on a platform with top-tier security standards, while a user-friendly interface simplifies the investment process.
  • Wide access. Lending plans are available for both beginners and experienced investors. Low minimum lending amounts make it easy to start, even with a small budget.

What does WhiteBIT offer?

WhiteBIT makes cryptocurrency investments accessible to all! By expanding its asset lineup and offering flexible terms, the exchange empowers users with unparalleled freedom. This creates an opportunity for crypto traders and investors to earn passive income while staying engaged in the fast-paced world of digital assets. 

Plus, with automatic plan execution, your earned interest is seamlessly credited to your balance, and, if you need to withdraw funds from the Crypto Lending plan, the operation is carried out instantly and without any penalties. More details about Crypto Lending can be found here.

Choose a plan that suits you and start earning with WhiteBIT today. Your assets are your power!

WhiteBIT is the largest European centralized cryptocurrency exchange founded in Ukraine in 2018, offers over 600 trading pairs, 300 assets, and supports 9 fiat currencies. As part of the WhiteBIT Group holding, the platform serves more than 30 million customers globally. WhiteBIT collaborates with Visa, FACEIT, FC Barcelona, Trabzonspor, the Ukrainian national football team, and lifecell. The company is dedicated to driving the widespread adoption of blockchain technology in Ukraine and worldwide.

Shiba Inu Lead Promises to Silence SHIB Haters Soon

Lele Jima
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Shiba Inu Lead Promises to Silence SHIB Haters Soon

Shytoshi Kusama, the Shiba Inu ecosystem lead, reveals plans to silence critics of the SHIB project in the near future. 

The lead developer revealed this while reacting to an X post from popular crypto expert Del Crxpto. In the post, the pundit suggested that the Shiba Inu lead had made a move that effectively silenced critics.  

“Shytoshi Kusama makes haters quiet,” Del Crxpto remarked. 

Shiba Inu Inks New Partnership with Chainlink 

This statement comes after Shiba Inu announced a surprising partnership with Chainlink, expanding accessibility for its ecosystem tokens, such as SHIB, BONE, and LEASH. 

Under the partnership, Shiba Inu’s Layer-2 network, Shibarium, will leverage Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to enhance its interoperability with other blockchains. 

Furthermore, SHIB, BONE, and LEASH adopted Chainlink’s Cross-Chain Token (CCT) standard, boosting their multi-chain capabilities across 12 blockchains. 

Some of the supported blockchains include Coinbase’s Base, Optimism, Ethereum, Avalanche, BNB Chain, Polygon, and Kroma. 

Kusama Says He’ll Soon Silence Critics 

The partnership has attracted the attention of the broader crypto community, with Del Crxpto suggesting that Kusama made haters quiet with the development. 

Interestingly, the Shiba Inu leader said he has yet to silence critics but promised to do so ‘soon.’ This response suggests that the Shiba Inu ecosystem, under Kusama’s leadership, could be preparing to make another groundbreaking move.

Despite not providing details, popular Shiba Inu developer Kaal Dhairya suggested that more intriguing announcements might be on the horizon. 

Dhairya described the Chainlink partnership as the first of the six infinity stones on the gauntlet of Marvel’s comic book character Thanos. The Shiba Inu developer indicated that the move is part of a larger plan to achieve balance and “vaporize the fudders” of the project. 

Interestingly, he teased that more interesting projects are on the way, emphasizing that they are bigger than the Chainlink integration. These upcoming developments may be what Kusama intends to use to silence critics in the near future. 

Bitcoin ETFs See Biggest Ever Outflow of $680M: Does This Put $90K Level at Risk?

Albert Brown
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With the breakdown of a long-standing support trendline, could the price of Bitcoin (BTC) slip to the $90K level before 2025?

The crypto space witnessed a massive supply dump as the U.S. markets experienced a free fall. Amid the crash, Bitcoin’s price fell below $100,000 and tested a crucial level.

With market liquidations surging, bears are firmly in control. Will this bearish market result in a decline in Bitcoin prices to the $90,000 support level?

Bitcoin (BTC) Price Analysis

On the 4-hour chart, BTC’s price action shows a bearish breakdown of a long-term support trendline. This breakdown is accompanied by a 4-hour bearish engulfing candle, accounting for a 3.5% drop.

Compared to its recent all-time high of $108,364, Bitcoin’s price has dropped by 10.68%. Currently, the price of a single Bitcoin is $96,796. Amid the crash, BTC registered a 2.77% decline yesterday. Furthermore, the residual bearish momentum led to an intraday drop of 0.60%.

BITSTAMP:BTCUSD Chart Image by Trojan69420

The breakdown rally tests the 200-EMA line on the 4-hour chart. However, as dynamic support holds the free-falling Bitcoin prices, incoming supply warns of a bearish continuation.

Additionally, the 20-EMA and 50-EMA lines on the 4-hour chart have given a bearish crossover, signaling a short-term trend reversal. Even the 4-hour RSI line has entered the overbought zone, reflecting a significant increase in selling pressure.

Bitcoin ETFs See Biggest Outflow Ever

As Bitcoin’s price slides to $96,000, institutional support takes a hit, with a net daily outflow of $680 million. WisdomTree was the only Bitcoin ETF recording an inflow of $2.05 million, while most ETFs experienced outflows.

Leading the bearish trend, Fidelity dumped $208 million worth of Bitcoin, followed by Grayscale with an outflow of $188 million, and ARK and 21Shares with a combined outflow of $108.835 million. This turn of events comes after several consecutive days of inflows.

Notably, Thursday’s $680 million outflow marked the largest negative flow in Bitcoin ETF history.

Will Bitcoin Drop to $90k?

In conclusion, as institutional support declines, increasing supply pressure and uncertainty in the U.S. market have resulted in a crypto market crash.

Under such conditions, Bitcoin’s price is likely to test the $90,000 support level before potentially making a bullish comeback. In the event of a bullish turnaround from the 200-EMA line, and if the market stabilizes, the uptrend could face resistance near the $100,000 psychological level.

On the bearish side, based on technical and Fibonacci levels, the immediate support below the dynamic line stands at $94,670 and $90,733.

Did Cardano Just Become Switzerland’s Official Cryptocurrency? Here’s What Is Really Happening

Okoya David
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Did Cardano Just Become Switzerland’s Official Cryptocurrency? Here’s What Is Really Happening

Speculations within the Cardano community claim the government of Switzerland has adopted ADA as national currency, but there’s a catch.

In the fast-paced and often self-deprecating world of crypto, it can sometimes be hard to separate fact from fiction.

In the latest instance highlighting this, some members of the Cardano (ADA) have been thrown into confusion by a post suggesting that the Swiss government has chosen ADA “as its first-ever national cryptocurrency.”

A HOSKY Post

“Is this real?” That was the reaction of several Cardano community members after seeing a recent post from the official X account dedicated to leading Cardano meme coin HOSKY.

The account declares in the Thursday, December 19 post that ADA has been chosen as Switzerland’s official national cryptocurrency. 

Further deepening the confusion, Cardano founder Charles Hoskinson shared the post stating that the community will get chocolates and nice watches.

So, what’s really going on?

The Latest Jab in an Internal Struggle

The recent HOSKY post appears to be the latest jab in the Cardano community’s push for greater oversight over the Cardano Foundation’s operations amid claims of undue Swiss government influence.

The operating model of the non-profit tasked with advancing Cardano’s adoption has recently come under fire even from Cardano founder Charles Hoskinson.

In an X post on Wednesday, December 18, Hoskinson questioned the organization’s board appointment process. He asserted that Cardano Foundation board members were appointed by the Swiss government instead of by a community vote, leaving the community with little oversight over its activities. 

The challenges posed by this lack of oversight have come to the fore amid claims of internal conflict and marginalization. Hoskinson has urged the foundation to relocate as a solution, suggesting jurisdictions like Abu Dhabi and Wyoming as alternatives.

The Cardano Foundation’s operating model is based on Swiss laws around the establishment of foundations. Under Swiss law, foundations are not recognized as membership-based organizations, eliminating the possibility of community votes.

Bitcoin User Pays an Outrageous Fee of 8.18 BTC for a Single 0.14 BTC Transaction

Albert Brown
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Bitcoin User Pays an Outrageous Fee of 8.18 BTC for a Single 0.14 BTC Transaction

A Bitcoin user has mistakenly paid an outrageous 8.18 Bitcoin ($808,564) for a single transaction, paying over 98% of the intended transfer amount on fees.

In today’s Bitcoin news, an unlucky user has paid one of the highest Bitcoin transaction fees in history. Per data, he accidentally spent 8.18 BTC ($808,564) on a single transaction.

Transaction Details

Whale Alert drew the crypto community’s attention to the outrageous fee. The on-chain tracker tweeted that a user had just spent 8.18 bitcoin on a single transaction.

Further analysis from Mempool shows that the wallet “bc1qdf” made the blunder on Thursday by 20:27 (UTC). The address moved 0.142 BTC ($14,042) to two addresses for a staggering 8.18 BTC ($808,564) transaction fee.

Mempool shows that the wallet overpaid the transaction cost by 98,720 times the average gas fee on the Bitcoin network. Furthermore, the fee is the second most expensive in the network, lagging only to a user’s 83.65 BTC ($3.1 million at the time) transfer cost.

Meanwhile, data shows that Foundry Services USA is the miner behind the transaction, which was approved at block height 875475.

At the time of writing, the sending wallet’s confirmed balance is 0.042 BTC ($4,067), indicating that the miner has yet to return the overpaid fees. All indications suggest the user mistakenly paid the outrageous fee, but this remains unconfirmed at press time.

Other Outrageous Transaction Fees

Although the Bitcoin network is not as notorious for outrageous transaction fees as Ethereum, the blockchain has seen its fair share of unusual gas costs. For instance, in September 2023, Paxos spent a whopping 19.82 BTC ($511,000 then) to move a mere 0.074 BTC ($1,900).

The transaction saw the firm overpay the average transaction then by 234,834 times. Notably, the miner F2Pool repaid the Paxos wallet the excessive fee.

Furthermore, last November, a user spent 83.65 BTC ($3.1 million), the largest transaction fee ever recorded on the Bitcoin network. The user accidentally entered the jaw-dropping amount as a gas fee to move 55.77 BTC ($2.1 million).

Meanwhile, some have leveraged the latest development to raise skepticism over the use of Bitcoin as a future transaction tool. “The future of finance,” a skeptical user tweeted following the outrageous gas fee.

Ripple Stable Coin RLUSD Touched $1,200 Per Coin, Ripple CTO Explains Why

Elendu Benedict
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Ripple Stable Coin RLUSD Touched $1,200 Per Coin, Ripple CTO Explains Why

The Ripple-USD (RLUSD) stablecoin reached a value of $1,200 per coin before launch, with CTO David Schwartz explaining the reason behind the pricing.

Ripple’s RLUSD launched on December 17, birthing a native stablecoin on the XRPL network. The launch sparked positive sentiments around the XRP ecosystem and contributed to a short-lived bullish push above $2.70.

Before then, RLUSD saw an unusual pricing on some wallets, with its valuation reaching as high as $1,200. Notably, this was abnormal, considering it is a stablecoin that should maintain a $1 valuation.

Community Discloses Abnormal RLUSD Pricing

Some XRP enthusiasts disclosed the abnormal pricing on X (formerly Twitter). For instance, a user shared a screenshot of the RLUSD’s pricing against XRP on the Xaman wallet, with 1 RLUSD valued at 511.20 XRP ($1,200 at the time).

RLUSD Price to XRP pre-launch

Furthermore, a community figure confirmed the pricing, inquiring if it would stay that way until the launch, potentially pushing XRP to the lofty price. Notably, his comments align with a faction of the XRP community speculating that the RLUSD stablecoin will push XRP’s price higher.

Ripple CTO Provides Clarification

However, Ripple’s Chief Technology Officer David Schwartz explained the factor driving the RLUSD price spike using simple economics. He tweeted that the XRPL-based stablecoin will see price spikes in its early days due to limited supply and growing demand.

Schwartz suggested that a user was willing to pay $1,200 for 1 RLUSD due to the supply shortage, causing the system to revalue RLUSD to the highest buy order. However, he noted that this will stabilize over time as supply grows.

Interestingly, in a separate event, a trader lost $27,000 while swapping his XRP for the stablecoin. The Crypto Basic reported that a user swapped his 10,000 XRP for 100 RLUSD after his pre-launch order was filled upon the stablecoin’s market debut.

The swap valuation meant that the trader bought 1 RLUSD for $271, as XRP was trading at around $2.71 at the time. RLUSD claimed the $1 valuation upon launch, turning the user’s $27,100 into a mere $100.

Meanwhile, RLUSD’s price has stabilized around the $1 valuation. Per CoinMarketCap, the stablecoin trades at $1.01, with a total supply of $53.1 million.

Pro-XRP Lawyer Commends Cardano Founder for Attempting to End Crypto Tribalism

Lele Jima
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Pro-XRP Lawyer Commends Cardano Founder for Attempting to End Crypto Tribalism

Pro-XRP lawyer John Deaton commends Cardano founder Charles Hoskinson for making solo efforts to end the longstanding tribalism in the crypto industry. 

Hoskinson has continued to engage top industry stakeholders as part of his efforts to foster collaboration within the industry. 

Hoskinson Discusses with Flare Network Team 

According to an X post yesterday, the Cardano founder revealed he had a great call with the team behind Flare Networks, an EVM-compatible smart contract platform. 

In addition, he commended the Flare team, describing its members as ‘really smart guys.’ Responding, Flare founder Hugo Philion thanked Hoskinson for spending time engaging with the team. 

Deaton Salutes Hoskinson for Trying to End Tribalism in Crypto  

Although Hoskinson did not provide specific details about the discussion with the Flare team, the engagement elicited reactions within the crypto community on X. 

Notably, Attorney Deaton emphasized that Hoskinson is making solo efforts to end the tribalism that has plagued the crypto industry. He expressed his respect to Hoskinson for taking a leadership role in his quest to end the growing issue.

Crypto Tribalism 

Notably, this issue of tribalism often involves people showing intense support and loyalty to a particular blockchain project at the expense of others. 

Several crypto stakeholders had identified tribalism as the major issue hindering the industry’s growth. Specifically, Ripple CEO Brad Garlinghouse shared this sentiment at the 2022 Paris Blockchain Week Summit, emphasizing that he believes ‘all boats can rise.’ 

Interestingly, Hoskinson is making significant moves to end this issue, as Deaton asserts. Since the U.S. election, the Cardano founder has been engaging with the teams behind top crypto projects like Ripple and Stellar. 

Hoskinson Engagement with Top Crypto Stakeholders  

He first made peace with the XRP community by apologizing to its members for his comments over the Ethereum free pass speech. Afterward, he interacted with Ripple execs Brad Garlinghouse and David Schwartz, hinting at a potential collaboration between Cardano’s data protection sidechain Midnight and the XRP Ledger (XRPL). 

Hoskinson also communicated with Jed McCaleb, co-founder of Ripple and Stellar, regarding a potential collaboration between the Cardano and Stellar ecosystems. 

The Flare Network is the latest crypto project Hoskinson has communicated with. For context, Flare Network is an EVM-compatible Layer-1 blockchain that allows users to bridge assets between multiple networks. 

Flare, which prides itself on being a blockchain for data, provides developers with relevant data to build decentralized applications efficiently and at a low cost. In 2021, Flare Network considered integrating Cardano (ADA) into its FAssets system, which allows non-smart contract assets to be used in decentralized finance (DeFi). 

El Salvador Buys $1 Million Bitcoin After Securing $3.5B IMF Funding Deal

Albert Brown
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El Salvador Buys $1 Million Bitcoin After Securing $3.5B IMF Funding Deal

El Salvador has significantly expanded its Strategic Bitcoin Reserve by purchasing $1 million worth of BTC following a recent policy review and financing deal.

According to an update from the National Bitcoin Office, the country added 11 Bitcoin tokens to its holdings in a single transaction. This acquisition, reflected on the official website, brings El Salvador’s total Bitcoin reserve to 5,980.77 BTC, valued at approximately $586.5 million. 

The move represents a notable shift from its previous strategy of daily Bitcoin purchases, which began on November 18, 2022, as announced by President Nayib Bukele.

Bitcoin Office Outlines Accelerated Plans

The purchase comes a day after National Bitcoin Office Director Stacy Herbert announced plans to potentially accelerate Bitcoin purchases. In a December 19 update, the director emphasized the office’s commitment to ongoing Bitcoin acquisitions, strengthening Bitcoin capital markets, and fostering education initiatives.

Among these initiatives are new educational programs, including Grades 2 and 3 Little HODLer workbooks on Bitcoin and money, set for release in January 2025.

Other efforts include the continued development of Bitcoin policy, attracting investors, and building education programs for developers and public servants.

For instance, the CUBO+ program will graduate more than 20 Bitcoin and Lightning developers by January 2025, while the Mi Primer Bitcoin and Node Nation initiatives remain active in high schools across El Salvador. 

Additionally, 80,000 civil servants are undergoing Bitcoin certification through the ESIAP program. The Chivo Wallet, previously introduced by the government, will be wound down, with private-sector Bitcoin wallets continuing to serve the population.

Revised Bitcoin Law and IMF Agreement

This strategic Bitcoin acquisition and subsequent plans follow El Salvador’s revised Bitcoin law, which aims to limit public sector exposure and is tied to securing a $3.5 billion financing deal. The agreement includes $1.4 billion under an Extended Fund Facility with the International Monetary Fund (IMF) and contributions from the World Bank and regional development banks.

As part of the financing conditions, El Salvador’s public sector involvement in Bitcoin-related activities will be scaled back, and the use of Bitcoin in the private sector will remain voluntary.

Meanwhile, taxes will continue to be payable exclusively in U.S. dollars. The IMF also highlighted the importance of robust digital asset regulation and supervision to ensure financial stability and consumer protection.

Analyst Projects XRP Rally to $251 Following 5.5-Year Consolidation Phase Breakout

Sam Wisdom Raphael
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Analyst Projects XRP Rally to $251 Following 5.5-Year Consolidation Phase Breakout

A notable market commentator sees XRP rallying to a three-figure price level after its breakout from a multi-year consolidation phase.

Notably, XRP broke out of this 5.5-year consolidation following its 283% increase in November. As the rally spilled into December, XRP now faces persistent price struggles, retreating from its recent high of $2.9 on Dec. 3. 

Following weeks of a range-bound price action between $2 and $2.6, XRP saw a sharp drop to $2.15, influenced by a broader market downturn after the Federal Reserve’s interest rate cut of 0.25%. 

The $251 Target

Despite these setbacks, analysts remain optimistic. Market analyst Amonyx noted that the November breakout from the 5.5-year consolidation phase confirms XRP’s potential for massive upward momentum. 

XRP 1M Chart Amonyx
XRP 1M Chart | Amonyx

Amonyx compares this breakout to a similar move in March 2017. For context, after a 4-year consolidation phase, XRP soared 284% in March 2017, breaking above this pattern. This run preceded an extraordinary rally of nearly 60,000%, from $0.0055 to its all-time high of $3.31 in January 2018.  

Amonyx predicts that this rally could repeat in 2024. He expects an eventual surge to an ultimate target of $251, corresponding with the 161.8% Fibonacci retracement level. Such a move would mark a 50,100% increase from the $0.50 price at the start of November 2024. However, most investors find it rather ambitious.

Notably, XRP must first recover from the recent correction, and this recovery push could receive strength from growing demand. Market commentator Ali Martinez confirmed recently that whales procured about 30 million XRP in 24 hours amid the recent dip. 

Bullish XRP Commentaries 

Interestingly, other prominent analysts echo Amonyx’s bullish outlook. For instance, CryptoBull believes XRP is nearing the end of a correctional phase, which could conclude within the week. He forecasts an initial surge to $6 shortly after this phase is completed. 

XRP 1D Chart CryptoBull
XRP 1D Chart | CryptoBull 

Also, Michael van de Poppe, a veteran market analyst, remains optimistic about XRP’s role in the crypto market. In a report earlier this month, as XRP soared toward the higher end of $2, he viewed the altcoin as a leading indicator for altcoin market strength.

The market analyst noted that XRP’s explosive moves often trigger similar gains across other cryptocurrencies. Van de Poppe expects XRP’s rally to initiate a broader altcoin season, reinforcing its influence on market dynamics.  

Meanwhile, technical analyst EGRAG recently noted that it would be bullish if XRP closes above $2.3 on the 3-day chart. He identified $2.62 as the next critical level. A close above this threshold could trigger a fully bullish formation. However, XRP closed the 3-day candle at $2.23, but currently trades for $2.3 amid a 3.7% rise today.

Crypto Bloodbath: 361,972 Traders Liquidated, $1.17B Lost as Bitcoin Dips 7%

Abdulkarim Abdulwahab
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Crypto Bloodbath: 361,972 Traders Liquidated, $1.17B Lost as Bitcoin Dips 7%

The bloodbath in the crypto market is reaching new heights as the price of Bitcoin continues to show significant volatility, impacting the broader altcoin market.

In the last 24 hours, as many as 361,972 crypto traders have been liquidated, incurring losses exceeding $1.17 billion. This development emerged as the price of Bitcoin tanked by 7% over the past day, revisiting lows of $95,500.

Notably, Bitcoin traded at an all-time high of $108,268 just three days ago. With the recent lows, the premier asset has lost approximately 12% of its value in the past few days.

Traders in the derivative market have borne the brunt of the Bitcoin price slump, most of whom had bet on further increases in Bitcoin. However, the market tilted to the side of the bears.

One Trader Sees Massive $15M Liquidation

Of the $1.17 billion liquidated in the market over the past day, a staggering $1.02 billion came from those who were long on the market. Shorts only suffered a loss of $143.3 million.

Bitcoin traders alone saw losses of $238.76 million, while Ethereum traders followed closely with $220 million liquidated. Notably, the biggest single liquidation order came from an Ethereum investor on Binance, who saw a trade of $15.8 million wiped out. This liquidation order was triggered when the price of Ethereum crashed to $3,432.

Meanwhile, the price of Ethereum didn’t stop there. It went on to touch lows of $3,330, with more traders incurring losses.

Aside from Bitcoin and Ethereum, traders of other crypto assets also saw significant value depreciation over the past day. Traders of Dogecoin, in particular, came next in line with liquidations exceeding $56.53 million.

Other notable liquidations include those from traders of XRP, with $47 million wiped out, and Solana, which also saw $38.53 million in losses.

Image

Bitcoin Bull Trap

Recall that last week, during a flash crash of Bitcoin to $94K, as many as 584,000 crypto traders experienced liquidations worth nearly $2 billion. However, Bitcoin swiftly rebounded to set a fresh all-time high above $108K.

With the latest price crash, this rebound turned out to be a bull trap, giving investors false confidence to bet on further increases that did not materialize, resulting in significant losses for the bulls.

Market commentators have attributed the dramatic turn of events in the crypto market to recent “hawkish” statements from U.S. Fed Chair Jerome Powell during the most recent FOMC meeting.

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