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Shiba Inu to $0.01 Closer to Reality? Why a Key Chainlink Partnership is Stirring Hopes

Okoya David
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Shiba Inu to $0.01 Closer to Reality? Why a Key Chainlink Partnership is Stirring Hopes

Shiba Inu inks a major partnership with Chainlink, bolstering confidence in an eventual rally to ambitious price targets.

Astronomical price targets are commonplace in the crypto market as holders often fantasize about their investments yielding millions in profit and perhaps a Lamborghini or two. The Shiba Inu (SHIB) community is no different.

For the longest time, several community members have set their sights on the $0.01 price target. While clinching this price level has often felt like a far-flung dream or wishful thinking, a new development in the ecosystem is stirring hopes.

Shiba Inu SHIB X Chainlink 

Shiba Inu tokens SHIB, BONE, and LEASH are set to be more accessible and have greater utility. This follows Shiba Inu’s partnership with Chainlink to integrate the protocol’s cross-chain interoperability standard.

On Thursday, December 19, the Shiba Inu team disclosed that Shibarium, Shiba Inu’s Ethereum Layer 2 chain, had integrated Chainlink’s Cross-Chain Interoperability Protocol (CCIP). At the same time, developers also disclosed that Shiba Inu ecosystem tokens SHIB, BONE, and LEASH have also adopted Chainlink’s Cross-Chain Token (CCT) standard.

Following the integration, Shiba Inu ecosystem tokens will now be accessible across 12 blockchains and compatible with applications on these networks. These supported blockchains include Arbitrum, Avalanche, Coinbase’s Base, Polygon, and Optimism.

While this increased utility and accessibility alone may have positive price implications for SHIB, community members have an additional reason to be bullish about the recent Chainlink partnership.

Along with the Chainlink partnership, Shiba Inu developers have introduced a new tax burns feature. Per the project’s new token page, a tax will be collected on every transaction conducted on supported chains and periodically collected and burned on Ethereum.

While the details of how this tax will be calculated remain unclear, many remain excited about its potential to drive activity and add value to the ecosystem.

Meanwhile, the recent Chainlink integration may only be the first in a series of exciting developments for the Shiba Inu ecosystem.

Shiba Inu (SHIB) Developers Tease More Excitement

In an X post on Thursday, prominent Shiba Inu developer “Kaal Dhairya” suggested that the team had more exciting developments in the pipeline. He likened the Chainlink integration to the first infinity stone set in the gauntlet, referencing the Marvel comic and movie series centered on the fictional character Thanos.

Following these cues, the Shiba Inu ecosystem team could have more significant announcements in the vault to align with the six infinity stones.

At the time of writing, however, SHIB’s price has yet to react positively to the news. Weighed down by a broad market correction, the token is trading at the $0.000022 price point, representing an 8.5% decline over the past 24 hours.

SHIB’s price will need to surge nearly 50,000% from current prices to hit the coveted $0.01 price point. While this may seem unrealistic, it is important to note that the doggy-themed meme coin experienced a staggering 44,000,000% price rally in 2021 with significantly less utility.

Trump-Inspired Crypto Project Buys 722 Ethereum Worth $2.5M Amid Dip

Albert Brown
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Trump-Inspired Crypto Project Buys 722 Ethereum Worth $2.5M Amid Dip

World Liberty Financial (WLFI), a cryptocurrency initiative inspired by Donald Trump, has significantly increased its on-chain activity over the past week.

According to blockchain data, the project has invested millions of dollars into expanding its crypto holdings, including Ethereum (ETH), Aave (AAVE), Chainlink (LINK), Ethena (ENA), and Ondo (ONDO). 

Strategic Ethereum Investment

World Liberty Financial’s latest acquisition involves 722.213 ETH for $2.5 million USDC through Cow Protocol on December 20. Notably, Ethereum remains the largest asset in WLFI’s portfolio. This latest acquisition, coming amid the market-wide dip, elevated the project’s total ETH holdings to 15,598 ETH, now worth $52.98 million.

Meanwhile, a $254.28 drop in Ethereum’s price since the earlier purchase has led to a $3.97 million decline in the value of these holdings.

Other Major Holdings

In addition to Ethereum, WLFI has actively increased its stakes in other major cryptocurrencies. Last week, it utilized $1 million in USDC to acquire 3,357 AAVE tokens at an average price of $297.8 per token. This brings the total AAVE holdings to 6,137 tokens, valued at $1.93 million as of December 20. 

The current price of AAVE has dropped to $314.25, resulting in a $135,760 decrease in the holding’s value. Similarly, the project expanded its Chainlink holdings by purchasing 41,335 LINK tokens for $1 million at an average price of $24.2 per token. WLFI now holds 78,387 LINK, valued at $1.81 million, following a notable price decline.

Collaboration with Ethena and Acquisitions

In a related move, WLFI acquired 231,726 Ethena (ENA) tokens for $250,000 USDC yesterday, also using Cow Protocol. The transaction came after Ethena Labs announced a partnership with WLFI to integrate sUSDe, a synthetic stablecoin, as a collateral asset. WLFI now holds 741,687 ENA, valued at $716,206, reflecting a $151,580 decrease due to the token’s price drop to $0.97.

Furthermore, the project maintains a diversified portfolio that includes 134,216 ONDO tokens valued at $232,192, in addition to significant holdings in stablecoins such as USDC and USDT. The total portfolio value has declined to $75.32 million.

SEC Approves Franklin Templeton and Hashdex Dual Bitcoin-Ethereum Index ETFs

Lele Jima
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SEC Approves Franklin Templeton and Hashdex Dual Bitcoin-Ethereum Index ETFs

SEC expands institutional access to Bitcoin and Ethereum by approving two crypto index ETFs holding both assets. 

The Securities and Exchange Commission gave Franklin Templeton and Hashdex the green light to launch their respective Bitcoin and Ethereum index ETFs in the United States. 

While the Franklin Templeton Crypto Index ETF will trade on the Cboe BZX Exchange, investors can buy and sell Hashdex’s Nasdaq Crypto Index US ETF shares on the Nasdaq stock market.

Previous Attempts to List Dual Bitcoin-Ethereum ETFs

For context, Franklin Templeton first submitted its S-1 application for the dual Bitcoin and Ethereum index ETF in August. Similarly, Hashdex filed its S-1 application in October, with an amended filing made on November 25.

As the SEC delayed its decision on Franklin’s application, which was initially scheduled for November 20, it also requested more time to decide whether to approve Hashdex’s Bitcoin-Ethereum index ETF.

The securities agency finally approved yesterday the Bitcoin-Ethereum index ETFs from both issuers. According to the SEC notice, the approval is based on the issuers’ compliance with the Exchange Act’s requirements, which focus on protecting investors from fraud and market manipulation. 

More Crypto Index ETF Could Follow 

Following the SEC’s approval, Nate Geracci, the President of ETF Store, speculated that other asset managers like BlackRock might also roll out similar index ETFs holding Bitcoin and Ethereum. 

He noted that the product might witness significant demand, prompting other top managers to launch similar ones.

Two prospective issuers are currently seeking the SEC’s approval to launch crypto index ETFs in the U.S. Last month, Bitwise requested to convert the Bitwise 10 Crypto Fund (BITW), which contains a basket of cryptos like XRP and Bitcoin, into an ETP. 

The application follows Grayscale’s similar request to convert its Digital Large Cap Fund (GDLC), which holds five cryptos, into an index ETF. If approved, both funds will trade on NYSE Arca. 

As reported earlier, the SEC acknowledged both applications. However, it has yet to decide whether to approve any of the fillings.  

Meanwhile, the SEC’s approval comes as the market experiences significant volatility, leading to over $1 billion liquidation in one day. Amid the intense turbulence, the price of Bitcoin plunged from its peak of $108,268, registered three days ago, to around $96,000. 

Similarly, Ethereum plummeted by 18.16% within 72 hours, slumping from $4,106 to $3,360. 

BlackRock Ad Says No Guarantee Bitcoin 21M Supply Cannot be Changed, BTC Devs React

Albert Brown
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BlackRock Ad Says No Guarantee Bitcoin 21M Supply Cannot be Changed, BTC Devs React

The Bitcoin community reacts to a recent advertisement from asset manager BlackRock, which raised doubt about the 21 million BTC supply cap.

The ad, while promoting Bitcoin’s fixed supply of 21 million as a key feature, included a disclaimer that has sparked intense debate. The statement noted that there is no absolute guarantee that Bitcoin’s supply cap will remain unchanged.  

The video disclosure, shared by prominent Bitcoin advocate Michael Saylor, triggered concerns among some proponents. Some individuals in the community felt that the message could undermine Bitcoin’s core principles.  

Criticism of Developers’ Silence

Particularly, Sebastian Perez, CEO of Quiverflow Inc. and an advocate for Monero, voiced strong criticism. Perez highlighted what he saw as a worrying silence from key Bitcoin developers like Adam Back and Peter Todd. 

He argued that Bitcoin’s decentralization and principles need stronger defense, especially in the face of corporate influence. 

Notably, since launching its Bitcoin ETF, BlackRock has been one of the major promoters of the crypto asset, as its ETF product continues to amass more tokens amid growing demand. BlackRock now holds 553,464 BTC in its iShares Bitcoin Trust (IBIT). 

Meanwhile, amid the latest ad, which the firm merely aimed to leverage as a Bitcoin promotion, Perez expressed concern about the direction Bitcoin was taking, implying that developers may be bending to large corporate entities. 

He argued that Bitcoin is drifting away from its original ideals of decentralization and freedom, describing it as a mere NFT rather than a revolutionary technology. It bears mentioning that Perez has been a long-term critic of Bitcoin, supporting Monero instead as the true decentralized and private asset.

Bitcoin Devs React

Adam Back, a Bitcoin developer, cypherpunk, and CEO of Blockstream, addressed the controversy. After reviewing the ad, Back clarified that the disclaimer was likely added for legal reasons. He explained that BlackRock, as an institution selling investment products, cannot guarantee Bitcoin’s fixed supply cap, as it is not within their control.  

According to Back, the community ultimately holds the power to make changes to Bitcoin’s code. He dismissed the possibility of the supply cap being altered, calling it a cautious legal move rather than a genuine threat to Bitcoin’s integrity.  

Charlie Shrem, founder of The Bitcoin Foundation, noted that Bitcoin’s supply cap is a fundamental aspect of its design. Shrem pointed out that altering the 21 million cap would result in a completely different cryptocurrency. He framed the issue as a matter of technological architecture, not politics.  

In response to Shrem, Back reiterated that the disclaimer merely shows legal prudence. Back reassured that the decentralized nature of Bitcoin makes such a change virtually impossible without unanimous community consensus.  

Meanwhile, Peter Todd, a Canadian developer and early Bitcoin contributor, noted that the supply cap could theoretically be changed if the community reached a consensus to do so. Todd referenced his previous writings on tail emission  

Also, Javier Bastardo, who handles PR and marketing for stablecoin issuer Tether, argued that the disclaimer simply reflects reality. Bastardo explained that changing Bitcoin’s supply cap is highly unlikely, but it is technically possible.

Here is How High XRP Can Surge if SBI Allocates 20% of Assets to XRP Reserve

Sam Wisdom Raphael
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Here is How High XRP Can Surge if SBI Allocates 20% of Assets to XRP Reserve

Prominent AI chatbot ChatGPT expects the XRP price to skyrocket to a two-digit figure if SBI allocates up to 20% of its assets to an XRP Reserve program.

Bullish sentiments have enveloped the XRP community following a proposal by GAM Investments urging SBI Holdings to implement a strategic XRP buyback plan. This proposal, disclosed in a document addressed to SBI Holdings and its CEO, Yoshitaka Kitao, suggests using a portion of SBI’s assets to bolster XRP holdings. 

If SBI proceeds with this, the move could significantly impact XRP’s market price, but the extent of this impact remains unclear. As a result, we sought ChatGPT’s opinion, with the chatbot suggesting prices could soar to as high as $15.  

GAM’s Proposal to SBI

As The Crypto Basic recently reported, GAM Investments, an SBI shareholder, raised concerns about the undervaluation of their stake in SBI. According to GAM, SBI has not effectively leveraged its investment in Ripple or XRP. 

Notably, the lack of a clear crypto strategy, combined with confusing investor communications, has raised doubts about the company’s ability to maximize shareholder value.  

SBI, which owns an 8–9% stake in Ripple, controls a substantial portion of XRP indirectly through Ripple’s holdings. GAM argues that this stake alone could surpass SBI’s current market capitalization, indicating an untapped opportunity for value creation. 

GAM has proposed that SBI establish a strategic XRP reserve, suggesting that this approach could benefit shareholders more than traditional cash dividends. 

Hypothetical Scenarios for XRP Price Projections

We queried ChatGPT on how such a reserve could affect XRP price. In response, the chatbot provided an analysis of the potential price impact if SBI uses 5%, 10%, or 20% of its total assets to purchase XRP. 

As of March 2024, SBI held total assets valued at 27.2 trillion Japanese Yen, equivalent to $175.1 billion. The AI chatbot outlined the hypothetical scenarios under the assumption that XRP’s circulating supply is approximately 57.45 billion tokens.  

If SBI allocates 5% of its assets to XRP, this would involve injecting $8.75 billion into the market. At the current average price of $2.35 per XRP, SBI could purchase around 3.72 billion tokens. 

Interestingly, this acquisition would represent about 6.5% of the circulating supply. ChatGPT believes such a major buy could potentially double the XRP price to about $4.50–$5.00, depending on market liquidity and seller resistance.  

ChatGPT XRP Price Predictions
ChatGPT XRP Price Predictions

With a 10% allocation, SBI would invest $17.5 billion, enabling the purchase of roughly 7.45 billion XRP tokens. This would account for 13% of the circulating supply. The AI chatbot suggests that the increased demand and reduced supply could drive prices to $7.00–$8.00. 

Nonetheless, if SBI opts to dedicate 20% of its assets, this would inject $35 billion into the XRP market. This amount could secure approximately 14.89 billion XRP tokens, equivalent to 26% of the circulating supply. 

The substantial reduction in available tokens could lead to an exponential price increase. ChatGPT projects XRP could reach $10.00–$15.00 in this scenario. However, this would depend on market conditions and liquidity levels.  

Will This Happen?

While the proposal from GAM Investments is noteworthy, it remains unclear whether SBI will act on these recommendations. 

According to XRP community figure WrathofKahneman, the influence of GAM on SBI’s decision-making depends on the extent of their holdings and their ability to sway other investors. Also, even if SBI carries out this suggestion, there is no guarantee that ChatGPT’s projections would materialize.

WhiteBIT Sets A New Benchmark: Crypto Exchange Achieves $2.7 Trillion In Annual Trading Volume And $38.9 Billion In Capitalization

Mark Brennan
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WhiteBIT Sets A New Benchmark: Crypto Exchange Achieves $2.7 Trillion In Annual Trading Volume And $38.9 Billion In Capitalization

Europe’s leading cryptocurrency exchange, WhiteBIT, concludes the year with remarkable achievements. The latest estimates reveal the company’s capitalization has reached $38.9 billion, while the annual trading volume surged to $2.7 trillion — a 200% increase compared to the previous year. These figures encompass all exchange markets (spot and futures), showcasing the company’s rapid growth and the increasing trust of its users.

For context, WhiteBIT’s trading volume surpassed major players like Kraken, whose annual trading volume stood at $628 billion. Remarkably, WhiteBIT’s trading volume exceeds the GDP of countries like Italy or Canada and approaches the GDP of France, valued at $3 trillion.

According to WhiteBIT Founder and CEO Volodymyr Nosov, this milestone reflects the exchange’s innovative strategies and strategic focus: “Reaching $2.7 trillion is the result of our dedicated teamwork and the trust of our clients. We remain committed to developing cutting-edge technologies tailored to the needs of both retail and institutional traders.”

Top 2 in Traffic

In the fall of 2024, WhiteBIT secured its position as the second-most visited crypto exchange, with 33 million visits to the platform. This achievement places it just behind Binance and underscores the growing demand for WhiteBIT’s services.

Key Drivers of Growth

One of the primary contributors to WhiteBIT’s record trading volume has been the onboarding of institutional clients. The exchange introduced a market maker program tailored to the requirements of large-scale traders. With low fees and rebates as high as -0.01%, the program provided attractive conditions for high-frequency trading, drawing professional traders to the platform. Institutional loans also became a cornerstone for building trust within the professional community, enabling large-scale transactions.

The platform’s advanced technical infrastructure played a significant role as well. Features like colocation to reduce latency, sub-accounts for strategy diversification, and a robust API established WhiteBIT as a reliable partner for institutional clients.

The introduction of a new affiliate program also contributed significantly by engaging large communities of retail traders, driving user acquisition, and boosting trading activity, which ultimately supported WhiteBIT’s exceptional performance.

Currently, the exchange serves over 1,300 institutional clients.

Expanding Global Reach

Today, over 30 million people worldwide use services and products from the “WhiteBIT Group” ecosystem. These include the centralized exchange WhiteBIT, the crypto payment solution Whitepay, the decentralized exchange WhiteSwap, the NFT marketplace white.market, and the gaming platform Pocket Rocket. Additionally, the ecosystem encompasses Whitechain, its proprietary blockchain, and WhiteBIT Coin (WBT), which has experienced an impressive 349.39% growth over the year.

With 600+ trading pairs and more than 300 digital assets, WhiteBIT continues to strengthen its competitive edge in the global market.

In a recent interview, CEO Volodymyr Nosov confirmed WhiteBIT’s plans to enter the US market.

Commitment to Security

WhiteBIT stands out as one of the most secure cryptocurrency exchanges globally. Ranked among top 5 in security by CER.live, it is the first crypto exchange to achieve the highest-level Cryptocurrency Security Standard (CCSS) certification.

The platform also holds a Payment Card Industry Data Security Standard (PCI DSS) certification, safeguarding customer payment information, and has been recognized by Hacken for excellence in cybersecurity.

WhiteBIT remains committed to continuous growth, solidifying its position in the international market, and expanding its impact on the global crypto ecosystem.

$PENGU Token Listed On Bitunix As Pudgy Penguins Claim Second Place In NFT Rankings

Albert Brown
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$PENGU Token Listed On Bitunix As Pudgy Penguins Claim Second Place In NFT Rankings

As Bitcoin hovers around the $100,000 mark and we approach a face-melting altseason as crypto experts describe it, numerous crypto projects are popping up left and right. There are many meme coins being launched but also narrative AI is dominating.

NFTs enjoyed their greatest popularity during the 2021 bull run with some of them returning even during this bull run, including the 8,888 Pudgy Penguins NFT collection. The official coin of the Pudgy Penguins NFT collection $PENGU was launched on the Solana blockchain on December 17th. Bitunix exchange listed $PENGU on its spot market on December 18th.

What is Pudgy Penguins ($PENGU)

Pudgy Penguins ($PENGU) is a leading Ethereum-based NFT project that was launched in July 2021 during the bull run. Many considered the project dead until Luca Netz took the project under his leadership, evolving it from near obscurity into a web3 powerhouse, achieving mainstream success with over 50 billion social media views as per Coinmarketcap and physical toy placements in stores such as Walmart and Target.

The airdrop announcement triggered a surge in the Pudgy Penguins NFT floor price, which exceeded $100,000, making it the second-most expensive profile picture project in the NFT space surpassing Bored Apes for a period of time.

 

With a total supply of 88.88 billion tokens, 25.9% airdropped to holders of Pudgy Penguins, Lil’ Pudgys, and Pudgy Rods, rewarding the community for its engagement. Eligible participants have 88 days to claim the airdrop. More information can be found on their X account.

The move to Solana marks a strategic expansion to reach a broader audience, with future plans to bridge $PENGU to Ethereum and Abstract, Pudgy Penguins’ parent company Igloo Inc.’s Ethereum layer-2 scaling network. In recent weeks, especially during December, $PENGU grew in popularity with many centralized exchanges listing it, including Bitunix.

Where to Buy Pudgy Penguins ($PENGU) Token

Those interested can buy the $PENGU token on the Bitunix exchange. With the launch of the $PENGU token, the Pudgy Penguins team announced that their token would be listed on several exchanges, including the fastest-growing crypto derivatives exchange Bitunix. $PENGU coin can easily be bought on Bitunix’s spot market.

How to Buy Pudgy Penguins ($PENGU) Token

Buying Pudgy Penguins’ $PENGU token on Bitunix is simple and can be done in a few steps. Here is the process for buying $PENGU:

  1. Creating an Account with Bitunix Exchange

Visiting the Bitunix Exchange platform and selecting the “Sign Up” option is the first step. New users have to register by entering their email and password while existing users can log in with their credentials.

2. Funding the Wallet

After logging in, accessing the “Wallet” section allows for depositing funds. Supported cryptocurrencies such as USDT can be added for trading. Alternatively, visiting the “Buy Crypto” section enables the purchase of funds directly using VISA, Mastercard, or other supported payment methods.

3. Accessing Spot Trading

Once funds are deposited, navigating to the Spot Trading section opens the platform’s trading interface. Searching for the PENGU/USDT pair is done using the search bar.

4. Buying $PENGU Tokens

The process will be completed by selecting the PENGU/USDT trading pair and entering the desired amount of $PENGU. Confirming the transaction ensures the tokens are instantly appearing in the Bitunix wallet.

By listing the Pudgy Penguins $PENGU token, Bitunix is expanding its offerings and providing access to one of the most anticipated NFT projects. This move further solidifies the platform’s role in supporting innovative and high-potential cryptocurrencies.

Experts Weigh in on XRP Need to Hold Above $2 for Bull Run to Continue

Abdulkarim Abdulwahab
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Experts weigh in on XRP price action, highlighting the importance of holding support around $2 for a continued bull run.

XRP has not been spared from the significant bearish pressure that swept through the crypto market last night. The token, which was trading at $2.58, plummeted by 15% to $2.18 during the downturn.

This development has sparked fresh commentary from analysts about XRP’s next move. Casi Trade, a prominent analyst, provided a detailed update on XRP’s precarious position.

According to her analysis, XRP has broken through key support levels and is now holding just above the 0.236 Fibonacci retracement level. This has led to a reevaluation of wave counts and a broader look at the market structure.

Key Scenarios for XRP Trajectory

Casi outlined two potential scenarios for XRP’s current movement. The first is an ABC correction (Wave 2 of a new trend), in which XRP could find support near the trendline, in line with the current market structure. Alternatively, XRP might extend its bearish movement and break below the trendline.

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XRP chart by Casi Trades

However, both scenarios hinge on XRP’s ability to hold key support levels, particularly the $1.90–$2.00 range, which aligns with the 0.382 Fibonacci retracement level. Casi noted that, in either case, XRP is unlikely to break below this zone, offering some hope for the bulls.

Essentially, if XRP fails to hold above the $2 range, it could test even lower levels. However, a rebound from the current trendline could set the stage for a potential recovery.

At press time, XRP is recovering from yesterday’s sharp price decline, now trading at $2.37. Nonetheless, it still shows a 6.21% decline over the past 24 hours.

XRP “Springboard” to New ATH from $2

Meanwhile, other market watchers have expressed a similar sentiment regarding XRP’s price movement around the crucial $2 level.

In a tweet, market commentator Chad Steingraber suggested that a “double tap” at $2 would serve as a “springboard” for XRP to reach new all-time highs. He believes the token is on an upward trajectory, and nothing can hold it back.

XRP Outlook Remains Promising if Bulls Defend $2

Meanwhile, XRP critic IncomeSharks also weighed in on the coin’s potential price movement. He noted that if XRP bulls can defend the supertrend level around $2 and establish a bullish consolidation pattern, it would present a compelling reason to buy XRP again.

However, the analyst criticized the initial large daily candles, calling them FOMO-driven moves that often fail to attract sustained buying pressure. He concluded that if the green line holds, it would be a more rational entry point for potential buyers.

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XRP chart by IncomeSharks

Can Bitcoin Retrace Below $100K? On-Chain Data Shows $141B Support with 1.45M BTC Accumulated

Albert Brown
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Can Bitcoin Retrace Below $100K? On-Chain Data Shows $141B Support with 1.45M BTC Accumulated

On-chain data reveals 1.45 million BTC accumulated at $97.5K, highlighting $141 billion in support as Bitcoin faces potential retracement below $100K.

Bitcoin’s recent price action showcased significant volatility, with the leading crypto briefly surpassing $108,000 on December 17. However, the crypto market faced a rapid reversal following the Federal Reserve’s Federal Open Market Committee (FOMC) meeting, which injected uncertainty into the financial sector.

After reaching its record high, Bitcoin retraced to $105,000 and later dipped below $99,000. Despite this pullback, the asset rebounded above $102,000, though it remains 2% lower than its daily opening price.

Bitcoin Sitting on $141B Support

Amid this recovery, an analysis shared by IntoTheBlock provides insights into potential support zones based on historical buying activity. Data from the blockchain analytics platform highlights a critical support zone for Bitcoin below the $100,000 mark, where a demand zone has been formed. 

The platform notes that approximately 1.45 million BTC were accumulated at an average price of $97,500.

This accumulation, worth $141.37 billion, suggests robust demand below the six-figure threshold, potentially offering price stability if selling pressure intensifies.

On the resistance side, minor selling activity is noted just above the current trading levels. The platform identifies the closest resistance range between $102,351 and $102,458. The relative weakness of these resistance zones points to an opportunity for upward momentum if buying activity strengthens.

 

Address Activity Reflects Market Consolidation

Bitcoin’s network activity offers further insights into the market’s current phase. According to IntoTheBlock data, 364,870 new addresses were created over the past week, reflecting continued interest in the asset. Further, the 7-day new address metric declined by 10.14%, signaling a slowdown in new participant entry.

Meanwhile, active wallets remain stable, with 899,370 addresses transacting, showing a slight 0.23% decline over the same period. Interestingly, the number of zero-balance addresses increased by 14.55% in the past week, reaching 401,690.

Bitcoin Address Activity
Bitcoin Address Activity / IntoTheBlock 

Dynamics Amid Federal Reserve Policy

Elsewhere, an analysis by Santiment highlighted the macroeconomic context of Bitcoin’s price fluctuations. The intelligence platform recalled how the Federal Reserve’s 25-basis-point interest rate cut, coupled with cautious comments by Chairman Jerome Powell, tempered market expectations, particularly Bitcoin. 

However, Santiment noted a slightly reduced correlation between Bitcoin and the S&P 500 during the past month. This trend is particularly significant in bullish periods, and considering that Bitcoin has stayed over $100,000, it could position itself for recovery once market volatility subsides.

Market Pundit Shares Best XRP Investment Strategy as XRP Collapse

Sam Wisdom Raphael
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Market Pundit Shares Best XRP Investment Strategy as XRP Collapse

A market pundit shares his preferred XRP investment strategy amid the ongoing market bloodbath that triggered a 9% XRP collapse.

Notably, the crypto market took a hit following the Federal Reserve’s decision to cut interest rates by 0.25%. Despite expectations for a bullish outcome, the announcement triggered a “sell-the-news” event, causing widespread liquidations. 

XRP bore the brunt of the market downturn, plunging by 9.91% yesterday to a low of $2.23, as it erased the gains from the RLUSD launch. So far, the altcoin has recovered slightly, trading at the $2.34 level. However, it remains in a very delicate position.

Fed Policy and Market Reactions

For context, the Federal Reserve‘s latest rate cut reduced interest rates to 4.5%, aiming to bolster economic growth. Nonetheless, this decision led to significant volatility across financial markets. 

The U.S. stock market lost $1.5 trillion in value, while over $310 million in crypto liquidations were recorded within 24 hours. XRP did not escape this bloodbath. However, Amid the downturn, market pundit Oscar Ramos shared suggested that the dip presents an opportunity for accumulation. 

In a video commentary, Ramos noted the impact of the Federal Reserve Chair Jerome Powell’s comments, particularly his stance against the central bank owning Bitcoin. 

The Federal Reserve Chair confirmed that the bank is not allowed to own Bitcoin and they are not looking for a rule change on that. Powell’s remarks dampened market sentiment, raising concerns over the Federal Reserve’s future relationship with crypto.

Investment Strategy Amid XRP Price Slump

This contributed to the crypto market collapse. The ensuing decline in XRP’s price followed a period of heightened volatility. After peaking at $2.72, the token retraced to $2.23, marking a 17% drop within a day. 

Despite the sell-off, Ramos highlighted that such corrections are typical in volatile markets and often create opportunities. He compared the current dip to the previous XRP downturn on Dec. 10, where the token recovered after a similar drop following Ripple CEO Brad Garlinghouse’s 60 Minutes interview.

XRP 1h Chart Oscar Ramos
XRP 1h Chart | Oscar Ramos

The market pundit revealed that he personally doubled down on XRP during the recent price drop, citing his long-term bullish stance on the asset. However, he failed to provide any price projections. 

He reassured XRP holders to remain patient and focus on dollar-cost averaging rather than reacting emotionally to market fluctuations. Nonetheless, he noted that he understands the position of those who instead choose to sell and take profits.

Ramos spotlighted the recent launch of RLUSD as a bullish factor. He shared a clip of Monica Long, Ripple’s president, discussing the potential of Ripple’s newly launched stablecoin, RLUSD. 

She emphasized the growing demand for regulatory-compliant stablecoins, projecting the market to reach $3 trillion by 2028. Some believe Ripple’s focus on stablecoins, and diversification could play a critical role in driving XRP’s long-term value.

Broader Crypto Market Collapse

Meanwhile, in addition to XRP, the broader crypto market also faced steep losses. Bitcoin dropped from $108,000 to $100,000, marking a 7% decline. Ethereum saw major liquidations, with Binance recording the largest single liquidation worth $4.7 million in ETH perpetual futures. 

Ramos pointed out that fear and uncertainty dominated the market following the Federal Reserve’s announcement. However, he encouraged investors to remain calm and focused on their long-term strategies. Currently, XRP trades for $2.35, down 6.97% over the last 24 hours.

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