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Regulated Futures for Shiba Inu Filed With US CFTC: Details

Lele Jima
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Regulated Futures for Shiba Inu Filed With US CFTC: Details

Coinbase Derivatives (formerly FairX) seeks the U.S. Commodity Futures Trading Commission (CFTC) to list a regulated futures contract for Shiba Inu (SHIB). 

Dubbed 1k Shib Futures (SHB), the fund will be listed under a self-certification model. According to the filing submitted yesterday, Coinbase Derivatives intends to list and open trading for the product on July 15, 2024. 

Details of SHB Futures Contract 

In a letter addressed to Christopher J. Kirkpatrick, the secretary of the U.S. CFTC, Coinbase Derivatives explained that the product will be a monthly cash-settled and margined contract. 

The exchange also provided vital details about the fund. Specifically, it stated that the contract size is 10 million SHIB, with the minimum tick size and value set at $0.00001 per token and $0.10 per contract, respectively. 

The exchange said it will set the contract’s position limit to 30,000 SHB Futures, equivalent to 300 billion SHIB tokens.

Furthermore, the exchange noted that the final settlement price of all expiring contracts will be based on the Market Vector Coinbase 1k Shib benchmark reference rate at 4:00 PM London time. 

It also highlighted that the product’s index value will be determined by a two-hour settlement window, with Market Vector breaking the period into 40 three-minute intervals.  

Market Vector would aggregate all volume and trades from the constituent exchange at each interval, thus calculating a volume-weighted median price.  

According to Coinbase Derivatives, the trading hours for the Shib contract are from 5:00 to 4:00 PM (CT), Sunday through Friday. However, a trading break is scheduled for Monday through Thursday, from 04:00 to 05:00 PM (CT). 

Coinbase Derivatives to Launch Other Regulated Futures for Four Altcoins 

Meanwhile, the exchange also submitted multiple futures contract certification documents for four other altcoins: Stellar Lumen (XLM), Polkadot (DOT), Chainlink (LINK), and Avalanche (AVAX). 

These products are also expected to launch on July 15, the same date as SHB Futures Contracts. Notably, Coinbase Derivatives will manage the volatility of these assets by deploying its risk control measures, including a daily price limit. 

Here are Prices at Which 500,000,000 Shiba Inu Would be Worth $1M, $5M and $10M

Sam Wisdom Raphael
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Here are Prices at Which 500,000,000 Shiba Inu Would be Worth $1M, $5M and $10M

Investors holding 500 million Shiba Inu tokens will see their holdings appreciate to $1 million, $5 million and $10 million if SHIB’s price rallies to $0.002, $0.01 and $0.02.

Shiba Inu has slipped below the $0.00002 price territory as a result of the ongoing market crash. However, the dog-themed asset is not alone in the downturn. Due to the persistent selloffs, Bitcoin (BTC) is battling to retain the $60,000 region, while Ethereum (ETH) has collapsed below $3,400.

SHIB Buying Opportunity

Interestingly, most market watchers regard this drop in prices as an opportunity for investors to increase their holdings at discounts. This sentiment hinges on the assertion that the ongoing downturn is temporary. The general consensus is that the market will recover from the drop, with bull flags forming on multiple charts.

For instance, crypto trader Daink recently disclosed that he had procured more Shiba Inu tokens for a long-term investment strategy. Like most analysts, Daink is optimistic of SHIB’s price prospects, expecting a price appreciation to the $0.000088 level.

This accumulation pattern has spread across Shiba Inu investors, data from IntoTheBlock confirms. Notably, bulls have purchased 650.13 billion SHIB over the last ten days. Meanwhile, bears have sold 187.56 billion tokens within this period. This shows that Shiba Inu has witnessed excess demand of over 462 billion tokens since June 19.

Shiba Inu Bulls and Bears IntoTheBlock
Shiba Inu Bulls and Bears | IntoTheBlock

Amid the accumulation spree, investors anticipate their holdings to appreciate to impressive levels. Shiba Inu’s ability to transform $12 to $1 million has bolstered the optimism. Consequently, The Crypto Basic recently assessed how much Shiba Inu must rally for 500 million tokens to yield millions of dollars.

500 Million Shiba Inu at $1 Million 

Notably, an investor would need to commit $8,540 at Shiba Inu’s current price of $0.00001708 to amass 500 million tokens. To achieve a $1 million portfolio with these tokens, SHIB must spike to $0.002. This price represents a significant increase from the current value. 

If the price rises to $0.002, the total value of their holdings would be $1,000,000. This increase would yield a profit of $991,460. Crypto platform Changelly expects Shiba Inu to clinch the $0.002 price territory between 2033 and 2040.

500 Million Shiba Inu at $5 Million and $10 Million

For those aiming higher with a goal of $5 million, more patience is necessary. To reach this figure, each SHIB token would need to be worth $0.01. This scenario provides a stunning profit of $4,991,460. In March, Shiba Inu marketer Lucie expressed confidence that SHIB could reach $0.01, but not in the current period.

Finally, for those dreaming of $10 million, the price per SHIB token must rise to $0.02. The profit from this jump would be an impressive $9,991,460. Analysts at Changelly further predict Shiba Inu to hit $0.02 in September 2050.

Top Financial App Enables Shiba Inu Card Payment

Abdulkarim Abdulwahab
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0
Top Financial App Enables Shiba Inu Card Payment

xPortal, a crypto-based financial app on the MultiversX blockchain, has added Shiba Inu among crypto assets usable via its card service.

In a Friday announcement, xPortal disclosed that it is opening new top-up avenues for its crypto debit card service. Following the update, crypto enthusiasts can now top up their cards with various crypto assets like Shiba Inu and spend them immediately.

Notably, other assets xPortal added as new top-up avenues for its debit card service include Chainlink (LINK), Uniswap (UNI), popular meme coins Dogecoin (DOGE) and PEPE, and stablecoins USDT and USDC.

xPortal Card Service Supporting Shiba Inu 

xPortal is a global payments app and non-custodial crypto wallet built on MultiversX (EGLD). It allows users to exchange and manage their cryptocurrencies directly from their mobile devices. The team takes pride in the wallet’s security features, arguing it is unhackable, given its on-chain 2FA.

Shiba Inu enthusiasts can get xPortal’s debit card solution by downloading the app through the Apple App Store, Google Play Store, and Huawei AppGallery.

The card issuance fee is free. However, a €10 bill applies for physical card delivery while a 1.49% fee applies to crypto purchases. Notably, users can get up to 5% cashback.

Reacting to the announcement, a U.S.-based crypto enthusiast lamented that xPortal’s card service is unavailable to Americans. Replying to the remark, an X user offered solace that once there is a leadership change with the coming elections, the usual crypto-related restrictions on U.S. residents would be relaxed with favorable regulations.

Growing List of SHIB Card Payment Services

With this latest development, xPortal joins the growing list of crypto-based financial service providers that have integrated support for Shiba Inu payments through various payment methods.

In 2023, BitPay collaborated with Sardine to enable SHIB card payments in over 180 countries. Additionally, the same year, Gate.io exchange launched a debit card supporting Shiba Inu payments across Europe.

More recently, CryptoCom App expanded its support to accept Shiba Inu for Visa card funding. Furthermore, Binance’s crypto debit card reinstated Shiba Inu payment support this month, building on its initial integration in August 2022.

Ripple CEO Slams CoinDesk Over Inaccurate Report on XRP  

Lele Jima
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0
Ripple CEO Slams CoinDesk Over Inaccurate Report on XRP  

Ripple CEO Brad Garlinghouse criticizes popular crypto news outlet CoinDesk for inaccurately reporting a recent court decision relating to XRP. 

Recall that California District Judge Phyllis J. Hamilton issued the highly anticipated decision in the securities class action against Ripple last week. 

In the ruling, the judge dismissed all securities law violation claims against Ripple. However, she scheduled a jury trial for a state law claim regarding a 2017 statement made by Garlinghouse. 

Consequently, some media outlets misinterpreted the decision, noting that the California court ruling could alter XRP’s non-security status, as determined by New York federal Judge Analisa Torres. As reported earlier, Garlinghouse dismissed these misconceptions, emphasizing that XRP is, in and of itself, not a security. 

Garlinghouse Knocks CoinDesk for Spreading False Information About XRP 

Despite the clarification, a recent CoinDesk report claims Judge Hamilton hinted that XRP could be a security. Reacting, the Ripple CEO faulted this claim and criticized the reputable media outlet for the inaccurate reporting. 

“The CA Judge did NOT call XRP a security,” Garlinghouse remarked. 

He emphasized that only XRP and Bitcoin have regulatory clarity in the U.S., which classifies the assets as non-securities. Furthermore, Garlinghouse recounted how CoinDesk deleted a misleading tweet and corrected a headline about the topic, hinting at a pattern of inaccurate reporting. 

Pro-XRP Lawyer Weighs In 

Meanwhile, other pro-XRP industry commentators also criticized CoinDesk after its recent report about the cryptocurrency’s legal status.  

Attorney Bill Morgan slammed the media outlet for spreading misleading information about XRP’s legal status. He said the California judge did not rule that XRP is, or could be, a security. 

He added that Judge Hamilton did not determine at summary judgment whether Ripple’s programmatic sales in the secondary market constitute investment contracts, a special type of security. 

Conversely, Attorney Morgan stated that Judge Torres held that XRP is not a security and also found Ripple’s programmatic sales of the coin to be non-investment contracts. In addition, he asserted that XRP in itself currently has more legal clarity than Bitcoin. 

“Spreading this misinformation about the legal status of XRP almost one year after the Torres decision is just dishonest,” Morgan added. Interestingly, the Community Notes feature on X has also debunked the claims from CoinDesk, citing Ripple CLO Stuart Alderoty’s remarks.

Analyst Reveals Shiba Inu Buy Strategy, Projects Rally to 2021 High at $0.000088

Sam Wisdom Raphael
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Analyst Reveals Shiba Inu Buy Strategy, Projects Rally to 2021 High at $0.000088

Daink, a crypto market analyst and trader, discloses his Shiba Inu but strategy, projecting an imminent rally to the 2021 high above $0.000088.

The latest commentary comes on the back of an ongoing downturn in the market. Shiba Inu remains one of the most impacted by the prevailing market conditions. With June barely two days away from a close, SHIB has collapsed 32.87% this month. This could mark its worst performing month since May 2022, during the Terra implosion.

SHIB’s Volatility Induces Steeper Drop

Shiba Inu’s bearish condition is due in large part to Bitcoin’s (BTC) persistent selling pressure. However, the firstborn crypto asset is only down 10% this month, showing greater resilience. SHIB has recorded a steeper drop because of its higher volatility, a trait that could be beneficial during an uptrend.

Santiment confirms that Shiba Inu’s volatility has persistently surpassed Bitcoin’s over a one-week timeframe. Data shows that, while Bitcoin (yellow line) has recorded an increase in volatility, its weekly volatility stands at 0.021. Meanwhile, despite a drastic drop in volatility (blue line), SHIB’s weekly volatility rests on 0.025.

Shiba Inu v Bitcoin Volatility Santiment
Shiba Inu v Bitcoin Volatility | Santiment

This period of reduced volatility for Shiba Inu often comes before a price rally. Daink is looking to leverage this opportunity to ride on the anticipated surge. Notably, this drastic drop in volatility occurred in February, right before the previous SHIB uptrend. With a repeat on the horizon, Daink reveals he has bought a long-term Shiba Inu bag.

Shiba Inu Investment Strategy 

This strategy involves procuring and holding onto SHIB over a long period of time until the targeted price level is reached. The trader’s chart suggests that he expects Shiba Inu to clinch a target above the $0.000088 threshold. This level represents SHIB’s all-time high value, attained in October 2021 during the previous bull run.

Meanwhile, Shiba Inu has now found stability at the $0.000017 support, largely consolidating at this region for five days. With its current price at $0.00001705, SHIB would need to spike 416% to reach the $0.000088 target. Such a rally would turn a $1,000 investment to a whopping $5,161.

Interestingly, IntoTheBlock data indicates that Daink’s long-term investment strategy is the go-to plan for most Shiba Inu investors. Per on-chain data, 1.03 million addresses, representing 76.8% of the total 1.34 million SHIB addresses, have held their tokens for over a year. This figure increased from 1.02 million just 10 days ago.

Shiba Inu Addresses by Time Held IntoTheBlock
Shiba Inu Addresses by Time Held | IntoTheBlock

The impressive investor confidence prevails despite the ongoing market bloodbath. Several market watchers have predicted an imminent surge for Shiba Inu once the correction ends, contributing to the optimism. Last month, analyst Javon Marks projected an upcoming price surge to the $0.000088 territory.

Analyst Expects XRP to Outpace Bitcoin by 243%, with Price Rallying to $1.57

Sam Wisdom Raphael
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0
Analyst Expects XRP to Outpace Bitcoin by 243%, with Price Rallying to $1.57

Notable analyst Javon Marks believes XRP could outperform Bitcoin by an impressive 243%, projecting an over 3.3x increase in XRP price toward the $1.57 region.

Marks disclosed this amid the current market uncertainty. The downturn has dealt a blow on prices, with Bitcoin (BTC) leading the charge. Being the most prominent crypto asset, with a 53.1% market dominance, BTC has continued to dictate the direction of the broader market. As the rest of the market follows, so does XRP.

However, during the ongoing downtrend, XRP has demonstrated greater resilience than Bitcoin and the broader market. The Crypto Basic confirmed this trend in a report earlier in the week. Notably, BTC is down 8.70% this month, while Ethereum (ETH) has collapsed 8.17% within the same period.

Additionally, despite its recent 24-hour price spike on the back of VanEck’s spot ETF filing, Solana is seeing an 11.83% loss this month. Meanwhile, XRP has maintained a 7% decrease in June, suffering less burns than the broader market. 

Analyst Expects XRP’s Resurgence

Nonetheless, market participants have often voiced concerns over XRP’s inability to record gains when these other assets appreciate. For context, XRP is performing worse compared to the rest of the market on a larger timeframe. Javon Marks believes this trend could be coming to an end, as he predicts an XRP explosion.

He called the investing public’s attention to a descending trendline on the XRP/BTC chart over a 2-day timeframe. This trendline formed as a result of a downtrend XRP has faced against Bitcoin since July 2023. Recall that XRP recorded a 63% spike over BTC when its price rallied to $0.93 last July.

However, following the rally, a retracement ensued. The ongoing downtrend, which began in August 2023, has prevailed on the back of this retracement. As a result, XRP has dropped 70% against Bitcoin since last July, with the XRP/BTC ratio collapsing from 0.00002593 to the current value of 0.00000773.

XRP Bitcoin Daily Chart
XRP Bitcoin Daily Chart

XRP Eyes 243% Rise Against Bitcoin

Interestingly, Marks confirms that XRP has now broken above the descending trendline. This comes as the altcoin regains some lost ground against BTC. The recovery push has been especially bolstered by XRP’s greater resilience against the bears in the ongoing turmoil. Notably, the XRP/BTC pair has increased 16% since its June 7 low.

The market analyst expects the breakout from the descending trendline to result in a 243% rise in XRP’s price against Bitcoin. Data from his chart shows this would push the pair to 0.00001966. However, such a spike against Bitcoin would require a follow-up price increase from XRP, the analyst says. 

Marks expects this anticipated price increase to push XRP’s value by as much as 3.3x. With XRP currently trading for $0.4768, a 3.3x surge would take this price to $1.57. The last time XRP saw this price level was in May 2021 amid the correction from the $1.96 peak in April of that year.

XRP Not Dead, Says Top Trader Expecting Explosion Above $17

Abdulkarim Abdulwahab
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0
XRP Not Dead, Says Top Trader Expecting Explosion Above $17

TradingShot, a widely followed market analyst on TradingView, asserts that XRP is far from dead, noting the asset is set for a parabolic surge above $17.

Critics have repeatedly labeled XRP a dead coin, considering its discouraging performance since this ongoing bull season. XRP hovers around $0.47, down by 6% over the past week, as it mirrors the broader market pullback trend. 

Despite the severity of the current market-wide price crash, Bitcoin and Ethereum boast year-to-date gains of over 45%. Moreover, BNB commands a more substantial 84% YTD growth. 

Other top-ranking assets like Solana, Dogecoin, and Shiba Inu have also outshone XRP, which has suffered a negative 23.65% YTD performance.

Moreover, XRP ended Q1 with a 5% decrease, and Q2 has not shown any improvement, leading many to doubt its long-term viability. However, some market observers still have reasons to be optimistic about XRP’s future.

XRP is Not Dead

In a recent analysis on TradinView, analyst TradingShot argued that XRP is not dead. His outlook for XRP is established based on technical and historical observations from the asset chart. He observed that XRP has traded below its 50-week moving average (MA) and 200-week MA since April 8.

He noted that XRP is simultaneously testing the bottom trendline of a triangle structure that began in January 2018. This pattern resembles a triangle that formed after the December 2013 high and broke out to the upside in March 2017.

Furthermore, the analyst highlighted that XRP’s one-week RSI is currently at 40.00. This value is at a historical low and is considered a long-term buying opportunity.

XRP Can Rally 3,500 above $17

According to TradingShot, if XRP breaks above its one-week 200-day moving average, it will likely initiate a parabolic rise, potentially exceeding $17. The accompanying chart suggests that the analyst expects the region to be the top for XRP in this bull season.

XRP TradingView
XRP potential pattern | TradingShot on TradingView

With XRP trading at $0.47, the projected values above $17 demand an upsurge exceeding 3,500%. Meanwhile, the analyst cautioned that if this scenario fails to materialize, the XRP community will need a new narrative, as the long-term bullish pattern would have failed them.

Other market commentators, such as ambitious analyst EGRAG, have also made bold predictions about XRP’s potential. In March, EGRAG argued that XRP could reach $17 as early as May and even soar to $27 by November. 

Although the predicted timeline has failed, EGRAG has since reaffirmed the $17 target for XRP in a more recent update, omitting a specific timeline.

Missing Out on XRP Could be the Biggest Mistake: Expert 

Lele Jima
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0
Missing Out on XRP Could be the Biggest Mistake: Expert 

King Karan, founder of The Alpha Husky Club NFT and Bitrue ambassador, says it would be a huge mistake for anyone to miss out on XRP’s potential integration into the global banking system. 

The crypto expert asserted in an X post yesterday while expressing confidence in the seventh-biggest cryptocurrency by market cap. 

Notably, King Karan stated that he is not bothered about whether XRP rallies significantly within the next two years. He expressed confidence in his diversified investments in multiple altcoins, emphasizing that he will generate profit irrespective of when XRP records a significant uptick. 

However, he emphasized that anyone who misses out on XRP’s potential integration into the global ‘financial banking system’ could be making the biggest mistake. 

Potential Impact of XRP’s Integration in the Banking System 

Karan’s remark suggests that the integration of XRP into the banking system could positively impact the coin’s price. 

Hence, while the Bitrue ambassador is not bothered about XRP’s short-term price action, he still recognizes how the coin’s potential integration into the banking system could impact its performance. 

At press time, XRP has staged a daily increase of 2.7% to $0.4768. The slight gain comes after the coin recorded a weekly dip of 2.06%. 

XRP Use in Payment 

Meanwhile, besides trading, XRP has demonstrated its utility in global payments. On a retail scale, XRP’s spending volume surged 42% in January, with the coin leveraged to facilitate 7,310 payments to businesses across 113 industries.  

Beyond retail, several financial institutions, especially ODL, have adopted XRP for cross-border settlements via Ripple’s payments solution. It is common knowledge that ODL leverages XRP as a bridge between fiat currencies. 

As reported earlier, the use of XRP on ODL accounts for 50% of all transactions conducted through RippleNet. For context, RippleNet (now absorbed into Ripple Payments) is a decentralized network of global banks leveraging Ripple’s technology for payments. 

Interestingly, more financial institutions are partnering with Ripple, with many utilizing XRP for cross-border settlements. The Crypto Basic reported earlier this month that 80% of Japan’s banking industry has formed partnerships with Ripple. In particular, the report indicated that 60 Japanese banks have already adopted Ripple’s payment technology. 

As Ripple’s payment technology continues to gain popularity, it is only a matter of time before more banks adopt the solution, thus potentially leveraging XRP for cross-border settlements. 

Bitcoin Must Defend $56K to Avoid Major Price Correction, Experts Say

Abdulkarim Abdulwahab
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0
Bitcoin Must Defend $56K to Avoid Major Price Correction, Experts Say

Analysts have warned of a major Bitcoin price correction should the premier asset fail to hold above the ultimate support level of $56,000.

Bitcoin has continued to hover around the $60K region for the past few days following Monday’s price drop to $58,601. The highest point BTC reached since this dip was $62,293 before settling around the $61K region.

While this stability has allowed altcoins like Solana to see minor price recoveries, prominent market watchers believe the danger is not over

Bitcoin Must Defend $58K

According to a recent analysis by CryptoQuant, Bitcoin’s greatest support level is $56,000. This means that any significant bearish volatility can only be defended at this price point. CryptoQuant stressed that failure to defend this threshold could trigger another major price correction.

In a separate breakdown, analyst Willy Woo attributed Bitcoin’s recent retest of the $58,000 threshold to excessive leveraged positions that needed to be purged and a selling spree by miners. 

According to Woo, speculators have resumed increasing their positions. He noted that the market is not yet prepared for an uptrend without a notable drop in such contracts. As a result, the analyst consented Bitcoin could further crash to $54,000.

Factors Needed for Market-wide Surge

Regardless of the bearish projections, CryptoQuant stressed that the market is still in a bullish phase, albeit the weakest since March 2023. A key factor influencing this bullish argument is the demand for Bitcoin.

Currently, the demand for BTC from permanent holders is growing at a monthly rate of 72,000 Bitcoin, a significant improvement from 68,000 BTC in May. However, the rate is slower than the 160,000 monthly BTC demand in Q1 2024.

This significant demand triggered a price rally to Bitcoin’s record high in Q1. As a result, CryptoQuant argued that the market needs higher BTC demand from permanent holders to witness an upsurge.

Furthermore, the report revealed that U.S. investor demand for Bitcoin has recently dropped to negative territory. Historically, growth in U.S. investor demand coincides with Bitcoin’s uptrend.

Additionally, stablecoin liquidity is slowing down, with the 60-day growth in the USDT market cap slowing from $12.6 billion in late April to $2.5 billion in June. CryptoQuant emphasized that this is the slowest pace since the last quarter of 2023. The firm noted that faster liquidity growth from stablecoins is needed for prices to rally.

Report Shows Major Sell-Offs by Long-Term Bitcoin Holders in 2024

Zabi
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0
Report Shows Major Sell-Offs by Long-Term Bitcoin Holders in 2024

Long-term Bitcoin holders sold 200,000 BTC in 2024, worth $10 billion in May and $1.2 billion in June, reflecting a declining trend.

Long-term Bitcoin (BTC) holders have been reducing their holdings throughout 2024, with significant sell-offs observed in May and June. According to IntoTheBlock data, May saw a sharp decline in long-term BTC holdings, with approximately 160,000 BTC worth around $10 billion sold.

 

Although the selling slowed in June, another 40,000 BTC left long-term holders’ wallets. This activity has correlated with fluctuations in Bitcoin’s market price.

The chart by IntoTheBlock indicates a steady decrease in the holdings of long-term BTC holders, specifically those who have held Bitcoin for over a year, throughout 2024. This decline is represented by the blue line, indicating a consistent sell-off throughout 2024. In May, there was a notable sharp decline, confirming a reduction in holdings. 

June’s Slower Selling Pace

Following May’s reduction, June saw a less steep yet noticeable decline in long-term holdings. 

Despite the slowdown, the continued selling by long-term holders indicates ongoing market adjustments. The black line representing BTC price fluctuations shows a general downward trend, corresponding with the reduction in holdings by long-term investors. 

Ownership Distribution Insights

Previously, in February, on-chain data revealed that a large number of Bitcoin addresses were holding BTC at a loss after collectively spending around $25 billion to enter the market at an average price of $52,125. 

Market analyst Lookonchain highlighted the potential for selling pressure in the crypto market, noting that 848,390 Bitcoin wallets had joined the market at this average purchase price. The data, sourced from market intelligence provider IntoTheBlock, underscored the challenges faced by many investors.

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