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Cardano Founder Confirms Midnight Airdrop Will Reach 37 Million People, Including XRP Holders

Sam Wisdom Raphael
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Cardano Founder Confirms Midnight Airdrop Will Reach 37 Million People, Including XRP Holders

The Cardano founder has continued to reiterate the broad scale of the Midnight airdrop, recently confirming it could reach 37 million people, including XRP holders.

He made the latest disclosure to the blockchain community during his keynote at the Paris Blockchain Week 2025, confirming that the upcoming Midnight airdrop will target 37 million users across multiple blockchain networks. 

Hoskinson: Fourth Crypto Generation Focuses on Privacy

Notably, this latest comment came on Day 2 of the Paris event, where Hoskinson also presented his perspective on the ongoing evolution of the cryptocurrency industry. For context, he broke down the development of the blockchain sector into four generational phases. 

Specifically, the Cardano founder explained that the first generation centered on decentralization, laying the foundation with networks like Bitcoin. Meanwhile, the second generation introduced smart contracts and programmable blockchains, with Ethereum’s rise beginning in 2015. 

Further, in the third phase, the emphasis moved to interoperability and scalability. This looks to address the need for networks to communicate and grow efficiently.

However, according to Hoskinson, the industry is now transitioning into a fourth generation, one that prioritizes privacy. He noted that privacy is not just an optional feature but an important factor necessary for the growth of decentralized technology. 

Midnight Airdrop is for XRP Holders and Others

According to him, this is the motivation behind Cardano’s development of Midnight, a privacy-oriented sidechain that allows secure and compliant data management using advanced cryptographic techniques.

Highlighting the scope of the upcoming airdrop, Hoskinson revealed that users holding assets on major blockchains such as Bitcoin, Ethereum, Cardano, and XRP will be eligible. Notably, other supported networks include Solana, Binance Smart Chain, Avalanche, and Polygon. 

Interestingly, XRP’s inclusion is not surprising, given the newfound “bromance” between the XRP and Cardano communities in recent times. In a recent video promoting tokenization, Ripple opened with a Cardano logo, indicating this friendly relationship between both ecosystems.

In his statement, Hoskinson stressed that Midnight will present a cross-chain experience by enabling XRP holders and other users to interact with the protocol using the native assets of their respective chains. 

They call this feature chain abstraction. For the uninitiated, this means users won’t need to convert their assets to interact with Midnight. Whether they hold ADA, ETH, BTC, or XRP, they can easily use them on the platform.

Midnight Seeing Recent Developments

The upcoming Midnight airdrop, known as the “Glacier Drop,” is a move through which the Cardano Midnight team seeks to promote widespread adoption and cross-chain engagement. 

It will involve the distribution of two tokens: NIGHT, which is the primary governance token of the Midnight ecosystem, and DUST, a non-transferable token used within the privacy layer for shielded transactions. 

According to the Midnight team, NIGHT has a fixed supply and has a central role in governance and network participation, while DUST focuses on enabling private transactions without sacrificing compliance.

Meanwhile, Midnight‘s development roadmap has gained momentum in recent months. The project has launched a series of upgrades on its testnet to improve developer experience, network scalability, and integration readiness. Earlier this week, the team confirmed an imminent upgrade to the testnet.

Also, they have added a release overview page and a compatibility matrix to assist developers building on the network. In addition, they formed a partnership with OpenZeppelin to develop a secure, privacy-focused DeFi framework.

SEC Approves Ethereum ETFs for Options Trading on Nasdaq and NYSE

Albert Brown
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SEC Approves Ethereum ETFs for Options Trading on Nasdaq and NYSE

The U.S. Securities and Exchange Commission (SEC) has officially approved options trading for spot Ethereum ETFs from multiple asset managers.

This move opens up additional financial avenues for investors looking to engage with Ethereum-related assets, broadening opportunities within the digital asset market. Nasdaq ISE, LLC and NYSE American LLC are now authorized to facilitate these new trading options.

Approval for Multiple Ethereum-Related Products

The SEC’s approval extends to options on BlackRock’s iShares Ethereum Trust through Nasdaq. Additionally, NYSE can now offer options on several Ethereum-based products, including the Bitwise Ethereum ETF, Grayscale Ethereum Trust, and Grayscale Ethereum Mini Trust. 

This decision affirms that the modifications comply with the standards outlined in the Securities Exchange Act, specifically Section 6(b)(5), which governs exchanges’ operations. The approval marks a significant milestone for Ethereum, reflecting its increasing integration into mainstream financial markets.

Analysts Predict Further Product Innovation

Notably, this approval builds on the SEC’s decision nearly a year ago to approve eight spot Ethereum ETFs. The latest move further supports the growing demand for Ethereum-linked financial instruments, particularly options, as more companies look to expand their product offerings.

Bloomberg Intelligence’s ETF analyst, James Seyffart, had anticipated this approval. He noted that the decision aligns with expectations for the launch of Ethereum-based financial products. 

Nate Geraci, president of the ETF Store, also highlighted that more launches will follow. Geraci mentioned strategies like covered call and buffer Ethereum ETFs, which may become more common as firms look to cater to the increasing demand for diverse Ethereum investment products.

CBOE and NYSE Push for Staking in Ethereum ETFs

Meanwhile, other exchanges are also moving to integrate Ethereum’s proof-of-stake mechanism into their offerings. The Chicago Board Options Exchange (CBOE) recently filed a 19b-4 request with the SEC to include staking services in Fidelity’s Ethereum Fund (FETH). By incorporating staking, the fund aims to generate higher returns for investors by engaging in Ethereum’s network validation process.

Not far behind, the New York Stock Exchange (NYSE) had requested permission from the SEC to add staking capabilities to the Grayscale Ethereum ETFs. If granted, this would allow investors to stake Ethereum within the ETFs, earning passive rewards as part of Ethereum’s validation mechanism.

U.S. Senate Confirms Paul Atkins as Next US SEC Chair

Elendu Benedict
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U.S. Senate Confirms Paul Atkins as Next US SEC Chair

The US Senate has confirmed Paul Atkins as the next US SEC chair after a slim victory for the former Wall Street consultant on Wednesday.

Popular FOX Business journalist Eleanor Terret confirmed the development in an early Thursday tweet. Yesterday, Paul Atkins received the US senatorial nod following a 52-44 polling outcome.

Notably, the win confirms Atkins as the next US Securities and Exchange Commission boss, pending a White House confirmation. He will now replace Gary Gensler, the former chair whose tenure was marked by an incessant clampdown on the digital asset sector.

Atkins Emerges as US SEC Boss

Atkins pushed past the Senate Banking Committee a week ago with another slim 13-11 victory, setting him up for yesterday’s vote. Bagging another approval, the Wall Street consultant becomes the first SEC commissioner to receive senatorial confirmation thrice.

For context, he served as an SEC commissioner under President George W. Bush between 2003 and 2008. Before taking on the role, he received the backing from the senate first in 2002 and then in 2003.

Meanwhile, Atkin’s swearing-in has inched closer with yesterday’s polling victory. He will officially resume office once Donald Trump signs off on his senatorial approval and will serve for the remainder of the tenure, expiring on June 5, 2026.

Atkin’s Pro-Crypto Portfolio

Trump nominated Atkins in December following his emergence as the 47th US president in the November 5 polling process. Reports have it that Trump tapped him to replace Gensler as he ticks all the boxes in the Republican president’s ideal SEC chair.

Aside from his wealth of experience as SEC commissioner, Atkins also positively perceives cryptocurrencies, a key ingredient in Trump’s chair qualities. Recall that the pro-Bitcoin president vowed to create clear regulations for the nascent industry and make America the crypto capital of the world.

Meanwhile, Atkins founded Patomak Global Partners, a Washington-based consultancy firm. The company served prominent crypto firms, with the Wall Street Journal alleging it worked closely with the now-defunct crypto exchange FTX.

Interestingly, the new SEC chair is notorious for his bullish stance on digital assets, having openly criticized the former administration’s anti-crypto operations in Congress. Moreover, he has already set creating a regulatory framework for the industry as a top priority upon resumption.

His appointment has attracted cheers from key industry players, including Republican Senator Cynthia Lummis. In a tweet, she confirmed his appointment, noting that his leadership would usher in positive changes to the commission.

Here’s the Real Reason XRP Is Rising as the Price Jumps 15% to Over $2

Lele Jima
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Here’s the Real Reason XRP Is Rising as the Price Jumps 15% to Over $2

Following a devastating collapse earlier this week, XRP has staged a remarkable rally that took its price above the $2 mark. 

In a dramatic turnaround, the broader crypto market experienced a significant relief rally yesterday, with the prices of most assets soaring to lofty heights. XRP was not left out in the latest surge, as it rose above the $2 territory. 

XRP Rebounds Above $2 

The rebound comes days after XRP plunged to a multi-month low of $1.6401 on April 7 as ongoing tariff tensions escalated. This escalated tension prompted investors to retreat from risky assets, including crypto. 

Since the decline, XRP’s initial attempts to recover above $2 were unsuccessful. However, yesterday, XRP finally succeeded in breaking past the $2 territory. This comes after XRP’s price surged 15.3% to hit a daily high of $2.08 on April 9. 

Only Reason Behind XRP’s Surge 

Some enthusiasts have attributed XRP’s recent price gains to several factors, particularly the resolution of the SEC lawsuit and Ripple’s acquisition of Hidden Road. 

However, the major reason behind the surge is an announcement from U.S. President Donald Trump. The president issued a statement yesterday that temporarily halted all ‘reciprocal’ tariffs for 90 days. 

This indicates that the U.S. issued a three-month pause on tariffs it initially imposed in response to other countries’ tariffs. During this period, the U.S. will lower its reciprocal tariffs to 10%. 

However, the U.S. President excluded China from this benevolence. Instead, he raised China’s tariffs to 125%, noting that the increment was ‘based on the lack of respect the country has shown the world markets.’ 

Interestingly, major assets, including XRP, soared on the news. Bitcoin, which initially crashed to $74,400 on Monday amid the tariff tension, rebounded nicely to above $82,000.

Meanwhile, XRP has retraced slightly to $2.03 in the hours leading up to press time. With its 24-hour gains at 12.4%, XRP remains down 3.35% in the past week and 5.06% in 30 days.

Here’s Why XRP Could Hit $29 if Bitcoin Claims $170K Following XRP/BTC Bullish MA Cross

Sam Wisdom Raphael
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Here’s Why XRP Could Hit $29 if Bitcoin Claims $170K Following XRP/BTC Bullish MA Cross

A market analyst recently suggested that XRP has the potential to reach a new peak on the XRP/BTC pair following a bullish cross against Bitcoin.

Notably, XRP is beginning to show signs of renewed momentum after a rough week that has seen the asset dip 2.89% in the last seven days amid widespread market volatility. 

Despite the bearish cloud, XRP has staged a strong recovery push, recently reclaiming the $2 mark and notching an impressive 12.38% gain in the past 24 hours. This resurgence comes at a critical moment, as a rare bullish crossover has just materialized on the XRP/BTC weekly chart.

XRP/BTC Pair Observes Bullish Crossover 

Technical analyst EGRAG Crypto recently spotlighted this bullish signal, which involves the 55-week Exponential Moving Average (EMA) crossing above the 155-week Simple Moving Average (MA). 

For context, this crossover occurred on Feb. 17, 2025, two weeks after the ongoing market-wide turbulence ensued. During this period, XRP witnessed consecutive declines against BTC, as the firstborn crypto showed less volatility. Interestingly, the February 2025 crossover marked just the second time in XRP/BTC history that such a pattern has formed.

XRPBTC 1W Chart EGRAG Crypto
XRPBTC 1W Chart | EGRAG Crypto 

Notably, the last time it happened was on May 15, 2017. What followed that previous crossover was a staggering 958.97% surge in the XRP/BTC ratio, pushing the pair from deep lows to a peak of 0.00022104 BTC per XRP. This occurred as XRP skyrocketed to the ATH of $3.8 in January 2018.

According to EGRAG, the current setup seems to mirror that historic pattern. Citing this historical precedent, the analyst suggests the same explosive run from 2017 could materialize once more. 

A Massive XRP Uptrend After Downward Retest

Following the February 2025 crossover, XRP/BTC attempted to retest the 55 EMA but veered off before touching it. If the pair manages a proper retest now, it could crash from the current 0.00002424 level to 0.00001850. With Bitcoin trading around $80,000 in such a scenario, XRP would drop to near the $1.48 price point.

Now, after this slump, XRP could finally stage the much-needed rally. Assuming XRP/BTC repeats the previous 958% rally, EGRAG indicates that the ratio would climb to about 0.000171 BTC. 

However, if Bitcoin trades at the Fibonacci 0.702 level near $97,000 when the pair reaches 0.000171, this will place XRP at roughly $16.5. Nonetheless, if the firstborn crypto resumes its uptrend and breaks into new highs, XRP could achieve even more dramatic prices.

For instance, should Bitcoin reach $130,000, XRP would hover around $22 at an XRP/BTC ratio of 0.000171. A $150,000 BTC would push XRP to $25, while a climb to $170,000 could catapult XRP to a formidable $29. These projections focus on the XRP/BTC ratio maintaining momentum from its February bullish crossover and Bitcoin sustaining its macro uptrend.

In addition to this, EGRAG’s chart reveals four bottoms for XRP/BTC since 2014, with the latest forming in early 2025. Each bottom historically preceded a significant upward move, and the current market situation suggests a similar breakout could be underway.

At press time, XRP changes hands at $1.98, having lost the $2 mark again. Meanwhile, Bitcoin trades for $81,753, dropping from an earlier intraday peak of $82,743. With these current prices, the XRP/BTC pair stands at 0.000024.

Here’s the Next Factor That Could Impact XRP Price After the Tariff Pause

Abdulkarim Abdulwahab
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Here’s the Next Factor That Could Impact XRP Price After the Tariff Pause

After a market-wide bearish momentum, XRP investors are focusing on macroeconomic triggers like tariffs and rate cuts.

On April 9, 2025, President Donald Trump declared a 90-day suspension of most newly introduced tariffs, cutting them to 10% for more than 75 countries that had not retaliated.

In contrast, tariffs on Chinese imports were sharply raised to 125%, citing ongoing retaliation and a perceived lack of cooperation from China. This policy adjustment led to an immediate boost in financial markets, with the S&P 500 climbing 9.5%.

The crypto market also reacted positively. Bitcoin soared past $80,000, gaining 6% in value shortly after the announcement. XRP jumped 13%, trading above the $2.00 mark—an increase amplified by the debut of the XXRP ETF on the New York Stock Exchange. These events highlight how both traditional and digital markets remain highly responsive to global trade developments and geopolitical shifts.

Now, the XRP community sees a bullish prospect for XRP with the U.S. Federal Reserve’s upcoming interest rate decisions. Community analysts suggest these cuts could serve as the next major catalyst for crypto assets like XRP.

Fed’s Liquidity Injection and Potential Crypto Reaction

Industry pundits have noted that rate cuts are more than just monetary policy adjustments; they’re injections of liquidity that could positively impact risk assets.

According to XRP community figure “All Things XRP,” every time the Fed eases policy, capital becomes more accessible. That environment typically favors high-risk, high-reward investments, such as cryptocurrencies.

Historically, crypto has responded strongly to rate cuts. Notable examples include 2019, when three Fed rate cuts saw Bitcoin rise from $3,700 to $7,000. Similarly, in 2020, when rates were near zero, a major rally occurred, with Bitcoin jumping from $7,000 to $28,000.

This momentum in Bitcoin often spills over into the broader altcoin market, where tokens like XRP lead and sometimes outperform Bitcoin.

Essentially, as liquidity increases, crypto becomes more attractive compared to lower-yield alternatives like Treasuries or savings accounts.

However, not all rate cuts have been bullish for the crypto market. For instance, in September 2024, a 50 bps cut drove a 4% rise in Bitcoin. Meanwhile, in December 2024, a smaller 25 bps cut failed to excite markets, with Bitcoin dropping 4%.

These outcomes suggest that context matters. When rate cuts are perceived as a response to economic strength, markets rally. However, when cuts signal deeper concerns, such as an impending recession, investors may remain cautious.

“It is not just the cut but the story behind it. If market participants smell a recession, they pull back,” remarked All Things XRP.

Highlights of previous rat cut impacts
Highlights of previous rat cut impacts

XRP Outlook Amid Fed Rate Cut Talks

Notably, many in the financial world are urging the Fed to implement more rate cuts in 2025. Interestingly, President Donald Trump himself is leading the calls, and crypto enthusiasts see this as bullish for Bitcoin and other crypto assets. Despite these calls, skepticism abounds regarding whether the Fed will yield.

However, if a positive outlook materializes, XRP and the broader market could see renewed momentum.

Ultimately, a rate cut alone does not guarantee a crypto surge. But if the macro backdrop supports a “risk-on” sentiment, the market may benefit from a strong liquidity tailwind.

ExoraPad Presale Hits Major Milestone, Presale Surges As Investors Secure Early Positions

Andrew MacGill
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ExoraPad Presale Hits Major Milestone, Presale Surges As Investors Secure Early Positions

Amid market uncertainties and volatility as President Trump’s counter tariffs are still looming around the corner, the XRP community is closely watching ExoraPad, a new DeFi project that’s rapidly gaining traction during its presale period. 

ExoraPad has garnered attention from investors as interest has notably increased, with nearly 70,000 XRP already secured as early adopters await for the upcoming exchange listing at 25% higher above Presale price.

ExoraPad is an AI Powered launched on built on the XRP Ledger (XRPL) specisfically to launch and incubate innovative DeFi projects mainly focused on Real World Assets (RWA), Decentralised Physical Infrastructure Networks (DePIN) and top tier DeFi solutions on the XRP blockchain.

Buy $EXP Token

ExoraPad Sees Strong Early Momentum

ExoraPad’s presale has quickly generated considerable interest, steadily reaching the notable milestone of 70,000 XRP raised. 

With less than 3 days remaining in the presale, participation continues to grow as more investors recognize the potential utility and advantages offered by ExoraPad’s unique approach to decentralized finance.

What Makes ExoraPad Stand Out?

ExoraPad distinguishes itself through advanced technological integration, combining AI-powered analytics with user-friendly user interface, upon launch it will boast of AI powered project vetting and launch functionalities. 

This innovative approach ensures that only thoroughly assessed and high-quality projects gain access to the platform, providing a layer of confidence and security for investors.

Ongoing Development and Progress Updates

ExoraPad continues to make significant strides forward, achieving key development milestones:

  • Security and Transparency: ExoraPad’s $EXP tokens have undergone a security audit by reputable industry experts. This audit further enhances community trust and underscores the project’s commitment to transparency.
  • Softcap Successfully Reached: ExoraPad’s presale softcap target has already been met, reflecting strong early support from the community and demonstrating investor confidence in the project’s viability.
  • Upcoming Launchpad Demo: Scheduled for release in the second quarter of 2025, ExoraPad plans to provide a comprehensive demonstration of its launchpad’s intuitive user interface and analytics capabilities. This demo will give early supporters a practical preview of the platform’s functionalities and potential.

Join Exorapad Presale

Key Benefits for Token Holders

Those participating in ExoraPad’s presale stand to gain several distinct advantages:

  • Immediate Market Advantage: ExoraPad has confirmed that its tokens will be listed on decentralized exchanges at a 25% premium above the presale price, ensuring early backers have an immediate value advantage upon launch.
  • Access to Vetted Projects: Token holders will benefit from exclusive early-stage access to rigorously evaluated blockchain projects, including Real World Assets (RWAs) and Decentralized Physical Infrastructure Networks (DePIN), facilitated through ExoraPad’s innovative launchpad.
  • Staking Opportunities: Holders of ExoraPad tokens can benefit from attractive staking options, offering sustainable and passive income opportunities while supporting overall network stability.
  • Revenue-Sharing Model: The project includes a clear and transparent revenue-sharing mechanism that distributes a significant portion of platform-generated fees back to token holders.

How Early Adopter Can Join the Presale

Participation in the ExoraPad presale is designed to be straightforward:

  1. Purchase tokens from an established and trusted cryptocurrency exchange.
  2. Transfer tokens securely to a compatible decentralized wallet.
  3. Navigate to the official ExoraPad presale webpage, where participants can follow clear instructions to finalize their token allocation.

Less Than 3 Days Left, Time Is Running Out!

With fewer than three days left to participate, the opportunity to secure ExoraPad tokens at presale pricing is rapidly closing. 

Join the ExoraPad Presale Here

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The DeFi Big League, Why BNB Chain Is Set To Continue With Major Growth In 2025

Albert Brown
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The DeFi Big League, Why BNB Chain Is Set To Continue With Major Growth In 2025

Despite facing multiple instances of criticism since it was introduced in 2022, the BNB Chain ecosystem has grown to be one of the most vibrant on-chain economies within the DeFi market. At the core, this ecosystem comprises three main components; Binance Smart Chain (BSC) which operates as the smart contract layer and DeFi hub, opBNB which is designed as a high performance optimistic rollup and BNB Greenfield, a decentralized storage network.

These different blockchain infrastructures have all played a significant role in the growth of the BNB Chain ecosystem to where it is today; for some context, the total value locked (TVL) on BSC currently stands at $5.5 billion while opBNB enjoys a TVL $25.21 million. One might be tempted to argue that these are rookie numbers compared to Ethereum which accounts for over half of the total DeFi TVL, but with Solana’s TVL at $7.2 billion – the BNB Chain ecosystem qualifies as a serious contender.

The big question, however, is whether this momentum will hold in 2025? While it might be too early to predict BNB’s Chain trajectory, several pointers show the ecosystem will likely grow bigger this year. Last year’s growth figures were quite impressive as we will highlight in the next section; more importantly, the chain is set for several updates this year coupled with the fact that we’re now seeing BNB Chain liquidity layer solutions such as THENA play a more integral role.

That said, let’s dive into some of the key reasons why the BNB Chain will likely continue to compete in DeFi’s big league in 2025;

Numbers Don’t Lie!

According to Messari’s Q4, 2024 BNB Chain report, the ecosystem had one of best runs; the circulating market cap of the BNB native token closed the year at $101.1 billion, marking an increase of 113.7% compared to the figures at the beginning of 2024 while the total staked USD on BNB Chain also surged by a whooping 202.4% to hit $20.8 billion during the same period.

BNB SMARTCHAIN MESSARI
BNB SMARTCHAIN MESSARI

It is also intriguing to observe that the revenue (all fees collected by the network) also increased between Q3 and Q4 2024, from $34.9 million to $44.6 million – this represents a 28% positive change as per the latest quarterly metrics. Of course, Q1 of 2025 has been slower with Trump’s presidency effect fading away, but what’s worth noting is that the BNB native token is still in the top 5, with a total market cap of $92 billion as of writing.

Depth in DEX Liquidity

Another key factor that is panning out well for the BNB Chain is its expanding depth liquidity, an issue that most DeFi ecosystems have long struggled with. Messari’s report indicated that the DEX volume on BNB Chain was on an uptrend in H2 after a slow summer in 2024, ranking it fourth with a total volume of $117.57 billion. The only chains that eclipsed BNB were Solana ($305.56 billion), Ethereum ($204.27 billion) and Base ($128.69 billion).

Amidst this growth were over 71 DEXs, but only two particularly stood out; Pancakeswap (a pioneer) and THENA, a spot DEX which is part of a larger liquidity layer ecosystem specifically designed for the BNB Chain. The latter is one of the interesting projects that are shaping the future of the BNB Chain ecosystem as mentioned in the introduction. But what exactly makes it different and why will it likely be a key factor in BNB’s Chain growth in future?

THENA’s spot DEX stands out because of its concentrated liquidity solution; the DEX’s swap engine provides users with low -cost and efficient trades, thanks to the integration of the ORBS liquidity hub which facilitates the tapping of external liquidity to lower the price impact during execution. Beyond the spot DEX, THENA’s ecosystem features other liquidity focused offerings which include a perpetual DEX dubbed ALPHA, a social platform for competitive trading ‘ARENA’ and an upcoming launchpad, WARP.

Promising Upgrades in 2025!

There are also quite a number of upgrades scheduled for this year according to the BNB Chain Tech Roadmap 2025. First and foremost, the chain intends to build further on the network efficiency enhancements from last year; the Consecutive Block Production on BSC and Parallel Ethereum Virtual Machine on OpBNB. As per the update, the chain’s goal is to decrease the block time from 3 seconds to sub-seconds, ultimately reducing the transaction latency.

Another major update that is anticipated is the allowance of gasless transactions for all types BEP-20 tokens, only stablecoin transactions are supported at the moment. The chain also plans to debut a smart wallet solution under EIP-7702, this will be instrumental in enhancing key management solutions for newbies and batch transactions to do away with the “approve-first-and-trade-second” approach.

These two upgrades are just the tip of the iceberg, other areas of focus include implementing an AI-first approach, redefining developer tools and continued support of the burgeoning memecoin ecosystem.

Conclusion

The BNB Chain ecosystem weathered one of the biggest storms last year when former Binance CEO Changpeng Zhao (CZ) had to step down and serve a 4-month prison term in the U.S. With all this behind and the current CEO Richard Teng seemingly on top of things, the BNB Chain cannot be simply wished away; in fact, there is a high likelihood that it will continue to perform even better in 2025 based on the major factors highlighted in this article as well as other existing momentum builders such as adoption and ecosystem growth, developer incentives and the deflationary burn tokenomics mechanism.

Ex Ripple Engineer Says Ripple May Avoid IPO to Stay Private

Elendu Benedict
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0
Ex Ripple Engineer Says Ripple May Avoid IPO to Stay Private

Matt Rosendin, a former Ripple software engineer and the CEO of tokenization provider CapSign, has provided a crucial update on the Ripple IPO charge.

Speaking at a podcast with host Ray Fuentes on Tuesday, Rosendin claimed that Ripple’s inclination towards an initial public offering (IPO) is thin compared to other major fintech firms. He stressed that going public is not the cross-border payment titan’s utmost priority at the moment.

For the uninitiated, an IPO is a process by which private companies transition to publicly traded firms by offering shares of their stock to the general public for the first time. Notably, most entities pursue this process to raise more capital for business expansion and unlock a broader liquidity stream from individual and institutional investors.

IPO Holds No Incentives for Ripple

For context, Rosendin made the comment when asked if Ripple had any chance at going public before firms like Circle, Kraken, or Consensys. Notably, key industry leaders like Bitwise predicted that some of these firms would file for an IPO this year, with 2025 as the year of IPOs.

In agreement with this sentiment, Rosendin noted that Circle will most likely go public first amid intensified efforts by the stablecoin issuer. Notably, the USDC issuer filed an IPO request with the US Securities and Exchange Commission last month after a confidential application in January 2024.

However, the former Ripple engineer highlighted that Ripple may not be considering an IPO, as it plans to stay private. He boldly mentioned that becoming a public company has no added incentive for the cross-border payment firm.

Notably, the disclosure may not surprise many XRP enthusiasts, as Ripple leaders have maintained a lackadaisical attitude towards an IPO in the past. For perspective, CEO Brad Garlinghouse ruled out an IPO in the United States last September amid an aggressive regulatory environment.

However, he left the window open a month later if regulations eased but insisted that it is not a top priority for Ripple. Garlinghouse maintained that the company’s unique financial strength means it is not in a position to source capital through IPO.

Interestingly, there have been conversations that going public will finally push XRP’s price to unprecedented levels. Specifically, US top attorney John Deaton speculated that the asset could claim $8.72.

Why an IPO May Not Be Lucrative for Ripple

As promising as going public may sound, it has its setbacks, too. For instance, aside from the high cost of filing for an IPO, founders may lose decision-making autonomy, a crucial feature the Ripple team may not be willing to compromise on.

Moreover, while Ripple has maintained transparency, an IPO would open the firm to heightened public scrutiny. Investors would require information like its quarterly and annual reports, and the pressure of meeting specific financial targets would kick in.

As a result, with Garlinghouse disclosing that Ripple is in a place of financial prosperity, it might not be ready for the hassles that come with going public.

Bitcoin Sees Largest One-Day Long Liquidation of This Bull Cycle Worth Over $500M Amid Global Tensions

Abdulkarim Abdulwahab
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0
Bitcoin Sees Largest One-Day Long Liquidation of This Bull Cycle Worth Over $500M Amid Global Tensions

The dramatic shake-up that Bitcoin experienced this week has led the market to witness the largest long liquidation event since the start of the bull cycle.

Specifically, on April 6, more than 7,500 BTC worth of long positions, valued at over $500 million, were liquidated across major exchanges. This single-day liquidation event marked a significant blow to traders who had bet on Bitcoin’s continued rise.

Largest Cycle Long Liquidation in Bitcoin

According to Darkfost, an analyst at CryptoQuant, this event marked the most severe single-day long liquidation since the bull rally of this cycle began in 2023. 

The chart accompanying the update suggests that similar long liquidations have occurred over the past two years, but the most recent one, which took place on Monday, set a new record.

Image

Notably, the wave of forced selling coincided with a sharp drop in Bitcoin’s price on the spot market. It plummeted from $83,000 to a low of $74,000 before briefly stabilizing in the $77,000 range. Since then, the market has shown limited recovery, with Bitcoin still hovering around the $77,000 range.

Analyst Darkfost attributed the sudden move to growing apprehension around Donald Trump’s economic policies, particularly new tariff enforcement, which stirred broader market volatility. The U.S. stock market has not been spared.

Reports highlight a multi-trillion-dollar loss for the stock market for nearly consecutive trading days this month. One report even suggested that the U.S. stock market has lost $10 trillion since Trump became president, just three months into his term.

Time to Preserve Your Capital

Given the brutal condition of the financial market, Darkfost reminded market participants of the risks of trading in volatile markets, especially for those holding leveraged positions.

Furthermore, Darkfost emphasized the significance of preserving capital during uncertain times, warning crypto traders to avoid excessive risk exposure or leveraged trades.

What’s Next for Bitcoin?

Some market observers believe the bearish trend could persist for the next 12 months, with ongoing global economic uncertainty adding further fuel to the fire. Among the bearish commentators is Ki Young Ju, founder of CryptoQuant.

In his latest commentary, he noted that uncertainty drives safe-haven demand, which is evident as gold has risen 11% since Trump’s comeback, while Bitcoin has dropped 25%. He stated that this reinforces the idea that Bitcoin is not yet “digital gold.” 

However, on a more positive note, he expressed confidence that Bitcoin will eventually claim a share of gold’s $20 trillion market cap.

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