This Week in Crypto: Bitcoin Circles $100,000, Ripple’s RLUSD Efforts, Cardano Founder Calls for Unity

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As an analyst with over two decades of experience in the financial industry, I’ve seen my fair share of market volatility and regulatory battles. This week in crypto has been no exception, with Ripple’s RLUSD stablecoin and Bitcoin’s $100,000 milestone taking center stage.

This week in the world of cryptocurrency, we delve into a variety of topics including Ripple‘s endeavors to launch its RLUSD stablecoin, Bitcoin experiencing a dip following its surpassing of $100,000, and additional insights.

Charles Hoskinson, the creator of Cardano, likewise encouraged a sense of unity among all cryptocurrency supporters, cautioning about potential hidden animosity from the financial industry.

Ripple’s RLUSD Stablecoin

It was speculated on November 29 that the New York Department of Financial Services (NYDFS) could soon give approval to Ripple’s RLUSD stablecoin. New York is an essential market for stablecoins, so this endorsement would be a significant triumph for Ripple, considering its ongoing legal disputes with the SEC and regulatory bodies.

Regrettably, as of now, the anticipated benefits have yet to surface. Recently at a conference in Prague, our CTO David Schwartz addressed some hurdles we’re facing during this final stage. Despite these challenges, he remains hopeful that Ripple will manage to introduce the asset before year-end. However, he also highlighted considerable obstacles on the path ahead.

It’s challenging for us because we’re approaching the holiday season, and our partners are eager to get started right away. Once the festivities of Christmas and New Year’s roll in, many people take time off. There are numerous aspects to manage, with the most critical being the NYDFS review. They’re scrutinizing our procedures, compliance, and other related matters,” Schwartz explained.

Despite the circumstances, the company successfully capitalized on this buzz. The surge in XRP‘s price by December 4 ignited significant growth for meme coins within Ripple’s system. One such token, ARMY, peaked at a market capitalization of $90 million, while RIPPY experienced an extraordinary price rise of 22,825%. Since then, both meme coins have undergone substantial liquidations.

Regrettably, it seems the upward trend for XRP didn’t last. Present indicators are pointing towards bearishness, suggesting that XRP is encountering strong resistance to its price increase and showing limited progress ahead. The asset reached its highest point mid-week, but has been decreasing since then.

Bitcoin Crosses $100,000 Point Into Complications

On December 5th, Bitcoin, the pioneering digital currency of our world, surpassed the significant $100,000 mark, a moment met with widespread enthusiasm within its community. However, this achievement promptly sparked some unusual responses. For example, the defunct cryptocurrency exchange Mt. Gox transferred an impressive 2.43 billion dollars’ worth of Bitcoin shortly following the price milestone.

From my perspective as an analyst, at this moment, it’s uncertain what drives the exchange to take such a step. If Mt. Gox intended to sell or return these assets to creditors, such actions have yet to materialize. However, these unexpected and inexplicable transfers have stirred market unease. These speculations served to intensify a sudden, abrupt market downturn the following day, which I refer to as a flash crash.

On December 6, Bitcoin experienced a swift drop from $100,000 to $97,000, leading to approximately $1 billion worth of liquidations. Earlier in the week, the U.S. federal government transferred nearly $2 billion in Bitcoin, with around half going to Coinbase.

These major transactions created a momentary uncertainty, and options traders also hedged against potential declines. Nevertheless, Bitcoin’s value crossed the $100,000 mark again by Friday.

Cardano Founder Promotes Crypto Unity

Ultimately, Charles Hoskinson, the founder of Cardano, emphasized the need for unity within the cryptocurrency sector and suggested that rivalries should be put aside. He admitted his previous, sometimes critical comments towards other blockchain environments but encouraged the community to forget past criticisms and instead embrace a complete reset of all ecosystems.

2025 represents unity and advancement. It’s a chance for us to bring cryptocurrency into the mainstream and expand our markets to potentially trillions of dollars in value, impacting every household and government. We must prevent narrow-minded divisions from wasting this opportunity, Hoskinson emphasized on social media.

Apart from his endorsement, Hoskinson additionally highlighted a compelling argument for adopting this fresh perspective: the persistent threat of future regulatory actions against cryptocurrencies. Hoskinson underscored the banking sector’s lingering antagonism towards crypto, even with more welcoming government stances. He predicted the emergence of another Operation Chokepoint and suggested that this period presents an opportunity for pro-crypto legislation.

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2024-12-07 06:21