BTC Dips 3% Amid $52M ETF Boost: Chainlink Unveils Ripple’s RLUSD!
- The crypto landscape just took a staggering hit, shedding a jaw-dropping $320 billion in just 24 hours. The overall market cap took a nosedive, plunging 10% to settle at $3.2 trillion on Wednesday.
- Bitcoin’s value isn’t looking too rosy either, as it dipped 3%, crashing down to $94,200, in spite of a hefty $52 million influx into Bitcoin ETFs.
- In a groundbreaking move, Ripple has teamed up with Chainlink to introduce multi-chain accessibility for the RLUSD stablecoin.
Bitcoin Market Updates: BTC Takes a 3% Dive Despite ETF Enthusiasm
- Bitcoin (BTC) is feeling the heat, dropping another 3% this Wednesday, with prices hovering around $93,700 at the time of writing.
- Bitcoin ETFs are bucking the negative trend, however, raking in $52 million on Tuesday alone, contributing to a staggering weekly total of $1.04 billion.
Altcoin Market Updates: BNB and BGB Defy the Odds While XRP Holds Strong at $2.3
Even amidst the storm, major players like XRP, BNB, and BGB are proving their mettle, standing strong against the broader market’s decline, which has bled over $150 billion from the global crypto market cap in the past 24 hours.
Aggregate Crypto Market Capitalization
BNB and BGB are gaining traction as exchange-related assets, benefiting from a surge in user activity on Binance and Bitget platforms. Meanwhile, XRP is holding steady at $2.3, bolstered by optimism surrounding Ripple’s collaboration with Chainlink, which aims to enhance DeFi adoption through innovative oracle solutions.
Key Altcoin Price Movements
XRP is firmly holding its ground above the important $2.3 support level, which has become a crucial psychological and technical barrier against bearish forces. Ripple’s partnership with Chainlink has reignited interest in its utility for cross-border payments and DeFi expansion. Still, the path to upward momentum appears blocked near $2.5, requiring a solid catalyst for bulls to regain dominance.
Litecoin is feeling the pinch, facing significant bearish pressure with an 8% drop to $100 after a brief flirtation with $115 resistance earlier this week. This bearish trend aligns with declining on-chain activity, although the halving narrative keeps medium-term optimism alive. Bulls must defend the $100 support to prevent a further slide towards $85.
AVAX also faced a sharp 7% drop to $37, as sellers capitalized on the broader market correction. This decline follows a failed breakout attempt above the $40 resistance level, leaving the token susceptible to further downside.
Chart of the Day: Memecoins Suffer $16B Losses as Crypto Traders Seek Safer Havens
Fresh data from the US JOLTs job openings has spooked the market, revealing higher-than-expected figures, which raises fears of a hawkish Federal Reserve.
With mounting expectations of tighter monetary policy, cautious crypto traders are swiftly exiting high-risk memecoins to shield themselves from potential losses.
Memecoins, notorious for their low liquidity and extreme susceptibility to market sentiment, have taken the hardest hit in today’s turmoil.
Memecoin Sector Performance
The overall market cap of memecoins plummeted 14.7%, losing a staggering $16 billion, now resting at $110 billion as of Wednesday.
In individual performances, ai16z led the losses with a sharp 12% drop over the last 24 hours, while Bonk (BONK) fell by 9.2%. Pepe (PEPE) and Shiba Inu (SHIB) weren’t spared either, experiencing declines of 5.8% and 4.6%, respectively, reflecting the overall risk-off mood in the market.
Meanwhile, Pudgy Penguins (PENGU) slid 10.3%, despite having shown some stability in recent weeks.
Crypto News Updates:
- Bitfinex Moves Derivatives Operations to El Salvador After Securing DASP License
Bitfinex Derivatives has made a strategic leap, relocating its operations to El Salvador after successfully obtaining a Digital Asset Service Provider (DASP) license.
This move positions the exchange to take full advantage of El Salvador’s forward-thinking crypto regulations, enabling it to introduce cutting-edge trading solutions.
The DASP license allows Bitfinex to broaden its crypto offerings in a region that has embraced digital assets, with Bitcoin as legal tender.
Users accessing derivatives services will need to agree to updated terms of service under Bitfinex Derivatives El Salvador S.A. de C.V. as part of this transition.
- South Korea Set to Lift Ban on Institutional Crypto Trading, Says FSC
In a significant development, South Korea’s Financial Services Commission (FSC) has announced plans to lift the ban on institutional cryptocurrency trading.
This proposed change will enable local institutions to access crypto exchanges, marking a pivotal shift in the nation’s approach to digital assets.
The FSC is collaborating with the Digital Asset Committee to implement this policy, starting with non-profit organizations, in a phased effort to broaden institutional participation in the crypto market.
This aligns with President Yoon Suk-yeol’s broader initiative to nurture the growth of the local cryptocurrency sector, establishing clear guidelines for stablecoins, token listings, and crypto exchanges.
- Fidelity Predicts Nation-State Bitcoin Reserves to Propel Crypto Growth in 2025
Fidelity Digital Assets is forecasting a surge in Bitcoin adoption by 2025, driven by nation-states, central banks, and sovereign wealth funds increasingly building Bitcoin reserves.
In its “2025 Look Ahead” report, Fidelity highlighted the successful strategies of Bhutan and El Salvador, underscoring the competitive risks nations may face if they overlook Bitcoin in their reserves.
Fidelity also hinted that some countries might already be stealthily accumulating Bitcoin, preparing to harness its long-term potential.
Additionally, Fidelity’s report anticipates substantial growth in structured digital asset products and tokenization.
