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Solana Soars Amid Apple Rumors: Traders Bet on 5x Gains as Bull Run Looms

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  • Solana sees a surge in bullish sentiment amid rumors of Apple involvement.
  • Traders anticipate potential price surges up to fivefold.
  • Market consolidation suggests a significant breakout is imminent.

As most cryptocurrencies enjoyed gains on Friday, Solana ($SOL) emerged as the standout performer, driven by a surge in bullish crowd sentiment. According to analytics firm Santiment, Whispers of a possible partnership between Solana and Apple have created a buzz for the altcoin, propelling it to the top. These, though, are still rumors, but factoring these into SOL performance, it is attracting the crypto space’s attention itself, with most now watching for its upward movements.

Solana Price Speculation: Traders Eye 5x Increase

Speculation toward upside potential for Solana has already started among seasoned traders, ranging from a simple double to as much as a fivefold increase. The current market fervor has SOL holders hoping the token’s price will break above $150 on an extended bull run.

With adoption expected to rise significantly by 2025, Solana is poised to play a bigger role within the blockchain space, further cementing its position as a key player in the industry. According to a recent analysis on TradingView, SOL changes within the narrow consolidation range of $143.33 and $145.

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Source: Tradingview

With the token just lingering in this range, traders are closely eying the situation for its imminent breakout. The inability of the price to take a firm direction, either upwards or downwards, stirs into action the interest of many, as a huge shift in price has been expected.

The Path Ahead: Breakout or Pullback?

The SOL is within the consolidation phase, epitomizing the tug-of-war between bulls and bears. Furthermore, since the price is below both their 34-period and 89-period EMAs, momentum remains slightly bearish at the moment. If the price breaks upward through the resistance at $144.70, it would be a bullish movement toward the next key level at around $150.54.

On the other hand, if SOL cannot hold the $143.33 level, a further correction toward $137.25 should be expected. In any direction, this contraction suggests an imminent significant price move, wherein traders are looking either for a sharp move to the upside or for a deeper correction.

Adding fuel to the fire of speculation, Standard Chartered has thrown in a prediction that SOL could surge by 400% in 2025 if some political contingencies arise to play, of which the re-election of Donald Trump is one. If it does, then SOL will blow through $700, making traders question if all this is just the tip of the iceberg.

Related Reading | Scroll Integrates Chainlink CCIP to Boost Web3 Development on Ethereum

SEC Delays Ruling on Ethereum ETF Options Until December 3

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  • The SEC has delayed its ruling on Ethereum spot ETF options until December 3, 2024.
  • Institutional interest in crypto derivatives is rising, with advisors increasingly using options in portfolios.
  • Bitcoin spot ETFs saw a significant net inflow of $253.6 million, while Ethereum ETFs experienced a slight outflow.

Thе wаit for Ethereum spot ETF options continuеs аs thе U.S. Sеcuritiеs аnd Exchаngе Commission (SEC) hаs dеlаyеd its ruling on а proposеd rulе chаngе, аccording to аn Oct. 11 filing. Thе dеcision, which wаs еxpеctеd by Oct. 19, hаs now bееn postponеd to Dеc. 3. This mаrks yеt аnothеr instаncе of thе SEC dеfеrring its dеcision rеgаrding options tiеd to Ethereum spot еxchаngе-trаdеd funds (ETFs).

SEC Delays Decision on Ethereum ETF Options

Thе SEC’s lаtеst filing rеvеаls thаt thе commission hаs oncе аgаin pushеd bаck its ruling on whеthеr to аllow thе Cboе Exchаngе to list options on sеvеrаl spot Ethеr ETFs. This proposаl sought to list options tiеd to sеvеrаl populаr Ethereum ETFs, including industry giаnts likе BlаckRock’s iShаrеs Ethereum Trust ETF аnd Grаyscаlе Ethereum Trust. Thе dеcision to dеlаy follows а similаr postponеmеnt in Sеptеmbеr whеn Nаsdаq’s rеquеst to list options on thе iShаrеs Ethereum Trust wаs аlso dеfеrrеd.

SEC decision on Ether Spot ETF Options
Source: SEC

Thеsе dеlаys аrе not isolаtеd incidеnts. In Sеptеmbеr, thе SEC did givе thе grееn light for Nаsdаq to list options tiеd to BlаckRock’s Bitcoin ETF, iShаrеs Bitcoin Trust (IBIT). Howеvеr, thе finаl аpprovаls аrе still pеnding from thе Commodity Futurеs Trаding Commission (CFTC) аnd thе Options Clеаring Corporаtion (OCC), with а full lаunch еxpеctеd in thе first quаrtеr of 2025.

Jаmеs Sеyffаrt, аn аnаlyst with Bloombеrg Intеlligеncе, notеd thаt whilе Bitcoin ETF options mаy lаunch by thе еnd of 2024, thе first quаrtеr of 2025 is а morе rеаlistic timеlinе. “I think bеforе thе еnd of thе yеаr is possiblе for options, but morе likеly in Q1 2025,” Sеyffаrt stаtеd on Oct. 9.

Institutional Interest in Crypto Grows

Thе potеntiаl for crypto options is аttrаcting thе аttеntion of trаditionаl finаncе plаyеrs. Finаnciаl аdvisors, who mаnаgе а significаnt portion of thе $9 trillion ETF mаrkеt, incrеаsingly rеly on options to protеct portfolios. A 2023 survеy conductеd by Thе Journаl of Finаnciаl Plаnning indicаtеd thаt ovеr 10% of finаnciаl аdvisors аctivеly usе options in thеir cliеnt portfolios.

This trеnd, combinеd with thе rising inflows into Bitcoin spot ETFs, signаls а growing аppеtitе аmong institutionаl invеstors for rеgulаtеd crypto dеrivаtivеs. On Oct. 11, Bitcoin spot ETFs rеcordеd а nеt inflow of $253.6 million, whilе Ethеr spot ETFs sаw а smаll nеt outflow of $0.1 million.

Spot On chain 3
Spotonchain

Dаtа from Spotonchаin indicаtеs а significаnt nеt flow rеbound on thе lаst trаding dаy of thе wееk, following thrее consеcutivе dаys of outflows. Thе totаl nеt flow for Bitcoin ETFs this wееk stаnds аt а positivе $348.7 million, with inflows occurring on two out of fivе trаding dаys.

BlаckRock’s iShаrеs Bitcoin Trust (IBIT) еmеrgеd аs thе lеаdеr in wееkly inflows, аttrаcting а substаntiаl $140.7 million аnd аdding а nеt 2,229 BTC to its holdings. Thе cumulаtivе nеt inflow for IBIT now sits аt аn imprеssivе $18.84 billion аftеr 190 trаding dаys.

In contrаst, Ethereum ETFs hаvе fаcеd а toughеr wееk, with only $1.9 million in inflows ovеr thе pаst fivе trаding dаys.  Thе cumulаtivе nеt inflow for Ethereum ETFs аftеr 58 trаding dаys stаnds аt -$551 million.

Related Readings | VeChain At 5-Year Low, Setting Stage For Potential Bull Market By 2025

XRP for the White House? Chris Larsen’s $1M Donation to Harris Sparks Debate

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  • Ripple co-founder Chris Larsen donated $1 million in XRP to support Kamala Harris’ 2024 presidential campaign.
  • The donation marks Harris’s first documented cryptocurrency contribaution, drawing attention from political and financial circles.
  • Larsen’s endorsement joins a list of high-profile executives backing Harris for president.

Chris Larsen, co-founder and executive chairman of Ripple, donated 1,754,815.29 XRP-valued $1 million-to the presidential campaign of Kamala Harris in 2024. This is reportedly the first crypto donation to a political candidate on such a scale, according to Federal Election Commission filings. Larsen donated to Future Forward USA, a super PAC supporting Harris.

Eleanor Terrett of Fox Business underlined the importance of such a donation by referring to its historical value in the ever-changing landscape of political fundraising. This contribution underlines the growing heft of cryptocurrency in US politics but, at the same time, serves as a test of how the current administration caution in relation to digital assets responds to such contributions.

Ripple’s Chris Larsen Among Corporate Giants Backing Harris

Chris Larsen is one of an eye-turning 88 top executives publicly supporting Kamala Harris’ bid for president. Other high-profile supporters include Box CEO Aaron Levie, Yelp CEO Jeremy Stoppelman, and James Murdoch, ex-CEO of 21st Century Fox. This letter of endorsement first shared with CNBC, features the support of business leaders across industries from tech and media to finance and philanthropy.

Harris’ ability to attract such prominent supporters from both Wall Street and Silicon Valley signals her broad appeal among corporate leaders. Other influential backers include former CEOs of major companies like PepsiCo, Blackstone, and GoDaddy, showing a strong alignment between Harris’ policies and the corporate world.

Political Implications of XRP Donation

While this is a historic donation, the move is not without controversy. Attorney Fred Rispoli pointed out the irony of Harris’s acceptance of XRP in light of the present administration’s stance on the asset as a security.

The move by Larsen, against the backdrop of the ongoing lawsuit by the SEC against Ripple, may also be seen to challenge the regulatory narrative set up around cryptocurrency. Harris will surely gain from the financial and political weight carried by such high-profile endorsements, particularly at this juncture in the White House race.

Related Reading | VeChain At 5-Year Low, Setting Stage For Potential Bull Market By 2025

OKX Breaks New Ground: First VARA-Licensed Crypto Exchange in Dubai

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  • OKX is now the first global crypto exchange licensed to serve both retail and institutional clients in the UAE.
  • The platform offers over 280 cryptocurrencies and 480 trading pairs, including AED banking rails.
  • The Dubai launch aligns with the UAE’s growing role as a virtual asset hub.

OKX has officially launched its VARA-licensed crypto exchange in Dubai, making it the first global exchange licensed to serve both retail and institutional clients in the UAE. The exchange boasts an impressive selection of over 280 cryptocurrencies and 480 trading pairs, providing customers with a wide range of options.

The platform also boasts AED banking rails, enabling its users to deposit and withdraw money through local banks with ease and further improving customer experience. OKX celebrated this milestone in a gala event at the Museum of the Future. Top executives like CEO Star Xu and prominent figures such as Manchester City manager Pep Guardiola discussed the future of blockchain and its applications across industries.

The press statement reads:

Our vision is that as the blockchain ecosystem continues to evolve, it will eventually create a new alternative application economy where builders will create a sa’fer, more secure and transparent internet. Industry players like us have a role to play in this evolution, as do leading talent centers like the UAE.

A Hub for Blockchain Innovation

Dubai positioned itself as a leading regulator, attracting both blockchain and crypto companies to its shores. The commitment by the UAE government to foster technological innovation, together with a strategic location, was the main catalyst for OKX’s expansion into the region.

Designed for the UAE market, it has everything from spot trading to express buying and selling, and on-chain product earnings. OKX will go live with three major AED trading pairs: BTC/AED, ETH/AED, and USDT/AED. That further makes Dubai a central hub for this technology in the region, as it invites global talent and crypto investors.

OKX’s Vision for the Future

OKX’s expansion in Dubai underlines its commitment to forging the future of blockchain. Advanced trading tools together with an assurance of compliance with all local and international measures are two elements that can be critical in helping the company create a strong base in the UAE.

OKX now looks forward to its deeper investment in the region with the VARA license, meaning more innovation and services would be brought to such a wide category of investors, including retail and institutional investors. Moreover, platform support for Arabic caters to the diverse and fast-growing crypto community in the UAE.

Related Reading | UN Endorses Ripple and Stellar for Global Payments Network

CPI Data Triggers Bitcoin Slide to $58,900; 75% Drop Predicted

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  • Bitcoin droppеd to $58,900, rеflеcting concеrns ovеr inflаtion аnd mаrkеt sеlloff.
  • Trаdеr Pеtеr Brаndt highlights historicаl trеnds, signаling risks of significаnt dеclinеs for Bitcoin.
  • Spot Bitcoin ETFs rеport outflows, indicаting rеducеd institutionаl intеrеst аnd bеаrish mаrkеt sеntimеnt.

Bitcoin (BTC) continuеs to fаcе hеаdwinds, dropping to а thrее-wееk low of $58,900 еаrliеr todаy. This dеclinе follows thе rеlеаsе of unеxpеctеdly high US Consumеr Pricе Indеx (CPI) dаtа, which hаs rеignitеd concеrns ovеr inflаtion аnd triggеrеd а broаdеr mаrkеt sеlloff. Although thе pricе hаs sincе rеcovеrеd slightly аbovе $60,500, lеgеndаry trаdеr Pеtеr Brаndt’s chilling prеdiction of а potеntiаl 75% corrеction looms lаrgе.

Market Analogies Raise Concerns for Bitcoin’s Future

Brаndt, known for his аstutе mаrkеt obsеrvаtions, drеw аttеntion to а historicаl trеnd thаt hаs somе Bitcoin еnthusiаsts spookеd. In а post on plаtform X, hе highlightеd thе concеpt of “mаrkеt аnаlogs,” spеcificаlly thе timе frаmе sincе Bitcoin’s lаst аll-timе high (ATH). 

According to Brаndt, whеn BTC fаilеd to mаkе а nеw ATH within 30 wееks of its prеvious pеаk, it historicаlly еxpеriеncеd significаnt dеclinеs еxcееding 75%. With BTC currеntly mirroring this pаttеrn, thе possibility of аnothеr mаjor corrеction cаnnot bе ignorеd.

X Post
Source: Pеtеr Brаndt

This prеdiction hаs dividеd thе community. Somе аrguе thаt Brаndt’s pаst forеcаsts, likе his 2023 pricе prеdiction, hаvеn’t аlwаys mаtеriаlizеd. Brаndt, howеvеr, countеrs by diffеrеntiаting bеtwееn “mаrkеt obsеrvаtions” аnd “opinions.” Hе еmphаsizеs thе importаncе of considеring historicаl trеnds, stаting, “Drivеrs who cаnnot turn thеir hеаds in both dirеctions аlwаys еnd up in аn аccidеnt.” Notаbly, just two dаys prior, Brаndt prеdictеd thаt thе pricе of cryptocurrеncy could rеаch $135,000 within thе nеxt yеаr.

Waning Institutional Interest and Halving Year Jitters

Bеyond Brаndt’s obsеrvаtion, thе broаdеr mаrkеt sеntimеnt towаrds BTC is currеntly bеаrish. Thе highly аnticipаtеd “Uptobеr” rаlly hаs fаilеd to mаtеriаlizе, аnd spot Bitcoin ETFs hаvе witnеssеd thrее consеcutivе dаys of outflows. This suggеsts wаning institutionаl intеrеst, potеntiаlly fuеlеd by thе rising US CPI figurеs аnd hottеr-thаn-еxpеctеd inflаtion.

Furthеrmorе, thе historicаl corrеlаtion bеtwееn strong Bitcoin pеrformаncе in hаlving yеаrs аlso sееms to bе fаltеring. Ki Young Ju, Foundеr & CEO of CryptoQuаnt, notеd, “If thеrе is no #Bitcoin bull mаrkеt within thе nеxt 14 dаys, this will mаrk thе longеst sidеwаys in а hаlving yеаr in history.”

X Post 3
Source: Ki Young Ju

Whilе thе nеаr-tеrm outlook аppеаrs uncеrtаin, а potеntiаl silvеr lining еmеrgеs from Chinа. Rеports suggеst thаt thе Chinеsе govеrnmеnt is prеpаring а $283 billion stimulus pаckаgе by this wееkеnd to stimulаtе its еconomy аnd boost consumеr confidеncе. Anаlysts аrе hopеful thаt this аnnouncеmеnt, еxpеctеd during а briеfing on Sаturdаy, could providе а much-nееdеd shot in thе аrm for thе mаrkеt.

Howеvеr, thе impаct of this stimulus on thе cryptocurrеncy rеmаins dеbаtаblе. Thе rеcеnt rаlly in Chinеsе stocks following а wееk-long holidаy quickly lost momеntum, rаising quеstions аbout thе еffеctivеnеss of such mеаsurеs. 

Profеssor of Economics аt INSEAD, Pushаn Dutt, аrguеs thаt thе “focus of thе stimulus rаthеr thаn thе sizе” is cruciаl. Hе еmphаsizеs thе nееd for а multi-yеаr plаn tаrgеtеd аt housеholds rаthеr thаn rеstаrting thе rеаl еstаtе invеstmеnt-lеd growth story.

Thе short-tеrm impаct of thе stimulus pаckаgе on Bitcoin could bе аmbiguous. Whilе somе bеliеvе it might triggеr а rеturn of liquidity to thе crypto mаrkеt, othеrs worry it might divеrt rеsourcеs аwаy from crypto аnd bаck into Chinеsе stocks.

Related Readings | XRP Drama Continues As Ripple Strikes Back With Cross Appeal

Ripple’s Custody Platform Upgraded: New Tools for Fintech and Crypto Firms

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  • Ripple launches new features under Ripple Custody to help banks and fintechs store digital tokens.
  • The upgrades include tools for security, compliance, and tokenization of real-world assets.
  • It supports XRP Ledger tokenization and is gaining significant customer growth globally.

Ripple has unveiled a series of new features aimed at bolstering its Ripple Custody platform, marking a notable expansion into crypto custody services. With the growing demand for secure and compliant ways to manage digital assets, the new updates target both fintech and crypto-native businesses.

Among the recently added are transaction screening services, additional security options, and even an XRP Ledger for tokenizing real-world assets. Crypto custody services range from ultra-cold storage to advanced, multi-authorization wallet management solutions, as more companies jump into the digital asset economy.

The updates to Ripple Custody are cut out for institutional demands in secure storing, transferring, and managing of tokenized assets. The blockchain platform is “bank-grade” in design, the company said, for the highest degree of global financial institution trust.

Enhancements Target Security and Tokenization

This is about offering integrations like AWS CloudHSM that can grant customers greater flexibility around managing security. Secondly, it provides pre-configured operational and policy frameworks with the intention to make it easy with regard to onboarding.

It is also going to give businesses the capability of deploying Ripple Custody with much ease to ensure that businesses can scale out easily without getting bothered by technical difficulties. Another high point is the XRP Ledger integration, which allows for easy tokenization and management of various assets, both cryptocurrencies and fiat currencies.

This opens new avenues for companies that want to unlock liquidity by trading on XRPL’s decentralized exchange at minimal cost. Compliance, however, is not the least of the things being looked at, with the company continuing to add the services of Elliptic transaction screening for real-time risk detection and further building trust.

Ripple Custody Rises with 250% Growth

Ripple Custody is one of the fastest-growing custodial platforms, experiencing 250% year-over-year customer growth. Its solutions are already live in some of the most important financial hubs, including Switzerland, the U.S., and Singapore. Top-tier clients like BBVA Switzerland and Societe Generale – FORGE already trust Ripple Custody for their secure digital asset management.

Later, the company is planning full compliance integrations to take place throughout December 2024, with broader availability in early 2025. Such efforts put the company in the leading position of digital assets companies and contribute a lot to the development of tokenized finance.

Related Reading | XRP Consolidation: Will Key Support Level Trigger The Next Big Move?

S.Korea’s Crypto ETF Ban Reevaluation: 61% Trade Volume Surge Red Flags

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  • South Korea’s FSC plans to reevaluate its ban on local spot cryptocurrency ETFs and institutional accounts, signaling a shift in regulatory stance.
  • The approval of spot bitcoin ETFs in the U.S. has pressured the FSC to consider local listings, reflecting a potential policy change.
  • Upbit dominates the market, handling 61% of trade volume, raising concerns about its influence on partner K-bank and implications for its IPO plans.

South Korea’s Financial Services Commission (FSC) has announced a significant shift in its approach to cryptocurrency regulation. The FSC stated that it would reevaluate the ban on local spot cryptocurrency exchange-traded funds (ETFs) and institutional accounts on crypto exchanges. This decision comes as part of a broader discussion on digital asset policies through its newly formed cryptocurrency committee.

Historically, the FSC has maintained a strict stance against digital asset exposure within traditional financial markets. However, the regulator’s recent report for the annual audit reveals a willingness to reconsider its previous decisions. This marks a notable departure from its past opposition to cryptocurrencies.

The potential for change has been heightened by the approval of spot bitcoin ETFs in the United States earlier this year. The success of these financial products has led to increasing pressure on South Korean regulators to adapt. While the FSC has reaffirmed its commitment to the existing ban, there is now an indication of a more open-minded approach to local crypto ETF listings.

Investigating Monopolistic Structures of Crypto Exchanges

In addition to reviewing ETFs and institutional accounts, FSC chair Kim Byung-hwan has announced plans to investigate the monopolistic structure of South Korea’s digital asset exchanges. Upbit’s dominance has raised concerns among regulators and lawmakers alike. Kim’s comments were spurred by Democratic Party lawmaker Lee Kang-il, who highlighted the financial relationship between Upbit and its partner, K-bank.

K-bank, a key player in South Korea’s digital banking sector, has become increasingly reliant on Upbit. Lee pointed out that Upbit deposits constitute 20% of K-bank’s total deposits, raising alarm over the potential risks if their partnership were to falter. This reliance could pose a significant threat to K-bank’s upcoming initial public offering (IPO) plans, as the stability of the neo bank hinges on its relationship with Upbit.

As South Korea’s financial watchdog reevaluates its position on cryptocurrency regulation, the potential approval of local spot ETFs could reshape the digital asset landscape in the country. With pressure mounting from lawmakers and market participants, the FSC’s forthcoming decisions will be crucial in determining the future of cryptocurrency trading and investment in South Korea. The implications of these changes could extend far beyond the local market, influencing global digital asset trends and investor sentiment.

Crypto Trading Strategies Using the Fear & Greed Index for Market Insights

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  • The Fear and Greed Index helps crypto traders gauge market sentiment, guiding better buy or sell decisions.
  • Extreme fear signals undervalued assets, while extreme greed suggests overvaluation and potential reversal.
  • By complementing technical analysis, the index aids risk management and enhances market insight for traders.

The Fear & Greed Index continues to gain importance among cryptocurrency investors who want to feel the market sentiment. This index gives a trader a clue about the future direction of the market and assists him in taking better decisions by telling the extent to which the market is driven by fear or greed.

In an X post on Friday, Egrag crypto noted that fear tends to dominate the market and the lack of a fear index means investors may be missing out on good buying opportunities in undervalued assets. Contrary to the period of extreme fear, the period of extreme greed can be seen as overvaluation, therefore a reversal may be expected soon. In this way, traders will be able to know the right time to enter or exit the market at any one time.

Crypto Market Sentiment Index

Besides being a tool to identify possible buy and sell signals, the Fear & Greed Index can be used for risk assessment. Since cryptocurrency market is highly volatile, the index assist the trader in avoiding rash decision which may be occasioned by panic or hype, thus enabling the trader to manage his or her portfolio appropriately.

This index also complement the conventional technical analysis in a trading system. While technical indicators help to identify price movement, the Fear & Greed Index provides the psychological input into the market that can be useful for the trader. 

Profiting from Market Trends

Perhaps the most useful feature of the Fear & Greed Index is that it goes against the conventional wisdom. The individuals that stand against the trends, purchasing when the market is bearish, and selling when it is bullish make profits. Through this index, it becomes easier to recognize these high and low states of emotional investment, which can be used by contrarian investors to their advantage.

For instance, the extreme readings on the index are also associated with high levels of market volatility. Whenever the index gets to fear or greed indices, it is an indication that the market may be going through price volatility, thus traders ought to be ready in case of any changes. As of now, crypto market is in Fear zone with score 39.

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Source: Image by Alternative

More attention from the media can pile on the index and take fear or greed to the next level. News events can make the index soar or plummet, which has an effect on the sentiment of the market and opens new chances for traders to make their profit if they are thoughtful of the changes.

The Fear & Greed Index is among the best indicators that crypto traders should consider. It offers a great way of understanding the direction of the market, assist in risk management, and open up possibilities for doing trades when the market is behaving emotionally.

Bitcoin’s $70 Million Whale Sell-Off Sparks Market Panic

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  • A 2009 Bitcoin whale has sold $4.8 million worth of BTC, moving $624,000 to Kraken.
  • The whale holds 1,149 BTC worth $69.94 million and is selling 10 BTC twice weekly.
  • Bitcoin dropped 2.45% as market analysts view the whale’s activity as a bearish signal.

A mysterious Bitcoin (BTC) whale that’s been active since the early days of cryptocurrency is now making waves in the market. According to Arkham Intelligence, this BTC miner started mining just five days after the first block in 2009. Now, over a decade later, they are offloading significant portions of their BTC holdings. This move has sparked concern among market participants, as early BTC whales have historically impacted price movements.

Recent transactions show that this early miner has already sold $4.8 million worth of Bitcoin. Their strategy seems clear: a slow, steady sale of BTC. On a recent occasion, they transferred $624,000 worth of Bitcoin to Kraken, one of the largest U.S. exchanges. The whale currently holds 1,149 BTC, valued at around $69.94 million. If they keep selling at their current pace—10 BTC twice a week—they could unload their entire holdings by mid-November 2025.

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What’s puzzling is the whale’s decision to sell now. Market analysts are left wondering if this whale is taking profits, or if they foresee a bigger shift in the crypto landscape. With BTC currently trading near $60,000, the timing of these sales has added pressure to an already uncertain market.

Bitcoin Plunge on the rise?

The movement of such a large amount of Bitcoin to Kraken is seen as a potentially bearish signal. Typically, whales offload their holdings when they anticipate market downturns or want liquidity at favorable price levels. The fact that these sales are happening on Kraken, instead of over-the-counter (OTC) deals, suggests that the whale may want quicker execution with fewer fees.

What’s intriguing is that this whale began mining Bitcoin almost immediately after the first block was mined. The proximity to Bitcoin’s inception raises questions about whether this entity could have had early connections to the original developers of BTC, or even to Satoshi Nakamoto himself. However, if this were the case, selling BTC on a public exchange would risk exposing their identity—a risk that most believe Nakamoto would avoid.

Bitcoin’s price has dropped 2.45% in the last 24 hours, falling to a critical support level around $60,000. Just ten days ago, BTC was pushing to break above $66,000 to set a new all-time high. Now, the market feels shaky, with the possibility of further selling pressure from this whale.

As the market watches this whale’s moves, one question lingers: Will this early miner’s sales signal a broader market downturn, or are they simply cashing in on over a decade of Bitcoin holdings? For now, the market remains on edge.

Ripple Unveils Powerful Crypto Custody for 250+ Fintech Clients

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  • Ripple Labs is launching a new crypto custody service, expanding beyond its traditional cross-border payments into secure digital asset management for fintech firms.
  • Ripple Custody offers secure storage solutions with AML tools and tokenization features, positioning Ripple to capitalize on a $16 trillion market by 2030.
  • Customer growth for Ripple Custody surged 250% year-over-year, with major institutions like HSBC and DBS already using the service, reflecting increased institutional demand.

Ripple Labs, known for its innovations in cross-border payments, is expanding its horizons. The San Francisco-based firm is launching a new crypto custody service, Ripple Custody, marking a major shift in its business model. This strategic move signals the firm’s intention to diversify beyond its well-established XRP cryptocurrency and RippleNet payment network.

According to CNBC, Ripple’s new service aims to help fintech companies, including banks, store digital assets for their clients. This custody solution comes with features such as pre-configured security settings, anti-money laundering (AML) monitoring tools, and a user-friendly interface. These tools aim to simplify crypto management, making it easier for institutions to securely manage digital assets.

Ripple Custody focuses on securing private keys—critical elements in controlling digital assets. The service is built to meet global regulatory standards, ensuring that it complies with the strict security and legal frameworks required by institutional clients. This shift demonstrates the firm’s ambition to expand its business beyond payment settlements, venturing into a market set to see substantial growth.

The global crypto custody market is expected to reach $16 trillion by 2030, highlighting the potential for the new service’s growth. This move positions the firm to capitalize on the increasing demand for secure crypto storage solutions.

Tokenizing Real-World Assets on Ripple’s XRP Ledger

Beyond secure storage, the new service offers clients the ability to tokenize real-world assets like fiat currencies and commodities on the XRP Ledger. This gives users access to a decentralized exchange (DEX) with low-fee trading options, further enhancing the value proposition of the firm’s new service.

The firm’s foray into custody is bolstered by its acquisitions of Metaco and Standard Custody & Trust Company, strengthening its expertise and infrastructure in the digital asset custody space. These acquisitions provide the firm with the necessary tools and partnerships to support the growing demand for custody services from institutions.

Customer growth for the new service has surged by 250% year-over-year, with major players like HSBC and DBS already utilizing the service. This growth reflects the rising need for secure, institutional-grade crypto custody solutions.

Ripple’s bold step into crypto custody is a sign of the times. As the digital asset space grows, securing those assets will become paramount, and the firm is positioning itself at the forefront of that evolution.