Ripple Announces It Will Issue a US Dollar-Based Stablecoin
Ripple will become the latest major player to enter the $150 billion stablecoin market with the launch of a digital currency pegged to the US dollar. According to Ripple, the stablecoin will be backed 1 to 1 by the US dollar. Additionally, Ripple announced that its reserves will be accounted for in public monthly attestation reports. Ripple CEO Garlinghouse said that the company decided to introduce a stablecoin to the market last year in response to the ‘depegging’ of rival companies Tether’s USDT token and Circle’s USDC.
Spot Bitcoin ETF Competition Between Morgan Stanley and UBS
Morgan Stanley and UBS are actively competing to become the first major banks to offer their clients access to spot Bitcoin ETFs. Sources said Morgan Stanley wants to be the first major bank to offer its clients full access to spot Bitcoin ETFs and will try to get ahead of UBS by making the announcement a few days before UBS.
US PayPal Customers Can Use PYUSD for International Payments
PayPal has announced the launch of a new service that allows US customers to send cross-border money transfers using the company’s PYUSD stablecoin. US users of the company’s international payment service Xoom will be able to convert PYUSD to USD and send money to “recipients in approximately 160 countries” without paying transaction fees.
Bitcoin Gains 4.5% Value After Fed Comments
“If we continue to see inflation moving sideways, then that would make me question whether we need to cut rates,” Kashkari said in an interview on LinkedIn. said. Kashkari’s comments were not surprising since he was among the hawkish Fed members, but stocks quickly reacted negatively. This comment also contradicted Powell’s expectation of a rate cut this year. After this speech, Bitcoin rose to $69,200 and gained approximately 4.5%.
Does High Funding Rate Harbinger a Decline?
Funding rates are at the highest level since April 2021. Positive funding ratios indicate that long position investors are dominant and are willing to pay funds to short position investors. This shows that long investors are trading at higher prices and short positions are trading at lower prices. The last time funding rates were this high was April 2021. The last time Bitcoin funding rates were like this, they dropped from $ 60,000 to $ 30,000 three months later.
Google Sues 2 Software Developers for Creating Fake Applications
Two software developers named Yunfeng Sun and Hongnam Cheung have published 87 fake applications on Google Play in the last four years. It is claimed that at least 100,000 people are affected, 8700 of whom are in the United States. Developers used social engineering techniques to get people to download an app that claimed to provide cryptocurrency investments. While trying to withdraw the money, they faced fees and could not withdraw some money.
Problem in Solana Network
It is reported that 75% of transactions on the network currently fail. According to Dune Analytics, this is the highest failure rate in history. On the other hand, Helius CEO Mert Mumtaz denied the claim that 75% of transactions fail and stated that the majority of failed non-voting transactions were bot spam.
Ethereum Leads the NFT Sales Market
According to CryptoSlam data, Ethereum finished Thursday at the top in NFT sales with $10.48 million. Additionally, Ethereum, which is the industry leader in all-time NFT sales with $43.46 million, became the only project to make sales of at least $10 million with a 42% increase in sales volume. Bitcoin ranked second with sales of $6.61 million, while Solana ranked third with $6.12 million.
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BITCOIN (BTC)
As of the morning hours, BTC is priced at $66,620 with a 2.67% loss in value. The pullback continues after rising as high as $69,300 yesterday. The range between $65,000 and $64,500 appears as a strong support. If it holds at this level, a rise up to $71,500 can be seen. If the support level does not work, there may be a retreat up to $61,000.
ETHEREUM (ETH)
ETH is priced at $3260 with a 2% loss of value as of the morning hours. Yesterday, there was an increase to the level of $ 3443. $3450 appears as a strong resistance. With pricing below $3400, a withdrawal up to $3000 may occur. $3200 is the major support, and if there is a reaction from this level, $3800 can be seen. If this place does not work as support, there may be a withdrawal up to $ 3000.
RIPPLE (XRP)
As of the morning hours, XRP is priced at $0.58 with a 2.31% loss in value. There was an increase to $0.6175 yesterday. XRP has solid support levels at 0.6143 and 0.5830. A fall in price below these levels raises the possibility of a short-term correction. On the other hand, if the 0.6530 and 0.6720 resistance levels are exceeded, XRP can be expected to push the 0.80 target. Breaking these resistance levels may pave the way for the upward trend to gain momentum.
AVALANCHE (AVAX)
AVAX is priced at $45.06 with a 3.10% gain in value as of the morning hours. There was an increase to $49.22 yesterday. There is a horizontal movement in this region in the short term. A fall in price below these levels raises the possibility of a short-term correction. On the other hand, if the 50.00 and 51.00 resistance levels are exceeded, AVAX can be expected to push the 60 target. The $40 level is seen as strong support in the continuation of the retreat.
SOLANA (SOL)
SOL is priced at $174.69 with a 5.03% depreciation as of morning hours. When we examined the four-hour chart, we saw that the $190 level, which we followed as a resistance zone, was tested again yesterday and could not be sustained above it. Additionally, with the selling pressure from this region, the short-term rising trend line was broken downwards. If this movement continues, the $168 region can be followed as support. In upward movements, the $180 level can be followed as resistance.
CHAINLINK (LINK)
As of the morning hours, LINK is priced at $17,218, with a 3.20% loss in value. When we examine the four-hour chart, we see that the descending triangle formation has broken downwards. If this movement continues, a move towards the $16,500 region, which we follow as the support zone, may be possible. In upward movements, the $ 17,500 level appears as the resistance zone.
ATOM
ATOM is priced at $10,716 with a 2.53% loss in value as of the morning hours. When we examine the four-hour chart, we see that the support zone of $ 10.60 was tested with the withdrawal movement. In case of an upward reaction from this region, the $ 11 level can be followed as resistance, and if there is persistence above this region, a movement towards the $ 11,500 region may be possible. In case of pullbacks, the $ 10,150 level may be tested if the support zone is broken downwards.
MKR
MKR is priced at $3870 with a 2.18% depreciation as of the morning hours. When we examine the four-hour chart, we see that the $ 4050 level was tested with the upward movement seen yesterday and the withdrawal movement occurred with the double peak formation formed in this region. If this movement continues, the $ 3800 level can be followed as support. In upward movements, the $ 3900 level appears as resistance.
