Crypto Market Volatility: XRP Plummets, Bitcoin Whale Awakens, Putin Backs Bitcoin
The cryptocurrency market experienced significant volatility today, with XRP losing its position as the third-largest crypto and a dormant Bitcoin whale stirring from its 11-year slumber. Meanwhile, Russian President Vladimir Putin’s endorsement of Bitcoin as an alternative to dollar reserves has added further fuel to the fire.
XRP Drops After Stablecoin Delay
Ripple, the company behind XRP, confirmed a delay in the launch of its stablecoin project, RLUSD. This announcement has negatively impacted the price of XRP, causing it to lose its recently-earned third-largest cryptocurrency spot. The impact on the broader crypto market remains to be seen.
Ancient Bitcoin Whale Transfers $257M
A dormant Bitcoin wallet, inactive for 11 years, unexpectedly transferred $257.45 million worth of BTC. The crypto tracker Lookonchain first identified the move, which sent 2,700 BTC to another wallet on Tuesday. The event has sparked speculation about potential market influences and the long-term implications of such large transactions.
Japanese Analysis Fuels Bitcoin Interest
Japan’s JinaCoin, a trusted crypto media outlet, released a detailed Bitcoin analysis. This analysis is expected to boost investor confidence and potentially increase Bitcoin adoption, affecting global cryptocurrency markets.
Putin Pushes Bitcoin as Alternative Reserve
Russian President Vladimir Putin has emphasized Bitcoin as a viable alternative to dollar reserves. His comments at an investment conference in Moscow follow recent geopolitical events and the freezing of approximately $300 billion in Russian assets. This endorsement adds significant weight to the debate around Bitcoin’s potential role in international finance.
Schiff Links Bitcoin Surge to Government Intervention
Analyst Peter Schiff argues that Bitcoin’s recent surge to $100,000 was, in part, driven by government intervention, specifically citing the US President-elect’s choice of a pro-crypto SEC leader.
