Here’s a 2-minute look at everything that happened in crypto today.
Bitcoin hit $106,000 yesterday and the crypto world remained eerily quiet.
No special hashtags trending.
All these endless debates about when Bitcoin would finally exceed six figures? They are now a thing of the past. But instead of chaos and excitement, we witness something unexpected: calm.
The charts are green, the portfolios are up, but the usual hype? MIA
Traders who were jumping on every price move are just… watching. Some haven’t even updated their price forecasts yet.
Is this what a mature market looks like? Or is everyone realizing that their years-old predictions have finally come true?
Let’s make sense of it all! Here is a brief overview of the main headlines from the last 24 hours:
- Ripple launches RLUSD stablecoin with New York approval, targeting USDT and USDC dominance in remittance market – But who supports this project? 🏦
- MicroStrategy adds 15,350 BTC ($1.5 billion) just before joining the Nasdaq 100 index – But didn’t they buy thousands of Bitcoins a few weeks ago? 🤔
- BlackRock backs Ethena’s new stablecoin USDtb, sister token to its $6 billion USDe – But who else supports this project? 💰
- Hyperliquid DEX Reaches $1 Billion in USDC Deposits After HYPE Token Launch Without VC Backing – But why are users so optimistic about HYPE? 📈
- FTX will start reimbursing users from January 2025, offering 118% of the value of claims – But why 118%? 💸
Let’s go!
Ripple just made a power move in the stablecoin game. After getting the green light from New York regulators, they are launching RLUSD – a dollar-backed stablecoin that goes directly to the market share of USDT and USDC.
The interesting part? Unlike other stablecoins primarily used for trading, RLUSD is specifically designed for payments and remittances. Think faster cross-border transfers and cheaper international payments.
But why is XRP increasing? Read the full story!
MicroStrategy just added an additional 15,350 Bitcoins to its treasury, worth approximately $1.5 billion. Their total reserve? 439,000 BTC.
The purchase comes just before MicroStrategy joins the Nasdaq 100 Index — a move that could trigger at least $2.1 billion in institutional buying as ETFs adjust their portfolios.
But didn’t they buy thousands of Bitcoins a few weeks ago? Read the full story!
Ethena just dropped something interesting in the stablecoin space: USDtb, a new dollar-pegged token with a twist.
More than 90% of its support comes from BlackRock’s massive BUIDL fund.
The interesting part is not just the BlackRock connection. USDtb is designed to work alongside Ethena’s existing USDe, which has already attracted $6 billion in user funds. But while USDe plays with derivatives to maintain its footing, USDtb takes a more traditional approach, backing each token with real reserve assets.
But who else supports this project? Read the full story!
Something unusual is happening at Hyperliquide.
The new decentralized exchange has attracted more than $1 billion in USDC deposits since the launch of its HYPE token last month – without a single venture capital firm in sight.
That’s right: no private investors, no exchange allowances. Every HYPE token went directly to users. This old-fashioned approach to token distribution seems to be working. Their total value locked increased from $196 million to $3.2 billion in just 30 days.
But why are users so optimistic about HYPE? Read the full story!
The long wait for FTX customers is finally coming to an end. Starting January 3, 2025, the fallen crypto exchange will start returning funds to its users – and they are paying back more than expected.
If you lost $50,000 or less on FTX, you are in the first group to get paid. This covers over 90% of all FTX victims. The interesting part? Most creditors will receive at least 118% of the value of their claim, calculated using November 2022 prices.
Kraken and BitGo will handle distributions, with a third partner yet to be announced. Both bring deep experience: Kraken helped return Mt. Gox funds, while BitGo secures billions in institutional crypto.
But why 118%? Read the full story!
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