Axel Adler, the guy who probably has more charts than friends, says we’re in for more bearish times. Weakening demand, sell pressure that won’t quit, and liquidity drying up like my sense of humor at a family reunion. 🎭 Apparently, these are the signs of a prolonged corrective period. Who knew? Not me, I was too busy wondering why my Netflix subscription costs more than my gym membership, and I only use one of those.
In this carnival of capital, the institutional players, with their ledgers and licenses, continue to shape the destiny of XRP. Hex Trust, a paragon of regulation and digital asset custodianship, proclaimed on the twelfth of December that it shall issue and safeguard wrapped XRP (wXRP). Their mission? To thrust XRP into the labyrinth of DeFi and cross-chain utility. A noble endeavor, or so they claim. 🧐📜
On Friday, they sent a letter (a binding one, fancy that!) to the Agnelli family – who’ve been bossing Juventus around for over a century, which is a VERY long time, even for old fuddy-duddies – offering a mountain of cash for a whopping 65.4% of the club. That’s more money than you can shake a stick at, frankly!
In pursuit of the rarest of trades-the Long in a discount, the Short in a premium-Wyckoff Insider (a name I suspect only exists because the market needed an answer to the question, “banner?”) has identified a multi-timeframe range ripe for the plucking. The range highs and lows, so meticulously crafted, now resemble a Parisian riviera of trading opportunities. One must, of course, apply oneself with the decorum of a well-tailored blazer, lest one be overtaken by the ebb and flow of the market’s more flamboyant attendees.
Oh boy, the curtain rises on a new showstopper! The Office of the Comptroller of the Currency (OCC)-a rather pompous regulator with a feathered hat and a monocle-has, on the 12th of December, allowed five crypto-specialist banks to strut their stuff on the federal banking stage. This is a scene-stealing moment for fiendishly clever digital asset institutions.
But what tempest stirred this chaos?
When the stock market sneezes, Bitcoin, ever the timid soul, catches a cold. This adage, though trite, aptly captures the enigmatic dance of Bitcoin’s price over the past eight weeks. Billions in institutional capital, favorable crypto legislation, and acceptance by several trillion-dollar money managers all failed to trigger a year-end rally for the cryptocurrency. And now stocks may meet a similar fate, with many blaming AI hype for the bearish retreat. One might say the market has a case of the Mondays… in December.
As reported by U.Today, the San Francisco-based enterprise blockchain firm received conditional approval alongside some other crypto firms. 🕺
The Solana validator client, Firedancer, launched on Solana Mainnet on Friday. Firedancer is a result of three years of development and was developed by Jump Trading, the crypto wizards who probably also invented the wheel… and maybe time travel. Before its launch, Firedancer had been running on a set of validators for 100 days, with more than 50,000 blocks created. 50,000 blocks? Did they nap during the process?
Oh, the audacity! Pakistan has signed a Memorandum of Understanding (MoU) today with global cryptocurrency exchange Binance to explore the ‘tokenization’ of up to $2 billion worth of sovereign assets. 🎭💸 What could possibly go wrong?
