Author: Max Bauer
XRP, the cryptocurrency issued by Ripple, soared to $2.48 on Monday, reaching its highest price in six years and securing its position as the third most valuable cryptocurrency globally. While still below its 2018 peak of $3.40, several factors suggest XRP could surpass this record, according to Arthur Azizov, CEO of crypto exchange B2BinPay. Donald Trump’s presidential win has reignited bullish sentiment in the cryptocurrency market, with investors anticipating pro-crypto policies. The market has seen a 42% surge to $3.5 trillion since the election. Ripple CEO Brad Garlinghouse expressed confidence in Trump’s potential impact on the industry, stating that he…
Fundstrat Global Advisors co-founder and Head of Research, Tom Lee, remains bullish on Bitcoin, predicting a significant price surge above $100,000 before the end of the year. In an interview on CNBC, Lee expressed confidence in Bitcoin’s potential, despite its current struggle to break through the psychologically important $100,000 mark. Lee attributes his optimistic outlook to a combination of factors. He highlighted the historically strong performance of the S&P 500 in December, particularly following election years with gains exceeding 10%. Additionally, he pointed to the decline in bond yields to pre-election levels, suggesting a favorable environment for multiple expansion. He…
Bitcoin mining profitability rebounded in November, driven by the cryptocurrency’s record-breaking price surge, according to a JPMorgan research report released Monday. While the improvement is notable, profitability remains roughly 50% below pre-halving levels, analysts Reginald Smith and Charles Pearce noted. “We estimate that bitcoin miners earned an average of $52,000 per exahash per second (EH/s) in daily block reward revenue in November, a 24% increase from October,” the analysts wrote. JPMorgan attributed part of this boost to a spike in transaction fees following the U.S. presidential election on November 5th, providing some “hashprice relief.” Hashprice is a key metric used…
Japan is considering introducing new, less stringent regulations for cryptocurrency intermediaries that fall outside the scope of traditional exchanges. This move aims to address the regulatory challenges posed by entities such as gaming applications and self-hosted wallets that connect users to third-party crypto trading services. Japan has been a pioneer in cryptocurrency regulation, implementing legislation for Crypto Asset Exchange Service Providers (CAESPs) in 2017 following the high-profile Mt. Gox exchange hacks. These regulations cover a broad range of activities, including buying and selling crypto, brokerage services, managing funds, and providing custody. However, the current framework poses challenges for intermediaries that…
South Korea’s main opposition party, the Democratic Party of Korea (DPK), has agreed to postpone the implementation of a controversial cryptocurrency tax for two years. The decision, announced on Sunday, comes after significant pushback from investors and follows a similar reversal on a planned financial investment income tax just last month. DPK floor leader Rep. Park Chan-dae explained the decision during a press conference at the National Assembly, stating that further institutional arrangements are needed before virtual asset taxation can proceed. He emphasized that the decision was reached after extensive internal discussions, debate, and political judgment. The government had originally…
Market participants are eagerly awaiting Federal Reserve Chairman Jerome Powell’s upcoming interview at the New York Times DealBook/Summit conference on December 5th. His comments on the potential pace of interest rate cuts will be closely scrutinized following recent indications of a more cautious approach from the Fed. Minutes from the Federal Reserve’s November monetary policy meeting revealed that policymakers are generally leaning towards a more conservative stance on future rate reductions. This has shifted market expectations, with federal funds futures now pricing in a drop in interest rates to 3.8% by the end of 2024, down from the current 4.5%…
China is stepping up its efforts to combat money laundering activities, particularly those involving virtual currencies. According to the Supreme People’s Procuratorate (SPP), the country’s highest prosecuting body, a recent study session focused on the revised Anti-Money Laundering Law and its implications for legal supervision. Ying Yong, Secretary of the Party Group and Chief Prosecutor of the SPP, emphasized the need to strengthen the fight against money laundering and accurately grasp the revised law’s provisions on expanding the scope of predicate offenses—the criminal activities that generate the proceeds to be laundered. He stressed the importance of leveraging the law to…
In a recent appearance on Anthony Scaramucci’s “Speak Up” podcast, Tom Lee, Fundstrat’s chief investment officer and head of research, made a bold prediction: Bitcoin will reach $250,000 within the next year. This forecast comes as Bitcoin hovers around $60,000, representing a potential fourfold increase. Lee, known for his optimistic and often accurate market forecasts, based his prediction on several factors. He highlighted the Bitcoin halving cycle, a recurring event where the reward for mining new Bitcoin is cut in half, effectively reducing the supply. Historically, Bitcoin’s price has seen significant increases following these halving events, and Lee believes this…
Ripple, the cross-border payments company, is poised to enter the regulated US cryptocurrency market with its own stablecoin, RLUSD. Sources close to the matter tell FOX Business that the New York Department of Financial Services (NYDFS) is expected to grant approval in the coming days, paving the way for a December 4th launch. This approval would grant Ripple a Limited Purpose Trust Charter, allowing it to offer RLUSD to the public in New York. This move positions Ripple as a significant player in both the New York regulated digital finance market and the broader stablecoin ecosystem, putting it in direct…
The Federal Reserve’s aggressive interest rate cuts are expected to moderate in 2025, according to Wells Fargo. Sarah House, a senior economist at the bank, predicts the Fed will likely transition to cutting rates “once every other meeting” as we enter the new year. Her team anticipates three rate cuts in total for 2025. This view reflects a broader consensus on Wall Street. While the precise timing and magnitude of future cuts remain a subject of debate among policymakers, economists generally agree that the current rapid pace of reductions is unsustainable. Current market expectations, as reported by Bloomberg, price in…