Dr. Altcoin, the resident crypto genius, explains how the GENIUS Act could boost USD1, a stablecoin created by World Liberty Financial. Backed one-to-one with the US dollar and supported by assets like cash and US Treasuries, USD1 has already been listed on major centralized exchanges like MEXC, where it’s paired with Pi, Bitcoin, Ethereum, and other major cryptocurrencies. 🤑
According to data from CME Active Trader, the official X handle of the CME Group, the combined XRP and Micro XRP futures volume set a new record on Friday. The CME Group, the largest derivatives marketplace in the world, operates multiple platforms, including the Chicago Mercantile Exchange. They offer regulated futures and options trading products across a wide range of asset classes, including cryptocurrencies. 🤔
This audacious proposal flings wide the gates of opportunity, transforming an enclosed garden party into an exhilarating carnival, replete with peer-to-peer exchanges and the spirited clamor of secondary markets. Outrageous! Truly, who doesn’t crave a bit of chaos in their financial affairs? 😏
As I’m typing this — and you’re probably sipping something caffeinated — Ethereum (ETH) is up a solid 7%, strutting around at $3,336. It even flirted with the number $3,385 like a keen contestant on The Bachelor before reality hit and brought it back to less dramatic levels.
U.Today reports that the massive transfer of 40,009 BTC, valued at a cool $4.69 billion, found its way to the digital shores of Galaxy Digital. The ripple effects of this transaction were felt across the crypto ocean, believed to be the key reason behind Bitcoin’s sudden and swift correction. 🌊
The insight was shared via a chart on X, highlighting a late surge in ETF demand that coincided with Bitcoin’s climb to new all-time highs. 🚀🌕
These blockchain-based tokens, designed to maintain a stable value, offer a glimpse into a future where governments could leverage their infrastructure to introduce a state-controlled digital dollar. As the U.S. grapples with the implications of a CBDC, stablecoins like Tether’s USDT and Circle’s USDC, which have thrived with fairly minimal government interference, raise questions about whether they are inadvertent prototypes for a broader, more centralized financial transformation.
Based on blockchain data monitored via Hyperdash, the whale shorted 20,474 ETH at an entry point of $3,060. As ETH has been trading at levels lower than $3,000 at the time of writing, the whale is already enjoying an unrealized profit of approximately $1.14 million, or returns of 30%.
But here’s where the plot thickens: data reveals that Ethereum has single-handedly accounted for nearly half of all crypto liquidations in the last 24 hours. Out of a total of $408 million in positions that have been mercilessly wiped out, Ethereum contributed a staggering $193 million. Of this, a whopping $169 million came from short positions, while the longs managed to lose a mere $24 million. It’s almost as if the market is playing a cruel joke on the bears, isn’t it?
Among those holding forth was the intrepid Representative Maxine Waters, who deemed the CBDC Anti-Surveillance State Act—an ambitious initiative that aims to thwart any governmental oversight of a prospective digital dollar—the “anti-innovation act.” Such an appellation surely leads one to ponder whether any true innovation has ever come from a government undertaking. 🤔
