And what marvel is this? Grayscale and Franklin Templeton, those titans of financial piety, unleashed their GXRP and XRPZ upon the people, drawing in the sum of $130 million in a single breath! Such devotion! Such faith! As if the very market itself had suddenly found redemption-albeit priced at 0.50% management fee. đ§žđ¸
Bloombergâs Eric Balchunas thought this thing might pull in $10-12 million. Wrong! Turns out, slapping “Doge” on something doesnât magically make it rain money. Who knew? đ¤ˇââď¸
According to Ripple, the UKâs Nov. 26 Budget isnât just another boring day at the office; itâs a golden opportunity to take the digital asset world by storm. Forget the old-school financial systems. With clear policies on stablecoins and crypto, the UK could potentially leave everyone else in the dust and cement its position at the top of the financial food chain. Because, who wouldnât want to be the most âcrypto-friendlyâ country around, right?
On November 27th, Pump.fun transferred another $75 million in USDC to the Kraken exchange, prompting renewed discussion about the project’s recent use of stablecoins.
Indeed, in a wild and spectacular show reminiscent of Jeeves & Wooster’s capers, Bitcoin did much more than just dip its toes in the fiscal waters, it nearly cannonballed over to an almost exorbitant $92,000. It trades now, much like Gussie Fink-Nottle at a cocktail party, above both $90,000 and the 100 hourly Simple Moving Average. It got across that feeble old bearish trend line at $88,000 with the agility of a starling in an open window!
Bitwise Asset Management announced on Nov. 26 that it has launched the Bitwise Dogecoin ETF (NYSE: BWOW), offering a new exchange-traded route for gaining DOGE exposure. The firm also noted that the management fee will be 0.34%, with a temporary 0% rate on the first $500 million in initial assets.
S&P Global, with its brand-new risk scale (fancy!), didnât just drop a bombshell; it unveiled a whole new grading system for stablecoins in 2023. Apparently, Tether’s USDT now sits at a pathetic â5 (weak)â-the worst rating you can get. Thatâs down from its previous â4 (constrained).â S&P wasnât thrilled with Tetherâs lack of transparency, especially when it comes to the financial health of its custodians and counterparties. đ
Now, letâs get to the goodies! There will be one grand Bitcoin prize for a lucky winner, five âsubstantialâ Bitcoin prizes (so thatâs not just pocket change), and a whopping 162 smaller Bitcoin prizes, scattered like breadcrumbs to the lucky participants. Can you imagine? A whole 162 chances to win a little slice of digital treasure. Prizes will be handed out every week, all the way through December 21st! đ
So, even if Bitcoin falls to its average purchase price of $74,000 (which, by the way, sounds a lot like a humble brag), their holdings would still be worth a cool 5.9 times the value of their convertible notes. Yes, you read that right. But wait-there’s more. Even in the unlikely scenario that Bitcoin crashes down to $25,000 (letâs all pray that doesnât happen, but who knows?), their BTC stash would still stand strong at a solid 2.0x. Talk about a crypto safety net, right? đśď¸
