Ripple

Ripple, Coinbase, a16z invest $78M in pro-crypto PAC ahead of US elections

Prominent cryptocurrency companies and investors intend to support pro-cryptocurrency candidates during the 2024 U.S. election cycle.

Ripple CEO Brad Garlinghouse has publicly announced the company’s intent to support “pro-crypto” candidates during the 2024 United States election season. The company is among a group to have pledged a total of $78 million to support the Fairshake political action committee (PAC).

Fairshake announced that prominent industry firms and players had contributed to a significant “war chest” to back candidates who support American crypto and blockchain innovation and responsible regulation in the upcoming 2024 elections.

The list of contributors includes Coinbase CEO Brian Armstrong, Tyler and Cameron Winklevoss, Circle, Coinbase, Kraken, Messari and Andreessen Horowitz (a16z).

Palau advances CBDC with Ripple in phase 2 of PSC program launch

The second phase of the PSC program will prioritize the development of a digital ecosystem and increased user engagement, emphasizing adherence to regulatory compliance.

The Ministry of Finance of Palau officially launched the second phase of its Palau Stablecoin (PSC) program. Jay Hunter Anson, a cybersecurity consultant in Palau and adviser to the Ministry of Finance, confirmed the program’s second phase launch on Dec. 15 in a post on X (formerly Twitter).

Anson said that Palau aims to extend its partnership with Ripple in phase two, allowing the PSC team to leverage Ripple’s central bank digital currency (CBDC) platform and technical expertise.

PSC is a digital currency pegged to the United States dollar, which uses Ripple’s XRP Ledger.

Ripple exec predicts crypto landscape shifts in 2024

Stuart Alderoty predicts the possible resolution of Ripple’s SEC lawsuit and U.S. lawmakers agreeing on the need for crypto regulations.

Ripple chief legal officer Stuart Alderoty has shared insights on the future of the cryptocurrency landscape in 2024. He discussed predictions about Ripple’s legal dispute with the United States Securities and Exchange Commission (SEC), the judiciary’s influence on crypto regulations and potential legislative challenges in the U.S. Congress.

Alderoty predicts the possible resolution of Ripple’s lawsuit with the SEC in 2024, and he cautions against the SEC’s persistent “regulation by enforcement” strategy, highlighting its potential consequences for the crypto industry.

Alderoty predicts a significant role for the judiciary in curbing SEC overreach, suggesting that ongoing legal conflicts could escalate to a confrontation in the U.S. Supreme Court.

Price analysis 12/15: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, AVAX, DOT, MATIC

Bitcoin and select altcoins are witnessing profit-booking on rallies, increasing the likelihood of a short-term pullback.

Bitcoin’s (BTC) rally has been taking a breather for the past few days but its strong rally in 2023 has not gone unnoticed. A survey of United States financial services companies by crypto firm Paxos showed that 99% of the firms were putting as much or more focus on crypto projects this year as compared to previous years.

Analysts are increasingly bullish on Bitcoin and the crypto space in 2024. Bitwise senior research analyst Ryan Rasmussen made ten predictions for the crypto industry in 2024 in an X (formerly Twitter) post on Dec. 13. He believes Bitcoin will soar to $80,000 in 2024 and “more money will settle using stablecoins than using Visa.”

Along with crypto-specific issues, expectations of rate cuts by the Federal Reserve in 2024 are adding to the bullish sentiment. Arthur Hayes, the former CEO of crypto exchange BitMEX, reiterated his bullish view on crypto in an X post on Dec. 14. He said that the fiat was “a filthy piece of trash” and there was no reason not to be long crypto.

Ripple issues white paper on CBDCs, reiterates belief in their potential

The white paper states that CBDCs help expand financial inclusion, streamlining cross-border payments and reinforcing monetary policy control.

Ripple has doubled down on its public support for central bank digital currencies (CBDCs) in a new white paper.

The 23-page document was released by the blockchain-based digital payments company on Dec. 14, and Ripple explains the basics of CBDCs, their attractiveness, risks and barriers to widespread adoption. The white paper claims CBDCs help expand financial inclusion, streamline cross-border payments, and reinforce monetary policy control. It also states:

Among the barriers to adoption, Ripple highlights the absence of a uniform, global regulatory framework for CBDCs. Other factors include a lack of end-user adoption, “little-to-no” consumer education, fears about privacy and security protections, digital identity verification, lack of interoperability among CBDCs and offline access to transactions. However, the authors of the white paper believe these issues “aren’t unsolvable.”

Price analysis 12/13: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, AVAX, DOT, MATIC

Bitcoin and altcoins are trying to find support at lower levels, indicating that the sentiment remains positive, and that traders are buying the dips.

Bitcoin (BTC) has failed to rebound sharply following the fall on Dec. 11, suggesting selling pressure on relief rallies. Glassnode data shows that short-term holders (STHs), entities holding Bitcoin for 155 days or less, sent $1.93 billion worth of Bitcoin to exchanges on Dec. 11 and $2.08 billion on Dec. 12. The last time single-day selling crossed the $2 billion mark was way back in June 2022. This shows that speculators are in a hurry to dump their holdings.

However, lower levels are attracting buyers. Trading resource Material Indicators suggested that “institutional sized” bids could be seen but added that it was unclear if it was accumulation or a short-term trading opportunity with dips being purchased and rallies being sold.

Cointelegraph contributor Marcel Pechman analyzed derivatives data and said that Bitcoin remains on track to hit $50,000 despite the recent correction. He added that chances of “cascading liquidations” were low as the correction seems to have been “primarily driven by the spot market.”

Japan’s SBI looks to Saudi Aramco as it continues Middle East expansion

They have signed a memorandum of understanding on digital asset investment and semiconductor production.

Japanese financial services firm SBI Holdings and Saudi Arabian state-owned oil company Saudi Aramco are considering teaming up on digital asset investment and semiconductor production projects. The two signed a memorandum of understanding (MoU) on cooperation that includes the establishment of SBI Middle East in Riyadh as a base for operations in the region.

According to the MoU, signed Dec. 7, SBI and Saudi Aramco will consider collaborating in the field of digital assets and co-investing in their digital asset portfolios. They may identify Japanese digital asset startups that could be interested in expanding to Saudi Arabia and launch semiconductor production projects in both countries. In addition:

Saudi Aramco is the world’s second-largest corporation by revenue, after Walmart. The MoU mentioned Saudi Aramco investments aimed at complementing its supply chain. Cryptocurrency is “not recognized by legal entities” in Saudi Arabia, although the government has shown a healthy interest in Web3. SBI Holdings’ partnership with Taiwan-based Powerchip Semiconductor Manufacturing was also highlighted.

Japan’s SBI looks to Saudi Aramco to continue Middle East expansion

They have signed a memorandum of understanding on digital asset investment and semiconductor production.

Japanese financial services firm SBI Holdings and Saudi Arabian state-owned oil company Saudi Aramco are considering teaming up on digital asset investment and semiconductor production projects. The two signed a memorandum of understanding (MoU) on cooperation that includes establishing SBI Middle East in Riyadh as a base for regional operations.

According to the MoU, signed Dec. 7, SBI and Saudi Aramco will consider collaborating on digital assets and co-investing in their digital asset portfolios. They may identify Japanese digital asset startups that could be interested in expanding to Saudi Arabia and launch semiconductor production projects in both countries. In addition:

Palau’s Ripple-supported stablecoin pilot achieves positive results

The U.S. dollar-pegged Palau Stablecoin was used by 168 volunteers for $100 of retail purchases in three months.

The first phase of the Palau Stablecoin (PSC) Program has been declared a success by the country’s Ministry of Finance. More work on the United States dollar-pegged national stablecoin is planned, with the goal of introducing the PSC on a national scale, according to a report released on Dec. 7.

The three-month PSC project was carried out with the participation of Ripple and used the XRP Ledger central bank digital currency (CBDC) platform. The Finance Ministry recruited 168 volunteers from among government employees, who were able to spend 100 PSC at participating local retailers. Both the volunteers and retailers responded positively to their experience using the PSC.

Purchases were made using a phone and a QR code or by manually inputting a wallet address. Only the retailers were able to redeem the PSC for U.S. dollars, which is Palau’s legal currency. The PSC was fully collateralized by $20,000 in “a Tier 1 Federal Deposit Insurance Corporation (FDIC) United States bank.”

Price analysis 12/8: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, AVAX, LINK, MATIC

Bitcoin price staged an intraday rally to the $44,000 level and technical charts show altcoins are keen to follow.

This week Bitcoin (BTC) price saw a shallow pullback, but the intra-day rally to the $44,000 level is an indication that the bulls are not hurrying to close their positions. Data from the popular HODL Waves metric shows that investors who purchased Bitcoin between December 2020 and December 2021 have been sitting on their coins.

Investors have not been selling into strength because they anticipate higher levels in the future. Asset manager VanEck said in its crypto predictions for 2024 that Bitcoin would make a new all-time high, buoyed by the “political events and regulatory shifts following a U.S. presidential election.”

Bitcoin’s rally of the past few days has also attracted investors to select altcoins, such as Ether (ETH), Cardano (ADA) and Solana (SOL). Research firm Santiment remains positive on the prospects of Bitcoin. It said on Dec. 7 that if FUD increases, Bitcoin could surge to $50,000.