🗺 Ripple explores tokenized finance on XRPL
Plus: Polymarket's changes in France
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GM. Grab your fruit bowl and join the Daily Squeeze - we're slicing, dicing, and smashing crypto stories into bite-sized pieces.
💰 Archax launched a tokenized money market fund on XRPL.
🥖 Polymarket gets banned in France.
🍊 News drops: WBTC crashed to $5.2K on Binance, the US SEC secured $8.2B in penalties this year + more
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🍍 Market flavor today
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| Crypto Market Cap: $3.43T 0.6% (24H) | ||||
| Name | Price | 24H | 7D | |
|---|---|---|---|---|
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Bitcoin BTC | $98,352.54 | 0.58% | 8.24% |
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Ethereum ETH | $3,488.60 | 3.58% | 13.24% |
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Solana SOL | $252.94 | 1.00% | 3.85% |
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BNB BNB | $665.56 | 1.39% | 7.77% |
| Prices as of 6:45 AM EST. Live data is available here. |
The market's throwing curveballs, and we're all eyes and ears 👀 The Fear and Greed Index dipped to Greed yesterday but bounced back to Extreme Greed at 82 today. Over the weekend, Bitcoin took a tumble below $96K as folks grabbed some profits. Now, the cryptocurrency's trying to hold above $98K.
Avocado_onchain from CryptoQuant commented that profit-taking is just part of the game when prices rally. This person added that the Short-Term SOPR (Spent Output Profit Ratio) hit 1.02, which historically signals a potential pullback. But hey, if the money keeps flowing and everyone's still eager to buy, we might blow past $100K like it's nothing.
And speaking of cash flow, Michael Saylor is clearly all in on that go big or go home vibe - last week, MicroStrategy dropped $5.4B to buy another 55.5K BTC. Plus, spot BTC ETFs pulled in $3.35B last week - their biggest week ever!
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Now, you gotta watch out for two key zones: $97K and $100K. Here's why they matter:
- If BTC drops below $97K, traders with leveraged long positions (bets that BTC will go up) might face liquidations. This means their positions are automatically closed, causing forced selling, which could push prices even lower.
- On the flip side, if BTC breaks above $100K, it's the shorts (traders betting against BTC) that'll feel the squeeze. They'll be forced to buy back their positions, creating more upward pressure and potentially fueling a bigger rally.
Liquidation zones like these act as pressure points, where leverage builds up, and even small price moves can have big ripple effects. It's not guaranteed, but if BTC pushes through $100K or slips below $97K, we could see some serious volatility.
For ETH, the critical levels are $3.2K on the downside and $3.5K on the upside. Meanwhile, SOL is eyeing $250 and $270 as its tipping points.
Overall, crypto's keeping us all on our toes - stay alert, and let's see where this ride takes us 🚀
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🏕 S'mores, anyone?
Retail investors are like starting a campfire with a matchstick: takes some time, but works if enough people bring matches. That said, let's be real - we ain't got time for that. That's why we invite institutions to the camp - might kill the cozy vibe a little, but at least they pull up with a flamethrower.
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Today, we're chillin' at Ripple's campsite, and the flamethrower in question? Archax. These guys are the first FCA-regulated digital asset exchange, and they launched a tokenized version of abrdn's US Dollar Liquidity Fund (Lux) on the XRP Ledger (XRPL).
Big deal? Absolutely. Tokenized assets are expected to hit $16T (yes, T) by 2030. Besides, not only is this the first tokenized money market fund on XRPL, but it also puts the blockchain as one of the big dawgs for tokenizing real-world assets (RWA) and institutional DeFi.
TL;DR: big money, big players, big utility, big aura points.
And you might've already guessed: XRP's riding this hype train like it's got a first-class ticket.
+10.57% in the last 24 hours;
+32.45% over the past week.
The cherry on top? Rumor has it WisdomTree filed for an XRP ETF in Delaware. If this goes through, it's not just a flamethrower - it's straight-up gasoline added to the fire.
Overall, the campsite's getting toasty. Ripple fam, bring those marshmallows in here - after this year of struggles, you finally deserve a sweet treat 🔥
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🇫🇷 Au revoir, Polymahket
Earlier this month, we talked about how the French government has a list of things they're cool with - and that the blockchain-based betting platform Polymarket wasn't on it 😡
Well, back then, it was lowkey just gossip, but now, it's official: Polymarket's banned in France.
So, the French user who placed $45M worth of bets on Trump's victory (and is the reason regulators even noticed Polymarket) is out here popping champagne for cashing out in time. Meanwhile, the rest of the nation that might've gotten inspired by this story is left sitting there like:
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🍋 News drops
💥 It tanked due to a glitch in Binance's trading system.
⚽ FIFA and Mythical Games are teaming up to bring us FIFA Rivals, a mobile game running on the Mythos blockchain, powered by Polkadot's security tech. Think of it as your chance to build a soccer team, go head-to-head with other players in real time, and flex your manager skills.
💰 The US SEC got $8.2B in penalties in 2024. More than half of that came from their settlement with Terraform Labs.
🏦 Hong Kong's biggest virtual bank, ZA Bank, made it way easier for normies to jump into crypto. Now, you can buy and sell Bitcoin and Ethereum directly with fiat through their app.
🗑 James Howells' lost hard drive with 8K BTC is still the topic even after nearly a decade. His ex, Halfina Eddy-Evans, who he partly blamed, said she was begged to toss the hard drive and had no clue it was worth a fortune.
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🍌 Juicy memes
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