This week in the world of cryptocurrency, TinTucBitcoin explores everything from Ripple’s efforts to create its RLUSD stablecoin, Bitcoin facing a pullback after crossing the $100,000 mark, and more.
Cardano founder Charles Hoskinson also promoted a message of solidarity for all crypto enthusiasts, warning of potential hostility from the banking industry.
Ripple’s stablecoin RLUSD
On November 29, it was reported that the New York Department of Financial Services (NYDFS) may soon approve Ripple’s stablecoin RLUSD. New York has always been an important market for stablecoins, and this approval would be a major win for Ripple, especially after a lengthy battle with the SEC and regulators.
However, these expectations have not yet come true. Stay one conference recently in Prague, CTO David Schwartz discussed some of the late-stage hurdles. He remains optimistic about Ripple’s ability to deploy the asset before the end of the year, but admits there are significant difficulties:
“The notable part for us is that as we get closer to the holidays, partners want to get going. Once you start hitting Christmas and New Years, people are absent. There are a lot of mobile factors involved, and the biggest one is [NYDFS]. They are looking at all of our processes, compliance, and those things,” Schwartz said.
Still, the company benefited from the hype. By December 4, XRP’s price rally had fueled massive growth for Meme Coins in Ripple’s ecosystem. In particular, one token, ARMY, reached a peak market capitalization of 90 million USD, while RIPPY achieved an unprecedented price increase of 22,825%. Both Meme Coins have seen significant liquidation.
Unfortunately, this optimistic trend did not last. Current bearish signals suggest that XRP is facing serious price resistance and little forward momentum. The asset peaked midweek and declined from there.
Bitcoin Hits 100,000 USD Milestone Full of Complexities
Bitcoin, the world’s first and leading cryptocurrency, finally reached the $100,000 milestone on Wednesday, December 5. The community reacted to the event with much excitement, but soon Many strange actions happened. For example, the discontinued exchange Mt. Gox quickly transferred $2.43 billion in Bitcoin after the price crossed the threshold.
Currently, the exchange’s motive for this action is unclear. If Mt. Gox is planning to sell or return these assets to creditors, but that action has not yet occurred. However, the sudden and unexplained transfer of money shook the market. These speculations led to a rapid drop in prices the next day.
Bitcoin quickly fell from $100,000 to $97,000 on December 6, triggering over $1 billion in liquidations. The US government also transferred just under $2 billion in Bitcoin, half of which went to Coinbase, earlier in the week.
These large trades created a temporary uncertainty, and options traders also hedged against the possibility of a decline. However, the value of Bitcoin surpassed the $100,000 mark once again on Friday.
Finally, Cardano founder Charles Hoskinson called for unity in the crypto industry and encouraged communities to overcome confrontations. Hoskinson acknowledged his previous (sometimes harsh) criticism of other blockchain ecosystems but encouraged the community to “ignore the comments and opinions of the past” and “accept a reboot.” absolutely all ecosystems.
“2025 is about unity and progress. We have an opportunity to make cryptocurrency mainstream and expand our market to tens of trillions in value, from here into every home and government. We cannot let petty divisions ruin this opportunity,” Hoskinson declare via social networks.
He also identified one reason clear to accept this new attitude: the specter of a crypto regulatory squeeze. Hoskinson pointed out that the banking sector still retains an existential hostility towards cryptocurrencies despite the government’s friendlier attitude. He warned of a new Operation Chokepoint and stated that the industry has a new opportunity to achieve crypto-friendly regulation.
