Cryptonews

In a most riveting tête-à-tête with the ever-astute Natalie Brunell, our anxious hero, Novogratz, expressed his trepidation regarding the current state of the crypto bazaar. “I’m a little nervous in general,” he confided, “that there’s what feels to be a frenzy. We are getting five calls a week on new balance sheet companies. Like at one point, that’s what bubbles feel like… when the cab drivers are asking you about the balance sheet companies.” Ah, the cab drivers! The true barometers of financial wisdom! 🚖💰

This so-called “market expert” claims that massive capital inflows are creating some kind of magical multiplier effect for XRP’s market cap. Apparently, $3 billion pouring in could push the price to around $540, while $8 billion would take it all the way up to $1,437. That’s right: eight measly billion dollars and suddenly we’re living in a world where one XRP costs more than your monthly rent. 🏠💸 Oh, and don’t forget-most of the supply is supposedly illiquid, which means even small investments can cause prices to skyrocket faster than Larry David dodging a conversation with an ex. 🚀

Our wise analysts, those seers of the financial realm, have been ringing alarm bells for nearly a fortnight! They speak of a most ominous bearish divergence, a technical riddle where prices reach lofty heights whilst the Relative Strength Index (RSI) languishes in the depths. A sign, they say, of waning momentum before the inevitable correction! 🧐

Today, XRP dipped nearly 5%, sliding down to a modest $3.12, thanks to the latest U.S. Producer Price Index (PPI)-a fancy term for how much Uncle Sam is taxing and fiddling with his dollar bills. Turns out, wholesale prices sneezed up 0.9% in July, pushing the annual inflation rate to a dizzying 3.3%, far exceeding expectations. If inflation were a dog, it’d be the one gnawing at the Fed’s trouser hems, hoping for some interest rate cuts, but instead, it’s pacing the room, restless and unmanageable.

This program was introduced to afford the Fed an opportunity to scrutinize the novel and often bewildering practices of banking, such as the custody of cryptocurrencies, the comings and goings of stablecoins, and the tokenization of assets-otherwise known as delightful financial trickery! The vigilant eyes of the Fed observed the traditional banking services provided to those firms daring enough to dabble in the cryptic arts of fintech.

Behold, the data from CoinMarketCap-a stark, cold mirror reflecting that Bitcoin and Ethereum have each suffered a reduction of over 3% and 2%, respectively, within a span so brief it could be mistaken for the blink of an eye. And why, pray tell? For the grand puppet master, the U.S. Treasury, with its typical flair for dramatic speech, declares that it shall not be purchasing more Bitcoin. A statement, perhaps, intended as reassurance but merely serving to deepen the pit of despair. 🤡

The market analyst, with the precision of an ancient astrologer, points to a cyclic pattern of bottoms followed by triumphant rallies. The latest phase of corrective wanderings is now behind us. Our hero, the $0.0002300 level, sits atop the remnants of a past consolidation zone, like a mountain guarding the path to greatness.

Most intriguingly, whispers are swirling around like a particularly enthusiastic swarm of bees, suggesting that Skale’s team might be preparing for a collaboration with none other than Google. Yes, you heard that right! The founder was spotted at Google this week, possibly discussing the meaning of life, the universe, and everything-or maybe just how to make a really good cup of coffee. ☕️

For those whose social calendars feature nothing more exotic than a Netflix password, Deribit (that genius Dutch parlour for options and perpetuals) romped home with $180 billion in trading volume last July-rather like winning every rubber at bridge simply by turning up. At last count it still dangles $60 billion of open interest-tastier than caviar atop a hot crumpet.