Ripple [XRP], that darling of digital assets, has re-emerged above the $2.95-$3 zone-a battleground as psychologically significant as Oscar Wilde’s wit at a dinner party. Yet, like a debutante discovering her pearls are counterfeit, evidence suggests whales are quietly trimming their holdings. And oh, what trimming it is!
Now, just to put things into perspective, a whopping 3% of workers received their paychecks in crypto back in 2023. Fast forward to 2024, and that figure has skyrocketed to 9.6%! Meanwhile, workers reveling in the delightful embrace of good ol’ fiat currency have tumbled from a staggering 97% to a paltry 89.1%. Clearly, crypto salaries are gaining ground-move over, cash! 👋
Centralized lenders are still around, acting like that overprotective parent who wants to keep tabs on everything-you deposit, set your terms, and hope your platform doesn’t turn into an episode of “Hacked and Unbanked.” Meanwhile, DeFi takes the rebellious route, running on smart contracts that, if you don’t trust them, you’re basically trusting a robot to handle your money. You lend directly through apps built on Bitcoin or in the Ethereum ecosystem with wBTC-wrapped Bitcoin, because who doesn’t love a bit of blockchain cosplay? 🕺
They say it’s to reward folks for trading, holding, staking, and basically making the USD1 stablecoin do all the heavy lifting. Because nothing says “secure investment” like earning points for swapping digital dollars, right? And all this jazz is happening in cahoots with a few crypto exchanges, because of course it is. 🤝
And can we talk about volatility? Or rather, the lack of it? Bitcoin’s liquidations hit $18 million, while Ethereum stole the show with $50 million worth of liquidations. Total liquidations? A measly $146 million. That’s less action than a Sunday matinee at a retirement home. 🍿
Brazil could leapfrog into the future as one of the first countries to explicitly regulate the establishment of a national Bitcoin reserve. On August 20, lawmakers will discuss Bill 4501/2024, titled “Provides for the formation of a Sovereign Strategic Reserve of Bitcoins by the Federal Government and provides other measures.” If passed, this initiative would position Brazil as a trailblazer in Latin America, turning the country’s foreign reserves into a mixed bag of fiat and crypto. Talk about diversifying your portfolio! 💼💸
If you squint at the monthly chart (which I do, because what’s better than staring at charts for fun?), AVAX is about to have its *moment*. It’s been bouncing around that $20-$23 zone like a kid on a pogo stick, always just making it back to the same place. And just above that, a descending trendline that’s probably tired from all the retests-kind of like that friend who keeps coming back even after you told them to take a hike. Each time it’s tested, the reaction gets a tiny bit milder-like a boxer getting used to punches, or me getting used to eating way too much cheese.
But hold your horses, because David Schwartz, the Chief Technology Officer (CTO) of Ripple, wasn’t about to let these bold claims go unchecked. He swiftly made himself “available” (because who wouldn’t want to chat with the CTO of a multi-billion-dollar project, right?) to lay down the cold, hard facts about Ripple, the XRP Ledger, and the RLUSD stablecoin.
Just a quick rundown for those not glued to their screens: Binance.US announced it’s giving Toshi a prime time debut on August 7 at 7 a.m. EDT. Meanwhile, Worldcoin’s debut on August 6 caused approximately as much fuss as a cat in a laundry basket. The early price? About a 4% bump-nothing earth-shattering, but it looks like it’s waiting for a bus that might never come.
Now, you might wonder, what’s the real reason behind this sudden crypto fever? It’s quite simple, really. This acquisition is all about giving Parataxis exposure to the shiny world of Bitcoin, where “yield generation” and “capital preservation” are the key buzzwords. They’ll be swimming in Bitcoin, and no one will ever need to worry about them not preserving their capital. 🤑