Enter Corey Billington, CEO of Blubird-a digital d’Eptic-or so I imagine-and his piercing proverb: “Constraints, dear reader, are the handmaids of leapfrogging.” In a veiled exchange with crypto.news, he unravels why the squirrel-like nations of the globe may yet outrun the venerable lions of the West in this blockchain ballet.
Canary Capital’s XRP ETF has finally launched, drawing immediate attention as a new vehicle offering direct exposure to XRP. The debut quickly became one of the most active ETF openings of the year, reflecting heightened interest in cross-border settlement assets. Or, as a confused investor might mutter, “Why is this thing so popular? I just wanted to buy a sandwich.” 🥪
Well, I’ll be jiggered! The Czech National Bank (CNB) has announced a ripper of a move. They’ve established-yes, established, old bean-a pilot digital asset portfolio. And what a portfolio it is! Worth a million smackers, it’s got Bitcoin, a USD stablecoin, and tokenized deposits. Approved on October 30, this little venture is all about sharing insights over the next 2-3 years. The chaps at the central bank are chirping that this is the first time a central bank has had Bitcoin on its balance sheet. Top hole!
On-chain data whispers, “Liquidity’s piling up like grandma’s fruitcake collection.” Historically, this means prices shoot up faster than a Hollywood divorce. 🏍️
Key takeaways (because who has time for nuance?):
The recent nosedive is partly caused by Uncle Sam’s government, which, in a display of bureaucratic charm, shut down for a staggering 43 days. This disruption caused ripple effects in markets, draining liquidity faster than a leaky ship in a storm. Not to mention, Bitcoin’s reserves on exchanges are swelling again-like a bad stomach after too much rich food-suggesting that holders are preparing to sell, sell, sell. Alas, the market’s sentiment turned gloomier than a rainy Sunday; the Fear & Greed Index dips deeper than my patience on Monday mornings, signaling “extreme fear” in the grand circus of trade. And during the FTX collapse, that nightmare scenario, the index floated around 20-so yes, things are worse now, if you’re into the drama. 😅
On the ides of November, this financial behemoth proclaimed the birth of its money market fund, BNY Dreyfus Stablecoin Reserves Fund (BSRXX). ‘Tis not for the faint of heart, but for U.S. stablecoin issuers and their ilk, who must dance to the Federal Reserve’s tune, as dictated by the GENIUS Act. 🎶💼
A rising Long-to-Short Ratio and increased Open Interest suggest bullish sentiment, despite a possible short-term pullback. 🐿️📉
The digital currency markets were doing the cha-cha with U.S. equities on Thursday, feeling the weight of an ongoing pullback tied to fears of an AI bubble. 🧼✨ Meanwhile, the crypto sector took a 1.95% dip, and Bitcoin slipped below $100K faster than a banana peel on a rainy day. 🍌💨
The breakdown hit at 14:00, when trading volume spiked to 76.24 million tokens-115% above the 24-hour average. Price tested resistance near $0.290, but sellers overwhelmed buyers like a mob of angry gnomes. XLM crashed through the $0.285 support zone, which had been as reliable as a Discworld turtle… until it wasn’t. 🐢💥
