XRP Price Soars as Ripple On-Demand Liquidity Hits $200M Mark

• XRP’s price has risen over the past 30 days, coinciding with Ripple’s Q4 Market Report which showed that it sold $220 million in XRP tokens.
• The chart for XRP suggests a possible rally as its relative strength index and 30-day moving average near the 200-day mark.
• Ripple’s legal battle with the SEC is nearing its end and this could result in increased demand for XRP if a positive outcome is secured.

Strong Demand For XRP

The XRP price has gained by 1% in the past 24 hours, reaching $0.402474 after Ripple published its Q4 Markets Report, showing an increase of 3.5% in a fortnight and 18% rise in the last 30 days. The report revealed that just over $220 million worth of XRP tokens were sold during this period due to high demand for Ripple’s on-demand liquidity product.

XRPs Chart Suggests Rally

XRPs chart reveals an altcoin that may be about to rally, as its relative strength index (purple) has risen again in the past day or so while its 30-day moving average (red) is nearing its 200-day (blue). A crossover between these two lines could potentially signal a breakout rally, however investor sentiment towards the broader market still remains uncertain.

Demand Expected To Increase

In terms of fundamentals, a potential rally can be expected at some point due to consistent demand for Ripple’s services and for XRP tokens despite their ongoing legal dispute with the U.S Securities Exchange Commission (SEC). According to Brad Garlinghouse, CEO of Ripple, he expects this case to conclude by the end of 2023 at latest and if they secure a positive outcome then net sales of XRP could increase exponentially following this resolution.

Positive Outlook For Crypto

Overall there are strong indications that demand for cryptocurrencies such as XRP is continuing to grow even amidst regulatory uncertainty, suggesting that long-term investors are optimistic about their future prospects regardless of short-term volatility or dips caused by external events such as news related to regulation or other cryptocurrency projects such as Bitcoin’s Lightning Network upgrade announcement earlier this week which briefly caused prices across all markets to drop significantly before recovering shortly afterwards.

Conclusion

Ultimately there appears to be significant potential for growth within the crypto space despite current challenges faced by individual projects like Ripple’s On Demand Liquidity product which have not stopped them from achieving success and furthering adoption amongst users around the world who are increasingly looking towards digital assets as an alternative asset class investment option with more favorable returns than traditional investments like stocks/bonds etc…

Amazon to Launch Digital Asset Enterprise, Expanding NFT Market

• Amazon is reportedly planning to launch a digital asset enterprise focused on non-fungible tokens and Web3 gaming this spring.
• To help with the initiative, Amazon has reportedly lined up more than a dozen partners, including layer-1 blockchains, blockchain-based gaming startups and developers, and digital asset exchanges.
• Amazon CEO Andy Jassy has previously expressed optimism about the future of cryptocurrencies and NFTs.

Amazon, the world’s largest retailer, is planning to enter the crypto NFT market with a gaming initiative set to launch this spring. The initiative is in the early stages of development and will include a “digital asset enterprise” focused on non-fungible tokens and Web3 gaming, according to a report by Blockworks.

The initiative is supported by more than a dozen partners, including layer-1 blockchains, blockchain-based gaming startups and developers, and digital asset exchanges. As part of the project, Amazon is looking to get customers to play crypto games and claim free NFTs. This will be achieved through an NFT drop with an artist that is currently in the works.

Amazon has been posting roles for developers and engineers in the Web3 realm since 2021. In April last year, Amazon CEO Andy Jassy expressed optimism about the future of cryptocurrencies and NFTs. Jassy noted that while Amazon is not looking into adding crypto payments, he believes that “over time, you’ll see crypto become bigger”.

The impending launch of Amazon’s digital asset enterprise will help expand the NFT market and bring more awareness to it. It will also provide an opportunity for developers and game makers to reach a wider audience. As the initiative continues to progress, it will be interesting to see how Amazon’s foray into the NFT market will further shape the industry.

Big Money Drives Bitcoin Above $20,000 Again!

• Bitcoin has seen a resurgence in early 2023, crossing above the $20,000 mark for the first time since early November.
• The cause of the resurgence is unclear, as the marketplace is no more rosy now than it was then, with exchange crashes and stories of fraud aplenty.
• The surge in Bitcoin may be due to “Big Money”, or banks, financial institutions, insurance companies, and pension funds, who have billions to invest and control the money markets.

The beginning of 2023 has seen Bitcoin, the world’s largest cryptocurrency, regain some of its old fervour and pull itself up above the $20,000 mark for the first time since early November. This resurgence has left investors, both long-term and short-term, scratching their heads and trying to decipher exactly what has caused this sudden upswing.

The marketplace is no more rosy now than it was then, with exchange crashes and stories of fraud aplenty. Bitcoin’s much-heralded safe haven characteristic – the ‚digital gold‘ – as it once was called, has never truly come to pass. On top of that, inflation and high interest rates mean we all have less disposable income than we did this time last year and during the pandemic, and investing for a brighter tomorrow is no longer a top priority. So, what’s going on?

A popular myth when it comes to investing is that of supply and demand. The theory is that when something is lacking, it becomes more expensive and sought after, and when it is in abundance, it becomes cheaper and less interesting. This does not appear to be the case for Bitcoin, however, as the currency has not become any scarcer in recent months, and inflation has not been enough to spur a rush to invest.

The answer may lie in the movements of Big Money. Big Money is the catch-all name given to banks, financial institutions, insurance companies, pension funds, etc, who have billions upon billions to invest. These control money markets, and with the current low interest rates, they have been looking for alternative investment vehicles to make their money work. Bitcoin, as a digital asset, provides an attractive return on investment with less risk than traditional markets, and as such, these Big Money investors have been putting more and more money into Bitcoin, driving the price up.

The influx of Big Money has been a boon for the Bitcoin market, and has allowed for more people to get involved in the cryptocurrency market. As more and more people invest, demand for Bitcoin increases, driving the price up even further. This trend is expected to continue into the foreseeable future, with the potential for Bitcoin to reach new highs once again.

The resurgence of Bitcoin may be a short-term thing, or it may be part of a longer trend. The only thing we can be sure of is that the influx of Big Money into the cryptocurrency market will continue to drive the price up and make Bitcoin a viable investment for those looking for an alternative to traditional markets.

Bithumb Facing Double Whammy from South Korean Tax and Legal Authorities

• Bithumb, a South Korean crypto exchange, has been the subject of a “special” tax investigation by the National Tax Service (NTS).
• Prosecutors have summoned its suspected largest shareholder for questioning.
• Previous NTS investigations in 2018 saw Bithumb hit with a tax bill worth over $64 million.

Bithumb, a South Korean crypto exchange, has been the subject of a “special” tax investigation by the National Tax Service (NTS). The exchange, which operates the Bithumb trading platform, has been under the scrutiny of the NTS branch of the Bureau of Investigation of the Seoul Regional Tax Service, which deals with “special tax investigations.” NTS officers have been dispatched to the headquarters of both Bithumb Korea and Bithumb Holdings in the Gangnam District of Seoul on January 10.

The NTS is examining the domestic and international transactions of Bithumb Korea, Bithumb Holdings, and affiliate companies in order to detect any possible tax evasion. In 2018, a previous NTS investigation saw Bithumb hit with a tax bill worth over $64 million.

In addition to this, prosecutors have also been investigating Bithumb’s owners. The ownership of the exchange is thought to be highly “complex”, with many shareholders owning stakes. Some of these include a number of publicly listed companies that have no other ties to the blockchain or crypto industries. To further complicate matters, the Vice President of one of these firms was found dead outside his home at the end of last year. Police called the death a “suspected suicide,” as the man had reportedly destroyed evidence relating to the investigation.

With both the NTS and prosecutors looking into Bithumb, the exchange is facing a double whammy from the South Korean tax and legal authorities. It remains to be seen what the outcome of their investigations will be, but it could have major implications for the crypto exchange and its owners.

Square Enix Doubles Down on Blockchain Gaming for 2023

• Square Enix, a prominent Japanese video game developer and publisher, has revealed that it will continue to invest in blockchain games despite the recent turbulence in the crypto market.
• Yosuke Matsuda, the president of the company, said the game publisher will double down on Web3 gaming in the upcoming year.
• He specifically mentioned the Japanese government’s focus on encouraging Web3 development as part of a plan called the „Priority Policy Program for Realizing a Digital Society.“

Despite the extreme volatility in the crypto and NFT space and a somber string of news stories with blockchain connections, prominent Japanese video game developer and publisher Square Enix has revealed that it will continue to invest in blockchain games. Yosuke Matsuda, the president of the company, announced in a Sunday letter that Square Enix is „most focused“ on blockchain-powered gaming amid its new business development efforts and is developing „multiple blockchain games“ based on original IP. The firm is also still considering investment opportunities around blockchain „in Japan or abroad,“ he wrote.

Matsuda said that, despite the bear market, blockchain has gained significant recognition as a field in 2022 as evidenced by „Web 3.0“ becoming a firmly established buzzword among businesspeople. He specifically mentioned the Japanese government’s focus on encouraging Web3 development as part of a plan called the „Priority Policy Program for Realizing a Digital Society,“ which even awarded some authorities with NFTs.

Square Enix has plans to launch even more blockchain games in 2023, and is optimistic about the potential of the technology. Matsuda noted that, „Blockchain has been an object of exhilaration and a source of turmoil, but with that in the rearview mirror, we hope that blockchain games will transition to a new stage of growth in 2023.“

The game publisher is well aware of the risks associated with investing in blockchain, but is confident that its commitment to the technology will pay off in the long run. In addition, the company is exploring other potential applications of blockchain in its business, such as digital asset management and tokenization. With its commitment to investing in blockchain games, Square Enix is confident that its investments in the technology will continue to pay off in the future.

LUNC Price Surges: Bulls Aim for $0.000185-19 Balance Area

• LUNC, the native token of the Terra blockchain, is rallying on Monday with prices higher across the crypto space.
• Bulls are eyeing a test of the 50DMA near $0.00015, with a break above this potentially opening the door to a run higher towards the 200DMA.
• Short-term LUNC price predictions are bullish, with a push higher towards the $0.000185-19 balance area predicted.

The Terra blockchain, a now mostly defunct decentralized finance platform, has been making headlines lately as its native token, LUNC, has seen a surge in value on Monday. Prices across the crypto space are higher, though most major coins remain within recent ranges. This surge in the value of LUNC can be attributed to the bulls gearing up for a push higher towards the $0.000185-19 balance area, with a break above this mark potentially unlocking the door to a bigger move higher towards the 200DMA.

The recent rally in LUNC is being supported by the fact that traders are unlikely to want to place big bets ahead of the busy macro schedule in the latter part of the week, which could really shift macro sentiment. This means that the likes of LUNC may not see much volatility in the near future. As such, the 21DMA is currently being tested, with a break above this potentially opening up the door to a run higher towards the 50DMA near $0.00015.

Overall, short-term LUNC price predictions are bullish, though traders should remain cautious as the DeFi platform is now mostly defunct and its UST stablecoin depegged from the US dollar, triggering hyperinflation in the LUNC token. As such, it is recommended that traders conduct their own research before investing in LUNC.

FTX Bankruptcy: Liquid to Return Assets, SEC Holds $3.5B, COTI Updates Network

• Liquid, a Japan-based crypto exchange owned by the now-bankrupt FTX exchange, released a plan to return assets to customers from February next year.
• The Securities Commission of The Bahamas confirmed it holds $3.5 billion worth of FTX’s assets, which it had taken possession of in early November.
• COTI Network, the layer-1 blockchain behind Cardano (ADA)’s upcoming Djed stablecoin, announced that it updated its network.

Today, crypto news was dominated by the news of the now-bankrupt FTX exchange. Liquid, a Japan-based crypto exchange owned by FTX, announced a plan to return assets to customers from February of next year. This plan includes a three-step process that will see customers open Liquid Japan accounts by mid-January, followed by balance checks, and the opening of withdrawals in mid-February.

The Securities Commission of The Bahamas also confirmed that it holds $3.5 billion worth of FTX’s assets, which it had taken possession of in early November. It has stated that these assets will remain in its digital wallets until the Bahamas Supreme Court directs them to distribute the funds to the failed exchange’s customers and creditors, or until they receive clarity about how the firm’s insolvency is to be handled.

Meanwhile, COTI Network, the layer-1 blockchain behind Cardano (ADA)’s upcoming Djed stablecoin, announced that it has updated its network. This includes the launch of the MultiDAG 2.0 protocol, the Bridge 2.0 wallet app, and Explorer 2.0. This launch, according to a press release, „heralds the full transition of COTI from a single currency infrastructure to a multi-token network.“

Finally, US-based tech company SafeMoon announced the release of the SafeMoon Token Monetization Innovation (TMI). This patent-pending invention is meant to provide a new way to monetize tokens and reward token holders. This comes as part of the company’s mission to create an ecosystem of decentralized applications and services.

In conclusion, today’s crypto news featured a range of developments, from the return of assets to customers of the now-bankrupt FTX exchange, to the announcement of new protocols and services by COTI Network and SafeMoon. All of these developments indicate that the crypto space is continuing to grow and evolve.

Crypto Adoption Grows in Russia as Sanctions Drive Demand

• International sanctions are driving crypto adoption in Russia.
• Russian lawmakers are attempting to push through a draft law that would legalize crypto mining and oblige miners to pay taxes.
• The Central Bank has called for a ban on crypto, but pro-industry forces in the government remain vehemently opposed.

International sanctions have been driving crypto adoption in Russia, according to Yuri Myshinsky, Chairman of the Board of the Digital Transformation Association. Russia’s relationship with cryptocurrencies has historically been somewhat contradictory.

The government is currently attempting to push through a draft law that would legalize crypto mining, and oblige miners to pay taxes on their earnings. This would be a huge boon to the country, as many domestic energy producers are keen to set up data centers to mine crypto using associated gas at oil drilling sites. The Ministry of Finance is also looking for ways to provide Moscow with a revenue boost by legalizing crypto mining.

However, the Central Bank is not in favor of crypto being used in the Russian economy, and has repeatedly called for a ban on crypto. Despite this, there has been strong opposition from pro-industry forces in the government. Myshinsky stated that although conversations about crypto have been held, efforts to create crypto sector-related legislation have so far been unsuccessful.

He suggested that the sanctions imposed on Russia have been the main driving force behind the country’s adoption of crypto, and that this could result in further growth in the sector. The sanctions have made it difficult for the country to access the international financial system, and crypto provides a viable alternative.

Despite the Central Bank’s stance on crypto, it appears that the Russian government is willing to embrace the technology as a means of circumventing the sanctions and driving economic growth. This could lead to a strong future for crypto in Russia, as long as the government is able to create the necessary legislation.