So, the selling pressure is sticking around like that one friend who never knows when to leave a party. Crypto ETFs closed the week under so much strain they might as well be in a yoga class for stress relief. Another wave of redemptions swept through the market, making it feel like the crypto world is on a perpetual downslide. But wait! Only XRP decided to play the hero and break away from the doom and gloom.
In a post that’s probably still breaking the internet, X Finance Bull pointed out that XRP’s utility stretches further than a yoga instructor after a double espresso. He gleefully highlighted $110 million in tokenized diamond transactions settled on the XRP Ledger. Yes, diamonds. Because nothing says “financial innovation” like turning rocks into tokens. Five diamond collections, no less, were tokenized through Ctrl Alt, which sounds like a keyboard shortcut for “get rich quick.”
Let us, with a touch of Turgenev’s irony, delve into this week’s crypto funding spectacle, as chronicled by the ever-vigilant Cryptofundraising data.
Remarkably, this zero-burn performance arrives scarcely 48 hours after a volcanic surge-over 500%-when 10,491,803 SHIB were dispatched to the eternal departed. That inferno, astonishingly, was accomplished in a single transaction, inspiring a chorus of hopeful whispers for an encore.
On X, Glassnode lays out a confluence of on-chain events supposedly justifying Bitcoin’s descent. They begin with the Spent Volume by LTH/STH metric.
From the technical abyss, we observe the Bitcoin price closing below the lower boundary of the Gaussian Channel-a statistical contraption of medians and deviations. Oh, the irony! This indicator, which once strutted like a peacock during bull cycles, now lies in the dust, its feathers plucked by the merciless hands of the market. As Ted (@TedPillows) so eloquently quoth: $BTC has dropped below its weekly Gaussian Channel. To be honest, this looks really bad.
Indeed, Ted, indeed. It looks as bad as a nose disappearing in a Gogol tale, never to be seen again.
Currently, our beleaguered XRP finds itself trading at a modest $1.70, down 2.75% in the past 24 hours, as per the ever-reliable sages at CoinMarketCap. If only it had a good sense of humor, perhaps it could laugh its way back up!
In his live “ask-me-anything” session-because who doesn’t want to answer awkward questions in front of an audience?-CZ dismissed these accusations as “far-fetched.” I mean, really, what’s next? Blaming the weather for a bad haircut? He argued that such claims oversimplify one of the most chaotic days in crypto history. And let’s be honest, that day was like watching your favorite soap opera but with real money!
Binance blamed the October 10 flash crash on a macro shock colliding with heavy leverage and evaporating liquidity, rather than any breakdown in its trading systems following speculative chatter on social media.
While these metallic wonders are often heralded as bastions of stability during stormy economic seas, last Thursday and Friday were anything but serene. Picture this: gold, once a glorious phoenix soaring to heights of $5,600 per ounce, found itself tumbling down like a clumsy acrobat, landing back at $4,700-a dizzying 16% decline in mere hours! Silver, that cheeky cousin, decided to join the fray with a jaw-dropping 40% drop, slinking back to $73 and erasing all its glittering gains in a flash.
