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“This growth hinges on a critical assumption: that Tether, the largest stablecoin, remains unregulated within the European Union,” Steno said, adding:
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In a Dec. 13 filing with the US District Court for the District of Columbia, Judge Amy Berman Jackson said Council could travel to North Carolina with a third-party custodian between Dec. 23 and 29. The judge said the alleged hacker “must provide Pre-Trial Services with his precise itinerary and information concerning where he will be staying at least two business days before traveling.”
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“Target market determinations are fundamental in ensuring that investors are not inappropriately marketed products that could harm them,” ASIC Chair Joe Longo said in a Dec. 12 statement.
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Nicholas had sided with ASIC in its September 2023 suit against Bit Trade, finding it had offered a “margin extension” product that allowed users to trade crypto or fiat with leverage without the legally required target market determination (TMD).
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“The funding rates on Binance are not hot, but across other exchanges, they are pretty warm. Anything over 50% on the one-year funding rate heatmap is generally considered pretty exuberant,” he said.
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Hundal said if Bitcoin stabilizes, it “could soothe nerves and spot volumes could pick up again.”
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The XRP/BTC ratio — XRP relative strength compared to Bitcoin — is 0.00002375, up 2.72% since Dec. 5 and up 47.6% over the past 30 days, as per TradingView data.
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On Dec. 5, XRP Open Interest (OI) — a metric tracking the total number of unsettled Bitcoin derivative contracts such as options and futures — clocked $3.44 billion, per CoinGlass data.
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For most of 2024, XRP traded in a narrow range between $0.48 and $0.73. That changed after Donald Trump’s US presidential win on Nov. 5, triggering a 431% rally. By Dec. 3, XRP reached $2.85.
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Hundal said, “It’s starting to look like the market could be approaching euphoria territory.”
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“I’m watching XRP longs being reloaded even as prices shift lower,” he said.
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Hundal added that the market seems to have “developed a thirst for leveraged long XRP exposure.”
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“We’ve seen a lot of quick twitch buying by retail over the last few weeks, and open interest is now close to double the levels we saw in 2021,” Hundal said.
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“The real danger right now for highly leveraged XRP bulls is that Bitcoin dominance increases again. A rotation from XRP to Bitcoin would very likely lead to a bloodbath of liquidations,” crypto exchange Swyftx lead analyst Pav Hundal told Cointelegraph.
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Tiago Cruz Gonçalves, associate professor at IESG, told Cointelegraph, “This suggests that during localized conflicts, such as the Israel-Iran or Ukraine-Russia situations, we may see crypto investments rise as a hedge against regional instability, whereas in global, widespread crises, crypto may be seen as too risky.”
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If a localized military conflict were to extend to global proportions, uncertainty would reign, and Bitcoin may not perform well due to the extended fear among investors.
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Cristina Gaio, senior associate professor and researcher at IESG, told Cointelegraph, “The pandemic created pervasive uncertainty across all markets, leading many investors to see cryptocurrencies as too volatile, prompting them to hold cash or seek safer traditional assets.”
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The study’s data set found a pattern suggesting that when economic conditions are stable, cryptocurrencies become more attractive amid localized geopolitical events, said Almeida.
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In such cases, investors may view cryptocurrencies as a tool to move assets out of the affected regions, avoid sanctions or preserve the value of their savings during regional currency depreciation, said Almeida.
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José Almeida, lecturer at Lisbon School of Economics and Management (ISEG) and research member from CSG/ADVANCE Research Centre, told Cointelegraph, “There are different investor behaviors depending on whether the event is global, such as the COVID-19 pandemic, or more localized, like the Russian invasion of Ukraine.”
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