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Standard Chartered has worked with stablecoin issuers and participated in HKMA’s tokenized money initiatives. Animoca Brands is a major player in the blockchain scene with a unicorn status, while HKT specializes in mobile payment systems. The joint venture plans to explore stablecoin applications, including domestic and cross-border payments.
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The fake Bitcoin ETF post, published to X on Jan. 9, 2024, came as many in the crypto industry anticipated the SEC would announce whether it would approve or disapprove of listing spot BTC investment vehicles on US exchanges. Immediately after the social media post went live, the price of BTC surged by more than $1,000 before Gensler denied its veracity.
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At the time of publication, US District Judge Amy Berman Jackson had not signed off on the forfeiture order. Officials with the Federal Bureau of Investigation arrested Council in October 2024, after which he pleaded not guilty to the felony charge. According to the Congressional Research Service, he could face a minimum of two years in prison.
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Council was allegedly part of a group that temporarily took control of the SEC’s X account in January 2024 through a SIM swap attack. The breach allowed the hackers to post a false message featuring an image of then-SEC Chair Gary Gensler announcing the approval of spot Bitcoin ETFs. The SEC removed the message and officially announced greenlighting the investment vehicles less than 24 hours later.
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Traders were initially skeptical of the token, as many unofficial copycats currently exist — including one from Martin Shkreli, with the ticker symbol DJT.
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The Solana-based memecoin launched amid The Crypto Ball — a black tie event held in Washington DC — the weekend before Trump’s inauguration on Jan. 20.
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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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