Author: Defx Intern

Crypto analyst Dark Defender (@DefendDark) has released an updated technical chart suggesting that XRP could be on track to hit the $8 price level in the coming days. The chart, shared on X (formerly Twitter), showcases an Elliott Wave structure with clearly defined support and resistance levels, and a significant correction currently underway below the $3 zone.

The analyst’s chart indicates that XRP is trading within a descending channel, having previously broken out from it. The Elliott Wave formation denotes five upcoming waves, with Wave (1) peaking near $3.3999 and the following correction, Wave (2), dipping back into the Ichimoku Cloud region. XRP currently hovers around $2.56, with the $3 level acting as a critical breakeven point for resuming bullish momentum.

If XRP manages to break through the top trendline of the descending channel, it could build momentum in Wave (3), potentially reaching the 261.8% Fibonacci extension level at $5.8563. Following a presumed Wave (4) pullback below $4.50, Wave (5) targets $8+ – a zone that Dark Defender believes XRP could reach in the near future.

The ongoing consolidation beneath the $3 threshold, as highlighted by the Ichimoku Cloud, is a key support zone for bullish continuation. A decisive break above $3 would likely confirm the next major wave toward $5.85 (Wave (3)) and, ultimately, the $8+ target (Wave (5)) if the pattern plays out as anticipated.

While the Elliott Wave analysis provides an optimistic outlook for XRP’s price trajectory, it’s essential to approach such predictions with caution. The cryptocurrency market is known for its volatility, and unforeseen events or market-wide shifts could impact the realization of these projections. Nevertheless, if XRP manages to break key resistance levels and maintain its bullish momentum, it could be poised for significant gains in the coming days and weeks.

Tags: XRP price prediction, XRP technical analysis, Elliott Wave theory, Fibonacci levels, crypto market analysis

Source: https://www.newsbtc.com/xrp-news/xrp-8-upcoming-days-predicts-crypto-analyst/

In a recent move, leading cryptocurrency exchange Coinbase has sent a letter to key US financial regulators, urging them to provide clarity on the status of banking services for crypto businesses. The exchange has asked the Office of the Comptroller of the Currency (OCC) to withdraw an interpretive letter that imposes barriers on banks entering the crypto market. Additionally, Coinbase has requested the Federal Reserve and the Federal Deposit Insurance Corp (FDIC) to confirm if state-chartered banks can offer custody and execution services for cryptocurrencies.

This proactive step by Coinbase comes at a crucial time, as the US Congress prepares for a hearing on “Operation Chokepoint 2.0,” which allegedly targets the crypto industry. Coinbase’s Chief Legal Officer, Paul Grewal, will testify alongside other prominent industry leaders, highlighting the need for clear regulations and a comprehensive ecosystem to support the growing crypto economy.

The lack of regulatory clarity has led to a “holding pattern” among US banks regarding crypto services. While financial institutions have participated in Bitcoin ETF markets, they have refrained from allowing retail transactions using crypto assets. The FDIC’s letters to certain banks, asking them to pause crypto-related activities, have further contributed to this uncertainty.

However, with the new crypto-friendly administration in place, there is hope for positive change. Bank of America CEO Brian Moynihan recently stated that the US banking industry will embrace digital asset payments if regulators allow it. The industry’s approach to digital assets could evolve, and major players like Bank of America are ready to enter the sector once regulations are clarified.

Coinbase’s push for regulatory clarity is a significant step towards creating a more conducive environment for crypto businesses and banking institutions. As the leading exchange takes the initiative to engage with regulators, it sets the stage for constructive discussions and potential policy changes that could unlock new opportunities for the crypto economy.

Tags: Coinbase, US regulators, crypto banking, regulatory clarity, Operation Chokepoint 2.0

Source: https://bitcoinist.com/coinbase-urges-us-regulators-to-remove-crypto-banking-barriers-in-new-letter-report/

Bullish Global, a crypto exchange backed by billionaire Peter Thiel, is reportedly weighing an initial public offering (IPO) as early as this year. The company’s decision comes amidst a booming crypto market, with the total market cap surging from $2.2 trillion to $3.15 trillion following Donald Trump’s U.S. election victory in November.

The potential IPO is a significant move for Bullish Global, which had previously planned to go public via a SPAC merger in 2021 but ultimately canceled those plans the following year. The company’s renewed interest in going public reflects the growing optimism in the crypto space, as evidenced by U.S. crypto czar David Sacks’ recent comments about a “golden age for digital assets.”

Bullish Global’s IPO could have substantial implications for the crypto market. As a major player in the industry, with around $10 billion in digital assets and cash, the company’s public listing would likely attract significant investor interest and potentially drive further market growth. Moreover, the IPO could pave the way for other crypto companies to follow suit, leading to increased mainstream adoption and legitimacy for the sector.

From a technical perspective, the crypto market’s recent surge, particularly in the aftermath of the U.S. election, suggests strong bullish sentiment. The rise in the total market cap indicates a growing appetite for digital assets among investors, which could bode well for Bullish Global’s IPO prospects. However, as with any public listing, the company will need to demonstrate strong fundamentals and a clear growth strategy to attract investors and maintain long-term success.

Tags: Bullish Global, IPO, crypto market, Peter Thiel, market cap

Source: https://www.coindesk.com/markets/2025/02/05/bullish-global-weighs-ipo-as-early-as-this-year-amid-crypto-market-optimism-bloomberg

The recent 31% drop in XRP’s price from $2.57 to $1.76 within a span of just three hours on February 3, 2025, has sparked a heated debate among market experts about potential manipulation. While the rapid recovery above $2 shortly after the decline raised eyebrows, some analysts believe that external factors, rather than organic selling pressure, were responsible for the sudden price movement.

Crypto analyst Dom was among the first to spot anomalies in XRP’s price behavior, noting that liquidity seemed to disappear during the last leg of the collapse. He suggests that market players may have purposefully delayed buy-side liquidity, allowing the price to drop before strategically placing purchase orders at lower levels to profit from the rebound.

Interestingly, the drop in XRP was not an isolated incident. Market expert Vincent Van Code observed similar price swings in Bitcoin, HBAR, and several other cryptocurrencies during the same period, raising questions about coordinated market behavior or algorithmic trading.

While panic selling and sudden liquidations may have contributed to the declines, the precise structure and speed of the event make it unlikely that natural market forces were the sole cause. Some speculate that market makers could be manipulating XRP to accumulate it at discounted prices by temporarily removing liquidity to facilitate a price drop.

This incident serves as a reminder of the inherent volatility in cryptocurrency markets and the potential for whales or institutional players to exert their influence during abrupt price fluctuations. XRP investors should exercise caution when navigating unpredictable markets and consider implementing risk management strategies, such as stop-loss orders, to mitigate potential losses.

As XRP has rebounded above $2, the debate continues about whether this was a coordinated move or simply a normal market correction. Regardless, the event highlights the need for increased transparency and regulation in the cryptocurrency space to prevent potential market manipulation and protect investors.

Tags: XRP, market manipulation, cryptocurrency, price volatility, risk management

Source: https://www.newsbtc.com/news/market-expert-claims-xrp-drop-to-1-76-was-manipulated/

In an exciting development for the blockchain and AI communities, Lightchain AI has successfully launched its testnet, marking a significant milestone in the project’s roadmap. The launch comes on the heels of an impressive $15 million in funding secured by the Lightchain AI team, demonstrating strong investor confidence in the platform’s potential.

The combination of blockchain technology and artificial intelligence holds immense promise, and Lightchain AI is poised to be at the forefront of this innovative intersection. By leveraging the decentralized nature of blockchain and the power of AI, Lightchain AI aims to revolutionize various industries and create new opportunities for developers and businesses alike.

The testnet launch allows developers and early adopters to explore and experiment with the Lightchain AI platform, providing valuable feedback and insights to guide further development. As the project progresses and more features are added, Lightchain AI is expected to attract a growing community of developers, entrepreneurs, and enthusiasts eager to harness the potential of this cutting-edge technology.

With the successful testnet launch and substantial funding secured, Lightchain AI is well-positioned to drive innovation and shape the future of decentralized AI applications. As the platform matures and gains traction, it has the potential to disrupt traditional centralized AI models and pave the way for more transparent, secure, and accessible AI solutions.

Tags: Lightchain AI, blockchain, artificial intelligence, testnet launch, funding secured

Source: https://news.bitcoin.com/lightchain-ai-testnet-launches-raising-15m-one-presale-stage-left/

Amidst the recent market turbulence, Bitcoin’s mining hashrate has quietly surged to a new all-time high. On-chain data reveals that the total computing power connected to the Bitcoin network has reached a record 832,600 TH/s, surpassing the previous peak set earlier this year.

This development is particularly noteworthy given the current market conditions. Despite the price volatility and uncertainty, miners are demonstrating their confidence in Bitcoin’s long-term prospects by expanding their operations and investing in new hardware.

The rising hashrate indicates that miners are finding the Bitcoin blockchain an attractive opportunity, even as the cryptocurrency navigates through a choppy market. This growth in mining power not only strengthens the network’s security but also suggests that miners anticipate a bullish future for Bitcoin.

Technical analysis of the hashrate using the Hash Ribbons indicator also paints a positive picture. A brief miner capitulation signal was observed at the beginning of the month, but it was quickly followed by a sharp increase in hashrate, leading to a reverse crossover. Historically, such reversals have served as buying signals for Bitcoin.

While the short-term price action remains uncertain, the expanding hashrate and the resilience of miners in the face of market volatility provide a solid foundation for Bitcoin’s long-term growth. As more computing power is dedicated to securing the network, Bitcoin’s fundamentals continue to strengthen, setting the stage for potential future price appreciation.

Tags: Bitcoin, Hashrate, All-Time High, Mining, Market Volatility

Source: https://bitcoinist.com/bitcoin-hashrate-all-time-high-price-rollercoaster/

According to a recent research report by Wall Street bank Citi, the relationship between stocks and cryptocurrency markets is likely to weaken in the long term as the crypto asset class matures and adoption grows.

While equities have been the most significant macro driver of crypto markets, Citi analysts, led by Alex Saunders, believe that the correlation will fall over time. They cite factors such as the growth of the crypto investor base, advancements in technology, and increased adoption as key drivers for this decoupling.

The speculative nature of cryptocurrency markets may still lead to inflated risk asset correlations, particularly during risk-off events. However, Citi expects that a more transparent regulatory regime in the U.S. will contribute to more idiosyncratic price action in the crypto space.

Furthermore, the bank anticipates that Bitcoin volatility will continue to decrease in the long term as institutional adoption rises. This trend could potentially stabilize the crypto market and reduce its sensitivity to equity market fluctuations.

Citi also noted that crypto was the only asset class that saw its market cap grow as a percentage of U.S. equities last year. This observation highlights the increasing prominence and potential decoupling of cryptocurrencies from traditional financial markets.

The report suggests monitoring Bitcoin’s correlation to gold, as it may serve as an early indicator of its “store of value” use case. As Bitcoin gains more mainstream acceptance and demonstrates its value preservation properties, its relationship with gold could provide insights into its long-term market positioning.

Tags: Citi, equities, crypto correlation, Bitcoin volatility, institutional adoption, store of value

Source: https://www.coindesk.com/markets/2025/02/05/equities-crypto-relationship-is-likely-to-weaken-in-the-long-term-citi-says

Hong Kong’s Securities and Futures Commission (SFC) is set to strengthen its cryptocurrency regulatory workforce in the upcoming fiscal year 2025-26. The SFC’s newly released budget proposal outlines plans to introduce 15 additional positions, with eight specifically focused on virtual asset regulation.

This move comes as Hong Kong aims to position itself as a leading hub for cryptocurrency and digital asset innovation. The additional resources are expected to enhance the SFC’s ability to oversee market activity, conduct enforcement investigations, and ensure compliance within the crypto sector.

The SFC’s increased budget and staffing plans reflect the growing importance of virtual asset regulation within the commission’s broader mandate. The fiscal year 2025-26 budget anticipates an overall expenditure of HK$2.59 billion (approximately $332.4 million), marking a 7.2% increase from the previous year’s forecast.

The SFC has acknowledged that its current capacity for oversight has been strained, with on-site inspections of licensed entities falling short of targets in 2023. The regulator’s expansion plans are intended to address these gaps, ensuring stronger supervision and more frequent inspections of licensed crypto firms operating in Hong Kong.

As Hong Kong continues to strengthen its crypto oversight, the SFC’s latest staffing and budget plans demonstrate the region’s commitment to creating a robust regulatory framework for the cryptocurrency market. This development is likely to attract more legitimate crypto businesses to Hong Kong while deterring fraudulent activities, ultimately contributing to the growth and maturity of the global crypto ecosystem.

Tags: Hong Kong SFC, crypto regulation, virtual assets, budget increase, staffing plans

Source: https://bitcoinist.com/hong-kongs-sfc-strengthens-crypto-oversight/

On-chain analytics firm Glassnode has revealed that the Ethereum futures market remains overheated, despite a recent long squeeze that saw $76.4 million in ETH long liquidations. The data suggests that while significant leverage has been flushed out, the market may still be primed for further volatility.

The Ethereum futures Open Interest, which tracks the total amount of open futures positions, has decreased from $20.5 billion to $15.9 billion following the liquidations. However, this value remains 22% higher than the yearly average of $13 billion, indicating elevated leverage levels in the market.

Historically, overheated futures markets have often led to increased price volatility for Ethereum. With the market still holding notable leverage, further sharp price action could be on the horizon. ETH saw a crash towards $2,100 yesterday but has since rebounded to around $2,800.

The current market conditions highlight the importance of risk management for Ethereum traders and investors. While the long liquidations have provided some relief, the persistent high Open Interest suggests that the market may not have fully stabilized. Cautious positioning and careful monitoring of leverage levels could be prudent strategies in the near term.

As the Ethereum market navigates this volatile period, it will be crucial to watch for signs of further deleveraging or potential catalysts that could trigger additional liquidations. The interplay between spot prices and futures market dynamics will likely continue to shape ETH’s trajectory in the coming days and weeks.

Tags: Ethereum, ETH, Futures Market, Liquidations, Open Interest, Leverage, Volatility

Source: https://www.newsbtc.com/news/ethereum/ethereum-leverage-despite-long-squeeze-glassnode/

The Securities and Exchange Commission (SEC) is reportedly reassigning lawyers from its crypto unit and reducing oversight of the industry. This move comes as President Trump pledges to limit government intervention in the crypto space and position the United States as a leader in digital assets.

The decision to dial down crypto oversight is a significant shift in the SEC’s approach. It suggests a more hands-off regulatory environment that could potentially foster innovation and growth in the industry. However, it also raises concerns about investor protection and the potential for increased fraud and manipulation in the market.

The reassignment of lawyers from the SEC’s crypto unit could impact the agency’s ability to effectively monitor and enforce regulations in the space. This could lead to a regulatory vacuum that bad actors might exploit. On the other hand, it could also provide more flexibility for legitimate projects and encourage the development of new blockchain-based technologies.

From a market perspective, the SEC’s move could be seen as a bullish signal for crypto. It may attract more institutional investors and mainstream adoption as the regulatory landscape becomes clearer and more favorable. However, it’s crucial to monitor how this change in oversight impacts the market in the long run and whether it leads to sustainable growth or speculative bubbles.

Tags: SEC, crypto regulation, Trump, digital assets, blockchain

Source: https://decrypt.co/304501/sec-dials-down-crypto-oversight-reassigns-agency-lawyers-report