In the world of cryptocurrency, there were seismic shifts this week as Ripple made attempts to launch its RLUSD stablecoin, Bitcoin grappled with a pullback after crossing the $100,000 milestone, and Cardano founder, Charles Hoskinson, promoted unity within the crypto community in the face of potential hostility from the banking sector.
Starting with Ripple, reports on November 29 indicated that the New York Department of Financial Services (NYDFS) might be on the verge of approving Ripple’s RLUSD stablecoin. Being a key market for stablecoins, such approval from New York could be a significant victory for Ripple, particularly given its ongoing regulatory skirmishes with the SEC. However, this anticipated approval has yet to materialize.
During a recent conference in Prague, Ripple’s CTO, David Schwartz, shed light on the challenges facing the launch. Despite these difficulties, he remained hopeful about the asset’s launch before the year’s end. He expressed concerns about the approaching holiday season and the role of NYDFS in scrutinizing their processes and compliance.
Despite these issues, Ripple managed to capitalize on the hype. By December 4, the price surge of Ripple’s XRP fuelled significant growth for meme coins within Ripple’s ecosystem. However, this bullish trend was short-lived, with XRP encountering strong price resistance and limited forward momentum.
On the other hand, Bitcoin, the world’s premier cryptocurrency, hit the $100,000 milestone on Wednesday, December 5. This event, however, triggered several unexpected reactions, including the sudden movement of $2.43 billion in Bitcoin by the defunct exchange Mt. Gox. This development, coupled with the US federal government moving almost $2 billion in Bitcoin, sparked a momentary market uncertainty and triggered a flash crash. However, Bitcoin managed to cross the $100,000 mark again by Friday.
Meanwhile, Cardano’s Founder, Charles Hoskinson, sent out a clarion call for unity within the crypto industry. Acknowledging his past criticisms of other blockchain ecosystems, Hoskinson urged the crypto community to set aside past differences and work towards a united front. He emphasized the potential for the crypto market to grow to trillions of dollars in value and warned against the risk of “petty tribalism” squandering this opportunity.
Hoskinson also highlighted the latent hostility towards crypto from the banking sector, despite seemingly friendly government postures. He warned of the potential for new legal crypto crackdowns and emphasized the need for the industry to seize the opportunity to influence pro-crypto regulations.
In conclusion, this week in crypto has seen its fair share of highs and lows. From Ripple’s battle for approval, Bitcoin’s rollercoaster journey past the $100,000 mark, and Hoskinson’s call for unity, the crypto landscape continues to evolve and surprise. It’s clear that the coming weeks will continue to be pivotal for the future of cryptocurrency.
