Stablecoin liquidity reached unprecedented levels in September 2024, boosting overall cryptocurrency market activity. Meanwhile, Ripple made a notable entrance into the stablecoin space with its newly launched RLUSD, expanding its influence in the financial landscape.
Editors comment: Not to sound like a broken record, but stablecoins are one of the best indicators to measure the health of the market.
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JPMorgan analysts are showing optimism as bitcoin exhibits strong upward trends moving into the fourth quarter. They highlighted October’s historically positive returns for the cryptocurrency and suggested this trend could persist.
Editors comment: Does it start to become bearish if everyone (including myself) is bullish for Q4?
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Eighteen individuals and entities have been charged with fraud and market manipulation in the cryptocurrency industry. The charges involve deceptive practices such as wash trading and pump-and-dump schemes that inflated token prices, resulting in the seizure of $25 million in cryptocurrency. As part of “Operation Token Mirrors,” the Federal Bureau of Investigation (FBI) created a fake cryptocurrency company and token to uncover fraud in the market.
Editors Comment: A fascinating story that, on the face of it, helped to remove crypto malefactors. Although, it does bring to mind the phrase, “spitting in the wind.”
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Economist Peter Schiff has warned that restoring a real economy requires letting the “phony economy” collapse, which would result in significant financial losses for many. However, he emphasized that the alternative is worse, as it would lead to the devaluation of money itself.
Editors comment: I am sympathetic to criticisms presented by Schiff and others, but be cautious of the time horizons for these deep issues to play out.
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USDT, the largest stablecoin in the crypto market, has marginally lost its peg to the U.S. dollar, trading at less than $1 since September 30. Analysts believe this is a byproduct of large outflows from China as crypto investors turn to the national stock market to participate in the bull run following the announcement of stimulus measures.
Editors comment: This is an interesting take that may or may not be true, however it is something to keep in mind if and when China stimulates further.
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