Crypto Markets Shaken: XRP Fake Listings and Excessive Optimism Warning"

Quoted from Jakarta-CNBC Indonesia, the crypto market experienced a decline in the last 24 hours after confirmation of fake registration of XRP products. This depreciation affects various altcoins, including bitcoin.

According to CoinMarketCap on Tuesday (11/14/2023) at 06.43 WIB, the majority of the crypto market experienced weakness. Bitcoin fell 1.28% to US$36,526.29 with a weekly gain of 4.27%.

Ethereum has risen 0.92% in 24 hours and 8.57% in the last seven days. Solana slumped 6.44% daily, although the weekly gain still stood at 25.21%. Cardano is also in negative territory, down 5.83% in 24 hours and 1.13% weekly.

CoinDesk Market Index (CMI) fell 1.39% to 1,522.23, while open interest depreciated 1.42% to US$33.77 billion.

The Fear & Greed Index from coinmarketcap.com shows the number 77, indicating the market is in a greed/optimistic phase considering the current economic conditions and crypto industry.

Fake news regarding the iShares XRP Trust registration resulted in a sharp decline in the altcoin on Monday (11/13/2023). XRP briefly surged 10% when fake documents were published, similar to a legitimate filing by BlackRock for a spot bitcoin and ether ETF.

The already weak crypto market was further shaken by fake news, with SOL, the leader of the altcoin rally, experiencing a significant crash in the last 24 hours. JPMorgan analyst and IntoTheBlock head of research warns against excessive optimism in the crypto market.
#XRP #Ethereum $XRP

bit"FTX vs. Bybit Legal War: Mission to Recover $1 Billion from Digital Asset 'Theft'"

The FTX bankruptcy estate moved decisively against Bybit, Mirana (Bybit's investment subsidiary), and select executives. The mission: recover approximately $1 billion in funds and digital assets that Bybit allegedly withdrew from FTX ahead of its bankruptcy in November 2022.

The lawsuit, filed in a Delaware court, highlights that Mirana Corp., Bybit's investment subsidiary, enjoys exclusive "VIP" privileges that are unaffordable to the majority of FTX customers. Mirana is accused of taking advantage of this privilege to move most of its assets away from FTX before the platform's downfall.

The lawsuit also asserts that Mirana put pressure on FTX employees to expedite withdrawals, resulting in delays for regular FTX customers.

In a broader context, Chapter 11 provides an opportunity for distressed companies to secure funds ahead of bankruptcy, preventing certain creditors from gaining an unfair advantage.

#FTX #BTC🔥🔥 #XRP #ETH #ADA

$SOL $ETH
$BTC Crypto SOL recently experienced a 22% increase in value to reach US$54, surpassing a crucial level since May 2022. This happened even though FTX continued to sell SOL coins in its bankruptcy process. Even though the FTX estate sold 55.75 million SOL, investor sentiment remained positive.

FTX's liquidation plan, with a weekly sales cap of US$100 million, may ease concerns about a flood of SOL coins on the market. Analyst Bluntz expressed optimism on SOL, noting bullish potential once selling pressure subsides.

SOL's performance was not only limited to price increases, but also to a significant increase in futures open interest reaching US$745 million. However, it is important to note that the futures market is balanced with both longs and shorts leveraged.

The Solana ecosystem is growing in deposits and usage of dApps, as seen in the increase in total value locked (TVL) and active address growth, which beats Ethereum in terms of active DeFi usage. While this growth is positive, there are questions about sustainability.

Although Solana and Polygon's TVLs are similar, SOL's market capitalization of US$22.8 billion far surpasses Polygon's at US$7.8 billion. Questions about SOL's valuation and the impact of FTX's bankruptcy still concern investors.

#SOL #BTC

$XRP
$BTC Liputan6.com, Jakarta - Ripple announced that the Dubai Financial Services Authority (DFSA) approved the use of XRP at the Dubai International Financial Center (DIFC). XRP and toncoin (TON) were added to the DFSA's "Recognized Crypto Tokens" list.

This recognition is valid from 8/11/2023. The list now includes five cryptocurrencies: bitcoin (BTC), ether (ETH), litecoin (LTC), TON, and XRP, with TON and XRP added on November 2.

XRP Coin is the first virtual asset to be approved since the DFSA opened external applications. Ripple selected DIFC as its Middle East and North Africa (MENA) operational hub in 2020, capitalizing on innovation-supporting regulations and Dubai's reputation as a global financial hub.

XRP Coin can now be used in DIFC for faster global exchange of value. About 20% of Ripple customers are based in this region. Dubai's other crypto regulator, the Virtual Assets Regulatory Authority (VARA), oversees crypto activities in the Emirate of Dubai, except for the Dubai International Financial Center
#XRP #BTCupdate

Ripple is the largest owner of XRP, which includes 46.43 billion XRP tokens locked in escrow that are not yet considered part of the circulating supply. On Wednesday (1/11/2023), Ripple opened and released 1 billion tokens (US$610 million) out of a total of 46 billion.
$XRP $BTC
#BTC🔥🔥 #XRP

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