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Bitcoin rises up to 3%, Ripple Unveils RLUSD Stablecoin, and More in Crypto

Fernanda T
Latest News
June 12 2024 3:35PM

Bitcoin above $69,000 after a drop in the US Consumer Price Index (CPI)

The price of Bitcoin (COIN:BTCUSD) reached a peak of $70,032, trading 2.9% higher at $69,302 in the past 24 hours, following the release of the May Consumer Price Index (CPI) data in the US, which indicated a slight reduction in inflation. The May CPI remained stable, contrary to analysts’ expectations of a 0.1% increase, and lower than April’s 0.3%. The drop to 3.27% year-over-year from 3.36% in April signaled potential economic stabilization, which was immediately reflected in Bitcoin’s value.

However, Bitget analyst Fernando Pereira adopted a more cautious short-term investment strategy for cryptocurrencies, expressing concerns about Bitcoin’s ability to capitalize on the S&P 500’s resilience under these positive conditions. Pereira stated that “even with the S&P 500 rising and breaking highs, BTC cannot leave the current consolidation zone, which pushes us towards a pessimistic scenario in light of the next Fed rate hike. With rates being maintained, it is likely that the S&P 500 will soar by 5% in the coming days, but BTC will again remain in the $68,000 to $71,000 zone.”

Ripple unveils new RLUSD stablecoin at XRPL Apex in Amsterdam

During the XRPL Community Summit in Amsterdam, Ripple (COIN:XRPUSD) CEO Brad Garlinghouse announced the company’s new stablecoin, called RLUSD, short for “Real USD” or “Ripple USD.” Garlinghouse highlighted that, although the launch date is yet to be determined, RLUSD will strengthen the XRP ecosystem, being indexed to the dollar and available on both the XRP Ledger and Ethereum. The announcement follows the appointment of Jack McDonald as senior vice president of stablecoins and the development of the XRPL EVM sidechain for greater interoperability with Ethereum.

Circle adds support for Solana in Web3 services

Circle (COIN:USDCUSD), a stablecoin issuer, announced support for the Solana blockchain in its Web3 services, starting with programmable wallets and sponsored transaction fees. The first phase allows developers to manage assets automatically, while the second phase will include support for NFTs and program interactions. This aligns Solana with blockchains such as Ethereum, Polygon, and Avalanche already supported by Circle.

Record Bitcoin ETF withdrawals in the US precede significant economic decisions

On June 11, Bitcoin ETFs in the United States experienced net outflows of $200 million, marking the second consecutive day of massive withdrawals, with none of the ETFs recording inflows. These movements occurred as traders adjusted their positions ahead of the release of crucial macroeconomic reports scheduled for Wednesday. This outflow volume is the largest recorded since early May when ETFs faced $580 million in withdrawals. The Grayscale Bitcoin Trust (AMEX:GBTC) led these outflows, with $120 million, the largest share of the total. This scenario reflected a risk-averse stance among investors, awaiting the results of the Consumer Price Index (CPI) and Federal Open Market Committee (FOMC) decisions.

Approval of ETH ETFs by the SEC could benefit Ethereum more than Bitcoin

Coindesk noted that the recent approval of Ethereum ETFs by the SEC is potentially more significant for Ethereum (COIN:ETHUSD) than for Bitcoin (COIN:BTCUSD). While Bitcoin maintains its niche as a store of value, Ethereum faces strong competition among smart contract platforms. The SEC’s decision reduces regulatory uncertainty, which may attract more institutional investors to Ethereum, strengthening its position in the blockchain development and institutional investment market.

Blockchain in motorsports: McLaren adopts blockchain for real-time data analysis

The Race Lab team will use blockchain technology to record performance data of the McLaren Artura GT4 during tests at the Circuit de Spa-Francorchamps. This blockchain data tracker, developed in partnership with Minima and Influx Technology, will collect 20 essential parameters, such as ignition time, braking, and engine temperature. The initiative not only facilitates real-time analysis but also ensures the integrity and history of the data, contributing to better maintenance, regulatory compliance, and fan engagement in motorsports.

Ripple announces launch of XRPL EVM sidechain with Axelar bridge for greater interoperability

Ripple (COIN:XRPUSD) revealed the “XRPL EVM sidechain” as the official name of its upcoming sidechain on the XRP Ledger, choosing Axelar as the exclusive bridge protocol to enhance interoperability. This partnership allows the conversion of XRP to eXRP, which will serve as the gas token on the sidechain, simplifying operations and increasing security. The new sidechain, developed in collaboration with Peersyst and using evmOS technology, will facilitate transactions and smart contracts between blockchains, promising a more intuitive and efficient user experience.

Chainlink activates CCIP and automation on the Gnosis network, reducing fees by up to 90%

Chainlink (COIN:LINKUSD) launched its CCIP interoperability protocol and automation services on the Gnosis network on June 12. Now, Gnosis users can use Chainlink for cloud computing, reducing gas fees by up to 90%, and send messages and exchange values between blockchains. This collaboration aims to develop robust applications and scale the Web3 ecosystem for mass adoption.

MultiversX and eCornell launch blockchain education program for underprivileged students

MultiversX (COIN:EGLDUSD), in partnership with eCornell from Cornell University, launched the Blockchain Essentials Program. The initiative, aimed at 100 underprivileged university students, offers a fully sponsored two-month course on blockchain fundamentals. Students will receive a certificate upon completing the course and can obtain mentorship and funding to develop blockchain projects. Applications are open until June 23, 2024.

Bitcoin sales by miners peak in two months with halving

Bitcoin mining pool transfers to exchanges reached the highest level in two months, according to a report by CryptoQuant. With Bitcoin hovering around $70,000, miners accelerated sales, especially in OTC desks, following the halving that impacted their daily revenues. On June 10, miners sold approximately 1,200 BTC, marking the highest daily total in two months, in an effort to capitalize on Bitcoin’s high price.

Donald Trump supports Bitcoin mining and promises to strengthen US energy dominance

Former US President Donald Trump expressed support for Bitcoin mining as part of his strategy to strengthen US energy dominance and combat centralized digital currencies. In a post on Truth Social, Trump pledged to support the cryptocurrency industry and defend it globally, highlighting the role of Bitcoin mining in maintaining US energy leadership. This move follows a meeting with major mining leaders and reflects his commitment to transforming the US into a Bitcoin mining superpower.

Xi Jinping praises Andrew Chi-Chih Yao in an open letter

On June 12, Chinese President Xi Jinping sent a letter of praise to Andrew Chi-Chih Yao, chief scientist of the Conflux network and professor at Tsinghua University. Xi highlighted Yao’s dedication to education and scientific innovation, encouraging him to promote independent training models and contribute to China’s technological self-sufficiency. Conflux, supported by the Shanghai government, is the only regulated public blockchain in China.

MoonPay expands crypto access with PayPal integration in Europe and the UK

MoonPay, a payment platform that enables the buying and selling of cryptocurrencies, announced the integration of PayPal (NASDAQ:PYPL) as a payment option for purchasing crypto in the European Union and the UK. Initially available to 1% of users, full implementation will occur soon, excluding Croatia, Iceland, and Hungary. This change aims to simplify the user experience and expand the customer base.

Moonbeam Network announces $13 million initiative to expand gaming and tokenization in Web3

Moonbeam Network, a leading Web3 smart contract platform, launched a $13 million funding initiative to boost its ecosystem’s growth, focusing on gaming and real-world asset tokenization. The funding includes a $10 million innovation fund and additional grants for its Moonbeam and Moonriver projects. This initiative is part of the Moonrise strategy, aiming to integrate Moonbeam into the Polkadot and Ethereum networks.

Report reveals $19 billion in cryptocurrencies stolen since 2011

Nearly $19 billion in cryptocurrencies have been stolen since 2011, with the blockchain industry facing a significant increase in criminal activity, according to a report by Crystal Intelligence. The study details 785 incidents, including security breaches, decentralized finance (DeFi) hacks, and fraud schemes. The largest theft occurred in 2019 with the Plus Token Ponzi scheme, resulting in a loss of $2.9 billion. Despite efforts to improve security and monitoring, thefts continue to rise, reaching a record high in 2023 with over $2.3 billion stolen.

Layer3 raises $15 million in Series A to innovate token distribution

Layer3, a protocol dedicated to token distribution, raised $15 million in a Series A funding round led by ParaFi and Greenfield Capital. The company also revealed a previously unannounced $3.7 million round. These funds will help Layer3 launch its native token and an airdrop in the coming months. The platform, which has already served over 3 million users in 120 countries, is developing a new AI-enabled protocol to optimize token distribution.