Coindesk

A trader turned $2,500 into $200,000 by buying XRP futures with 500x leverage on cryptocurrency exchange Rollbit on Tuesday.XRP jumped by 26% during U.S. trading hours after Ripple Labs, the company behind XRP, received “final” regulatory approval to offer the RLUSD stablecoin in the U.S.The savvy trader opened a position worth $2,560 when XRP was trading at $1.9025 and the amount of leverage meant that the position would have been liquidated if price slumped below $1.9004. The position was closed gradually between $2.13 and $2.29, netting a realized return of around 7,500%.XRP is trading at $2.34 as it continues to outperform the wider market. It is up by 301% in the past 30-days, TradingView data shows.It's worth noting that trading...

Italy is set to trim its planned tax increase on crypto capital gains, Reuters reported on Tuesday.Two months ago, the government was intent on raising the tax to 42% from 26% by the end of December. "The tax increase will be significantly reduced during the parliamentary work," lawmakers Giulio Centemero and Federico Freni, a junior minister at the Treasury, said in a statement according to Reuters.The decision to increase the capital gains tax was inspired by the rising popularity of investments in crypto, especially bitcoin, which climbed above $100,000 last week. The “phenomenon is spreading," Deputy Finance Minister Maurizio Leo told Bloomberg in October after announcing the news.CoinDesk reached out to Centemero and Freni for a comment.Source link

XRP outperformed bitcoin and other major cryptocurrencies, with dogecoin (DOGE) leading losses in the past 24 hours before the release of U.S. inflation data later Wednesday.Bitcoin (BTC) remained steady around $98,000, while ether (ETH), BNB Chain’s bnb, and Cardano’s ADA fell by as much as 2%. Memecoin DOGE dropped 4%, even as shiba inu (SHIB) and floki (FLOKI) rose 1%. The broad-based CoinDesk 20 added 0.69%.The U.S. Bureau of Labor Statistics is due to release November’s consumer price index (CPI) at 8:30 a.m. ET (13:30 UTC). Federal Reserve Chair Powell has said that incoming economic data will heavily influence interest-rate decisions —which may impact crypto markets in the new year. The previous month’s data showed that inflation remained a concern...

For the third week, bitcoin (BTC) remains locked in a price range between $90,000 and $100,000, punctuated only by Dec. 5's short-lived rise into six figures. This indecisive price action might have left traders feeling uninspired, with two key reasons holding back the upside.First, the influx of liquidity into the crypto market through channels like spot exchange-traded funds (ETFs) has significantly slowed, taking the wind out of the bullish momentum.The weekly rate of change in the so-called market liquidity impulse index, which tracks stablecoin mints, inflows into BTC ETFs and changes in futures market parameters, has more than halved to $7 billion from highs above $15 billion seen early last month, according to data tracked by 10x Research."This slowdown in liquidity...

Binance, the world's largest cryptocurrency exchange, has formed a strategic partnership with stablecoin giant Circle to accelerate global adoption of the USDC stablecoin, the companies said on Wednesday at Abu Dhabi Finance Week.Through the partnership, Circle's USDC will be more extensively available to over 240 million customers for trading, savings and payments. Binance will also adopt the second-largest stablecoin as "a vital dollar stablecoin" for its own corporate treasury, according to a press release."Through our strategic partnership, our users will have even more opportunities to use USDC on our platform, including more USDC trading pairs, special promotions on USDC across trading, and other products on Binance," Binance CEO Richard Teng said in a statement.Staunch competition for growth exists between Circle,...