The descending channel (in blue) shows how $SOL has been stuck in this bearish loop for 49% of its retracement. But now it’s hit rock bottom… or at least the bottom of the bear market’s couch. 🛋️ A bottom that’s bolstered by the strong $127 horizontal support and the bull market support trendline. Because nothing says “trust me” like a number that’s been there since the beginning of time. 🕰️
The Juicy Details
The question on everyone’s lips, darlings, is: what on earth is causing this ghastly crash? 🌪️💥
Unveiled this Monday, the Africa Digital Access and Public Infrastructure for Trade (ADAPT) is set to revolutionize the continent’s economic landscape. Described as an open-source public network (you know, for the people), ADAPT promises to facilitate cross-border payments using stablecoins, and to securely store digital trade documents. Oh, and did I mention that it will also serve as a digital identity hub? Fancy stuff, right?
We’re here to unpack this, because frankly, it’s baffling. Let’s dive into the latest happenings around this cross-border token and the company that birthed it, Ripple Labs.
The descent of Bitcoin below that arbitrary figure of ninety thousand, it seems, is a confluence of many small, yet potent, currents. There is talk of “whales” – those immense holders of the digital coin – shifting their fortunes, and of a certain…thinning of the buying spirit. And, of course, the ever-present winds of ‘macro’ uncertainty, a phrase which simply means that those in positions of power have grown anxious and their anxieties spread like a poorly contained rumour.
Prices were down since fundamentals like DEX volume and TPS were declining on top of a bearish market structure. 🐻❄️ Classic: “We’re doing great on paper, but my wallet says otherwise.”
XRPM will proudly flaunt its presence on the Cboe BZX Exchange, CUSIP 032108375 (pretend you understand what that means), with a reported $750,000 net asset size, 30,000 shares outstanding, and a total expense ratio of 0.75%. Because 75 basis points is, by all definitions, reasonable-for a fund that’s basically a rocket ship wearing a straitjacket.
The VanEck Solana ETF (VSOL) moseyed into town on Monday, joining the likes of Bitwise and Grayscale, who’ve already staked their claims late in October. Together, they’ve lassoed over $380 million in inflows, proving that even in the Wild West of crypto, there’s gold in them thar blockchains.
Enter: World Liberty Financial. Not to be confused with a circus, though one might be forgiven for the mistake. This noble venture – proudly backed by the Trump dynasty, because why not? – launched a stablecoin called USD1, presumably because “Trump Bucks” sounded too honest.
