It’s been another week of hype, adrenaline, and pure vibes in crypto. First of all, can we talk about XRP?? Because…
It looks like XRP is not going down without a proper tooth and nail fight. That recent price increase just crept up on everyone like a thief in the night. In other interesting news, something is happening with BTC and USDT while the UAE and China are making money moves. Enjoy!
XRP went up by more than 100% last week in one of its craziest price movements this year. The rise came after a federal judge decided that Ripple’s CEO Brad Garlinghouse and former CEO Chris Larsen don’t have to show their personal financial records to the Securities and Exchange Commission (SEC). So far in 2021, Ripple has seen gains of about 550% and it doesn’t seem like it’s slowing down anytime soon.
‘A Stable Season’
It has been pure vibes all week with USDT and something good might be coming (Bitcoin, we’re talking to you 🌚). So here’s the gist: On April 8, about half a billion dollars worth of USDT was deposited in BTC exchanges across the world. Around the same time, a lot of BTC was leaving exchanges too. Usually, this means that people are getting ready to buy crypto with their stored USDT while BTC is moved out by high net worth investors who want to hold for a long time.
Welcome to the ‘Yuanvolution’
China seems to have come first in the global race for a central bank digital currency. The country has been running tests for the cryptocurrency version of the Chinese Yuan, which will be issued by the government. After being issued, it’s set for distribution by banks. Digital payments are already a big thing in China so this further helps to make trade easier within and outside the country.
Taking the World by Sandstorm
Looks like those trips to Dubai are about to get a lot more interesting. Apparently, the UAE might be looking to put some cryptocurrency into their economy. According to the UAE minister of economy, Abdulla Bin Touq Al Marri, the country is looking to double its economy using cryptocurrency in the next 10 years. The UAE economy is already the 34th largest economy in the world as it stands so it’s interesting to see where things are headed.