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CRYPTO MARKET OUTLOOK – TRENDS OF EVENTS 21st FEBRUARY, 2024

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Here are a few trends going on in the crypto ecosystem

TRENDS OF EVENTS

Collaboration Of Ripple And Commercial International Bank To Enhance International Remittances In Egypt

Ripple Labs just revealed a major partnership with the Commercial International Bank (CIB) of Egypt.

This announcement signifies a notable step forward in the widespread acceptance of blockchain technology for cross-border payments.

On Feb. 20, an announcement was made about a collaboration with the goal of revolutionizing international remittances in Egypt’s financial sector.

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The partnership is a key moment for the Egyptian banking industry, as emphasized in the “Egypt Fintech 2024” report by Shehata & Partners Law Firm.

Established in 1975, CIB, a leading private bank, has been a pioneer in providing comprehensive banking services, encompassing personal, corporate, and investment banking.

Former Ripple Director, Sean McBride, highlights the strategic value of such partnerships.

He draws parallels with Ripple’s previous collaborations, like the one with SBI Remit in Japan.

McBride’s insights underscore Ripple’s strategy to embed its technology globally, expanding its influence and operational footprint.

The blockchain and XRP communities are excited about this partnership.

Notable XRP figure Wrathof Kahmeman confirmed its impact. He hinted at increased adoption of Ripple’s tech and possibly XRP in Egypt.

Despite this, details about CIB’s use of Ripple’s tech or XRP remain undisclosed.

The partnership implies a shift towards efficient and cost-effective remittance solutions for Egypt’s financial sector.

The NFT Art Generator and TOURISTOKEN showcase Egypt’s dynamic blockchain evolution.

The Financial Regulatory Authority (FRA) issued Decision No. 140 of 2023, establishing compliance standards for digital identity, contracts, and fintech in non-banking financial activities.

Ripple, in parallel, plans to acquire Standard Custody and Trust Company. This move enhances Ripple’s regulatory licenses, emphasizing its commitment to compliance.

It positions Ripple to offer a more comprehensive suite of digital asset services.

Pantera Capital Says: $225b, Can Be Accumulated By Defi On Btc

Analysts of Pantera capitalsights a half-trillion-dollar opportunity in bringing DeFi to bitcoin, by doing so, Bitcoin-based decentralized apps top assets in crypto.

The analysts found a big opportunity – over half a trillion dollars – by integrating decentralized finance (defi) into the Bitcoin blockchain.

This move could position Bitcoin-based decentralized applications as top assets in the crypto space.

In a recent newsletter, Pantera Capital emphasized the potential for Bitcoin to amass $450 billion in liquidity through defi projects.

This could happen if these projects achieve market shares comparable to those on the current Ethereum blockchain.

Ethereum currently leads the defi space, hosting most of the activity, as noted by Pantera Capital.

Historically, decentralized applications on Ethereum accounted for 8% to 50% of its market cap, now stabilizing around 25%.

Applying these ratios to Bitcoin indicates a potential influx of approximately $225 billion in value.

Pantera Capital also foresees a significant growth in the leading decentralized application on Bitcoin, projecting a valuation of $20 billion.

This would firmly position it among the top assets in the ecosystem.

In mid-January, Pantera Capital highlighted the need to choose tokens with strong protocols and proven product-market fit for better performance in the upcoming cycle.

Though specific tokens weren’t mentioned, the firm stressed the long-term significance of token selection, stating that outperformance will be case-specific, not sector-based or driven by short-lived speculative trends.

The hedge fund also anticipates continued growth of DeFi on the Bitcoin blockchain, projecting a potential increase in total value locked to 1-2% of Bitcoin’s market cap in the foreseeable future.

Ripple Ceo, Calls For Clearer Crypto Regulation In Support Of Xrp Etf

Brad Garlinghouse, Ripple CEO during an interview by Bloomberg on February 20th endorsed the creation of an XRP exchange-traded fund (ETF).

Garlinghouse emphasized the need for investor diversification, likening the current cryptocurrency market to the early stock market. Like in stocks, he predicted more cryptocurrency ETFs to spread risk.

However, he didn’t disclose details about potential discussions for an XRP ETF.

The discussion touched on the transformative impact of the SEC’s approval of 11 Spot Bitcoin ETFs. Garlinghouse saw this as a significant shift influenced by industry challenges, particularly Grayscale’s victory. He viewed it as a step toward a more secure investment framework.

Discussing global regulations, Garlinghouse noted the U.S. lagging in establishing crypto regulations compared to the UK and the European Union. With over 20% of Americans involved in cryptocurrencies, he stressed the urgent need for the U.S. to address crypto regulation in the upcoming elections.

Garlinghouse emphasizes the need for clear legislation regulating crypto assets. He advocates for laws like the Securities Clarity Act, Token Taxonomy Act, and Digital Commodity Exchange Act. These measures, he believes, would spur innovation and establish the U.S. as a global crypto regulation leader.

Ripple has contributed around $80 million to the Fairshake PAC, aiming to influence U.S. policymakers and support crypto-friendly candidates.

Garlinghouse also discussed Ripple’s expansion into digital asset custody after acquiring Standard Custody & Trust Company. This, combined with the earlier acquisition of Swiss provider Metaco, underscores Ripple’s goal to provide comprehensive services for tokenization, storage, movement, and exchange of digital assets. The company’s commitment is evident in a job posting for an experienced enablement engineer in New York, highlighting ongoing efforts to enhance digital asset custody capabilities.

Bnb Reacts With Surge As Binance Launchpool Features New 47th Project

The new project was announced on the launchpool platform by the cryptocurrency exchange, Binance.

The 47th project on Binance Launchpool is Portal (PORTAL), a cross-chain gaming platform. It aims to attract more players to Web 3.0. Starting Feb. 22, 2024, users can farm PORTAL tokens by placing their BNB and FDUSD in separate pools for seven days. On Feb. 29, Binance will list PORTAL, and trading with BTC, BNB, USDT, FDUSD, and TRY tokens will be available.

In response to the new project launch, the BNB token saw a 1.8% increase. Simultaneously, trading volumes surged by almost 30%, reaching $1.7 million. It seems traders may be buying BNB to join the new Launchpool.

On Feb. 19, Pixels (PIXEL) from Binance Launchpool, launched on Ronin blockchain, took the lead in trading among newly listed cryptocurrencies. The coins gained quick popularity, surpassing all competitors in trading volume. The gaming community is particularly interested in Pixels due to the lucrative opportunity it offers to earn money by selling Farm Land non-fungible tokens (NFTs).

Crypto Market Outlook

The global crypto market cap is sitting at $1.94 trillion, and it took a tiny dip of 1.24% in the last 24 hours. Now, the total crypto market volume in the same period is $86.93 billion, It’s actually up by 5.04%.

DeFi is holding its own with a total volume of $6.25 billion, making up 7.19% of the entire crypto market’s 24-hour volume. And stable coins? They’re dominating the game, hitting $79.9 billion, a whopping 91.92% of the total crypto market 24-hour volume.

Bitcoin is flexing its dominance at 51.77%, showing a slight uptick of 0.11% in just one day.

Bitcoin Market

Bitcoin’s trading volume is $35.66 billion, indicating active market participation. Traders seem prepared to respond to price changes. Oscillator readings show mixed signals. The RSI and CCI suggest a neutral stance at 69, while the Stochastic indicates bearish sentiment at 88. This divergence warrants a cautious market interpretation.

Moving averages present a generally bullish outlook. Both EMAs and SMAs across different time frames signal bullish sentiment. This implies a robust underlying momentum, especially in longer-term averages. This contrasts sharply with immediate sell signals suggested by some oscillators.

Stable Coin Market

Stable coins are of high necessity to the crypto ecosystem, lots of tokens on the ecosystem are paired with these stable coins. As of today, the market cap of the stable coin market is at $139.3B, with an uptick of 0.35% increase in the last 24 hours. While the market cap performance is not that topnotch, its trading volume is significantly up at 31.5% bringing its trading volume over the last 24 hours to $84B.

The top traded stable coins in the last 24 hours are:

  1. Tether USDt (USDT)
  2. USDC (USDC)
  3. Dai (DAI)
  4. First Digital USD (FDUSD)
  5. TrueUSD (TUSD)

Defi Market

The DeFi crypto market as of today is everything Bearish, its market capitalization is down 1.93% bringing its total market cap is $96B, while its’ trading volume has a significant drop of 15.15% that is $5.9B trade volume in the last 24 hours.

Despite the bearish momentum the top traded DeFi assets are;

  1. Avalanche (AVAX)
  2. Chainlink (LINK)
  3. Internet Computer (ICP)

Nft Market

The NFT sales volume as of the last 24 hours is down 8.10% bringing the sales volume to $36M, the NFT market cap is $2.8B, a few NFTs are performing really well in the last 24 hours. Its sales volume is down a significant 38.07% in the last 24 hours, this massive drop has brought the total sales to 69k.

TOP GAINERS AND LOSERS

Crypto Top Gainers

  1. Siacoin (SC) is up 11.27%
  2. BNB (BNB) is up 5.79%
  3. UNUS SED LEO (LEO) is up 5.24%
  4. Manta Network (MANTA) is up 4.16%
  5. Dymension (DYM) is up 4.08%

Top Losers

  1. Starknet (STRK)
  2. Beam (BEAM)
  3. Optimism (OP)
  4. Filecoin (FIL)
  5. Immutable (IMX)
  6. Ronin (RON)

 

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