While the rest of us are tentatively dipping our toes into the choppy waters of stablecoins and regulation – a process resembling a toddler learning to swim, mostly splashing and occasional panicked flailing – Beijing is preparing another, shall we say, robust intervention. A fresh wave of enforcement, as they put it. More like a tidal wave of…disapproval.
Bitmex co-founder and Maelstrom CIO Arthur Hayes, ever the mad scientist of finance, published on Nov. 27 that traditional exchanges are teetering on the edge of a cliff, with perpetual futures as the axe swinging overhead. He argued that crypto-native structures are outpacing regulators faster than a squirrel in a race. 🐿️💨
The 1-hour chart, a canvas of candlestick calligraphy, reveals WIF’s upward pirouette from the 21st to the 23rd of November, a sequence of higher highs and higher lows as graceful as a ballet dancer. But, alas, the market’s fickle heart turned sideways on the 27th, like a bored aristocrat at a tedious soiree. The candles tightened, the movement waned, and consolidation-that tedious interlude-took center stage. 🎭📉
The crypto economy, ever the dramatic diva, closed November with a flourish, snapping its bearish tantrum and pivoting to optimism. Might Bitcoin reclaim its robust price levels? Ah, the folly of such hopes! After a correction that saw the market cap plunge below $3 trillion, it staged a recovery, injecting $200 billion in fresh capital. Yet, November remains a month of woe, ending $600 billion lighter-a performance fit for a tragicomedy. 😢
Let us pause for a moment to admire this spectacle. A spectacular shift in the crypto cosmos, ladies and gentlemen. SUI – yes, that SUI – managed to capture a staggering $1.8 billion in stablecoin inflows in the blink of an eye. Within a 24-hour window, no less! This wasn’t merely a surge – it was an awakening. An awakening that sparked fresh curiosity, rekindled enthusiasm, and gave the SUI network a second wind. All the while, it had the audacity to make traders rethink their entire stance on altcoins. 🚨
Yet, as the sun sets on this bullish interlude, the Hyperliquid team executed a move that could make even Tolstoy’s characters blanch: transferring 2.6 million HYPE tokens (valued at $90.18 million) from Staking to Spot. One might call it a “strategic relocation,” but the market whispers of a prelude to a sell-off. After all, what’s a token worth when its creators pack their bags like nomads fleeing a desert? 🏜️
On November 28, the blockchain detectives at Bubblemaps (yes, that’s a real thing) announced they’d spotted about 900 wallets getting cozy with the airdrop. 🕵️♂️🔍 No prior on-chain activity? Check. Coordinated preparation? Double check. Organic network participation? Ha! As if. 🍃🚫
Lucie, the Shiba Inu team’s resident oracle, dropped a tweet that sent the SHIB army into a frenzy. Apparently, NYSE Arca has filed a rule change for the T. Rowe Price Active Crypto ETF, which includes SHIB. 🧐 Yes, folks, your favorite joke coin is now rubbing shoulders with the big boys. Or, as Lucie so eloquently put it, SHIB is now part of the “core crypto basket.” Because nothing screams “core” like a coin named after a dog breed.
RLUSD, that digital dollar clone, is strutting its stuff like it owns the blockchain. Merrick claims it’s not just for crypto bros anymore-it’s for “actual payments.” Translation: People are finally ditching their paper money like it’s last year’s fashion.
So, here’s the deal: Ripple just hit a milestone in the Middle East with their USD (RLUSD) stablecoin getting a “greenlight” from Abu Dhabi’s Financial Services Regulatory Authority (FSRA). They’re now an “Accepted Fiat-Referenced Token.” Big words, huh? Basically, this means RLUSD can be used as collateral on exchanges, lending platforms, and more. Very exciting stuff for the crypto nerds out there. 💰
