XRP on Verge of Ultra Rare Golden Cross Versus Bitcoin, MicroStrategy Buys $1.1 Billion Worth of Bitcoin, Gary Gensler Loses Government Checkmark: Crypto News Digest by U.Today
2025-01-22
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Here are the top three news stories over the past day presented to you by U.Today.
XRP on verge of ultra rare golden cross versus Bitcoin
The price dynamics of XRP against Bitcoin have captured market attention, with XRP experiencing a nearly 270% increase against BTC since early November. According to technical analysis, this may not be the end of the rally; the formation of a golden cross can be seen on the weekly price chart of XRP against Bitcoin, where the 23-day moving average is nearing a crossover with the 200-day moving average. Currently, XRP is trading at 0.00003 BTC; the Ripple-affiliated token is at its highest value since spring 2021, although it remains 720% below its all-time high of 0.00024 BTC set in May 2017. Right now, such a valuation would mean more than $25 for XRP. While a future valuation of $25 seems highly speculative and dependent on broader economic conditions, due to the unpredictable nature of the crypto market, such scenarios cannot be entirely dismissed.
MicroStrategy buys $1.1 billion worth of Bitcoin
MicroStrategy (MSTR) has recently announced a significant Bitcoin acquisition worth $1.1 billion. This marked the company's 11th consecutive weekly purchase of the flagship crypto. With this latest acquisition, MicroStrategy's total Bitcoin holdings have reached approximately 461,000 BTC, valued at around $48 billion. Notably, this is the company's second purchase with an average price exceeding $100,000 ($101,191), which has contributed to raising MicroStrategy's average acquisition price to $63,610. Despite Bitcoin’s current trading price of $104,602, MicroStrategy’s shares saw a slight decline of 0.57% in premarket trading. Earlier this month, Bloomberg estimated that MicroStrategy could rival major companies in the Nasdaq-100 index in terms of total number of common shares.
Gary Gensler loses government checkmark
Gary Gensler, the former chair of the SEC, has lost his gray government checkmark on the X platform. This signals the end of the SEC's era under his leadership, characterized by a stringent crackdown on the crypto industry. The crypto community has celebrated this symbolic removal as the start of a new chapter in U.S. cryptocurrency regulation. Following Elon Musk's acquisition and rebranding of Twitter to X, the platform has adjusted its verification system, introducing checkmarks of different colors for verified users, organizations and governmental accounts (blue, gold and gray, respectively). Meanwhile, Republican SEC Commissioner Mark Uyeda has been appointed as the new acting chair; he is known for advocating clearer crypto guidelines and supporting the FIT 21 bill, which aims to enhance the CFTC's regulatory powers.