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XRP and LTC Funds Soar with $1 Million Inflows Amid Crypto Boom

Ripple (XRP) and Litecoin (LTC) have emerged as prominent players, ensuring significant inflows into crypto funds dedicated to these assets. According to the latest data from CoinShares, a leader in digital asset investment products, in the week ending February 16, 2024, XRP and LTC attracted $0.4 million and $0.6 million, respectively. This influx is part of a broader trend that has seen the cryptocurrency market experience record increases in funding.

Bitcoin leads as XRP and LTC attract significant investments

Flows into digital asset investment products reached a staggering level of $2.45 billion per week, unprecedented in the history of the cryptocurrency market and in investor interest in the cryptocurrency market. However, this recovery helped flows grow to a record $5.2 billion at the time of writing, suggesting a solid foundation for digital assets and investor confidence in their returns.

Assets under management (AuM) hit a high of $67 billion, the highest value since December 2021. Although Bitcoin leads the flowcharts with a share of around 99%, investments in XRP and LTC, which represent a significant portion of the total, illustrates the changing interests of investors within the crypto ecosystem.

Likewise, it has been observed that other cryptocurrencies also show spectacular movements. Ethereum, however, continues to benefit from $21 million in its net flows, despite the market trend of the entire cryptocurrency market focusing on Bitcoin. However, Solana faced challenges: after a recent outage, the protocol recorded outflows of $1.6 million, affecting investor confidence. Coins like Avalanche, Chainlink, and Polygon just received inflows of over $1 million each, suggesting that investors are seeing strong interest in digital currencies on many platforms.

Dynamics and transparency of the Ripple market

The rise of XRP and LTC funds comes at a time when the cryptocurrency market is experiencing a significant boom. XRP and LTC are currently trading at $0.56232808 and $71.2252 respectively, with market caps of $30.47 billion and $5.28 billion. These numbers place XRP and LTC as the sixth and twentieth largest cryptocurrencies, demonstrating their enduring popularity and investor confidence.

Amid the positive market momentum, Ripple CTO David Schwartz addressed concerns over the company’s handling of XRP sales. In a recent statement, Schwartz emphasized Ripple’s commitment to transparency and responsible sales practices, refuting allegations of secret XRP dumping. His comments reflect the company’s efforts to maintain open communication with investors and stakeholders, reinforcing Ripple’s stance on ethical business conduct in the face of speculative criticism.

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Binance’s Derivatives Arm Launches Tesla Model Y and Bitcoin Voucher Challenge

Binance has announced a competition through its crypto derivatives arm, Binance Futures, offering participants the chance to win a Tesla Model Y. According to the crypto exchange, the contest will unfold over four weekly challenges spanning from Feb. 18 to Mar. 17, 2024.
Binance Futures Unveils Tesla Model Y Challenge and Daily Crypto Rewards

Beginning on Feb. 18, Binance Futures will launch a daily price prediction contest, offering participants the opportunity to win 0.05 BTC token vouchers or the grand weekly prize of a Tesla Model Y.

The daily challenges involve users with futures accounts predicting the marked price of the BTCUSDT perpetual contract. Should their prediction be accurate or closest to the actual price by 14:00 UTC the next day, they’ll secure the 0.05 BTC voucher, presently valued at over $2,500. Daily prizes also encompass loaded tether (USDT) vouchers.

For the weekly Tesla Model Y giveaway, participants who fulfill specific tasks, thus meeting certain criteria, will receive a golden ticket. The accumulation of more golden tickets increases their chances of winning the Tesla Model Y each week.

The Ultimate Challenge by Binance Futures will maintain a leaderboard, updated hourly, to transparently display participants’ rankings based on their golden ticket count. Binance, recognized as the top crypto exchange globally by trade volume, and its derivatives wing, Binance Futures, previously led the market in BTC futures open interest but now ranks second.

As of Feb. 17, 2024, the CME Group leads with a Bitcoin futures open interest of $6.75 billion, surpassing Binance’s $5.93 billion in BTC futures open interest. Regarding ethereum (ETH) and various alternative crypto assets, the derivatives division of Binance secures the top spot. As of Feb. 17, the open interest (OI) for ETH on the Binance Futures platform stands at approximately $3.28 billion.

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Coinbase Officially Pulls Support for Bitcoin SV (BSV)

American cryptocurrency exchange Coinbase will no longer support Bitcoin SV (BSV), per a recent post by the firm on X.
BSV No Longer Hosted on Coinbase

Coinbase has announced that it has deprecated support for BSV and effectively immediately, the coin will no longer be available on its trading platform. In effect, Coinbase customers can no longer have access to their BSV holdings and they are also not allowed to withdraw or deposit more of the coin in their wallets. 

For those who previously held BSV on Coinbase and did not move the token even after receiving a warning from the crypto exchange, the assets would have been liquidated and converted to the market equivalent of another coin supported on Coinbase. The exact value of the new crypto will be credited to the user’s account, minus transaction costs. 

Notably, it had been previously declared that the Coinbase and BSV business relationship would be terminated on January 9, 24. Back in November, the crypto exchange notified its users to withdraw their BSV or stand to have it liquidated and converted to another digital asset. Many Coinbase customers who hold BSV were concerned about the additional taxation charges that may follow the conversion.

Coinbase had delisted the BSV token as far back as 2021 after Craig Wright, one of the self-acclaimed inventors of Bitcoin, lost the BTC copyright. At the time, the token had suffered multiple attacks on its protocol, hence, Coinbase was not the only exchange that took a position against the coin. Leading digital asset service provider Binance equally delisted Bitcoin SV at the time.
Delisting Trend in the Crypto Industry

The decision to delist non-performing tokens is fast becoming a crypto industry trend, especially when such assets become overwhelmed by certain challenges. Ripple-associated coin XRP suffered a similar fate more than three years ago and in its case, it was due to regulatory hurdles against the coin. 

The United States Securities and Exchange Commission (SEC) brought an enforcement action against Ripple for offering XRP as an investment contract. In the regulator’s opinion, XRP is an unregistered securities. The news had a ripple effect on the market outlook of the coin as many exchanges including Coinbase and Binance decided to delist the token. 

The delisting of BSV may push Coinbase users to other platforms where the coin is supported, therefore, impacting negatively on its user base. In a shocking twist, BSV is up 2.7% at the time of writing to $72.74 despite the delisting news, a proof that the new is not impacting its community negatively.

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Polymarket predicts that Trump will be the winner of the 2024 US elections with a 48% chance, Biden and Haley lag behind in predictions

With the US presidential election just nine months on the horizon, it looks like American voters will encounter familiar faces from the 2020 race: Joe Biden and Donald Trump. Recent data from decentralized cryptocurrency-based prediction platform Polymarket suggests that Trump, the country’s 45th president, is currently leading with a 48% chance of winning.

US election forecast for 2024: Trump in the lead with 48% in Polymarket, Biden trails behind

As electoral competition intensifies in the United States despite Vivek Ramaswamy’s withdrawal, former President Donald Trump has maintained a substantial lead over his Republican rivals in recent months. Trump recently triumphed in the Iowa Caucus, securing an early victory in the race for the 2024 Republican presidential nomination. He achieved a commanding lead with a 51% margin, followed by Florida Governor Ron DeSantis in second place and former Ambassador from the USA at the UN, Nikki Haley, who came in third place.

According to prediction platform Polymarket, Donald Trump has an 89% chance of winning the Republican Party nomination, while Nikki Haley has a 6% chance. On the Democratic front, Joe Biden is projected to have a 78% chance of being nominated, surpassing California Governor Gavin Newsom’s 6% chance. Basically, Polymarket operates as a decentralized forecasting platform, allowing users to buy and trade stocks based on possible events and outcomes. This marketplace leverages blockchain technology to improve transparency and security.

As the November 5, 2024 elections approach, current trends on Polymarket suggest that Trump is the favorite, with a 48% lead, surpassing Biden’s 36%. After Biden, Haley is considered to have a 3% chance of winning the general election. Interestingly, despite his absence from the race, Vivek Ramaswamy has a 2% chance. Robert Kennedy Jr. also has a 2% chance of winning, as indicated by data from Polymarket. Furthermore, this cryptocurrency-based prediction market is not the only betting platform predicting a Trump victory.

Oddschecker data reveals that Trump has a 45.5% chance of winning the election, compared to Biden’s 33.3%. Nikki Haley has a 5.9% chance of winning in her analysis. Meanwhile, the Bet Ohio portal places Trump in the lead with a 46% chance, followed by Biden with 36% and Haley with 9% in the 2024 presidential race. In particular, both Kennedy and DeSantis have a probability of 3%, as recorded by Bet Ohio on January 17, 2024. Additionally, betting site Covers indicates that Trump is ahead with a 47.6% probability, while Biden is behind with a 34% probability.