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Ripple’s RLUSD stablecoin launch encounters regulatory challenges with NYDFS, yet XRP sees a brief price surge amid speculation.
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Bitcoin briefly crossed $100,000 but dropped back to $97,000, impacted by significant transactions from Mt. Gox and options market volatility.
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Charles Hoskinson of Cardano advocates for unity in the crypto sphere, warning of increased legal scrutiny and potential banking sector hostility.
This week in crypto, we explore Ripple’s RLUSD stablecoin delays, Bitcoin’s fluctuation around $100,000, and a call for unity from Cardano’s founder.
Ripple’s RLUSD Stablecoin Delays Amid Regulatory Scrutiny
Recent reports indicate that Ripple’s RLUSD stablecoin is facing delays due to regulatory scrutiny from the New York Department of Financial Services (NYDFS). This announcement highlights the ongoing tension between regulatory bodies and blockchain entities, particularly significant for Ripple given its tumultuous history with the SEC. The outcome of these discussions could profoundly impact Ripple’s future trajectory.
David Schwartz, Ripple’s CTO, spoke at a conference in Prague about the challenges the company faces in attempting to finalize the launch before year-end. With the holidays approaching, he noted:
“The annoying part for us is we’re getting close to the holidays, and we have partners that want to hit the ground running. Once you start running into Christmas and New Year’s, people are gone. There’s a lot of moving parts involved, and the big one is the [NYDFS]. They are going over all of our processes, compliance, and all of those things,” Schwartz detailed.
Despite these hurdles, XRP experienced a notable price spike, particularly benefiting the adjacent meme coin market, with tokens like ARMY and RIPPY witnessing exponential gains. However, this bullish momentum was short-lived as bearish signals emerged, indicating that XRP is encountering significant resistance.
Bitcoin’s Rollercoaster Ride Past the $100,000 Mark
On December 5, Bitcoin reached the touted $100,000 benchmark, sending ripples of excitement through the cryptocurrency community. However, the euphoria was short-lived as Bitcoin quickly retraced to $97,000 following a series of large transactions, including a $2.43 billion Bitcoin move by the defunct Mt. Gox exchange.
The motivation behind Mt. Gox’s sudden transfer remains a mystery, with speculation surrounding potential creditor repayments or market re-entry. Such large-scale transactions led to a wave of market instability, resulting in over $1 billion in liquidations due to the abrupt price drop.
Additionally, the U.S. government transferred nearly $2 billion in Bitcoin earlier this week, inducing further anxiety within the trading community. Despite the turmoil, Bitcoin managed to re-establish itself above $100,000 by the end of the week, illustrating the cryptocurrency’s resilient nature though caution persists among traders.
Cardano Founder Calls for Industry Unity
In a compelling message aimed at bridging divides within the cryptocurrency community, Cardano Founder Charles Hoskinson emphasized the necessity of unity to overcome common challenges. Recognizing his past critiques of other blockchain projects, he proclaimed the importance of collaboration over tribalism.
“2025 is about unity and progress. We have a window to make crypto mainstream and grow our markets to the tens of trillions of dollars of value, thereby entering every home and government alike. We cannot allow petty tribalism to squander this opportunity,” Hoskinson articulated in a recent social media post.
Moreover, he raised alarms regarding the persistent antagonism from the traditional banking sector towards cryptocurrency, cautioning about potential legal crackdowns reminiscent of past regulatory efforts. Time and cooperation, according to Hoskinson, are paramount as the industry navigates these turbulent waters.
Conclusion
This week’s developments showcase a volatile landscape within the cryptocurrency world. From Ripple’s regulatory hurdles delaying the RLUSD stablecoin to Bitcoin’s fluctuations amidst large-scale transactions, and the call for unity by Charles Hoskinson, the crypto industry is at a crucial juncture. As stakeholders navigate regulatory waters and market uncertainties, the necessity for collaboration and strategic adaptation will define the trajectory of this dynamic sector.
