qfx

Ah, Bitcoin is back in ‘damage control’ mode. What a surprise!

Bitcoin’s been marching south with the stubborn gusto of a mule in a rainstorm. Across the land of macro trouble, prices have tumbled, and most assets have given up more than half their value. Folks have begun to whisper to their ledgers, wondering if the end is nigh.

Evernorth, a firm holding a whopping 473 million XRP like it’s some sort of rare Beanie Baby, is already feeling the heat of this high-stakes poker game. They’re eyeing a Nasdaq debut under the ticker XRPN-because who wouldn’t want their financial future to look like a stock market ticker tape?

This little maneuver was funded from the Binance Secure Asset Fund for Users (SAFU), Binance’s emergency insurance reserve-basically a spare towel the size of a small moon, kept handy for times when the universe goes hiccup and the liquidity engine coughs up a cloud of dust.

“Should Bitcoin sink into the proverbial banana peel as deeply as it hath in previous bear market cycles,” Mr. Brandt has proclaimed via that modern contraption known as X, “the bullish enthusiasts shall not require excessive lamentation beyond the threshold of $42,000. We are but a hop, skip, and jump away from that delightful number.”

The magnitude of this descent was not merely in its percentage, but in the cacophony of distress signals it brought forth. Implied volatility, that most fickle of companions, spiked with alarming fervor, while volumes exploded like a poorly timed jest at a dinner party. Momentum gauges, once so buoyant, collapsed into levels more suited to forced selling than the genteel art of discretionary risk reduction. A most unseemly affair, to be sure.

But let us not be fooled by this charade of confidence. Resistance levels loom like the shadows of disapproving aunts, ready to tut-tut and drag MYX back to reality should its momentum falter. After all, even the most audacious tightrope walker must eventually face the net.

No single spark struck XRP this time; the whole market wore the same melancholy cloak. Traders retreated as volatility kept its teeth bared and dip-buying shuffled its feet. Leverage uncoiled, confidence trembled, and short-term bounces in XRP learned to bow at the door. For now, price action sticks to the broader market’s rhythm, as everyone waits for selling to sigh itself to exhaustion before stepping into any meaningful revival.

Notably, with USDT prowling at about 60% of the stablecoin market, the networks that harbour it stand on sturdier ice. When you cast a gimlet eye over the L1s, they’re all plotting around this advantage as if it were an especially clever card in their vest pocket.

Singapore-based QCP is one of Asia’s largest trading desks, with over $60 billion in annual volume. That’s right, billion with a ‘B.’ They’re not just playing around!