Crypto trader James Wynn, who’s been in the news for his high-leverage bets, has lost a staggering $99 million in the past two days with his Bitcoin bets falling flat on his face. With BTC price taking a dip under $105K, Wynn was forced to close all his positions, leading to huge liquidations. On the other hand, a smart crypto trader, betting against Wynn, managed to mint $17 million in the same time. How Did James Wynn Lose $99 Million in Bitcoin Bets? Crypto trader Wynn gained popularity in the crypto circle while taking his profits from just $500K capital to a massive $87 million in just two months, through his high-leverage bets on PEPE, TRUMP, and FARTCOIN. However, he continued with the same huge leverage bets on BTC, putting all the profits at stake, and losing a massive $99 million in just a week’s time. James Wynn Bitcoin Liquidation… Read More at Coingape.com
The start to President Trump’s second term in the US has been quite rocky to the crypto sector. Although Bitcoin soared to its highs of $109K in the initial days, the crypto sector also witnessed lows close to $70K levels due to the fears driven by Trump Tariffs and global market volatility.
Even though there has been momentum in crypto regulation and stronger ties with the sector, the economic uncertainty due to the global trade war has led to instability in the markets.
Nevertheless, Trump had solid support from crypto heavyweights as recent documents from the Federal Election Commission (FEC) reveals that several major digital asset firms donated millions to Trump’s inauguration fund. As per records, Crypto firms and executives poured in about $18 million into the fund.
According to the filings, Solana Labs donated $1 million USD to back the current administration. There were other contributions from Uniswap’s CEO Hayden Adams ($245,000) and Consensys ($100,000) too. But who led the pack? It was Ripple Labs who has been the biggest donor so far which contributed about $5 million ($7.8 million AUD). Pilgrim’s Pride Corp, a U.S.-based poultry producer, was the only company which donated more.
Between Trump’s victory and the release of the report on April 20, his political party attracted around $239 million USD (AU $372 million) in donations. Several major crypto firms including Coinbase, Ripple Labs, Kraken, Ondo Finance, and Robinhood made seven figure donations. Meta, PayPal, FedEx, Open AI’s Sam Altman, Nvidia and Apple, were also among the top contributors.
As the Trump administration has taken a pro-crypto stance, the SEC has dropped major lawsuits, giving relief to big players like Coinbase, OpenSea, and Ripple.
Trump had announced that his executive order on digital assets will create a new U.S. strategic cryptocurrency reserve which is expected to include Bitcoin, Ether, XRP, Solana, and Cardano.
XRP Fails To Rally
XRP saw impressive gains after CEO Brad Garlinghouse and CLO Stuart Alderoty met Trump. However, XRP has failed to rally despite the latest developments. It is currently trading at $2.10, down 0.9% in the past day and over 3% in the past week.
The post Ripple’s Massive $4M Gift to Trump Inauguration Draws Scrutiny appeared first on Coinpedia Fintech News
The start to President Trump’s second term in the US has been quite rocky to the crypto sector. Although Bitcoin soared to its highs of $109K in the initial days, the crypto sector also witnessed lows close to $70K levels due to the fears driven by Trump Tariffs and global market volatility. Even though there …
Circle ostensibly turned down the offer since it was too low based on its market value and prospects.
Ripple is keen to expand its recently launched RLUSD to compete with Tether USDT among others.
Ripple Labs proposed to takeover Circle Internet Group Inc. for $4 billion to $5 billion. According to people familiar with the matter, Circle, the second largest stablecoin issuer, turned down the offer and termed it as too low.
Meanwhile, Ripple has not yet made another move but remains interested in acquiring Circle. Moreover, Circle’s USDC has penetrated global web3 markets to hit a market cap of about $61.6 billion and a 24 hour average trading volume of about $6.9 billion.
“We do not comment on market rumors. As we are currently in a quiet period with the U.S. SEC, we cannot comment further on our corporate financial plans. Our long-term goals remain the same,” Circle’s spokesperson told Bloomberg.
Top Reasons Why Ripple Eyes Circle
Circle’s market complexities
Earlier in April, Circle filed for an initial public offering (IPO) with the U.S. SEC, with the aim of listing on NYSE under ticker CRCL. While Circle’s revenue grew by 16 percent to $1.7 billion YoY, the company’s net income and EBITDA fell sharply.
The company has attributed the decline in net income to increased partner costs, service discontinuation, in addition to operational expenses. For instance, the company has reported an increase in distribution and transaction costs from higher fees on its partners led by Coinbase Global.
Future growth prospects for RLUSD
Ripple Labs recently launched RLUSD to help streamline its cross-border payments system, which includes backing up XRP adoption. However, the company has faced intense competition from existing stablecoins led by Tether USDT.
Additionally, RLUSD has experienced significant competition from similar products, such as USD1(USD1)by Donald Trump-backed World Liberty Financial that has already surpassed $2 billion in market cap.
The post Breaking: Circle Rejected Ripple Takeover Bid of $4-5B appeared first on Coinpedia Fintech News
Circle ostensibly turned down the offer since it was too low based on its market value and prospects. Ripple is keen to expand its recently launched RLUSD to compete with Tether USDT among others. Ripple Labs proposed to takeover Circle Internet Group Inc. for $4 billion to $5 billion. According to people familiar with the …
The crypto market has seen a surge in new meme coins. They are mainly from three chains: Ethereum, Solana, or Base.
Thus, BeInCrypto has analysed the best-performing meme coins from all three chains for investors to watch today.
Pudgy Penguins (PENGU)
Launch Date – December 2024
Total Circulating Supply – 62.86 Billion PENGU
Maximum Supply 88.88 Billion PENGU
Fully Diluted Valuation (FDV) – $1.27 Billion
PENGU has seen a 26% increase in the last 24 hours, currently trading at $0.0143. The altcoin successfully breached the $0.0129 resistance level and is now eyeing the $0.0180 resistance. This upward movement signals growing investor interest, positioning PENGU for further potential gains in the near term.
As a meme coin on the Solana chain, PENGU is one of the day’s top performers. If it breaches the $0.0180 resistance, it could set its sights on the next target at $0.0225. This would represent a significant price jump, supported by continued market interest and momentum.
However, if PENGU fails to secure $0.0129 as a support floor, it risks falling below $0.0100. A drop to $0.0071 would invalidate the bullish thesis, signaling a potential reversal.
Mog Coin (MOG)
Launch Date – July 2023
Total Circulating Supply – 390.56 Trillion MOG
Maximum Supply – 420.69 Trillion MOG
Fully Diluted Valuation (FDV) – $394.31 Million
MOG has posted a 40.69% increase, becoming the best-performing meme coin of the day. Currently trading at $0.0000009248, the altcoin represents the Ethereum blockchain. This notable rise indicates growing investor interest, and its continued upward movement could push MOG further into the spotlight in the meme coin sector.
MOG is now facing resistance at $0.0000009399. Successfully breaching this level is essential for the meme coin to establish a 3-month high. If it manages to break this barrier, MOG could push past $0.0000010000, with the next target set at $0.0000012143, marking significant growth.
If MOG fails to breach $0.0000009399, it risks a decline to $0.0000007539. A drop below this level would invalidate the bullish outlook, erasing recent gains.
Brett (BRETT)
Launch Date – March 2024
Total Circulating Supply – 9.91 Billion BRETT
Maximum Supply – 10 Billion BRETT
Fully Diluted Valuation (FDV) – $630.98 Million
BRETT has surged 23% today, becoming one of the top performers. Currently trading at $0.063, the altcoin, based on the Base chain, is facing resistance at $0.068. If this resistance is breached, BRETT could continue its upward trajectory, attracting more investor interest and potential gains.
Breaching the $0.068 resistance would mark a 3-month high for BRETT, opening the path toward $0.082. A successful move beyond this point would drive further price increases, offering significant returns to investors. Continued market momentum could propel BRETT into even higher territories in the coming weeks.
However, if BRETT fails to break the $0.068 barrier, its bullish momentum could falter. A reversal below this level could pull the altcoin down to $0.052, and potentially as low as $0.047. This decline would invalidate the bullish thesis, signaling potential losses for investors if market sentiment weakens.
