LINK's Rise in a Sideways Market, Liberland, and Ripple's $130 Trillion Solution
We explore Ripple, new countries, KYC solutions, and why Chainlink could be huge.
In this edition, we explore Ripple's growth in the banking industry, and the Liquidity Hub, a game-changing solution for cross-border payments. Also we discover new countries, like Liberland, a unique sovereign nation, and learn about Palau's digital residency program for crypto enthusiasts needing KYC.
We'll also cover where Bitcoin is at in the markets heading into October, and Chainlink defying the sideways market with recent developments and market analysis from the CCIP update. Join us for a concise update for this week in crypto.
Once Bitcoin starts taking off, we will dive into more altcoins and other layer 1/layer 2 networks, as the rising tide of Bitcoin should raise all ships. Now let’s go!
Ripple: Liquidity Hub solves issues in $130 Trillion dollar industry
I spoke with Brad Chase, the Head of Liquidity at Ripple, about how their technology is enabling banks to make cross-border payments through a scalable and cost-efficient liquidity source.
As most people know, sending money internationally through banks takes a lot of time, money, and is highly inefficient. However, most banks aren't yet using blockchain technology for various reasons. Nevertheless, Ripple is making significant progress in addressing this problem.
The industry represents a $130 trillion-dollar challenge, indicating ample room for further market penetration. Ripple's "Liquidity Hub" is the solution, facilitating interoperability between cryptocurrency and fiat systems.
While Ripple and XRP are distinct entities, with Ripple being one of the companies utilizing the XRP blockchain, this development could positively impact the utility of XRP and its blockchain as more banks adopt this technology.
Whether you are an XRP enthusiast or not, I highly recommend watching my interview with Ripple to gain a deeper understanding of how blockchain technology is revolutionizing payments and the banking sector.
Liberland: Is It the Freest Sovereign Country Right Now?
I had the opportunity to speak with the President of Liberland, Vit Jedlicka, regarding their newly established sovereign nation.
Liberland is a small piece of land situated between Croatia, Hungary, and Serbia. It was initially claimed in 2015 and has undergone the process of becoming an independent country. It received early funding from cryptocurrency enthusiasts and, as a result, strongly advocates for blockchain principles and personal liberty.
Currently, you can apply to become an e-resident of Liberland for $150 or a citizen for $10,000, with your ID delivered to your home country. Although many countries do not yet recognize their passport as a valid document from a new nation, it is likely that recognition will grow over time, similar to how Bitcoin is gaining acceptance as legal tender in more countries.
President Vit Jedlicka discussed with me the country's growth, its current development plans, and how individuals can become involved in the e-Residency and Citizenship programs.
Palau E-Residency: An Alternative for Crypto Traders
Apart from Liberland, an increasing number of individuals are exploring alternative IDs and residency options for cryptocurrency trading and KYC purposes. This trend has been prompted, in part, by the departure of certain cryptocurrency exchanges from Canada and the USA, and the growth of globalization. One solution being embraced by long-term crypto holders like Vitalik Buterin and Tim Draper is the Palau resident ID.
Palau, a small island nation located near the Philippines, offers a digital residency program. We have learned that some users in North America have successfully utilized the Palau ID for their cryptocurrency exchange KYC requirements and gained acceptance.
The ID starts at $248 and can be checked out here.
Announcement: Advisor for Minterest DeFi App
After featuring Minterest, a DeFi yield-generating platform, on my show multiple times over the past two years, I am thrilled to announce my official role as an advisor for this groundbreaking DeFi project.
While the Minterest application remains in private beta, the highly anticipated public release is just around the corner, expected within the next few months. I will keep you, our valued readers, informed about the latest developments. I strongly recommend adding this project to your watchlist.
One of the standout features of the Minterest DeFi app is its sleek and user-friendly interface. It provides a seamless experience, akin to stepping into a high-performance sports car, poised to accelerate at 200mph.
A few more of my thoughts on why I think Minterest will succeed in the long run.
Stay tuned for more updates as they head towards the main application launch, and the launch of the $MINTY token. I am looking forward to another interview with Kyn, the head of Minterest, in the near future.
Crypto News:
MicroStrategy’s Michael Saylor increases his Bitcoin portfolio with an additional purchase of 5,445 BTC.
Hong Kong observes a surge in crypto romance scams amounting to $52m.
Huobi’s HTX suffers an $8m exploit after 5,000 ETH were stolen.
Coinbase engages in discussions over a potential acquisition of FTX Europe.
Polkadot expresses its ambition to support up to 1,000 parachains in the future
Bybit ceases its services in the UK, following predictions of an exit by its CEO.
The SEC extends its defense deadline in the case against Justin Sun over alleged TRX manipulations.
OpenAI's ChatGPT can now browse the internet and is no longer limited to data before September 2021.
Kraken crypto exchange to launch stock trading.
Market Analysis:
#BTC Bitcoin:
Bitcoin and the crypto market continue their choppy performance in September. Today, with just 3 days left in the month, we are witnessing a rise in Bitcoin's price, climbing from $26,000 to $27,000. However, it's important to note that until we break through the upper dotted green line and establish support above it, Bitcoin appears to be stuck in a bull flag pattern that originated at the end of June.
Trading indicators, such as EngineeringRobo, are signaling a Buy on the 12H chart following this price increase, and the same signal is evident on the 1D chart. However, it's crucial to exercise caution because, despite these signals, we need to break the prevailing downward trend before confirming an upward movement. Currently, we are on a "sell" signal on the higher timeframe 2D chart.
As we look ahead to October, historical data suggests it could be a promising month for gains. Additionally, there are pending decisions related to Bitcoin ETFs, although it's likely that these decisions will be postponed until Q1 '24. We eagerly await what Bitcoin has in store for us in the coming weeks.
#LINK Chainlink :
Chainlink is one of the cryptocurrency projects that has garnered significant attention in September, defying the sideways market.
Sergey Nazarov, the Founder of Chainlink, is undoubtedly a Russian genius who has spearheaded significant developments in Chainlink in recent months, including the creation of CCIP.
But what exactly is CCIP? Here's a brief description from Sergey's own tweets:
"Banks can easily utilize CCIP as an abstraction layer to seamlessly connect their existing systems to perform cross-chain, cross-currency transactions involving next-generation digital assets/RWAs."
In essence, banks can integrate their existing systems with the world of cryptocurrency through Chainlink's Oracle system, potentially bringing about a revolutionary change in the industry.
As depicted in the chart, Chainlink has remained within a sideways channel for 507 days, signifying an accumulation period. It has witnessed a notable 36% increase since mid-September, which is substantial. However, it still has the potential to grow by over 600% to reach its All-Time High of $50.
Notably, this assessment was made before the release of CCIP, and now many are setting targets ranging from $100 to $200.
I highly recommend delving deeper into Chainlink before it breaks out of this accumulation phase. For more in-depth insights, you can refer to an entire industry report recently released by the project.
That’s all for this episode. Thanks for reading!
-Ashton Addison, CEO of Crypto Coin Show