Bitcoin relies on Japanese central bank to bring stability, Trump memecoin crashes 90%, XRP pumps after SEC ruling

0

Last Updated on 8 August 2024 by CryptoTips.eu

Bitcoin stabilized mostly thanks to comments from Shinichi Uchida, director of the Japanese Central Bank. He said his institution would do everything it can to restore calm to the Japanese stock market. Those comments were welcomed by Asian investors, which also returned to crypto markets.

Stock markets and crypto are now waiting for similar comments from Jerome Powell, chairman of the US Federal Reserve, to find their way higher again.

XRP is pumping thanks to a 125 million dollar fine from the SEC. Ripple Labs, the company responsible for the XRP digital coin, estimated the fine could be as high as a billion dollars, hence the 125 million is welcomed.

Among the memecoins we saw a crash this week (which we predicted would happen), namely that of the DJT token (Donald J Trump) founded by ‘pharma bro’ Martin Shkreli.

Advertentie.

Pharma Bro

In June this year, when it still looked like Donald Trump would face Joe Biden in the US presidential election and win, ‘politifi’ memecoins were all the rage. Coins like Pepe, Maga, Boden and others moved higher very quickly.

Around the end of June, a new currency was launched called ‘DJT’, which stands for Donald J. Trump

American media found out that it belonged to Martin Shkreli. We also warned readers about DJT and called it a possible ‘pump and dump’ as from the start.

Shkreli, a convicted criminal who shot to fame in 2015 when he jacked up the price of a life-saving drug with a 5,000% price increase after he bought the company with his investment fund, was immediately bombarded with questions by the press about this new project.

He claimed that Baron Trump, son of Donald, had helped create the new digital currency, but no evidence of this was ever found.

On Tuesday, August 6, a very large portion of all available coins were suddenly sold, after which the price of the DJT politifi-coin rapidly fell by 90%. Many commenters on social media have since accused Shkreli of a ‘rug pull’, which he of course denies.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
View all posts