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XRP Trading Volume Surges Past Bitcoin in South Korea Amid Market Fluctuations

Discover how XRP’s trading volume has surged past Bitcoin in South Korea amidst recent market fluctuations. Explore the factors driving this trend and what it means for traders and investors in the ever-evolving cryptocurrency landscape.

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XRP Trading Volume Surges in South Korea

XRP Trading Volume Surges in South Korea

In a remarkable shift this week, the trading volume of XRP has eclipsed that of Bitcoin (BTC) on South Korean cryptocurrency exchanges. This surge is one of the indicators of the heightened trading activity, contributing to a notable 20% increase in the token’s value during this period. Data compiled by CoinGecko reveals that XRP comprised as much as 40% of trading volumes on UpBit, the largest exchange in South Korea, and accounted for over 35% on other platforms like Bithumb and Korbit earlier this week. This trend is unusual, as typically Bitcoin and Tether’s USDT lead trading volumes, suggesting a temporary spike in demand for XRP within the region.

Additionally, global exchanges such as Binance and OKX also experienced a surge in XRP trading volumes, although they did not surpass Bitcoin or Ether (ETH). The open interest in XRP futures saw an impressive increase, more than doubling earlier this week, with a bullish sentiment prevailing among traders.

However, normal trading patterns resumed by Friday, with Bitcoin’s trading volume once again surpassing that of XRP amid a broader market decline. This downturn resulted in a 1.9% drop in the CoinDesk 20 Index (CD20) over a 24-hour period. Bitcoin lost 1.3% of its value, while XRP witnessed a more significant decline of up to 8%.

In the cryptocurrency community, South Korean traders are often recognized for their ability to ignite euphoric rallies, which can create substantial buying pressure and influence market prices. Bradley Park, a Web3 analyst at the on-chain analysis firm CryptoQuant, commented, “With daily local media coverage of XRP and influencers discussing it, there seems to be a concentrated focus on the token.” He noted that the surge in trading volume coincided with an increase in SEC-related news, which has been dominating headlines.

The positive momentum for XRP commenced last week when traditional futures giants CME and CF Benchmarks unveiled their plans to launch indices and reference rates for XRP. On Wednesday, Ripple Labs CEO Brad Garlinghouse stated during a Bloomberg TV interview that he anticipates a “resolution very soon” regarding the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple. These remarks likely bolstered market confidence in XRP, according to Ryan Lee, chief analyst at the crypto exchange Bitget.

Nonetheless, Lee cautioned that the market could be facing a pullback following XRP’s notable performance. “The recent surge in XRP might trigger a technical correction, so there could be some degree of price pullback in early August. However, if the price can maintain above key support levels (e.g., $0.70), it may continue to rise subsequently,” he remarked.

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Libre Expands Tokenized Financial Assets on NEAR Blockchain

Discover how Libre is expanding tokenized financial assets on the NEAR blockchain, revolutionizing asset management and investment opportunities with cutting-edge technology and enhanced security for users.

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Libre, an innovative startup dedicated to the tokenization of financial assets, has partnered with notable institutions such as Nomura’s Laser Digital, Brevan Howard’s WebN group, and the private markets powerhouse Hamilton Lane. This collaboration aims to introduce a range of digitized funds on the NEAR blockchain, thereby facilitating the transfer of tokenized real-world assets (RWAs) across various blockchain platforms.

As announced by Libre on Monday, users of the NEAR protocol will gain access to several significant financial products, including a Hamilton Lane credit fund, the Brevan Howard Master Fund, and the Blackrock ICS Money Market Fund. This announcement comes as the startup proudly reports that it has surpassed the impressive milestone of $100 million in assets under management since going live just four months ago.

The emergence of blockchain-based versions of financial assets has garnered considerable interest among institutional players keen on exploring opportunities within the crypto landscape. The addition of RWA funds to the NEAR blockchain is a pivotal aspect of Libre’s ambitious multichain strategy, harnessing the blockchain’s unique “Chain Signatures” feature. This functionality empowers users to conduct transactions on different ledgers without the complications typically associated with cross-chain bridges.

“Chain Signatures is an innovative tool that enables users to purchase assets on the NEAR blockchain and subsequently transfer and manage them across any other blockchain,” stated Libre CEO Avtar Sehra during a recent interview. This feature exemplifies Libre’s commitment to simplifying the asset management process in the rapidly evolving digital landscape.

Looking towards the end of the year, Libre has exciting plans in the pipeline. The company aims to introduce new features, including collateralized lending options and the secondary transfer of select assets, as revealed by Sehra. “We’re also gearing up to launch a new fund in collaboration with the Laser Digital team. This fund will be market-neutral and designed to operate across all networks simultaneously; it is expected to go live in October this year,” he added.

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Eve Hewson: From Rising Star to Prominent Actress

Explore the journey of Eve Hewson, from her early beginnings as a rising star to her emergence as a prominent actress. Discover her notable roles, personal insights, and the passion that drives her captivating performances.

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Discovering Eve Hewson: From Rising Star to Household Name

Eve Hewson is experiencing a moment of newfound recognition. The talented Irish actress, whose career began back in 2008, started to attract significant attention in 2014 with her captivating portrayal of a reserved young nurse in Steven Soderbergh’s period drama, The Knick. Her performance in this critically acclaimed series set the stage for her subsequent roles, but it was her chilling and emotionally complex turn in Netflix’s mini-series Behind Her Eyes in 2021 that truly had audiences buzzing and stopping her on the streets.

Her rise continued with Bad Sisters, a darkly comedic Irish drama that premiered in 2022 on Apple TV+. This show became a cultural phenomenon in Dublin, her hometown, where watch parties in local pubs turned her into a celebrated figure. In 2023, she garnered even more attention at the Sundance Film Festival, where the film Flora and Son, in which she stars in the title role, sold for a staggering $20 million to Apple TV, breaking records.

Despite her growing acclaim, Hewson, now 33, remains just outside the realm of household name status. This could change in the coming months, as she is set to star alongside Nicole Kidman and Liev Schreiber in the highly anticipated Netflix adaptation of Elin Hilderbrand’s novel The Perfect Couple, which premieres on September 5. Additionally, she will return for the second season of Bad Sisters on November 13, reprising her role as the youngest and most free-spirited sister, Becka Garvey. Recently, she wrapped filming a part in Noah Baumbach’s upcoming movie featuring George Clooney and Adam Sandler, and she is about to embark on a television pilot from Alec Berg, known for Barry, set in the thrilling world of Formula 1 racing.

In The Perfect Couple, Hewson plays a woman of modest means who is marrying into a wealthy family, a role that allows her to explore complex themes of class and ambition.

Hewson’s relationship with fame has always been intricate, particularly given her lineage; she is the daughter of Bono, the iconic frontman of U2 and a prominent global activist. The contrast between her father’s immense public presence and her own journey has made her acutely aware of the nuances of fame, leading her to navigate the industry with both caution and determination.

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WazirX Customers Face Uncertain Future Amid Major Hack and Restructuring

WazirX customers confront a turbulent future following a significant hack and ongoing restructuring. Explore the implications of these events on user security, trust, and the platform’s operations in the evolving cryptocurrency landscape.

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WazirX Customers Face Uncertain Future Following Major Hack

It appears increasingly unlikely that customers of WazirX will receive full compensation in cryptocurrency terms as the exchange navigates its restructuring process, according to legal advisers associated with the hacked Indian cryptocurrency platform. During a recent conference call, which featured WazirX co-founder Nischal Shetty, the advisers provided a sobering outlook on the situation.

According to George Gwee, a director at the restructuring firm Kroll, it is estimated that at least 43% of the funds that customers had deposited with WazirX may not be recoverable. In a more optimistic scenario, customers could potentially see a return of between 55% and 57% of their total funds.

On Tuesday, the Singapore High Court is set to deliberate on WazirX’s appeal for a six-month protection period that would allow the exchange to restructure its liabilities. This request was filed by Zettai Pte, a Singapore-incorporated entity, with its subsidiary Zanmai India managing the operations of the exchange. In light of the fact that the hack resulted in a loss of $234 million, which accounted for approximately 45% of the customer funds, WazirX has previously indicated that it may only be able to restore access to the remaining 55% of customer assets.

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