Seeds of Wisdom RV and Economic Updates Thursday Morning 1-23-25
Good Morning Dinar Recaps,
CME’S XRP AND SOL FUTURES PAGE GOES LIVE: MAJOR STEP TOWARDS FEBRUARY 10 LAUNCH
In a significant development for the broader cryptocurrency market and ongoing digital asset adoption in the US and globally, the Chicago Mercantile Exchange (CME), the world’s largest derivatives marketplace, briefly added a futures page for XRP and Solana (SOL) to its staging subdomain.
This move indicates preparations for an official announcement regarding the launch of futures contracts for these two leading cryptocurrencies, set to go live on February 10, pending regulatory review.
XRP And SOL Futures On The Horizon?
The futures page was briefly visible before being taken down, after a user on social media platform X (formerly Twitter) shared a screenshot revealing its content.
The page highlighted that traders could engage in “regulated capital-efficient futures” for XRP and SOL, emphasizing the flexibility and risk management these contracts would offer.
Specifically, the contracts are expected to be available in both standard and micro-sized formats, allowing investors to scale their exposure to these cryptocurrencies more
Key features of the upcoming contracts include the ability to manage exposure to SOL and XRP through financially settled contracts in US dollars, eliminating the need for a crypto wallet.
This setup positions the CME’s offerings within a regulated environment overseen by the Commodity Futures Trading Commission (CFTC), which is known for its transparent pricing and financial safeguards.
James Seyffart, a Bloomberg expert, commented on the development, stating that the emergence of these futures contracts is both logical and anticipated, given the current market dynamics.
However, despite the excitement surrounding the potential introduction of XRP and SOL futures, market reactions have been relatively muted. Investors appear to be awaiting further official confirmation from the CME before making significant moves.
Short-Term Challenges, But Monthly Performance Remains Strong
At the close of the day, XRP was trading at $3.15, while Solana remained at $249. Both tokens recorded slight losses of approximately 2% over the past 24 hours, reflecting a broader trend in the cryptocurrency market as traders await catalysts to drive prices upward.
While the short-term outlook may seem challenging, both XRP and SOL have seen remarkable gains over the past month, with increases of 32% and 42%, respectively.
Solana recently reached a new record high of $293 just before Donald Trump’s presidential inauguration, while XRP has made impressive strides, hitting a seven-year high of $3.38, though it still falls short of its previous peak of $3.40 from the 2018 market rally.
As the market anticipates official confirmation regarding the CME’s futures contracts, the potential for XRP and SOL to enter a new price discovery phase remains.
If these futures are officially launched, they could significantly impact trading activity and investor sentiment for both cryptocurrencies, paving the way for further institutional interest and market growth.
@ Newshounds News™
Source: Bitcoinist
~~~~~~~~~
COINBASE EXECUTIVE DISCOVERS 430 BTC IN DOZENS OF ROSS ULBRICHT’S DORMANT WALLETS, VALUED AT $47M
▪️Coinbase exec discovers 430 Bitcoins linked to Ross Ulbricht, now worth $47M, untouched for over 13 years.
▪️Trump’s pardon of Ross Ulbricht sparks debate, as crypto community celebrates his release despite Silk Road’s criminal activities.
President Trump has kept one of his reelection promises by pardoning Ross Ulbricht, the founder of Silk Road and a key figure in the early days of Bitcoin, who has been in prison for 12 years. In a recent tweet, a Coinbase executive claimed that he discovered Bitcoin linked to Ross, valued at nearly $47 million, which has been untouched for more than 13 years.
430 Bitcoins Excluded from Government Seizure
Conor Grogan, Coinbase’s Director of Product Strategy and Business Operations, recently announced that he discovered around 430 bitcoins in several wallets linked to Ross Ulbricht, the founder of Silk Road.
This discovery comes after Ulbricht received a full pardon from President Donald Trump information
Grogan highlighted that these bitcoins, valued at approximately $47 million today, were not part of the 174,000 BTC seized by U.S. authorities. This seizure occurred from Silk Road-affiliated wallets after the platform was shut down in 2013. These bitcoins have remained untouched for over 13 years.
In his post on X, Grogan shared a screenshot of what he believes is one of Ulbricht’s Bitcoin addresses, which currently holds 88.7 BTC, as verified by the blockchain explorer Mempool.
Conor said, “Back then these were probably dust wallets, now, collectively, they are worth about $47M. Welcome back Ross.”
He noted that these funds were likely considered insignificant at the time but now represent a significant value. Grogan also mentioned the possibility that Ulbricht might still have access to the private keys, suggesting that time would tell if they can be recovered.
Despite his criminal activities, Mr. Ulbricht remains popular among crypto enthusiasts because Silk Road was an early platform for Bitcoin transactions. His supporters believe his sentence was too harsh and have promoted the “Free Ross” slogan at industry events and online.
Why did Trump Pardon Ross Ulbricht?
President Trump’s pardon of Ross Williams Ulbricht follows through on his campaign pledges to confront what he calls a “weaponized government.” In a post on Truth Social announcing the pardon, Trump labeled Ulbricht’s conviction as a result of political corruption and openly criticized the prosecutors.
Ulbricht is celebrated as a cult hero among crypto enthusiasts, who see Silk Road as an early adopter of Bitcoin. The “Free Ross” slogan has been a popular rallying cry at blockchain events and in online forums for years.
The crypto community, having reportedly donated over $100 million to Trump’s reelection campaign, played a significant role in Ulbricht’s release.
However, critics are concerned that pardoning Ross Ulbricht could lead to more lenient treatment for similar crimes in the future. They point out the serious harm from drugs traded on Silk Road, arguing that it sends the wrong message about holding people accountable for profiting from illegal activities.
@ Newshounds News™
Source: Coinpedia
~~~~~~~~~
Seeds of Wisdom Team Currency Facts Youtube and Rumble
Newshound's Podcast Link
Newshound's News Telegram Room Link
Q & A Classroom Link
Follow the Roadmap
Follow the Timeline
Seeds of Wisdom Team™ Website
Subscribe to Seeds of Wisdom Team™ Newsletter
Thank you Dinar Recaps