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Ripple’s highly-anticipated U.S. dollar-pegged stablecoin, RLUSD, is set to launch today, December 17, positioning the firm in direct competition with established stablecoin issuers including Tether, Circle, and PayPal.
While the price of Bitcoin rose above its previous peak to now hit $107,000, a look at the options market shows that traders are not exhibiting the same level of bullish fervor seen before.
Bitcoin’s ratio against gold has surged to a new high, with one BTC now being able to buy 37.3 ounces of the precious metal, a figure that’s roughly half a point higher than the previous record of 36.7 ounces, seen in November 2021.
Top stories in the Crypto Roundup today:
- Ripple to Launch RLUSD Stablecoin Today
- Bitcoin Options Traders Show Growing Caution
- Bitcoin’s Ratio to Gold Hits New All-Time High
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Ripple to Launch RLUSD Stablecoin Today
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Ripple’s highly-anticipated U.S. dollar-pegged stablecoin, RLUSD, is set to launch today, December 17, positioning the firm in direct competition with established stablecoin issuers including Tether, Circle, and PayPal.
In a statement, the firm noted that RLUSD will be “available on global exchanges” and that each token is “fully backed by U.S. dollar deposits, U.S. government bonds, and cash equivalents.”
To bolster transparency, an independent auditing firm will provide monthly attestations of RLUSD’s reserves. The launch comes after Ripple secured final approval for RLUSD from the New York Department of Financial Services (NYDFS).
Ripple is set to integrate RLUSD into Ripple Payments to complete transactions for enterprise payments. Ripple Payments, the firm noted, has already facilitated over $70 billion in payments volume.
Initially, the RLUSD stablecoin will be available on the XRP Ledger and on Ethereum, but there are plans to “expand to additional blockchains and decentralized finance protocols and apps over time.”
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Bitcoin Options Traders Show Growing Caution
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While the price of Bitcoin rose above its previous peak to now hit $107,000, a look at the options market shows that traders are not exhibiting the same level of bullish fervor seen before.
Data from Deribit shows that traders are protecting against potential downside risk, with the 25-delta risk reversal, which compares the implied volatility of out-of-the-money call options to that of out-of-the-money put options, turned negative for options expiring this Friday.
This indicates that put options are currently more expensive than call options. The trend extends to options expiring on December 27, with puts trading at a slight premium to calls, while longer-term expiries show a slight call bias.
The data shows a sharp contrast with previous market behavior, which saw traders aggressively pursue new all-time highs. The latest block traders on Deribit also show a cautious outlook, as traders prepare for potential price corrections.
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Bitcoin’s Ratio to Gold Hits New All-Time High
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Bitcoin’s ratio against gold has surged to a new high, with one BTC now being able to buy 37.3 ounces of the precious metal, a figure that’s roughly half a point higher than the previous record of 36.7 ounces, seen in November 2021.
The cryptocurrency’s ratio against gold, which is calculated by dividing BTC’s price by the spot price of gold per ounce, is seen as an indicator for comparing the relative strength and investor preference between both assets.
The rise reinforces the narrative of Bitcoin as “digital gold,” and positions it as an “increasingly favored store of value over traditional gold,” according to a recent note from Singapore-based crypto trading firm QCP Capital.
Traders, nevertheless, prefer gold during times of uncertainty, with the precious metal having served as a safe haven for thousands of years.
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