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

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.

IT’S OVER! The SEC v Ripple case has been quite a journey - thanks for sharing it with me.

$125 Million penalty and a GENERIC injunction Order.

This is a BIG win for Ripple, no doubt about it. Have a Wonderful Day! https://t.co/hCZZYsMl7E pic.twitter.com/7uuuwsx0Dw

— Jeremy Hogan (@attorneyjeremy1) August 7, 2024

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.

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

You’re telling me a convicted felon (@MartinShkreli) launched a memecoin & told the world that The Presidents 18 year old son launched it, only to rug it for millions one month later?

Would have never guessed this would happen. $DJT pic.twitter.com/ZqRye9POPH

— JAKE (@JakeGagain) August 6, 2024

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.

Martin Shkreli has just executed a major rug pull, draining liquidity from $DJT and cashing out through multiple wallets. $DJT is not associated with Donald Trump or his son.

This scam drastically slashed the market cap from $55 million to $2 million, with $DJT plummeting 94%… pic.twitter.com/tPu6YV4WBY

— Sankalp Hashtalk (@HashtalkSankalp) August 6, 2024

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.