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📰 News

📢 XRP’s DeFi Utility Expands With Launch of Liquid Staking Token ‘mXRP’

mXRP Launches on Axelar, Boosting XRP’s Utility

In a press release, Midas announced the launch of the liquid staking token on Axelar, which it described as a first-of-its-kind tokenized exposure product “offering meaningful, XRP-denominated yield strategies.”

The tokenization platform revealed that they issued mXRP token on the new XRPL EVM through audited smart contracts. As CoinGape reported earlier, the XRP Ledger EVM sidechain is connected to the XRPL through an Axelar Bridge.

Midas will provide the structuring and infrastructure behind the liquid staking token. Meanwhile, Axelar helps bridge the XRP asset into the protocol. The network will also enable the tokenization of this XRP product across over 80 blockchains, which Midas noted makes it the ideal platform to broaden access to this token.

The mXRP launch follows the launch of the first XRP-backed stablecoin, which has also helped to boost the altcoin’s use case in the DeFi space. As to how this XRP product will work, Midas stated that by minting the product, users will deposit XRP collateral into a tokenized certificate structure that tracks the performance of underlying on-chain and off-chain yield strategies.

Hyperithm will help provide risk curation services for the liquid staking token at launch. Meanwhile, the tokenization platform noted that they have fully integrated the token within the XRPL EVM ecosystem and that users can deploy it across DeFi protocols to access other opportunities, including lending markets and native integrations.

Midas stated that the targeted net return range for the mXRP token is currently between 6% 8% annual percentage yield (APY) based on historical performance and net of fees. Meanwhile, the yield offering may vary over time.

🏛 No Need For Further Rate Cuts This Year, Fed’s Raphael Bostic Says

Bostic Comments On Further Fed Rate Cuts This Year

During a WSJ interview, the Atlanta Fed president said that he sees little reason to make further cuts this year. This came as Bostic revealed that he had projected only one rate cut this year, indicating that he doesn’t expect the Fed to lower interest rates at the October and December FOMC meetings.

As CoinGape reported, the FOMC made the first Fed rate cut at last week’s FOMC meeting, lowering interest rates by 25 basis points (bps). Bostic remains wary about further rate cuts for now due to his concerns over rising inflation, which is currently above their 2% goal.

He remarked during the interview that he has been concerned about the inflation that has been too high for a long time, and so, he would not be moving in favor of a rate cut. The next FOMC meeting holds between October 28 and 29. However, it is worth mentioning that Bostic is not a member of the FOMC this year and so can’t directly influence the rate cut decision.

CME FedWatch data shows that there is currently a 89.8% chance that the committee will make another 25 bps Fed rate cut at the October FOMC meeting. Meanwhile, Bostic revealed that he was only comfortable with a rate cut at this last meeting because of the balance in the risks between weaker employment and rising inflation, compared to three months ago, when inflation was the major priority.

The crypto market has shown a mixed reaction to the Fed rate cut from last week. Following the cut, the Bitcoin price rose above $117,000, sparking bullish sentiments. However, the market has since retraced, with BTC hovering around $113,000.

📊 Market

⚠️ Crypto Market Crash: Why Are Bitcoin, ETH, XRP, SOL, ADA Falling Today?

Macroeconomic Impact Causes Crypto Market Crash Again

Bitcoin and the crypto market react immensely to macroeconomic events and conditions in the U.S., Japan, the European Union, and other key regions. The U.S. FED’s first interest rate cut this year has started impacting the markets, as evident from rising Treasury yields and gold price rally.

The Fed rate cut is driving the Treasury market to its biggest annual gains since the COVID pandemic, as per Bloomberg data. The 10-year US Treasury yield climbs to around 4.15% for the fifth consecutive day ahead of fresh commentary from Federal Reserve officials, including Jerome Powell, and PCE inflation data due this week. Also, the U.S. Dollar Index (DXY) is rising above 97.80 today.

Japan Prime Minister contender Yoshimasa Hayashi backs the Bank of Japan’s (BOJ) rate-hike strategy. This happens as Japan’s 10-year Government Bond yield (JP10Y)and the 2-year Government Bond yield rise to the highest level since 2008.

Money managers and strategists are betting that the FED and BOJ’s shift will bring a massive bond rally in years. Bloomberg Intelligence’s senior strategist Mike McGlone said crypto assets and Bitcoin may signal a bigger risk-assets bubble than internet stocks in 1999, amid the latest risk-off sentiment.

🔮 Bitcoin Price Prediction: $150K in Q4 as Gold’s ATH Momentum Sets the Tone

How Bitcoin Price Echoed Gold’s Cyclical Rise And Deep Market Pullbacks

Bitcoin price has historically mirrored gold’s significant price surges and retracements across market cycles as highlighted by a renowned analyst, Ted, on X platform. Gold rallied from around $682 in 2008 to above $1,920 in 2011 before entering a long correction, while Bitcoin surged from $10,000 to nearly $69,000 before falling back.

This alignment emphasizes that both assets often experience parabolic rises followed by steep pullbacks. Gold’s pattern of explosive growth sets a template Bitcoin has frequently repeated. After its retracement, Bitcoin regained strength and is now once again shadowing gold’s historic rise.

Historical analysis suggests Bitcoin could replicate gold’s trajectory after consolidation phases. Meanwhile, long-term projections extend beyond six figures, reinforcing bullish expectations. Therefore, the long-term BTC price forecast also fits within this broader cycle-driven outlook.