Altcoins at a Glance – Important Weekly news on XRP, USDT, BUSD, DOGE, and OKX

The market is enjoying some nice pumps and we hope that your bags are all going to the moon.  Let us steal you away from the charts for a few minutes to give you the latest Altcoins news.  Welcome back to Altcoins at a Glance.

Ripple Labs IPO Delay Due to US Regulations

• Ripple Labs CTO, David Schwartz, says that the company’s delayed Initial Public Offering (IPO) is because of US regulatory challenges.
• He said that if Ripple Labs had been founded out of the United States, it would have offered an IPO
• The CTO also clarified that the XRP tokens are not a substitute for an IPO.
• Ripple Labs has just recently won a court case filed by the US Securities and Exchange Commission (SEC).
• Wall Street analysts are forecasting an IPO to take place in May 2024.
• An IPO or stock launch is the first time company shares are offered to institutional and retail investors.

2 Billion USDT Transferred into BitFinex Exchange.

• Market watchers have noticed 2 billion USDT being transferred to BitFinex
• This large amount of stablecoin flowing into exchanges often indicates large buy orders of crypto assets.
• Some are speculating that this is the start of the bull market.
• This also gives the exchange a high liquidity which could service the orders from traders.
• Tether, the issuer of USDT, and BitFinex are sister companies under the iFinex Inc. umbrella.

OKX Expands into Brazil, Giving Brazilians Greater Access to Bitcoin and Altcoins

• In November, OKX, a leading crypto trading platform, launched its crypto exchange and web 3 wallet in Brazil
• A recent study by OKX Brazil, found that Brazilians are concerned with crypto security.  A vast majority want to know about the security of their investments and 86% believe proof-of-reserve is important.
• OKX assures users that it has on-chain proof-of-reserves vis zk-STARKs cryptography.  The latest report shows $12.5 billion in primary assets which back users 103%.
• OKX President Hong Fan stated: “We’re excited to officially launch our localized platform and services in Brazil, which represents the largest cryptocurrency market in Latin America. Our exchange now offers BRL rails, deep liquidity, tools, security, and transparency that Brazilian traders want. Our OKX Wallet provides simplified access to DeFi, NFTs, dApps, and more. We look forward to driving innovation and growth of the Web3 and crypto economy with millions of users as the market matures in Brazil.”

Binance Bids Farewell to BUSD

• Binance will end support of its stablecoin, BUSD on Dec 15, 2023. 
• Users will have until February 2024 for redemption.  The remaining balances will be automatically converted to FDUSD.
• Regulatory scrutiny forced Binance and Paxos, the issuer of BUSD to discontinue the stablecoin.
• Binance is now offering FDUSD as an alternative.  The new stablecoin is issued by FD121 Ltd, a subsidiary of Hong Kong-based First Digital Services.

Why is Netflix Suing Over a DOGE Trade?

• Netflix gave filmmaker Carl Erik Rinsch, an $11 million budget to produce a sci-fi show.
• But instead of using the money to produce the film, he engaged in several multi-million dollar trades.
• He first invested in a biotech firm in the hopes that its COVID-19 vaccine test would be successful.  He also traded the S&P 500 Index.  Unfortunately, his trades gave him negative returns.
• He invested his remaining $4 million budget on DOGE, out of all altcoins.  Fortunately for him, his DOGE gamble paid off and he was able to cash out approximately $27 million.
• He acquired luxury cars and watches after the big windfall.
• Netflix filed a lawsuit and accused the filmmaker of breach of contract.
• Rinsch countered that it was Netflix who breached the contract and is seeking $14 million in damages.

Oh Wow!  $27 million for a DOGE trade.  How about you guys, what was your biggest winning trade?  Let us know in the comments section.