Ripple's CTO Defends XRP, MicroStrategy Buys $1.1B Bitcoin Amid Crypto Downturn

Ripple's CTO, David Schwartz, recently addressed the debate surrounding XRP's centralization, asserting that the cryptocurrency is not controlled by a single entity. Meanwhile, MicroStrategy announced a significant purchase of Bitcoin, acquiring an additional $1.1 billion worth of the cryptocurrency. This marks the company's 12th consecutive weekly purchase, bringing its total holdings to 471,107 Bitcoins, valued at nearly $47 billion at the time of purchase. Despite this news, MicroStrategy's stock (MSTR) experienced a nearly 6% decline in premarket trading, coinciding with a broader downturn in the crypto market caused by the launch of a highly affordable and open-source AI model by DeepSeek, a Chinese startup.

In other news, Stellar (XLM) and Shiba Inu (SHIB) have been added to Bitget's trading platform as new trading pairs against Circle's major stablecoin, USDC. This move not only expands the availability of these cryptocurrencies but also signals the growing acceptance of USDC on the exchange. The USDC vs. USDT pair currently ranks 11th among all trading options on Bitget, with $32.43 million in trading volume. It appears that Bitget's strategy is to reduce USDT's dominance by offering USDC trading options, with the selection of tokens for listing being more conventional, including popular cryptocurrencies like SHIB and XLM.

As for Stellar (XLM), the cryptocurrency has been trading below its 20-day moving average (MA), which may push it further down and potentially test the 100-day MA. This could be attributed to the broader market downturn and the ongoing debate surrounding XRP's centralization. However, it is essential to note that the cryptocurrency market is highly volatile, and prices can fluctuate significantly in both directions. Investors should conduct thorough research and consider seeking financial advice before making any investment decisions.