Rebuttal
XRP receives a spark
Bitcoin recovered strongly over the weekend and traded through the $19,000 level, before finding resistance just ahead of the $19,500 level. In part supported by macro narrative and also rotation out of XRP. To that, XRP traded softer over the weekend, largely as expected, as the Flare Network worked out which addresses it shall credit with free Spark tokens.
In the coming months, Flare Network will distribute free Spark (FLR) tokens to all eligible XRP holders. Once launched, Spark tokens will be used for governance on the Flare network and more importantly the network will be part of the Ethereum Virtual Machine (EVM).
In the Markets
Risky Business
Interestingly, the unwind of long XRP positions was not as aggressive as feared, at least not yet and the open interest (OI) actually held up relatively well. Bitcoin was also supported by an aggressive rebuttal by the CEO of MicroStrategy, Michael Saylor, who argued vehemently that his company’s recent massive purchases of Bitcoin have turned it into an investment firm.
He said that “MicroStrategy is not an ETF/ETP. ETFs & ETPs exist to invest in stocks, bonds or commodities – they’re investment companies per ’40 Act. Like Apple & Microsoft, MicroStrategy is an operating company traded on a stock exchange. We just happen to hold BTC in our treasury reserves.”.
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