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Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. Ripple Applies for Bank License: Ripple is seeking a U.S. national bank charter from the OCC and a Federal Reserve Master Account to boost oversight of its stablecoin RLUSD.

2. Bitcoin Briefly Hits $108K: Bitcoin spiked to $108,000 after weak U.S. job data hinted at a possible Fed rate cut. Traders interpreted this as bullish, triggering liquidations of short positions.

3. 💡Feature of the Day - OpenAI Denies Tokenization Deal: OpenAI refuted Robinhood’s launch of tokenized shares tied to its equity, stating it did not authorize or participate in the offering.

   
   All this and more in today’s headlines!

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📰 News Highlights:

Ripple Seeks Bank License [Source][Source]

Ripple is applying for a U.S. national bank charter from the Office of the Comptroller of the Currency (OCC), aiming to deepen its presence in traditional finance.

Ripple is also pursuing a Federal Reserve Master Account via its custody arm, Standard Custody, to directly hold reserves for RLUSD.

Garlinghouse says this would bolster trust and future-proof its stablecoin operations.

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Bitcoin Hits $108K [Source][Source][Source]

Bitcoin briefly spiked to $108,000 after U.S. private-sector job data revealed the largest drop in employment since March 2023.

The surprise data from ADP caused short sellers to be liquidated as BTC’s price surged 2%, with traders interpreting the job losses as a sign that the Federal Reserve may cut interest rates sooner than expected.

Analysts see this as a major liquidity event benefiting Bitcoin and other risk assets.

Crypto traders flagged $108K as a key resistance level, with heavy liquidation of shorts occurring as price approached it.

💡 Feature of the Day: 

OpenAI Disputes Tokens [Source][Source][Source][Source]

OpenAI has publicly rejected Robinhood’s decision to offer tokenized shares of its private equity, stating the company had no involvement or approval in the initiative.

OpenAI warned that these tokens are not actual equity and any transfer of ownership requires its approval.

Robinhood clarified that buyers are not purchasing shares, but rather derivatives tracking their value on-chain.

Other platforms like Republic have also joined the trend, offering tokenized AI company shares to increase retail access, though they too offer no shareholder rights.

😂 Crypto Meme of the Day: 

Meme of the day provided by @GainsAssociates

And that’s it for this today.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com