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Earlier today, Bitcoin hit an all-time high of over $118,000 per token, giving many crypto investors hope that the digital coin king may soon surpass the psychologically important barrier of $120,000. But Bitcoin isnt the only cryptocurrency significantly on the rise today. The altcoin XRP is also up todaymore than 13% over the past 24 hours as of the time of this writing. Heres a possible reason why. What is XRP? In the world of cryptocurrency, you have one king, Bitcoin. Keeping in line with the nobility nomenclature, the title of prince belongs to Ethereum, the second-largest crypto by market cap. The title of duke, then, would go to XRP, the third-largest crypto by market cap. All Bitcoins in the world currently have a market cap of about $2.3 trillion, while Ethereum sits at about $361 billion, and XRP hovers around $161 billion. XRP, then, is one of the bigger so-called altcoins on the market. According to Yahoo Finance data, the current price of XRP (XRPUSD) is right around $2.76 per token. One of the largest holders of XRP is Ripple Labs Inc., a company that offers digital cross-border payment solutions like the decentralized RippleNet. Why is XRP surging? Over the past 24 hours, XRP has seen a significant increase. As of the time of this writing, the coin is trading at around $2.7636 apiece. Thats a more than 13% gain in the last day. But why is XRP surging? Any rise or fall in any crypto is usually linked to more than one reason, but over the past few days, investors seem to be more bullish on XRPand perhaps thanks in part to a specific event. As noted by The Coin Telegraph, on Wednesday, the U.S. Senate Committee on Banking, Housing, and Urban Affairs hosted a hearing called From Wall Street to Web3: Building Tomorrows Digital Asset Markets. The event covered a number of topics, as noted by Bitcoin Magazine, including the regulatory environment surrounding crypto. One of the witnesses at the event was Ripple Labs CEO Brad Garlinghouse. Since that event, XRP has steadily increased. Garlinghouses presence at the event seems to suggest to some investors that Ripple may have a growing involvement with policymakers in Washington. If so, it may help boost the appeal of XRP, which Ripple owns a lot of. Of course, whether Ripple Labs actually has an increasing involvement with policymakers in D.C. remains to be seenand even if they do, it doesnt mean XRP is guaranteed any kind of upward trajectory. Still, over the past five days, XRP has surged 20%. XRP jumps 500% over the past 12 months While XRPs five-day jump of 20% seems impressive, it’s nothing compared to what the coin has done over the past 12 months. Since last July, XRP has surged a staggering 507%, according to data from Yahoo Finance. Thats an astounding return compared to its peers. Bitcoin, for example, is up just over 105% in the same period, and Ethereum is down just over 3%.
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E-Commerce
Sketched out on an air sickness bag, the first Birkin handbagthe prototype for fashion’s must-have accessorysold for a staggering 8.6 million euros ($10.1 million), including fees, on Thursday in Paris to become the second most valuable fashion item ever sold at auction.The winning bid of 7 million euros drew gasps and applause from the audience. The price crushed the previous auction record for a handbag$513,040 paid in 2021 for a Herms White Himalaya Niloticus Crocodile Diamond Retourne Kelly 28.Now, the original Birkin bag, named after the actor, singer and fashion icon that Herms created it forthe late Jane Birkinis in a new league of its own. Only one fashion item has sold at auction for more: a pair of ruby red slippers from “The Wizard of Oz”, which sold for $32.5 million in 2024, Sotheby’s said. Whistles in the auction room The Paris auction room buzzed with anticipation as the sale got underway, with the auctioneer reminding the crowd that the bag was “totally unique” and “the most famous bag of all time.”The bidding started at 1 million euros but quickly increased, with telephone bidders fighting it out at the end. With Sotheby’s fees included, the total price for the winning bidder from Japan was a cool 8.6 million euros, the auction house said.From the starting price, bids rocketed past 2 million euros, then 3 million, 4 million and 5 million, to astonished gasps. When the price jumped from 5.5 million to 6 million euros in one swoop, there were whistles and applause.The final bids were 6.2 million euros, then 6.5 million, then 6.8 million before the Japanese buyer’s last winning bid: 7 million euros.Sotheby’s didn’t identify the buyer. Nine collectors bidding by telephone, online, and in the room competed in the 10-minute auction battle, with the private collector from Japan beating a last remaining other bidder at the end. ‘One of a kind’ Paris fashion house Herms exclusively commissioned the bag for the London-born Birkin in 1984 branding it with her initials J.B. on the front flap, below the lock and delivered the finished one-of-a-kind bag to her the following year, Sotheby’s said. The subsequent commercialized version of Birkin’s bag went on to become one of the world’s most exclusive luxury items, extravagantly priced and with a yearslong waiting list.The bag was born of a fortuitous encounter on a London-bound flight in the 1980s with the then-head of Herms, Jean-Louis Dumas. Birkin recounted in subsequent interviews that the pair got talking after she spilled some of her things on the cabin floor.Birkin asked Dumas why Herms didn’t make a bigger handbag and sketched out on an airplane vomit bag the sort of hold-all that she would like. He then had an example made for her and, flattered, she agreed when Herms asked whether it could commercialize the bag in her name.“There is no doubt that the Original Birkin bag is a true one-of-a-kinda singular piece of fashion history that has grown into a pop culture phenomenon that signals luxury in the most refined way possible. It is incredible to think that a bag initially designed by Herms as a practical accessory for Jane Birkin has become the most desirable bag in history,” said Morgane Halimi, Sotheby’s head of handbags and fashion.The bag became so famous that Birkin once mused before her death in 2023 at age 76 that her obituaries would likely “say, ‘Like the bag’ or something.”“Well, it could be worse,” she added. Height of French chic Sotheby’s said that seven design elements on the handcrafted all-black leather prototype set it apart from Birkins that followed.It’s the only Birkin with a nonremovable shoulder strapfitting for the busy life and practicality of the singer, actor, social activist and mother who was also known for her romantic relationship with French singer Serge Gainsbourg and their duets that included the steamy 1969 song “Je t’aime moi non plus” (“I Love You, Me Neither”).Her bag also had a nail clipper attached, because Birkin “was never one for long painted nails,” Sotheby’s said.The bag that Herms handmade for her, developed off its existing Haut A Courroies model, also has gilded brass hardware, bottom studs and other features that differ from commercial Birkins.Birkin’s casual, breezy style in the 1960s and early 1970slong hair with bangs, jeans paired with white tops, knit minidresses and basket bagsstill epitomizes the height of French chic for many women around the world. ‘More than just a bag’ When Birkin chatted to Herms’ Dumas on the Paris-to-London flight about what her ideal handbag would be, she’d been in the habit of carrying her things around in a wicker basket, because she felt handbags in the 1980s were too small, Sotheby’s said. She was traveling with her young daughter, Charlotte, and complained that she couldn’t find a bag suitable for her needs as a mother, Herms says.Herms later gifted her four other Birkin bags. She kept the prototype for nearly a decade, before auctioning it for an AIDS charity in 1994. It was auctioned again in 2000 and had since been in private hands.The previous owner, who identified herself only as Catherine B., told journalists at the auction that the bag “has all the attributes of a star.”“The price is the price of the Herms story,” she said.Sotheby’s called it “more than just a bag.”“The Birkin has evolved from a practical accessory to become a timeless cultural icon,” it said. “Its presence spans the worlds of music, film, television and the arts,” it added. “It is a red-carpet staple, a fashion magazine mainstay, and a coveted piece in the wardrobes of celebrities, artists and stylists.” John Leicester and Jeffrey Schaeffer, Associated Press
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E-Commerce
Yahoos bet on creator-led content appears to be paying off. Yahoo Creators, the media companys publishing platform for creators, had its most lucrative month yet in June. Launched in March 2024, Yahoo Creators was built to capitalize on the growing appetite for personality-driven content. Now, a little more than a year in, the platform is gaining momentum: Last month marked its highest revenue and engagement levels since launch, a spokesperson told Digiday. Historically, Yahoo has aggregated stories from around the web and produced original journalism through its in-house newsroom. Now its also staking its claim in the creator economy. According to Digiday, the program currently includes 135 lifestyle-focused creators, whose work is featured prominently on Yahoos homepage. Theres a dedicated creator vertical, and creator content is woven throughout the Yahoo app and newsletters, appearing alongside articles from traditional publishers. Theres even a waiting list of influencers eager to join. Selected creators have access to monetization tools, affiliate commerce, and audience analytics in exchange for posting on the platform. While the program focuses mainly on written content, creators can embed audio and video. Yahoo offers a 50-50 split on ad revenuecomparable to platforms like Substack and YouTube. We hear consistently that people want to get their news from other people, Kat Downs Mulder, senior vice president and general manager of Yahoo News, previously told Fast Company. They have institutions they trust, but they also really want connections. . . . In addition to the publisher network that we have, and the journalists that we have in-house, creators would add an additional dimension to that content. And so it would really help us to flesh out that whole ecosystem of content as we really look to become the worlds best guide to the internet. Since launch, revenue, engagement, and feedback have all been positive. Yahoos new media model is wild (and maybe genius), Michelle Songy, founder of Press Hook, posted on LinkedIn last month. Legacy media is finally taking notes from creators, and honestly, Im here for it. As journalist Mike Hume put it in a Substack post last year, To me, this is a low-risk, high-reward bet, which is usually a smart bet to make.
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E-Commerce
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