The word war between Ripple Labs’ key people and the Securities and Exchange Commission (SEC) continues. Related Reading: Fake Bitcoin ETF Post Lands Man Plea Deal In SEC Hack Case In the latest twist in the Ripple v SEC saga, Ripple’s co-founder, Chris Larsen, offered a stinging comment of SEC Chair Gary Gensler, saying that […]
Ripple Labs has moved to challenge the SEC in the US Court of Appeals for the Second Circuit, filing a Form C cross-appeal to contest key aspects of the SEC lawsuit. This filing not only contests a previous ruling that classified certain XRP transactions to institutional investors as securities but also responds directly to the […]
The US government is preparing a plea deal for the hacker who targeted the Twitter/X account of the Securities and Exchange Commission (SEC), Bloomberg reported. The deal was made just a few days after authorities arrested the 25-year-old suspect from Alabama. In January, the suspect hacked the SEC’s Twitter/X account and posted fake news, sharing […]
Microsoft’s upcoming vote on whether or not to build a Bitcoin position is just another sign of corporations’ and institutional investors’ growing interest in BTC.
Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
In the United States, issuers are seeking to register ETFs for Solana and XRP ahead of the November presidential elections.
Reports from the courtroom suggested that prosecutors would offer a deal for Eric Council Jr., who allegedly helped compromise the SEC’s X account.
Microsoft is preparing for a critical shareholder meeting on December 10, during which the future of Bitcoin as a potential investment will be a heated topic. At present, Bitcoin is trading at approximately $68,115, which represents an increase of approximately 1.22%. The rise in interest aligns with constant debates around the cryptocurrency as an inflation hedge, which some Microsoft investors find appealing. Related Reading: XRP Could Rally 27% This Week In ‘Tremendous Move’, Analyst Says Microsoft’s Position On Bitcoin Microsoft revealed in a recent application to the US Securities and Exchange Commission that it will propose evaluating Bitcoin investment during the forthcoming conference. The National Center for Public Policy Research (NCPPR) says that Bitcoin has done better than traditional investments and could be a good way to protect against inflation. JUST IN: Per an SEC filing, Microsoft will have a proposed board resolution for an “Assessment of Investing in Bitcoin”. The board is recommending that shareholders vote AGAINST the proposal. pic.twitter.com/0WveygitH9 — TFTC (@TFTC21) October 24, 2024 Microsoft’s board, on the other hand, wants shareholders to vote against this plan because the company has already looked at a wide range of investable assets, including cryptocurrencies. According to a spokesperson for the company: “Volatility is one of the important aspects for all the investments in cryptocurrencies for corporate treasury” This emphasizes the careful strategy that Microsoft has adopted as far as the management of its corporate treasury is concerned as well as for the benefit of enhancing the shareholders value for the long term. The board is of the opinion that the requested public appraisal is unnecessary, as they already monitor trends and developments in the cryptocurrency sector. Big-Wig Stockholders Microsoft’s major shareholders include a number of major institutional investors, such as Vanguard, BlackRock, and State Street. These organizations own a large percentage of the company and have considerable power to affect its policy direction. Although some shareholders are advocating for Bitcoin investments, others may be more in line with the board’s cautious stance. It is important to note that BlackRock has been actively increasing its Bitcoin holdings through its ETFs. BlackRock’s iShares Bitcoin Trust ETF has registered inflows to the tune of over $317 million in a 24-hour timeframe, according to recent reports. This trend implies that there is an increasing institutional interest in Bitcoin, despite Microsoft’s reluctance to implement comparable measures. The Road Ahead As the December conference gets ready, the debate about Bitcoin’s importance in Microsoft’s investment plan gets more intense. The NCPPR argues that businesses should commit at least 1% of their whole assets to Bitcoin to help to reduce inflation risks. Despite this project, Microsoft insists that its present corporate treasury distribution policies are sufficient. Related Reading: 5 Million Strong: Active Ethereum Wallets Drive Strong Momentum Bitcoin has experienced a nearly twofold increase in value in the past year and has recorded a remarkable 414% increase over the past five years. Although Microsoft may not be completely prepared to invest in cryptocurrency investments at this time, the increasing interest from institutional investors such as BlackRock suggests that the discourse surrounding Bitcoin is far from over. Microsoft’s upcoming shareholder meeting will be the focus of all attention, and it is uncertain whether the tech giant will alter its position on cryptocurrencies or maintain its commitment to stability in its investment strategy. Featured image created with Dall.E, chart from TradingView
Thailand is shifting focus to a more mature institutional-focused crypto market, according to the chief executive of Binance Thailand.
The price estimate for XRP indicates a possible increase of 17%, perhaps attaining around $0.621196 by November 23, 2024, data from CoinCodex shows. Despite this favorable projection, the prevailing market sentiment is pessimistic, reflecting apprehension among investors. Related Reading: 5 Million Strong: Active Ethereum Wallets Drive Strong Momentum The Fear & Greed Index stands at 69, indicating a market characterized by greed, which frequently results in heightened volatility. In the last 30 days, XRP has experienced 14 positive trading days, equating to around 47%, with a price volatility of 5.84%. Present Market Circumstances Right now, XRP is worth $0.5293, a little decline of 0.77%. This dip draws attention to a more general trend of resistance the token has been faced with since October started. According to analysts, it is still not the right moment to invest in XRP, at least with regard to current bearish emotions and recent difficulties with price. In terms of market capitalization, XRP has reached $30 billion, showing some improvement of late. Despite the warning signs, the majority of analysts are still bullish on the potential price increase for XRP in the next several months. Depending on market conditions and sentiment, predictions range from $0.75 to $0.86, with further upside by the end of 2024. Crypto analyst Dark Defender forecasts the altcoin hitting the key $0.86 mark, which is a 27% increase in price at current levels. The path to such target, he said, will be a “tremendous move.” Hey there. This post is a long one. So get ready. Let’s check together where we are in the weekly time frame. We set a structure for $XRP over a year back, considering the 1st wave at $0.9327. 1. The ones know, know, that we targeted $0.89 and above when XRP was at $0.28.… pic.twitter.com/72QRlt1Djy — Dark Defender (@DefendDark) October 22, 2024 Investor Sentiment And Forecasts The conflicting signals in the market impede investor decision-making on their next behavior. While the technical signals caution, the Fear & Greed Index shows that many people still have a tendency to welcome risks. This discrepancy frequently results in erratic price fluctuations in cryptocurrencies such as XRP. Investors are urged to monitor market movements and mood indicators prior to making decisions. Moreover, Ripple’s continuous legal conflicts with the SEC constantly hide XRP’s expected performance. Regarding the possible creation of an ETF for XRP, CEO Brad Garlinghouse has voiced enthusiasm that would significantly increase the market presence of the cryptocurrency if realized. Still, many investors could show reluctance unless these legal questions are resolved. Related Reading: Bitcoin ETF Inflow Streak Breaks With Nearly $80 Million Outflows In Sudden Reversal Caution Required In light of the prevailing adverse mood and volatility in XRP’s price, it may be prudent for prospective investors to exercise caution. Despite the potential for development suggested by future price forecasts, the current outlook implies that this may not be the ideal moment to enter the market. Featured image from Pixabay, chart from TradingView
The recent increase in the appeal of spot Bitcoin exchange-traded funds (ETFs) in the United States has temporarily ceased. Related Reading: 5 Million Strong: Active Ethereum Wallets Drive Strong Momentum On Tuesday, these funds underwent a reversal, resulting in net outflows of $79.01 million, following an extraordinary seven-day streak of positive inflows. Farside Investors are the source of this data, a company that specializes in the analysis of ETF flows. A Brief Obstacle The $79 million outflow represents a significant shift in sentiment among investors who had previously demonstrated a strong interest in Bitcoin ETFs. Over the span of two days last week, the market attracted around $1 billion in inflows, implying a robust demand for these financial products. The main cause of this negative change was Ark and 21Shared’s ARKB, which resulted in a substantial $134.7 million outflow. BlackRock’s IBIT, the best-performing bitcoin ETF by net assets, drew $43 million. Fidelity’s FBTC and VanEck’s HODL, which received $8.8 million and $3.8 million, respectively, also helped. There were no new flows on the remaining eight funds, including Grayscаle’s GBTC, during the day. Nevertheless, Bitcoin ETFs could bring in more than $21 billion to date. This number clearly signifies the rising use of Bitcoin as a new asset class and it is only going to see more hedge funds take larger positions. US-traded spot Bitcoin ETFs have also seen significant interest from institutional investors, with 20% of the market owned by them as of October 22. Institutional ownership of U.S. #Bitcoin Spot ETFs is around 20%, with asset managers holding 193K BTC (per Form 13F filings). pic.twitter.com/9YTOEH3G5w — Ki Young Ju (@ki_young_ju) October 22, 2024 Institutional Demand Is Still Strong Regardless, while the latest ETF flow swings have been significant in themselves, they can not distract from what is an ongoing push towards institutional Bitcoin adoption. Among the main companies who have made large investments in these funds are Goldman Sachs and Millennium Management. The SEC’s approval of options trading on 11 Bitcoin ETFs will help investors manage their Bitcoin exposure, boosting interest. Through more efficient position hedging made possible by options trading, investors can help to steady the market and lower volatility over time. Analysts argue that this would draw more institutional money to the industry, therefore supporting Bitcoin’s reputation as a credible investment tool. Bitcoin ETF: Looking Ahead Although outflows may cause concern, many analysts are positive about Bitcoin ETFs. Options trading’s SEC approval is a turning point that could improve market efficiency and liquidity. More institutional players coming into the space are likely to change the dynamics. The current pause in inflows could be a temporary phenomenon only; investors are repositioning their strategies given the shift in market conditions. Related Reading: Shiba Inu Soars: Analyst Predicts 71% Rally In ‘Meme Super Cycle’ – Details The outlook for spot Bitcoin ETFs, looking into the long term, appears quite positive with the current uptick in adoption from the institutional space and trading of Bitcoin at or near three-month highs. The recent outflows from spot Bitcoin ETFs may indicate a temporary setback; however, the prevailing trend of heightened institutional interest and regulatory support indicates that this asset class is here to stay. Investors will be intently monitoring the rapid evolution of this market for any new developments. Featured image from The Rio Times, chart from TradingView
Ripple should have engaged with US regulators a lot earlier, says the firm’s CEO Brad Garlinghouse, who added it’s now “trying to make up for lost time.”
Following the approval of options trading on BlackRock’s Bitcoin ETF (exchange-traded fund) on Nasdaq, it was only a matter of time until the United States Securities and Exchange Commission (SEC) authorized ETF options trading on other exchanges. On Friday, October 18, the commission permitted the New York Stock Exchange (NYSE) and Chicago Board Options Exchange […]
Do Kwon’s extradition has been delayed again, to the surprise of the Justice Ministry.
If the company's case can clear one procedural hurdle, it will have the SEC on its heels in Texas.
Ripple’s chief legal officer, Stuart Alderoty, emphasized that the SEC’s Form C doesn’t appeal the ruling that XRP is not a security.
An Alabama man was arrested on Thursday morning after prosecutors claimed he hacked the U.S. Securities and Exchange Commission’s social media account, which posted a false announcement about the approval of spot bitcoin exchange-traded funds. Eric Council Jr. is accused of taking over the SEC’s X account in January and then transferring control to unnamed …
In 2023 alone, the Securities and Exchange Commission filed over 20 lawsuits against firms and individuals in the crypto industry.
The ongoing legal battle between crypto payments company, Ripple ,and the United States Securities and Exchange Commission (SEC) is taking another significant step forward this week. Both parties are preparing to take the next move forward with their appeal process. This development could have far-reaching implications on not just Ripple, but the XRP price and […]
The crypto market is up today, following a bullish performance from US equities markets and increasing traders' demand for crypto investment products.
Bitnomial's action follows a similar suit filed by Crypto.com on Tuesday.
The SEC’s Mark Uyeda says the regulator’s approach to crypto has been “the wrong one,” and it needs to provide clear guidelines before launching enforcement actions.
The crypto ETF market is expanding at an alarming rate, with news of a second XRP Exchange Traded Fund (ETF) filing spreading across the space. Canary Capital, a boutique Sydney investment and corporate advisory firm has just filed an XRP ETF, following Bitwise’s lead. With the new ETF filing, the price of XRP could see a possible change in the future. Canary Capital Files New XRP ETF On Tuesday, October 8, Canary Capital submitted an official S-1 filing for an XRP ETF with the United States Securities and Exchange Commission (SEC). This filing comes just after Bitwise, another top asset management company filed for an ETF on September 30, marking the first ever XRP–based ETF in the crypto market. Related Reading: Dogecoin Vs. Bitcoin: Gauging The Performances Of Two Crypto Giants This Cycle According to Canary Capital’s new filing, the Trust’s investment goal is to provide direct exposure to the value of XRP, enabling investors to access this cryptocurrency’s market through a brokerage account. Through this method, Canary Capital intends to limit the potential barriers to accessing the market and reduce the risks involved in acquiring and holding XRP. Canary Capital has also stated that it aims to track the performance of XRP in the market, as measured by the Trust’s Pricing Benchmark. This pricing benchmark will utilize a similar methodology to the real-time price of the Chicago Mercantile Exchange (CME) CF Ripple index. While divulging the objectives and risk factors associated with an XRP ETF, Canary Capital failed to disclose the identity of the custodian for its potential XRP ETF. The investment management company also did not provide details on the ticker to be used for its XRP ETF, however, revealed that the Trustee for the investment product would be the Delaware Trust company. Despite the optimism Canary Capital’s new XRP ETF filing has generated in the crypto community, both its application and Bitwise’s still require approval from the SEC before they can launch in the market. Presently, the likelihood of a swift approval appears low, considering Ripple’s ongoing legal battle with the regulator. Earlier this month, the US SEC submitted a new appeal to challenge the court’s July 2023 ruling that programmatic sales of XRP are not considered securities. XRP Price Falls As Regulatory Uncertainty Clouds Optimism Despite Canary Capital’s new XRP ETF filing, the price of XRP has been on a downward trend, showing no signs of moving out of bearish momentum trends. CoinMarketCap’s data shows that XRP has fallen by 0.72% in the last 24 hours and another 0.79% over the past week. Related Reading: Bitcoin Price Fails At MA-200, Is A Crash To $52,000 Coming? The cryptocurrency has been in the red for the past few weeks, only seeing slight gains when market conditions turn significantly favorable. With the new XRP ETF, many would expect the XRP price to rally, as anticipation for the investment product builds in the crypto space. However, XRP is still consolidating around the $0.5 mark, even experiencing a decrease in its 24-hour trading volume. It is clear that XRP’s bullish momentum has been completely overshadowed by regulatory uncertainty and negative sentiment. Despite this, many in the XRP community continue to maintain a positive outlook, expecting the price of XRP to break out to the upside soon. Featured image created with Dall.E, chart from Tradingview.com
Ripple has disclosed plans to take its legal battle with the SEC to a higher court in the United States.
The SEC announced it was filing an appeal last week.
Gensler also called out fraud in crypto: “With all respect, the leading lights of this field in 202[4] are either in jail or awaiting extradition right now.”
Cryptocurrency exchange Crypto.com has sued the U.S. Securities and Exchange Commission, along with its Chair Gary Gensler and its four commissioners.
The Securities and Exchange Commission (SEC) sued Coinbase in June 2023 and accused the company of selling unregistered securities.
Ripple’s Chief Legal Officer (CLO) Stuart Alderoty has openly slammed the United States Securities and Exchange Commission (SEC) for its most recent legal move, marking a significant step in the ongoing dispute over XRP and the blockchain payment firm. US SEC’s Appeal Move Receives Backlash From Stuart Alderoty The prolonged legal tussle between the US […]
The DOJ and the SEC say they have “strong interest" in the case and argue that the class-action suit should proceed.