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XRP has gained bullish traction after acquiring a major license in Singapore and the rejection of the U.S. Securities and Exchange Commission’s (SEC) appeal.  XRP is up by 4.9% in the past 24 hours and is trading at $0.53 at the time of writing. The hike comes as the asset’s 24-hour trading volume has risen by 93%, reaching a whopping $1.72 billion.  XRP price , whale activity and social volume – Oct. 4 | Source: Santiment The recent surge comes as the U.S. court rejected the SEC’s appeal against Ripple, which started in 2020. U.S. District Judge Analisa Torres stated that the regulator’s request to stay in the lawsuit was denied. You might also like: FTX founder Sam Bankman-Fried’s trial day 1: Recap Moreover, the Monetary Authority of Singapore (MAS) has also given In-Principle approval to the U.S.-based blockchain company. Ripple co-founder and CEO Brad Garlinghouse added that Ripple has “secured the full Major Payment Institution license for digi...

A new report indicated Bitcoin ETFs could release $600 billion in new demand — double Bitcoin's current market cap. Here's some math behind the estimates. A United States appellate court directed the Securities and Exchange Commission (SEC) in August to reassess its denial of Grayscale's application for a Bitcoin exchange traded fund (ETF). A little-noted consequence of that decision is that it could open the floodgates for $600 billion in new cash to enter the crypto currency market. ETFs provide investors with a regulated way to gain exposure to different asset classes, including Bitcoin (BTC). The approval of a Bitcoin ETF could democratize investment in the crypto currency sector, drawing parallels to how the iShares MSCI Brazil ETF and the VanEck Brazil Small-Cap ETF have democratized investing in the Brazilian market. Despite some hurdles, market analysts anticipate potential Bitcoin ETF approval by early 2024. A Bitcoin ETF could unlock an estimated $600 billion i...

Bitcoin’s current price action leaves much to be desired, but multiple indicators point to what could be a generational buying opportunity for patient investors. Bitcoin (BTC) price action suggests that the asset remains in a precarious position and a recent report from ARK Invest said that short-term Bitcoin investors had no choice but to capitulate in August as the percentage of Bitcoin supply in profit fell by 14 percentage points.  Bitcoin market sentiment and monthly valuation change in August. Source: ARK Invest Although many traders view significant price dips as buying opportunities at this point in the Bitcoin halving cycle, a notable bearish move was Bitcoin’s price falling below its 200-week moving average for the first time since June 2023. As shown in the chart below, the 200-WMA generally acts as a key support level during major downtrends and ARK suggests that any future bearish catalysts could see BTC price fall as low as $20,300 where its realized price currently r...

Tether Holding’s USDT market cap has declined for the first time in almost a year. This comes as reports claim the stablecoin consistently depegged versus the USD throughout August. In the first week of August, USDT had a 98% depeg severity, meaning it traded at a discount on almost every exchange. By the end of August, its market cap had contracted by 1.2% to $82.9 billion, according to CCData, an analytics platform. The Stablecoin aggregate market has shrunk for the 17th consecutive month, currently hovering around $125 billion. Factors inducing this slump include diminishing trading volumes, which is further impacted by soaring interest rates, regulatory clampdowns, and waning investor attraction. Yet, amidst this, USDT has been standing unchallenged as the most liquid stablecoin. Nonetheless, significant concerns persist regarding the stability of stablecoins, especially following Binance’s recent decision to cease support for BUSD. The stablecoin, trading un...

The United States Securities and Exchange Commission (SEC) has postponed its ruling on six spot Bitcoin exchange-traded fund (ETF) applications from WisdomTree, Invesco Galaxy, Valkyrie, VanEck, Fidelity, and BlackRock. In a filing on Aug. 31, the regulator said they will be taking another 45 days to consider the proposed rule changes. That means they have until October 2023 to approve, deny, or announce a delay of the decision. This postponement follows reports suggesting that the SEC might consider applications with surveillance-sharing agreements, prompting several firms to resubmit their applications . Additionally, it comes after speculation by Bloomberg analysts Eric Balchunas and James Seyffart that a spot Bitcoin ETF might be approved in the US following this week’s court ruling favoring Grayscale’s appeal. You might also like: Analysts: chance of SEC approving spot Bitcoin ETF in 2024 is at 95% Excluded from this determination is Bitwise’s Bi...

Ripple clarified six misconceptions about the recent ruling. After it, XRP and Bitcoin are the only digital assets that aren’t considered securities in the US. On July 13, Judge Torres ruled in the trial of Ripple v. SEC, stating that Ripple is not a security. The first point that the company addressed in its Q2 report is that the decision issued by Judge Torres wasn’t split. The company said that it’s clear that the main point of the court decision was to understand if Ripple was or was not a security, and it has been clear that it’s not. The second misconception related to XRP being security in some settings but not others. The company said that XRP is not a security, explaining, as the court said, that “XRP, as a digital token, is not in and of itself… an investment contract.” You might also like: Bank of England releases new paper on Ripple use cases The third misconception was related to a share of stock always being tak...

Crypto lawyer s John Deaton and Mike Selig took to Twitter to debunk misconceptions about the judge Torres’ decision regarding XRP’s security status . The legal experts sought to clarify the ruling amid what they deemed to be widespread inaccuracies perpetuated by financial commentators and even some politicians. John Deaton, the founder of CryptolawUS, expressed his concern about the misinterpretation of the US judge Torres decision, questioning whether it was a result of genuine confusion or intentional misinformation to push false narratives. He called out politicians like Brad Sherman, accusing them of disregarding the law to gain more control over financial markets. It’s amazing how many people including financial commentators continue to misstate the Torres Decision. Mike explains it well below. The question I have is whether this is genuine confusion or are people intentionally misstating what she said to promote a false narrative.… https://t.co/1xXqiNEi4F ...

The Securities and Exchange Commission (SEC) has warned about a worrying trend in which accounting firms are collaborating with cryptocurrency trading platforms with a track record of scandals and financial collapses within the cryptocurrency sector. Notably, the commission notes that certain players in the blockchain industry are promoting fake “audits” to attract investors. The SEC has warned against such non-audit agreements as they do not provide the same level of assurance as a proper audit of financial statements to investors. The report underscores the risks associated with these misrepresented “assurance” services, which the commission’s staff, PCAOB, and other experts in the field have already highlighted.  The research focuses on accountants contemplating offering non-audit services to clients dealing with crypto assets. #SEC Chief Accountant Paul Munter warns of crypto "assurance" risks. Non-audit arrangements are not as rigorous ...

Eeon seeks compensation from both Binance and the US SEC, equivalent to 20% of the daily value of withheld funds per customer, totaling $1000 per day. A third-party entity named "Eeon" has stepped forward to intervene in the case, represent ing the interests of Binance's customer s regarding the lawsuit filed by the United States Securities and Exchange Commission (SEC) against Binance. As stated in the filing with the District Court for the District of Columbia, Eeon claims that the SEC and Binance's attorneys have failed to sufficiently represent the interests of Binance's customer s, leading Eeon to seek representation for them. In the filing, Eeon asserted,  "We are the appropriate parties involved in this case, as the Court identified us as 'Customers' in its Order dated June 17, 2023. We are not ordinary customers; rather, we are stakeholders, investors and owners of cryptocurrency held by Binance and its subsidiaries. We firmly believe that...

While the perceived loss can be said to be mild, it becomes significant when we factor in the fact that ETH has been on a bullish run earlier in the day. The selloff is currently encroaching with total trading volume in the past 24 hours coming in at $7 billion per data from CoinGape price chart. advertisement The bearish sentiment Ethereum is exhibiting today might stem from the mention it got as a favored digital currency in the released Hinman Emails. As reported by Coingape, the Emails show an indication that the United States Securities and Exchange Commission ( SEC ) favored Ethereum over other digital currencies. The SEC through the Hinman Speech tagged Ethereum as a non- SEC urity even though it was launched through the process of an Initial Coin Offering (ICO) like XRP . The question now lies in why the markets regulator named Ethereum alongside Bitcoin (BTC) but left out XRP in its classification of what was a SEC urity at the time. Will These Disco...

Deaton alerts followers via daughter's account and urges reporting the hack as the XRP community responds, spreading awareness. Pro-XRP lawyer, John Deaton, has suffered a phone hack on June 4, after a relentless cyberattack over several days.  CryptoLaw, an account created by the attorney representing over 76,000 XRP token holders in the Ripple Vs U.S. Securities and Exchange Commission (SEC) lawsuit, responded to the hacker's tweet from the attorney 's account. CryptoLaw clarified that the tweets were not coming from Deaton but from hackers and immediate steps are being taken to remedy the situation. The hack happened as Deaton celebrated his birthday amid wishes from all corners of the crypto asset community. Tweets coming out from the hackers promoted a cryptocurrency named $LAW token , which has an almost non-existent market cap currently. Known for his resolve in confronting regulatory enforcement measures implemented by United States agencies, the attorney has es...

Palihapitiya did concede the crypto sector has “pushed more boundaries” than other startup sectors which may have attracted the SEC’s attention. Regulators in the United States have choked out the cryptocurrency sector to the point of death according to Bitcoin (BTC) bull and billionaire tech investor Chamath Palihapitiya. “Crypto is dead in America,” he boldly claimed in an April 22 episode of the All-In podcast. Palihapitiya’s comment came in response to the news that cryptocurrency exchange Coinbase is now considering a move offshore. He pointed the finger at Gary Gensler, the Chair of the U.S. Securities Exchange Commission (SEC): “Crypto is dead in America. I mean now you have Gensler even blaming the banking crisis on crypto — so the United States authorities have firmly pointed their guns at crypto.” While Palihapitiya said that the U.S. likely views crypto as a threat to its “establishment,” the tech investor did however attribute some fault to the sector: “In fairness to the ...

At a London fintech conference, CEO Brian Armstrong disclosed that Coinbase might consider leaving the U.S. due to the lack of regulatory clarity in the country. United States cryptocurrency exchange Coinbase is gearing up for a lengthy legal battle with the Securities and Exchange Commission (SEC) after the regulator warned the company of potential securities law violations, CEO Brian Armstrong told CNBC in an interview on April 18. Coinbase received a Wells notice from the U.S. SEC on March 22, indicating a possible enforcement action. The notice is usually the last step before the regulator files charges. In response, Armstrong expressed disappointment and revealed that the company had not received any clear details from the SEC about the alleged violations. He told CNBC: “We’ve met with them over 30 times in the last year … never got a single piece of feedback from them about what we can be doing better or differently, and then this Wells Notice arrived. I think we’re going to ha...