Monat: Juli 2023

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Coinbase, Kraken re-lists XRP after court says token not security

  • Coinbase and Kraken have re-enabled support for XRP.
  • Gemini announced it was exploring the resisting, with the exchange announcing possibe re-enabling for spot and derivatives.
  • XRP was today ruled not to be a security as the SEC alleged in its lawsuit against Ripple.

Crypto exchanges Coinbase and Kraken have re-enabled XRP trading for their US customers. Coinbase was first to announce the re-listing of the Ripple token, with Kraken swiftly joining it as XRP prices skyrocketed.

Gemini also announced it was exploring re-listing of XRP for both spot and derivatives trading. 

But Coinbase said in its announcement that XRP trading could still be restricted in some jurisdictions.

XRP’s price gains and the crypto exchanges’ actions came after a US court had earlier on Thursday ruled that XRP was not a security.

XRP court decision “first step” toward regulatory clarity

Commenting on the decision to re-enable XRP trading, Marco Santori, Kraken’s Chief Legal Officer, said:

“This morning, the Federal Court for the Southern District of New York ruled that XRP is not a security. As such, just a few minutes ago, Kraken re-enabled trading in XRP for US users.”

Santoru added that the exchange is looking at the court’s decision on XRP as one more step towards regulatory clarity in the United States. But while crypto markets reacted bullishly to the news, Santori notes that there could still be some “twists and turns” with regard to the case.

“We view the court’s decision as a first step toward meaningful legal clarity in the US.  Clarity allows us to plan, to hire and to invest in here, where we were founded. The case is still likely to take some twists and turns, and other cases will follow similarly winding paths. Capitol Hill is working hard, too. Multiple bills are making their ways through congress. This is going to take years,” he added.

As highlighted here, news of the judge’s decision against SEC triggered massive buying pressure for XRP. The token’s rally also sparked upward momentum for Stellar (XLM) and several other altcoins.

The post Coinbase, Kraken re-lists XRP after court says token not security appeared first on CoinJournal.

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Shiba Memu (SHMU) bursts into the meme scene with an unstoppable demand

  • Shiba Memu is a new meme cryptocurrency that taps into the power of AI and blockchain.

  • Through AI, Shiba Memu will be a self-sustaining marketing powerhouse, delivering value to investors.

  • The price of the meme token increases every day, and its presale concludes in 8 weeks.

Who thought meme cryptocurrencies would have so much following and attraction in this day and era? Just in early 2020, the market cap of the total meme token market was $0. In early 2022, the market was valued at over $20 billion, showing how much potential meme tokens have. Early entrants like Doge and Shiba Inu and latecomers like Pepe Coin have always elicited enthusiasm. But now, we are talking of a new meme coin that combines AI and blockchain technology, Shiba Memu(SHMU). Since launching its presale, Shiba Memu has hit unprecedented demand, with more than 26,755,000 tokens sold.

What is Shiba Memu (SHMU)?

Shiba Memu is not your usual meme cryptocurrency. It is a revolutionary coin that taps into the power of AI and blockchain to create a self-sustaining marketing powerhouse.

As you already know, AI has been a buzzword since ChatGPT came into being in November 2022. Who doesn’t know what ChatGPT can do today, including letting you do serious stuff like writing code or drafting an assignment?

Shiba Memu is a meme cryptocurrency that embodies the unique attributes of AI to learn and promote itself across social networks and other forums. With the help of AI-based software, Shiba Memu can write its own PR and promote successful marketing strategies. 

Shiba Memu is also learning 24/7, all on its own, to become a better version of itself. As the power of AI grows, Shiba Memu will become more intelligent and powerful, achieving more than what hundreds or thousands of marketing agencies combined can do. 

Does investing in Shiba Memu make sense?

Up to now, meme tokens have shown great potential, eliciting reactions even more than mainstream cryptocurrencies like Bitcoin. The potential reason is that investors are looking for fun and creative ways to engage in crypto, which is only possible through meme tokens. 

But investing in Shiba Memu is more than that. It carries a value proposition owing to its AI capabilities. It doesn’t need those annoying Twitter or Reddit spats to gain traction. The token will pick battles on its own and generate hype using AI. This is its essence of being a meme token and remaining independent. That means the token can potentially explode in value and generate significant returns to investors. 

Aside from that, who wants to miss out on the AI train? Tech wars are moving to AI, just like the internet disrupted everything and made adoption the only survival tactic. Put simply, Shiba Memu’s AI angle manifests a trend that is catching up with us. The inevitable shift into AI makes Shiba Memu a worthwhile investment in the future.

Shiba price increases every day

Shiba Memu is always on the move, right from the presale. The price of the token rises each day at 6 pm GMT, which is quite positive for its incremental value addition. Throughout the presale, the price will have doubled from a starting value of $0.011125 to $0.0244. 

Shiba Memu’s presale will last for 8-weeks and conclude with whatever amount investors will have put in. Token distribution will start when the presale ends. Since the project runs on ERC20 and BSC networks, investors can buy it with Ethereum, USDT, BNB, and BUSD.

Should you invest in Shiba Memu now?

Time is of the essence in investment, and finding projects that can deliver exceptional returns feels like a gift. History has taught that meme cryptocurrencies are most ideal when the hype is building up rather than when FOMO has dried up. 

If meme crypto is your preferred investment, this could be the right time to pick Shiba Memu before the presale ends. The potential for the token is huge, and the application area through AI is limitless.

The post Shiba Memu (SHMU) bursts into the meme scene with an unstoppable demand appeared first on CoinJournal.

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XLM price soars as Stellar rides Ripple’s XRP wave

  • Stellar (XLM) price rose to its highest level since April 2022, hitting highs near $0.20.
  • XLM’s stellar performance followed a staggering 87% jump in less than 3 hours for XRP.
  • XRP is Ripple’s token, and a judge just declared it was not a security.

Stellar (XLM) price jumped nearly 70% on Thursday as bulls pushed past long term resistance levels to trade at prices last seen in April 2022. 

The catalyst was today’s Ripple news.

Stellar price jumps as XRP rockets

XLM price raced to highs near $0.20 to see it mirror broader crypto market upward action following one of the biggest news events in crypto history.

This is after Ripple, the company behind the XRP coin won against the US Securities and Exchange Commission (SEC). As CoinJournal reported, the court battle has been around a case where the regulator sued the blockchain company over allegations that XRP was a security.

But on Thursday, Analisa Torres, Judge of the US District Court for the Southern District of New York, handed Ripple the victory in a summary judgement. The judge’s decision effectively declared XRP not a security. 

The market’s reaction to the news was swift, with buyers sending XRP to near $0.95 – its highest level since December 2021.

Elsewhere, Stellar’s XLM was the top performer among altcoins as its price raced to near $0.20. Other top gainers were Cardano (ADA), Polygon (MATIC), and Solana (SOL). Bitcoin also traded to a new YTD price as did Ether that hit above $2k.

For the altcoins, the Ripple-fueled sentiment helped decelerate part of the downward pressure that had permeated the market after the SEC declared the tokens securities in lawsuits against Binance and Coinbase.

XLM price outlook

XLM is looking to break higher as XRP eyes $1. The two cryptocurrencies, which have a lot in common in terms of their historical overview and market performance, are seeing the most gains today.

Stellar XLM price on the weekly chart. Source: TradingView

With XRP likely to see a fresh burst in the next few days, upside momentum could cascade into XLM price. On-chain data shows XRP’s massive price jump after the court’s decision drove a lot of whale activity. This even as the market witnessed a spike in volume.

If XRP price rallies higher above $1, it likely Stellar’s native token will target $0.24 and above that, $0.40. On the downside, the main support remains at $0.073

The post XLM price soars as Stellar rides Ripple’s XRP wave appeared first on CoinJournal.

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Ripple secures a ‘huge win’ against SEC as U.S. Judge rules XRP is ‘not’ a security

  • Judge Analisa Torres rules XRP token is a not a security.
  • Coinbase will resume trading in XRP in the next few minutes.
  • XRP nearly doubled in value following the ruling today.

“XRP” – the native token of Ripple Labs nearly doubled in value on Thursday after the crypto company secured a “huge win” against the U.S. Securities and Exchange Commission.

U.S. judge rules XRP is not a security

Judge Analisa Torres of a U.S. District Court concluded the case today that has been dragged for three years now with a ruling that XRP is “not” a security.

Defendants’ motion for summary judgement is GRANTED as to the Programmatic Sales, the Other Distributions, and Larsen’s and Garlinghouse’s sales, and DENIED as to Institutional Sales.

The decision is a victory not just for Ripple but the crypto market at large that surpassed $1.20 trillion just hours after the ruling.

Bitcoin was seen trading above $31,500 and Ethereum topped the $2,000 level.

Coinbase to resume trading in XRP

Reacting to the ruling, Coinbase – the largest U.S. crypto exchange also confirmed on Twitter that trading will resume in XRP later today.

Note that the win Ripple has secured against the SEC on Thursday bodes well for other crypto companies as well that are currently facing intense regulatory scrutiny. That includes Coinbase itself.

Also this morning, the Financial Times confirmed that Jacobi Asset Management is all set to debut the Europe’s first Spot Bitcoin ETF on the Euronext Amsterdam before the end of 2023. That also helped buoy the cryptocurrencies today.

In the U.S., heavy weights including BlackRock are awaiting approval for a similar exchange-traded fund.

The post Ripple secures a ‘huge win’ against SEC as U.S. Judge rules XRP is ‘not’ a security appeared first on CoinJournal.

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EU regulator opens consultation on first MiCA standards

  • ESMA has released a consultation paper on MiCA implementation requirements.
  • Industry players are requested to provide feedback by September 20.
  • The EU regulator will present the final proposals to the European Parliament by June 30, 2024.

The European and Securities Markets Authority (ESMA) has published a consultation paper on the first requirements as outlined in the recently adopted Markets in Crypto Assets (MiCA) regulation.

ESMA’s “Technical standards specifying certain requirements of the Markets in Crypto Assets Regulation (MiCA),” seeks industry feedback on the proposals set to be presented before the EU parliament latest by June 30, 2024.

According to the regulator’s timeline, the consultation will be open for crypto industry’s responses and comments up to September 20, 2023. 

Verena Ross, Chair of ESMA, stated:

“This first consultation package is an important milestone for ESMA in the implementation of the MiCA framework. It translates our ambition to set high regulatory standards in the EU for crypto-asset related activities into concrete requirements. We are determined to ensure entities involved in crypto-asset related activities understand that the EU is not a place for forum-shopping.  We also want to remind consumers that, even with the implementation of MiCA, there will be no such thing as a safe crypto-asset.”

Draft proposals include rules on conflict of interest

According to ESMA, MiCA regulation requires that the regulator develops both regulating technical standards (RTS) and implementing technical standards (ITS).

This is the first consultation paper the regulator has released for MiCA and details seven proposals – five are draft RTSs while two are ITS.

Specifically, the RTSs requirements include notification by financial providers if they plan to offer crypto-asset services; regulatory approval for digital assets service providers; and crypto-asset service providers (CASPs) handling of customer complaints. The draft also covers disclosures of conflict of interest.

On requirements for segregation of client funds and assets, the regulator points to Article 62(2)(k) of MiCA. According to it, CASP applicants are obliged to ensure this is the case, with a description of how this is done.

“Some of the recent collapses in the crypto world have shown a misuse of clients’ funds and crypto-assets. This seems to have been permitted by a lack of governance and internal controls,” ESMA noted in the paper.

The ESMA proposals are a collaboration between the regulator and the European Banking Authority (EBA), which also released its first standards package on Wednesday, July 12.

The post EU regulator opens consultation on first MiCA standards appeared first on CoinJournal.