Kategorie: Crypto Markets

Daily headlines and news about crypto markets.

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Judge grants SEC request to file appeal in Ripple case

  • Judge Analisa Torres has allowed SEC to file an appeal against July 13 ruling on XRP.
  • SEC to file by August 18 and Ripple to respond by September 1.

The latest Ripple news is that Judge Analisa Torres, who ruled in July that public sales of XRP did not constitute an investment contract and thus not a security, has allowed a request by the US Securities and Exchange Commission (SEC) to file an appeal against the ruling.

On August 9, the SEC filed a letter seeking to file an interlocutory appeal against Ripple Labs over the XRP ruling – even as the regulator looks to battle Ripple’s assertions regarding the rest of the case.

Judge sets timeline

Per Judge Torres’ decision today, the SEC can now proceed to the US Court of Appeals for the Second Circuit. The regulator should have the appeal in place by August 18, while Ripple will have until September 1 to file its opposition. The timeline also includes September 8 as the deadline for SEC to file a reply.

The judge’s decision to grant SEC’s request came a day after Ripple opposed the regulator’s intended interlocutory appeal.

Ripple Labs chief legal officer Stuart Alderoty noted that there is “no extraordinary circumstance here that would justify departing from the rule requiring all issues as to all parties to be resolved before an appeal.”

John E. Deaton of Crypto Law. US says it could take 3-6 months for Judge Torres to deliver a ruling on the filing.

SEC sued Ripple and two of its executives – CEO Brad Garlinghouse and executive Chairman Chris Larsen – in December 2020. The securities regulator alleged that XRP was a security and that Ripple had violated securities laws by selling an unregistered security.

SEC Chair Gary Gensler has come under heavy criticism for his approach to crypto regulation, with both Binance and Coinbase also sued.

The post Judge grants SEC request to file appeal in Ripple case appeared first on CoinJournal.

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Bitcoin on “knife’s edge” as price falls below $28k

  • Bitcoin price fell to lows of $27,740 across major exchanges on Thursday, the lowest since June.
  • Stocks have also slipped after the latest Fed meeting.
  • Meanwhile, real yields have jumped to recent highs.

Bitcoin has traded to below $28,000 again, with Thursday’s dip seeing the flagship cryptocurrency’s value hit lows of $27,744 across major exchanges.

The broader crypto market was also shedding gains as top altcoins declined to pull the total crypto market cap down over 3% to $1.15 trillion.

Analyst says Bitcoin on “knife’s edge”

At the time of writing, BTC was trading near $27,915, roughly 3.7% down in the past 24 hours. Bitcoin has lost 5% of its value in the past week and the move to its lowest levels since June has bulls looking at a potential flip even lower.

Christopher Jaszczynski, a crypto trader and analyst going by MMCrypto on X (formerly Twitter), shared the chart below showing Bitcoin price performance. It shows BTC back at a key trendline that has acted as support since early this year. He says the benchmark cryptocurrency is trending at a “knife’s edge.”

BTC down as real yields rise

Bitcoin’s slip to below $28k comes as the stock market also witnessed jittery reaction after Wednesday’s Federal Reserve commentary. Market observers say the Fed is likely to see further interest rate hikes as necessary and that has investors on edge.

On Thursday, equities saw lackluster movement as Treasury yields climbed to recent highs.

The US 10-year Treasury yield was 6.6 points up to 4.324% while yield on the US 30-year Treasury lifted 6.1 basis points to 4.42%, tracking highs seen in 2009.

With higher interest rates a negative trigger for risk asset investments such as Bitcoin, fresh bearish moves are likely. Market analyst TXMC shared the below observation as real yields ripped.

The post Bitcoin on “knife’s edge” as price falls below $28k appeared first on CoinJournal.

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Republic launches its self-custodial multi-chain wallet for tokenized assets

  • Republic Wallet is targeted to a global community of over 3 million Republic investors.
  • Users will access tokenized assets across multiple blockchains, including Ethereum and Avalanche.
  • The global tokenization market is expected to reach $24 trillion by 2027.

Digital finance firm Republic has officially unveiled its self-custodial multi-chain digital wallet, opening crypto adoption to a global community of over three million customers.

More people looking to access digital assets can now tap into features of the Republic Wallet to buy, store and trade, the firm said in a press release shared with CoinJournal on Thursday.

Other than support for third-party wallets, Republic Wallet’s offers multi-chain capability with initial support for leading blockchains such as Ethereum, Avalanche, and Algorand. The wallet also plans to add Bitcoin and Polygon among others.

The wallet’s security has been tested and audited by Quantstamp. Meanwhile, integration of multi-party computation is aimed at providing an extra layer of protection for users.

Bringing benefits of tokenization to the global community

Also key to the launch is the wallet’s potential to bring the benefits of tokenization to the global community, catering to retail investors interested in tokenized securities and real-world assets among other offerings.

Andrew Durgee, the head of Republic Crypto, commented:

“For millions of global retail investors, investing in private assets like startups, real estate, and fine art is opaque, highly illiquid, and mostly inaccessible. Tokenization solves all of these problems. It’s why we built Republic Wallet, a multisig, multi-chain digital wallet designed for a future where most private assets are tokenized.”

Over 5,000 holders of Republic’s digital security (Republic Note), will be the first to use the new wallet to receive, transfer and manage crypto assets. Availability will expand to more users, who will also earn passive income by staking rewards.  Investors will also be able to trade private assets directly from their wallet.

Republic believes the wallet will play a key role in democratizing private investing worldwide, bringing tokenization and Web3 to millions of people. The company wants to be part of the ecosystem that drives growth in a market forecast to reach $24 trillion by 2027.

The post Republic launches its self-custodial multi-chain wallet for tokenized assets appeared first on CoinJournal.

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XRP boost as BitPay announces worldwide support – can bulls react?

  • XRP price is trading below $0.60, down 5% in the past 24 hours.
  • BitPay recently announced worldwide support for XRP payments.
  • Key price levels are at $0.55 and $0.70, respectively demand and reload zones.

XRP price is down 5% in the past 24 hours to trade below $0.60, with bears threatening to wipe out all gains from the past month or two.

The win over SEC that catapulted the Ripple cryptocurrency higher has all but faded too. For XRP bulls, it’s all looking ominous with prices likely to retreat to a key support base. But could a reaction be in the offing even as the market ponders its next move amid widespread stagnation?

XRP got a BitPay boost

On August 4, blockchain payments provider BitPay released a major update – an impending worldwide support for XRP. 

According to the company, adding the cryptocurrency to the list of supported coins (including Bitcoin, Ethereum, Litecoin and Dogecoin) would allow merchants to accept payments in XRP from across 100 wallets.

BitPay’s move means its customers can now buy XRP, store it or spend it on goods and services from anywhere in the world where merchants accept the top 10 altcoin.

What’s the XRP price reaction?

The XRP market hasn’t seen significant upside reaction in the days following the news. Indeed, prices are down 10% in the past week. However, adoption news for XRP has been steady since Ripple’s triumph over SEC, and could see more bullish reaction if the regulator loses again. [Read more].

Looking at the charts, the daily RSI is heading deeper into the oversold territory and more room for sellers means prices could be poised for a retest of a previous support-turned-resistance zone at $0.55. A deeper rot to lows of $0.40 is possible.

XRP price chart. Source: TradingView

 However, the 100-day SMA is located here and could provide a robust buffer. A rebound in the short term could bring bulls to the 50-day SMA level – with the hurdle at round $0.62 – and highlight a return to above $0.70. 

The psychological $1.00 remains the desired short-term play, before a retest of 2021 highs.

The post XRP boost as BitPay announces worldwide support – can bulls react? appeared first on CoinJournal.

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Volatility Shares aims to list its Ether Futures ETF on October 12

  • Volatility Shares plans to have its Ether Futures ETF (ETHU) open to investors on October 12. 
  • The company listed its 2x Bitcoin-linked ETF (BITX) in July.

While all eyes remain on the US Securities and Exchange Commission (SEC) with regard to the several spot Bitcoin ETF applications before it, market experts say the first Ethereum futures exchange-traded fund in the US is an equally massive development.

First ETH Futures ETF for US market

Volatility Shares, one of the leading ETF providers in the market, has indicated plans to list its Ether Strategy ETF on October 12, 2023. The product will trade under the ticker ETHU, offering the company’s first Ether-linked ETF and come a few months after Volatility Shares’ 2x Bitcoin-linked ETF (BITX) that launched in July.

Eric Balchunas, a senior ETF analyst at Bloomberg, says Volatility Shares’s positioning for the debut of the Ether ETF could see it beat rivals amid the race to be first to market with the highly anticipated product.  

Even though the SEC hasn’t pronounced itself on ETHU, Balchunas notes that the regulator “looks to be ok” with the proposal as there hasn’t been any withdrawal. Also notable is the application date, which with the 75-day approval window, means the company is likely to be first to the market on October 12.

Nonetheless, the SEC may choose to group the filings and Volatility Shares are probably “just pushing the envelope” as they did with their BITX offering.

Stuart Barton, the CIO of Volatility Shares has indicated that the company is looking to have ETHU available to investors before they shift focus to the increasingly demanded-for spot ETF market.

The SEC has notably not approved any spot crypto ETF for the US, and the next big decision after a recent delay for the Ark spot Bitcoin ETF, will be on Grayscale. With the 160-day window up on Tuesday, the expectation is that this decision comes on Friday morning.

The post Volatility Shares aims to list its Ether Futures ETF on October 12 appeared first on CoinJournal.