Top Stories This Week
- Judge rules XRP is not a security in SEC’s case against Ripple
- XRP becomes 4th largest crypto after Ripple’s partial win over SEC
- Celsius Network fined $4.7B by FTC, and CEO arrested under criminal fraud charges
- Europe’s first spot Bitcoin ETF eyes 2023 debut after year-long delay
- Binance headcount reduction hits 1,000 employees
Ripple Labs scored a victory in a district court in New York on July 13, with Judge Analisa Torres ruling partially in favor of the company in a case brought forth by the U.S. Securities and Exchange Commission (SEC) dating back to 2020. The judge granted summary judgment in favor of Ripple Labs, ruling that the XRP token is not a security, but only in regard to programmatic sales on digital asset exchanges.
XRP has become the fourth-largest cryptocurrency by market capitalization this week after Ripple’s partial victory over the SEC. The price of XRP surged as much as 98% in the hours following the decision, reaching as high as $0.93. The new ruling has also sparked a fresh wave of re-listing activity from mainstay U.S. exchanges.
U.S. authorities have announced criminal charges against the former CEO of bankrupt crypto lender Celsius, Alex Mashinsky, over securities fraud, commodities fraud and wire fraud. Authorities arrested Mashinsky as part of the indictment, which includes seven criminal counts. In parallel, the Commodity Futures Trading Commission announced a complaint against Celsius along with a $4.7 billion fine, claiming its co-founders marketed the platform as a “safe place” for consumers to deposit their cryptocurrency while misappropriating over $4 billion in consumers’ assets.
Europe’s first spot Bitcoin exchange-traded fund (ETF) is set to debut later this year after a long delay. The Bitcoin ETF, created by London-based Jacobi Asset Management, was set to debut in July 2022 but was postponed due to market conditions. The asset manager now sees a gradual shift in demand compared with 2022.
Binance has reportedly laid off hundreds of employees in recent weeks. Including this week’s layoffs, over 1,000 employees have lost their jobs at the exchange. The reorganization could cost Binance more than a third of its staff. The crypto exchange announced the 20% reduction in staff on May 31, claiming it was not downsizing but reallocating resources amid the ongoing crackdown in the United States.
At the end of the week, Bitcoin (BTC) is at $30,227, Ether (ETH) at $1,923, and XRP at $0.72. The total market cap is at $1.21 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are XRP (XRP) at 54.20%, Stellar (XLM) at 37.88%, and Synthetix (SNX) at 31.92%. The top three altcoin losers of the week are eCash (XEC) at -21.82%, Bitcoin SV (BSV) at -16.75%, and Maker (MKR) at -7.87%.
For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
Read also
Most Memorable Quotations
“This [Ripple ruling] is a big deal. […] It’s been clear since this case was filed that it would have implications across the entire industry.”
Sheila Warren, CEO of the Crypto Council for Innovation
“What I do think is BlackRock, Invesco [and] the group of ETF providers is a real signal that adoption is coming.”
Mike Novogratz, founder and CEO of Galaxy Digital
“I think the next crypto cycle will be driven by consumer apps that are powered by crypto, but users won’t know it’s crypto unless they look closely.”
0xDesigner, pseudonymous Web3 UI/UX designer
“XRP is not a security. This victory for Ripple is a win for the entire industry and a step toward regulatory clarity in the U.S.”
Ripple Labs, developers of the Ripple payment protocol
“[It] is our expectation that the price of Bitcoin will repeat its historical pattern of rallying both ahead of and following each Bitcoin halving.”
Berenberg Capital Markets, New York-based investment firm
“I think if we want Bitcoin to be more than payments, it needs more scaling solutions.”
Vitalik Buterin, co-founder of Ethereum
Prediction of the Week
Can XRP price hit $1? Watch these levels next
The price of XRP has skyrocketed after a federal court ruling declared that its sales on crypto exchanges complied with United States securities laws. At its highest during the week, the XRP/USD pair reached $0.93, its best level since December 2021.
Certain indicators show that XRP’s ongoing price pump may not be just a short-term reaction to the positive news for Ripple. For instance, the duration of XRP’s massive pump coincides with its trading volumes reaching a 10-month high. The number of XRP whale transactions — wallets holding more than $100,000 — climbed to their best level in 2023, suggesting that the wealthiest investors back the XRP rally.
From a technical standpoint, XRP can test the key $1 level in the coming days, but its potential to continue the rally beyond looks weak for the time being. If the XRP price decisively breaks above $1, then its next price target by September will likely be near $1.35.
FUD of the Week
California files order against Nexo Interest account, says it’s 8th state to take action
Blockchain Association calls for investigation into Prometheum over alleged ‘sweetheart’ SEC deal
The Blockchain Association has submitted a letter to the U.S. SEC calling for an investigation into crypto firm Prometheum. In the letter, the Blockchain Association requested the regulator to take a look at Prometheum’s special purpose broker-dealer license approval by the Financial Industry Regulatory Authority.
New York prosecutor charges hacker over $9M exploit of Solana-based exchange
A former security engineer for an international technology firm has been arrested and charged for allegedly using a smart contract bug to steal $9 million in cryptocurrency from a Solana-based decentralized crypto exchange. The attack was carried out in July 2022 and involved exploiting a vulnerability in the exchange’s smart contracts to generate inflated fees with flash loans. The exploiter later returned most of the funds but was allowed to keep $1.6 million as a white hat bounty.
Algorand decentralized lending protocol Algofi to shut down by end of year
Algofi, the borrowing and lending protocol built on decentralized finance blockchain Algorand, will soon shut down. According to a July 11 announcement, developers’ “belief in the strength of Algorand’s technology and novel consensus algorithm has not wavered.” Liquidity Mining programs will be halted and several collaterals will be reduced to 0% until December. The Algofi protocol has around $25 million in total value locked, down from its $135 million peak in February.
Best Cointelegraph Features
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If developers make AI more human, it may become our friend instead of enslaving us. But what happens when the software gets upgraded?
Interactive NFTs the future for sport, Vegas Sphere excites: NFT Collector
Tennis, golf and UFC all have a moment in NFT land as the Vegas Sphere makes NFT collectors drool.
China expands CBDC’s tentacles, Malaysia is HK’s new crypto rival: Asia Express
China’s president Xi Jinping expands CBDC cooperation at SCO, Hong Kong’s crypto licensing costs surge, and Multichain is hacked yet again.
Most Memorable Quotations
- “This [Ripple ruling] is a big deal. […] It’s been clear since this case was filed that it would have implications across the entire industry.” – Sheila Warren, CEO of the Crypto Council for Innovation
- “What I do think is BlackRock, Invesco [and] the group of ETF providers is a real signal that adoption is coming.” – Mike Novogratz, founder and CEO of Galaxy Digital
- “I think the next crypto cycle will be driven by consumer apps that are powered by crypto, but users won’t know it’s crypto unless they look closely.” – 0xDesigner, pseudonymous Web3 UI/UX designer
- “XRP is not a security. This victory for Ripple is a win for the entire industry and a step toward regulatory clarity in the U.S.” – Ripple Labs, developers of the Ripple payment protocol
- “[It] is our expectation that the price of Bitcoin will repeat its historical pattern of rallying both ahead of and following each Bitcoin halving.” – Berenberg Capital Markets, New York-based investment firm
- “I think if we want Bitcoin to be more than payments, it needs more scaling solutions.” – Vitalik Buterin, co-founder of Ethereum
Prediction of the Week
Can XRP price hit $1? Watch these levels next
The price of XRP has skyrocketed after a federal court ruling declared that its sales on crypto exchanges complied with United States securities laws. At its highest during the week, the XRP/USD pair reached $0.93, its best level since December 2021.
Certain indicators show that XRP’s ongoing price pump may not be just a short-term reaction to the positive news for Ripple. For instance, the duration of XRP’s massive pump coincides with its trading volumes reaching a 10-month high. The number of XRP whale transactions — wallets holding more than $100,000 — climbed to their best level in 2023, suggesting that the wealthiest investors back the XRP rally.
From a technical standpoint, XRP can test the key $1 level in the coming days, but its potential to continue the rally beyond looks weak for the time being. If the XRP price decisively breaks above $1, then its next price target by September will likely be near $1.35.
FUD of the Week
California files order against Nexo Interest account, says it’s 8th state to take action
Blockchain Association calls for investigation into Prometheum over alleged ‘sweetheart’ SEC deal
The Blockchain Association has submitted a letter to the U.S. SEC calling for an investigation into crypto firm Prometheum. In the letter, the Blockchain Association requested the regulator to take a look at Prometheum’s special purpose broker-dealer license approval by the Financial Industry Regulatory Authority.
New York prosecutor charges hacker over $9M exploit of Solana-based exchange
A former security engineer for an international technology firm has been arrested and charged for allegedly using a smart contract bug to steal $9 million in cryptocurrency from a Solana-based decentralized crypto exchange. The attack was carried out in July 2022 and involved exploiting a vulnerability in the exchange’s smart contracts to generate inflated fees with flash loans.
Algorand decentralized lending protocol Algofi to shut down by end of year
Algofi, the borrowing and lending protocol built on decentralized finance blockchain Algorand, will soon shut down. According to a July 11 announcement, developers’ “belief in the strength of Algorand’s technology and novel consensus algorithm has not wavered.” Liquidity Mining programs will be halted and several collaterals will be reduced to 0% until December.
Best Cointelegraph Features
Experts want to give AI human ‘souls’ so they don’t kill us all
If developers make AI more human, it may become our friend instead of enslaving us. But what happens when the software gets upgraded?
Interactive NFTs the future for sport, Vegas Sphere excites: NFT Collector
Tennis, golf and UFC all have a moment in NFT land as the Vegas Sphere makes NFT collectors drool.
China expands CBDC’s tentacles, Malaysia is HK’s new crypto rival: Asia Express
China’s president Xi Jinping expands CBDC cooperation at SCO, Hong Kong’s crypto licensing costs surge, and Multichain is hacked yet again.
