The cryptocurrency market finds itself in a challenging situation, with a mix of obstacles and potential opportunities that could influence its future positively. This editorial examines the elements that the crypto community might encounter and highlights key points to consider amid the current market volatility. 7 Distinct Things That Could Instantly Change Everything Bitcoin has […]
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7 Days Of Crypto: Key Events That You Should Keep An Eye On This Week
There are a couple of events to watch out for this week, as they could prove pivotal in determining the future trajectory of the crypto market. These events could provide some certainty to the market or cause investors to wait on the sidelines for more favorable market conditions.
Events That Could Affect The Market This Week
Some Federal Reserve officials are scheduled to speak at different events this week. One of them is Governor Lisa Cook, who will give a lecture on March 25. Fed Chair Jerome Powell will also participate in a discussion at the Monetary Policy Conference on March 29.
Their speeches are significant as they could provide valuable insights into the current state of the economy and what to expect from the Federal Reserve regarding interest rates in its fight against inflation. Macroeconomic factors like interest rates usually impact the crypto market and partly determine the sentiments among crypto traders.
The crypto market is usually bullish whenever the Federal Reserve adopts a dovish stance on whether or not to hike interest rates. Therefore, these officials sounding positive in their speeches could help boost investors’ confidence in the crypto market since they would be less worried about things on the macro side.
Meanwhile, several economic data will be released this week, including the Consumer Confidence and Consumer Sentiment data and the Personal Consumption Expenditures (PCE) index. These releases offer insights into the economy’s strength and guide the Fed in deciding on future interest rate decisions.
Crypto Needs A Big Win This Week
Stakeholders and investors in the industry will no doubt hope that the events lined up for this week will provide a momentum boost for the crypto market. Last week was one to forget as things cooled after weeks of seeing the flagship crypto, Bitcoin, and altcoins make significant runs. This downward trend is believed to have been due to some external factors.
One of them is the net outflows that the Spot Bitcoin ETFs recorded throughout last week, with many investors taking profits from the various funds. These Bitcoin ETFs had previously seen an impressive amount of inflows into them, which positively affected Bitcoin’s price. As such, a trend of outflows was also expected to influence Bitcoin’s price, although negatively.
These Spot Bitcoin ETFs will again be in the spotlight this week, with the crypto community waiting to see if the sentiments among the ETF investors will change. A sustained trend of profit-taking this week could spark another decline in the crypto market.
These Events Will Create A Bitcoin Crash In March: Arthur Hayes
Arthur Hayes, the founder of BitMEX, in his latest essay, presents a foreboding prediction for the Bitcoin market in March, anticipating a severe correction of 30-40%. His detailed analysis, rooted in a deep understanding of market dynamics, outlines the complexities and driving factors behind this expected crash, respectively healthy but deep correction.
Hayes begins his discourse with a cautionary reminder of the nascent state of the crypto bull market, warning enthusiasts not to be overly carried away. “The crypto bull market is in its early stages, and we must not get carried away with our enthusiasm,” he says, highlighting the uncertain journey towards the inevitable collapse of the fiat financial system.
Why The Bitcoin Price Could Fall 40% In March
His prediction revolves around three key financial events and indicators converging in March. Hayes first points to the anticipated decline in the Reverse Repo Program (RRP) Balance to a critical level of 0 billion, a scenario he believes will trigger market anxiety about future sources of dollar liquidity. He describes this threshold as a moment of reckoning, “When this number gets close to zero… the market will wonder what is next,” underscoring the gravity of this anticipated development.
The second pivotal factor is the fate of the Bank Term Funding Program (BTFP), which is due to expire on March 12th. Hayes portrays this as a significant test for the financial system, speculating on the decision-making process of the US Treasury in the face of potential liquidity crises among banks. He articulates the market’s anticipatory stance, suggesting that “the market will start getting inquisitive many weeks before about whether or not the banks will continue receiving this lifeline.”
The final piece in Hayes’ forecast is the Federal Reserve’s meeting on March 20th, where a rate cut is expected. This decision, in Hayes’ view, is crucial for setting market expectations and influencing the dynamics surrounding dollar liquidity provision by the Fed and the US Treasury Department.
Hayes then delves deeper into his tactical trading strategy in response to these events, detailing his plans to short the crypto market using Bitcoin puts. He articulates his approach, saying, “I will look to buy a sizable put option position on Bitcoin around this time,” signaling his preparedness to leverage the anticipated market shift.
An important aspect of Hayes’ analysis is the potential impact of the US-listed spot Bitcoin Exchange Traded Funds (ETFs). He argues that the anticipation of substantial fiat capital inflows into these spot ETFs could initially propel Bitcoin’s price to soaring highs. However, he warns that this upsurge could be followed by a dramatic correction, exacerbated by a liquidity squeeze.
“Imagine if the anticipation of hundreds of billions of fiat flowing into these ETFs at a future date propels Bitcoin above ,000,” he says, illustrating the potential for a steep decline. Hayes explains that a market already heightened by ETF speculation would be particularly vulnerable to a sharp correction, potentially worsening the downturn to 30-40% in the event of a liquidity crunch.
How Hayes Will Trade This Scenario
Hayes then shifts to discuss his tactical trading decisions in response to these indicators. He shares his plan to initially short the crypto market using Bitcoin puts, followed by a return to selling US Treasury bills and acquiring more Bitcoin and cryptocurrencies. In explaining his approach, Hayes states, “I will look to buy a sizable put option position on Bitcoin around this time,” indicating his readiness to capitalize on the predicted market downturn.
Furthermore, Hayes details his strategy for Bitcoin puts, explaining the rationale behind choosing puts expiring on June 28th and his approach to selecting the strike price. He emphasizes the importance of timing and market dynamics, noting, “I expect Bitcoin to experience a healthy […] correction from whatever level it has attained by early March.”
In his conclusion, Hayes contemplates various scenarios that could play out differently from his predictions. He considers the implications of a slower decline in the RRP, a potential extension of the BTFP by Yellen, or alternative outcomes of the Fed’s March meeting. He notes that each of these scenarios could lead to different market behaviors, necessitating adjustments in his trading approach.
At press time, BTC traded at ,940.
Top 5 Events That Shook Up The Crypto Industry In 2023
In the year 2023, the crypto industry witnessed a series of events that left a long-lasting impact on the crypto landscape. From the start of the Spot Bitcoin ETF mania to the increase in regulatory enforcement on major crypto organizations, 2023 was nothing short of a rollercoaster ride for crypto enthusiasts and institutional investors alike. So here are the top 5 events that shook the crypto industry to its core in 2023.
Blackrock Spot Bitcoin ETF Rocks Crypto
The world’s largest asset management company, BlackRock was the first major traditional investment firm to apply for a Spot Bitcoin Exchange Traded Fund (ETF). BlackRock submitted its application for a Spot Bitcoin ETF to the United States Securities and Exchange Commission (SEC) on June 15, 2023.
Following the asset management firm’s application, various companies like Grayscale, Ark Invest, WisdomTree, VanEck, and others followed suit. Despite consistent approval delays by the US SEC, BlackRock utilized the time to revise its Spot Bitcoin ETF filing, incorporating cash redemptions to improve the fund’s approval odds.
Sam Bankman-Fried Fraud Conviction
Founder and former CEO of failed crypto exchange, FTX, Sam Bankman-Fried was found guilty of all seven counts of fraud, conspiracy, and money laundering on November 2, 2023.
The 31-year-old billionaire was convicted unanimously by the jury for misappropriating billions of dollars of customer funds and defrauding lenders to subsidiary company, Alameda Research. Bankman-Fried could potentially face a maximum of 115 years in prison. His sentencing date is scheduled for March 28, 2024.
CZ Resignation From Binance Causes A Stir In Crypto Community
One of the most shocking events of 2023, saw the founder of Binance, Changpeng Zhao officially stepping down from his role as the CEO of Binance on November 21, 2023.
The former Binance CEO pleaded guilty to breaking US anti-money laundering laws and resigned as part of a .3 billion settlement by the United States Department of Justice (DOJ).
CZ has also been restricted from leaving the United States until his court case is over as the court believes his vast resources make him a potential flight risk. And returning to Dubai which does not share an extradition treaty with the US could make things problematic.
XRP Ruling In SEC Case
Coming as a major victory in a three-year-long legal battle between Ripple and the SEC, US District Judge Analisa Torres ruled in favor of Ripple on July 13, 2023. The ruling declared that programmatic sales of XRP did not qualify as a security.
This decision offered much-needed regulatory clarity for XRP, enabling the cryptocurrency to resume trading on major crypto exchanges that had delisted it during the SEC’s 2020 lawsuit.
Grayscale And Coinbase Rage Against The SEC
On August 29, 2023, world-leading crypto asset management company Grayscale won its lawsuit against the US SEC. The D.C. Circuit Court of Appeals gave a final ruling to the regulatory agency to terminate its rejection of the asset management’s Spot Bitcoin ETF application.
On a similar note, Coinbase, one of the largest US crypto exchanges, filed a lawsuit against the SEC in April 2023 aiming to compel the regulator to provide regulatory clarity for the crypto industry.
Subsequently, the SEC sued Coinbase on June 6, 2023, alleging that the crypto exchange had violated securities laws by operating as an unregistered broker. As a result, Coinbase formally requested the court to dismiss the SEC’s case against it. However, the case is still ongoing.
Uptick in Token Generation Events Signals Market Shift
The behavior of the cryptocurrency market has changed, with a newfound interest in Token Generation Events (TGEs) and rapid listings, pointing to a potentially revitalized crypto market and an influx of new projects.
Crypto Market Shifts Gears With Surge in Token Generation Events
In a development in the token launch sector of the cryptocurrency market, there has been a marked increase in Token Generation Events (TGEs), suggesting a notable shift in market behavior, according to Andrei Grachev, managing partner of DWF Labs. Grachev, in a recent statement on X (formerly Twitter), highlighted a surge in TGE projects, “We are observing a huge flow of TGE projects, I would say that this amount has increased +15 times in the last month. And many of them are eager to be listed ASAP. Market behavior changed completely.”
A TGE is a crucial early event in the lifecycle of a crypto project that involves the technical generation of the token in a blockchain-based network, and its launch to the market, normally in the form of a public sale, private sale, or initial coin offering (ICO). It is a process where a new blockchain-based project or platform raises capital by selling its native tokens to investors and supporters. In addition to simply raising funds to support the project, TGEs are critical in publicizing and engaging with the crypto community.
Grachev clarified the above post to Bitcoin.com News that the uptick in TGE projects refers to his investment firm seeing an increasing number of ventures seeking fundraising, rapid listing, and a TGE. “It’s about a number of projects that are approaching our venture / [market making departments]. 1-2 months ago, it was a lazy fundraising with listing plans Q2-Q3 2024. Now, same and new projects raised rounds or almost raised but are actively asking for listings and TGE.”
This shift from a more laid-back approach to a call for funds plus TGE along with an accelerated listing suggests a belief among these projects that the market is picking up steam, and that these projects aim to leverage the rejuvenated markets.
Additionally, Grachev observed an increased activity among listing agencies, indicating a renewed demand. “Listing agencies are actively working again. It is important because it’s demanded again. Why? New market players want to be listed but have no connections,” he said. This resurgence is seen as a positive sign, as each cycle includes survivors from previous cycles and introduces new entrants with fresh ideas, potentially leading to significant changes in the crypto landscape.
The recent spike in TGEs coupled with greater urgency for listings underscore a potentially transformative phase in the cryptocurrency market, with new players eager to make their mark in a rapidly evolving digital asset space.
Do you think the increase in interest in TGEs and preference for faster listings indicates bullishness? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin Price In Turmoil: Major Events That Could Affect Price This Week
The flagship cryptocurrency, Bitcoin, is currently flying high on the back of potential approval of the pending Spot Bitcoin ETF applications in January. However, this upward trend could cool off as this prominent crypto analysis platform outlined key events that are set to happen this week.
“Huge Week Ahead” For Bitcoin
In a post shared on their X (formerly Twitter) platform, The Kobeissi Letter noted that the November CPI Inflation data is coming in this week. Specifically, it is set to be released on December 12. Meanwhile, The Federal Open Market Committee (FOMC) is scheduled to meet on December 12 and 13.
These two events are significant for Bitcoin’s price. The CPI inflation data is usually a factor in the FOMC’s decision on whether or not to increase interest rates in its fight against inflation. A dovish stance is seen as bullish for the markets (including Bitcoin), while a hawkish one usually affects the market negatively.
Therefore, all eyes will be on the inflation data and whether or not the FOMC will choose to raise the interest rates. The Federal Reserve Chairman Jerome Powell had recently stated that talks about rate cuts are still “premature,” although he admitted that “inflation is moving in the right direction.”
The financial markets reacted positively to Powell’s remarks, with many experts of the opinion that the Feds are raising the interest rates and would possibly stick to the current rates between the range of 5.25 to 5.50 percent. If that happens, there is a high chance that Bitcoin’s price will react positively to it.
Other Inflation Indicators To Watch Out For
The OPEC Monthly Report and November Producer Price Index (PPI) Inflation data are also set to be released on December 13. These two events are also known to have a significant effect on Bitcoin’s price as they are key inflation indicators.
For one, the OPEC monthly report contains issues affecting the world oil market. It will also show whether there has been a significant increase in oil prices and the key supply and demand metric. An increase in oil prices could be bad news for Bitcoin as this would mean that inflation is still on the high which could lead to higher interest rates.
The PPI inflation data is also key. Some even argue that it is more important than the CPI inflation data since the producers indirectly determine how much consumers pay for these goods. An increase in the PPI inflation data also suggests that inflation is on the high. That would also be a factor when the Feds decide whether to raise interest rates or not.
At the time of writing, Bitcoin is trading at around ,100, down by over 3% according to data from CoinMarketCap.
Will Recent Binance Events Trigger This Historical Bitcoin Bull Run Signal?
The recent events at cryptocurrency exchange Binance could trigger the next Bitcoin bull run if this pattern continues to form.
Will Bitcoin Exchange Reserve Ratio Turn Around After Binance News?
As explained by an analyst in a CryptoQuant Quicktake post, the BTC exchange reserve ratio for US versus off-shore platforms has followed a specific pattern during past bull markets of the asset.
The “exchange reserve ratio” here refers to an indicator that compares the exchange reserves of any two platforms or group of platforms. The exchange reserve is the total amount of Bitcoin sitting in the wallets of the exchange/group in question.
In the context of the current discussion, the exchange reserve ratio between the US-based exchanges and foreign platforms is of interest. The trend in this metric can tell us about which type of exchanges users prefer to use.
When the ratio’s value declines, the off-shore exchanges gain steam as investors deposit their coins to them faster than to the US platforms (alternatively, they are withdrawing at a slower pace).
On the other hand, an increase implies the dominance of the American exchanges is going up as their exchange reserve is growing relative to that of the global platforms.
Now, here is a chart that shows the trend in the Bitcoin exchange reserve ratio for these two sets of exchanges over the last few years:
In the graph, the quant has highlighted the two phases that the Bitcoin exchange reserve ratio for these platforms appeared to have followed during the last two bull runs.
In the first phase (marked in green), the indicator rises while the cryptocurrency goes through a buildup period for the bull rally. This suggests that large entities start participating in the American exchanges ahead of the bull run.
Once the bull run starts properly, the indicator’s value starts sliding down as investors withdraw their coins from these platforms again (the red box in the graph).
From the chart, it’s visible that the Bitcoin exchange reserve ratio for US vs. foreign exchanges was in a continued decline since the start of the bear market but has recently shown signs of turning around.
The indicator has only registered a small increase so far, so it’s hard to say if it’s a sign of a trend taking shape or just a temporary deviation. Whatever the case, though, a development has happened in the Bitcoin market that can tip the favor towards the American platforms regardless.
Binance, the largest cryptocurrency exchange based on trading volume, has seen a leadership change following Changpeng Zhao’s resignation. The instability has kickstarted outflows from the exchange, while US-based Coinbase has enjoyed inflows.
Thus, this may be the event that leads to a proper reversal in the BTC exchange reserve ratio. “If the recent regulations on CZ and Binance lead to an increase in the percentage of Bitcoin held on US exchanges, we will be ready for the next bull market,” notes the analyst.
BTC Price
Bitcoin has once again been trying to breach the ,000 level today, as the chart below shows.
Bitcoin Events Announces Crypto Fest 2023: Connecting Crypto and Blockchain Enthusiasts
PRESS RELEASE. On the 24th of November, attendees from around the world will gather at the luxurious Cabo Beach Club in Cape Town, South Africa, for the highly anticipated Crypto Fest 2023.
Crypto Fest has earned its reputation as being one of the most prominent events in the blockchain and cryptocurrency space in Africa. It attracts hundreds of blockchain and crypto enthusiasts, visionaries, thought leaders, seasoned investors, and innovative startups for insightful discussions, networking and knowledge-sharing opportunities, and the latest advancements in the digital finance landscape.
This year’s Crypto Fest is themed ‘Cryptopia’ and marks the 5th annual edition of Crypto Fest.
Attendees are invited to venture into an extraordinary realm that transcends the boundaries of our current society and embark on an adventure where limitless possibilities await.
The festival-type event aims to encourage meaningful connections within the crypto community while promoting the understanding and adoption of cryptocurrencies and blockchain technology on a global scale.
Highlights of Crypto Fest 2023:
- Festival-beach-like setting: Cabo Beach Club is the epitome of a perfect seaside venue for a festival like Crypto Fest 2023. With its stunning location and views, exquisite facilities, and vibrant atmosphere, this beach club offers an ideal setting to celebrate the world of Web3.
- Exclusive Networking Experiences: As a Crypto Fest 2023 VIP or Whale, there are exceptional networking opportunities designed to elevate your festival experience. Immerse yourself in private VIP lounges where attendees can engage in meaningful conversations and build connections with industry leaders, innovators, and fellow enthusiasts. Included is an unforgettable yacht experience where the stunning ocean backdrop sets the stage for close networking sessions.
- Top Global Speakers and Educational Workshops: Visionary leaders, top executives, and renowned experts will take to the stage to share their insights and predictions for the future of the crypto industry in Africa and beyond. Educational workshops will provide attendees with unparalleled opportunities to dive deeper into specific topics and acquire practical skills that they can apply in real-world scenarios.
- Awe-inspiring Experiences: Step into the Metaverse Gaming Zone, a domain where virtual worlds collide with reality, and immerse yourself in the captivating NFT Gallery, where art meets blockchain innovation. Witness a stunning collection of African NFT collections that redefine the concept of ownership and creativity.
- Live-music and DJ sets at the After-Party: Top local talent will take to the stage to keep the party going after the main event. It’s the perfect opportunity for networking and mingling with fellow enthusiasts!
“Crypto Fest 2023 is not just an event; it’s a celebration of the incredible advancements and potential of blockchain and cryptocurrency technologies, especially in Africa,” says Sonya Kuhnel, Co-Founder, and CEO of Bitcoin Events, the organizer of the annual event. “We are thrilled to host this festive gathering again in Cape Town, and we invite everyone with an interest in this innovative and exciting space to join us at Cabo Beach Club for an unforgettable experience.”
Mark your calendars for Crypto Fest 2023 and prepare for an immersive journey into the world of Web3, cryptocurrencies, blockchain innovation, and digital finance.
For more information and to secure your tickets, please visit the Crypto Fest website.
Follow us on social media for updates:
- Twitter: https://twitter.com/BlockchainZA
- Facebook: https://www.facebook.com/BitcoinEventsZA
- LinkedIn: https://www.linkedin.com/company/bitcoin-events/
About Crypto Fest:
Crypto Fest is a premier South African-based event that brings together blockchain and crypto enthusiasts and industry leaders to foster innovation, collaboration, and knowledge-sharing within the digital finance space. With its focus on education and networking, Crypto Fest has established itself as a must-attend event for anyone passionate about blockchain technology and its applications.
Tickets are available from the Crypto Fest website, offering a variety of options such as General Access Tickets, Startup Tickets, and VIP Tickets.
Media Contact:
Nazley Swartz
Media Liaison
Email: nazley@bitcoinevents.co.za
About Bitcoin Events:
Bitcoin Events is the first event company to host world-class blockchain and cryptocurrency-specific events in Africa. The company has hosted nine highly successful Blockchain Africa Conferences in Cape Town, Johannesburg, and online. In 2019, Bitcoin Events introduced Crypto Fest, and in 2020, they introduced DeFi Conferences. Over 17,000 attendees from 165 countries and 600 global speakers have attended the events.
Visit the Bitcoin Events website for more information on upcoming events.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
BBACHAIN Layer I Blockchain Technology: A Revolutionary Leap in the Crypto Space, Unveiling at Upcoming Global Events
PRESS RELEASE. Imagine a world where technology not only meets financial innovation but also crafts a future where transactions are not merely conducted but are optimized for user benefit and technological advancement. This is not a distant dream but a tangible reality brought to life by BBACHAIN, a meticulously crafted super platform that promises a future where the cryptocurrency world is redefined.
Without the scalability problems of Bitcoin and without the mistakes of a pioneer blockchain of Ethereum.
Who is at the Heart of this Story?
BBACHAIN, a groundbreaking Layer 1 blockchain platform, is not just a technological marvel but a revolutionary stride in the crypto universe. With its native cryptocurrency, BBA COIN, it is poised to carve its niche in the crypto market, offering staggering growth potential and a promise of a future where transactions are not merely conducted but optimised for user benefit and technological advancement.
What is Unfolding?
BBACHAIN is set to unveil at spectacular events in Hungary and Sri Lanka this October, promising to be a spectacle where technology and opportunity converge, offering a glimpse into the future of decentralized finance and blockchain technology.
Where and When Will This Epoch Begin?
The monumental events are scheduled to take place in Hungary on October 21, 2023, and in Sri Lanka from October 20 to 22, 2023. These are not mere launches; they are a spectacle where technology and opportunity converge, offering a sneak peek into the future of decentralized finance and blockchain technology.
Why Should You Pay Attention?
“With a transaction per second (TPS) rate of 100,000 and transaction fees set at a mere 0.000001 BBA/tx, BBACHAIN ensures that the platform can handle massive transaction volumes with ease and economic viability,” says Captain Oleg Berta, CEO of BTI Group OÜ, the visionary behind BBACHAIN. His leadership is not merely a role but a commitment to ensuring that BBACHAIN not only navigates through the vast ocean of the crypto world but also remains at the forefront, always ensuring that it is not just a participant in the crypto world but a leader, a pioneer, and a beacon of innovation and potential.
The Journey Beyond the Horizon
BBACHAIN is backed by the robust ecosystems of BTI GROUP, with a spotlight on its trading platforms: BTI SWAP and BTI EXCHANGE. These platforms are not just trading floors but arenas where technology and finance converge to provide users with a trading experience that’s seamless, secure, and superior in every facet.
Join Us in the Revolution
BBACHAIN is not just a platform; it’s a revolution, and we invite you to be a part of it. Join us at our events, be a part of the unveiling, and witness firsthand the launch of a platform that promises to be a beacon in the crypto world. For more details, visit [bbachain.com](http://bbachain.com) and stay tuned for more updates on our events and offerings.
For Further Information, Please Contact:
Oleg Berta
CEO BTI Group oÜ
Email: maintainer@bbachain.com
Phone: +3726188191
BBACHAIN Website: http://bbachain.com
Twitter: https://x.com/bbachain_com
Telegram: https://t.me/bbachain
About BBACHAIN
BBACHAIN is a groundbreaking Layer 1 blockchain platform that promises exceptional transaction speed, high transaction volume, low transaction costs, and unparalleled transaction anonymity for all users. With a technology that incorporates the latest advancements from the blockchain community, BBACHAIN introduces BBA COIN, a cryptocurrency with staggering growth potential, poised to carve its niche in the crypto market. It is a meticulously crafted super platform that promises not only exceptional transaction speed, high transaction volume, low transaction costs, and unparalleled transaction anonymity for all users but also a future where transactions are not merely conducted but optimized for user benefit and technological advancement.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Important Events That Could Have A Massive Impact On XRP Price
Despite some analysts noting why XRP is unlikely to end on a high, certain macro (and micro) factors could significantly impact the token’s price and possibly see it enjoy the same trajectory it did following Judge Analisa Torres’ ruling in favor of Ripple.
SEC-Related Factors Could Impact XRP Price
On August 17, the US Securities and Exchange Commission (SEC) was given approval by Judge Analisa Torres to file its motion seeking an interlocutory appeal against her ruling at the Court of Appeals.
However, this wasn’t an approval of the SEC’s appeal, and that is something that everyone in the XRP community is currently anticipating, as the court can either choose to accept or reject the appeal after considering the grounds for appeal and whether it meets the requirements needed to allow it.
As a former SEC official Marc Fogel noted, the specific requirements for an interlocutory appeal are “hard to meet,” and the odds seem to be against the SEC. As such, the court is expected to deny the SEC’s request for an interlocutory appeal.
If that happens, we could see XRP again enjoy most of the gains it saw following Judge Torres’ ruling when the token’s market cap rose significantly, overtaking Binance’s BNB to become the fourth-largest crypto by market cap (although it has dropped back to 5th).
Another factor that could spark an upward trend for XRP is if a settlement between Ripple and the SEC becomes more feasible. Stakeholders in the crypto community have commented on the possibility of this happening and factors that could prompt both parties to settle.
Pro-XRP legal expert John Deaton once stated that a settlement could happen this year if Judge Failla granted Coinbase’s motion to dismiss the SEC’s lawsuit against it. If that were to happen, the Judge would likely be adopting Judge Torres’ ruling that programmatic sales do not constitute investment contracts and crypto tokens bought through exchanges cannot be labeled as one.
It is believed that this could force the SEC into settling as it will become more established (especially if its interlocutory appeal was rejected alongside) that it doesn’t have jurisdiction over token sales on exchanges as they do not constitute investment contracts.
A more interesting factor that could force the SEC into a settlement is the revelations (and future ones) being made about the ETH Gate. As a form of damage control, the Commission could propose a settlement with Ripple rather than dragging the case to trial, where its credibility could be jeopardized.
The SEC proposing a settlement (not necessarily in the public eye) will be considered a major win for Ripple. It could restore investors’ confidence in the ecosystem, leading to a price increase in the XRP token.
Ripple’s Expansion Plans
Ripple has proven not to be deterred by the long-running battle against the SEC as the crypto firm has continued to build amidst it. In fact, the company’s President, Monica Lang, recently mentioned that the court case (following Judge Torres’ ruling) has helped them to expand their business not just in the US but “even more globally.”
According to her, the ruling gave the company much-needed clarity, especially amid regulatory uncertainty. With this in mind, the company can map out a proper framework going forward, bearing in mind that Judge Torres had ruled that XRP isn’t a security in itself.
On the back of Judge Torres’ ruling, Ripple’s general counsel Stuart Alderoty had revealed to CNBC in an interview that Ripple could potentially begin talks with US financial firms about them adopting Ripple’s On-Demand Liquidity (ODL) product, which can be used to facilitate cross-border transactions.
If this were to happen, it would undoubtedly represent a bullish signal for the XRP community. Although Ripple and XRP have enjoyed outstanding success overseas (especially in Asia), many still believe that more work needs to be done to penetrate the American market. Therefore, a move like that could convince investors of the great strides the company is making in America.
Meanwhile, there are also rumors of Ripple going public. Ripple is set to hold its “proper victory party” on September 29 in New York, and many in the XRP community speculate that the crypto firm could announce its initial public offering (IPO) plans at the event. Such an announcement will be huge and could generate more buzz and interest in the company, with XRP’s price being a beneficiary of this news.
XRP is currently trading at .50, up by close to 2% in the last twenty-four hours as anticipation towards the party builds up.