Top 10 cryptos in the red, except Ripple’s XRP

Rick Steves

Cryptocurrency investors have experienced one market crash in April and another one in June, which leaves some anxious when the overall market is on the red.

The cryptocurrency market has been able to hold its prices quite convincingly since the two crypto crashes of May and June. We’re in mid-July and we’ve seen no significant driving forces neither to the upside nor the downside.

Summer holidays may be playing a role in the range trading. Still, most of the top 10 cryptocurrencies are showing signs of weakness on Monday, with Ripple’s XRP being the exception to the rule: up by 0.40% at the time of writing.

The 7-day change offers more perspective on market sentiment, with Binance Coin (8.32%), Polkadot (0.63%), and Uniswap (3.80%) swimming against the negative current in the wider markets of digital assets. Not even XRP stands a change (-3.78%).

As to the past crypto crashes, we have covered industry experts and their opinions regarding the role of margin trading in the two last episodes of extreme volatility.

Big Short legend, Michael J. Burry, even declared the “mother of all crashes” was coming in a tweet he quickly erased.

Ethereum, -5.44%, may be indicating hesitation from investors as the Ethereum Foundation is about to launch the upgrade ETH2, which will change the model from proof of work to proof of stake.

There is a case to be made regarding the change of Ether’s status in the eyes of the US regulators. The digital asset is informally considered to be a commodity, but the SEC could eventually deem it a security.

Such a move could be driven by the financial watchdog’s need to show clarity and neutrality amid the SEC v. Ripple lawsuit.

Ripple Labs has been putting pressure on the regulator by calling ex-SEC Director William Hinman, who stated that Ethereum and Bitcoin were not securities. Hinman then moved to a law firm close to the Ethereum Foundation right after leaving the SEC, thus prompting accusations of conflict of interest.

The Defendants have most recently requested to schedule the deposition for July 19, 2021, a week from now. This could be revealing of growing impatience among Ripple Labs and its co-founders as the back and forth of motions keeps the firm from going forward with its planned IPO.

The abovementioned impatience could be related to a letter from US Senator Elizabeth Warren to SEC Chair Gary Gensler, which implicitly offers the SEC wider authority over the asset class.

That didn’t sit well with many within the space, including influential names within the XRP community, who see it as an “orchestrated powerplay” by the SEC Chair, Senator Warren, and the SEC to outflank its sister regulator, the CFTC.

Despite the tense legal battle between the blockchain firm and the US regulator, Ripple continues to offer new use cases for its XRP Ledger, with the most recent being the tokenization of assets.

Its plans to go public via initial public offering will remain tied up until the lawsuit is over. When will the lawsuit end? and Why is it taking so long? are very legitimate questions in such fast pacing industry.

Read this next

Retail FX

Texas Slaps Forex Scam with Cease and Desist Order

The Texas State Securities Board (TSSB) is following through on its promise to crack down on online trading fraud.

Industry News

JPMorgan Chase to open its UK neobank next week

JPMorgan Chase, the biggest US bank by total assets, will next week launch its City’s digital-only bank, which offers a range of savings and loan products under its ‘Chase’ brand in the UK.

Retail FX

TIOMarkets UK reports $78,461 in 2020 revenues

TIOmarkets’ FCA-regulated entity reported its financial results for the year ending December 31, 2020. The company posted a revenue figure that was nine times the amount it reported in the fiscal year of 2019.

Technology

Equiduct deploys big xyt’s data analytics for equity market structure

“Banks, asset managers, exchanges and market participants across the globe consistently rely on big xyt as an independent reference for equity market structure”.

Retail FX

BDSwiss partners with PayRetailers to address payment landscape in LATAM

PayRetailers’ suite of payment options via single seamless API integration will be available for BDS Markets Ltd. only.

Digital Assets

Coinbase applies for NFA license while awaiting SEC lawsuit

A license from the National Futures Association (NFA) would open the door to cryptocurrency derivatives trading.

Industry News

Euroclear acquires MFEX to enhance offering for fund distributors and fund managers

This transaction brings together two highly complementary businesses.

Industry News

Madoff Victim Fund sends $568 million to 31,000 victims of Ponzi scheme

Bernard L. Madoff used his position as chairman of BLMIS to steal billions from his clients.

Digital Assets

Revolut uses Bitcoin to Pay for its office space

Revolut, the company that is looking to build a financial super app, has used bitcoin to pay for its largest office space in Dallas, Texas to the flexible workspace provider WeWork.

<