Altcoin
“Judge Torres Was Right On XRP”, SEC May Not Appeal
The Ripple XRP case has no latest filing, but it gained fresh perspectives after the U.S. SEC decided to close the Ethereum investigation. XRP army waits for Judge Torres’ verdict on penalties and final judgment in the remedies phase, as well as, whether the SEC to appeal Judge Torres’ summary judgment determining that XRP in itself is not a security.
Lawyers and former SEC officials anticipate the SEC may not file an appeal against Judge Torres’ summary judgment as it can make the SEC’s arguments weak in the Second Circuit Court.
SEC Not Likely To File An Appeal in Ripple Vs SEC Lawsuit
The XRP lawsuit was back in buzz after the SEC moved to close the investigation into Ethereum, making an effort to send a letter to Consensys without any obligation to do so.
The major development regarding SEC v. Ripple Labs is a comment by former SEC Crypto Enforcement Chief Kristina Littman that the U.S. SEC may not appeal against Judge Torres’ decision on XRP. “The SEC might just let the Ripple opinion stay there as a District Court opinion and not risk elevating it to Circuit level.”
Lawyer James Murphy, known as MetaLawMan, believes the tokens identified in the Coinbase lawsuit do not qualify as securities when traded on the secondary market. It has been proved in a judgment by the Second Circuit Court.
He also said that “Judge Torres was right on XRP,” pointing to SEC may not appeal the summary judgment. Murphy added the SEC’s inconsistent treatment of digital assets is becoming evident, highlighting the SEC’s contradictory arguments in the Coinbase hearing compared to its stance on Ethereum.
Also Read: Lawyer Defies Concerns Over Ripple’s Fine To SEC, Here’s Why
Ripple CLO On SEC’s Inconsistent Crypto Stance
Ripple CLO Stuart Alderoty pointed out significant shortcomings in the SEC’s recent decision. This decision raises questions about the SEC’s stance on Ethereum transactions and related services like MetaMask and staking.
A big win for Consensys, though questions remain. Does this mean the SEC thinks Consensys’ offers and sales of ETH are not securities transactions and/or that ETH itself is not a security? What will Gensler say if now asked? What is the status of MetaMask and staking?
This is…
— Stuart Alderoty (@s_alderoty) June 19, 2024
The SEC’s decision has raised concerns and skepticism, especially in the XRP community. Crypto participants question whether Ether gaining status as a commodity means all proof-of-stake (PoS) cryptocurrencies such as Solana, Cardano, and Polygon are commodities now. The regulator has failed to bring clarity on how some digital assets are securities while others are not, implying inconsistent regulatory guidelines.
Also Read: Lawyers Weighs In On SEC Appeal Summary Judgment and Judgment Date
XRP Price Rebounds from Support
XRP price trades at $0.498, up nearly 1% in the last 24 hours. The price rejects from the key level at $0.50, with a 24-hour high and low of $0.4906 and $0.5002, respectively. The trading volume has dropped 25% in the last 24 hours, indicates a lack of interest from traders yet.
Analyst Dark Defender suggested BTC will lose dominance against XRP starting now. XRP/BTC pair saw a reversal in the weekly timeframe. Also, he has confirmed a Golden Cross for RSI.
He predicts targets of $0.5286 to $0.6649 in the short term. The support level to watch for XRP is $0.4623, price below this can cause massive liquidation to bring XRP price back towards $0.42 support.
Also Read: XRP Price To Rally 1700% If It Closes At This Level
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Bitwise has filed an amended S-1 form for its Ethereum exchange-traded fund (ETF) just days before its July 8 deadline. This move indicates that the product is nearly ready for launch. Analysts predict that these ETFs could begin listing within the next two weeks.
Bitwise Submits Amended S-1 for Ethereum ETF
Bitwise’s updated registration form was submitted on Wednesday. Analysts suggest that these products be listed by mid-July. A source close to the situation indicated the SEC might approve the final drafts by the end of next week.
The SEC approved 19b-4 forms for eight spot Ethereum ETFs, including Bitwise, on May 23. However, issuers need their S-1 statements to become effective before trading can begin. This two-step process has kept the market eagerly awaiting the launch.
Despite the light comments on the S-1 forms, the SEC has taken its time to get approvals. A single problematic issuer may need to be on time to process. Nevertheless, expectations remain high for a launch this month.
Also Read: Federal Reserve Forecasts “AI Will Be Deflationary” To Boost Economy
Analysts Confident in Near-Term ETF Launch
Bloomberg ETF analyst James Seyffart noted the frequent amendments in S-1 forms. He expects more filings from other issuers throughout the week. This pattern suggests a coordinated effort to meet regulatory requirements.
UPDATE: We’ve got another amended S-1 from @BitwiseInvest for their #Ethereum ETF. Expect more from other issuers throughout the rest of the week. We’re thinking these things could potentially list later next week or the week of the 15th at this point. pic.twitter.com/xqVlt9lSGy
— James Seyffart (@JSeyff) July 3, 2024
Senior Bloomberg ETF analyst Eric Balchunas expressed surprise at the SEC’s slow pace. He speculated on possible reasons, including summertime vacations. Despite this, he confirmed indications of a launch this month.
The SEC’s return of S-1 forms with light comments suggests minimal hurdles remain. Analysts view this as the final round of feedback. This has increased confidence in a near-term launch.
Bitwise made significant updates to its S-1 form. One notable change includes waiving the sponsor fee for the first $500 million assets. However, the firm still needs to disclose the fee after this threshold.
Another issuer, VanEck, also announced that fees would be waived initially. These moves suggest competitive strategies to attract initial investors. By waiving fees, these firms aim to lower the entry barriers for new investors.
The recent amendments highlight Bitwise’s proactive approach to regulatory compliance. The firm’s updates reflect a strategic positioning ahead of the anticipated market entry. This aligns with the broader trend among issuers to streamline their offerings.
Also Read: US Lawmaker French Hill Doubles Down On Trump’s Pro-Crypto Stance
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
UNI, the native token of the decentralized crypto exchange Uniswap is down alongside the other coins. The crypto market has declined again after a slight recovery at the start of the month. Digital assets continue a downward trajectory that saw losses last month reducing the overall sentiments in altcoins.
UNI price soared this year against the market as the community anticipated a vote amongst other factors. In the past weeks, the bullish drive for the asset has plunged leading to sharp losses. A major reason for the downward trend of Uniswap is the reduced transaction activity as assets take a tumble.
Uniswap Nears Double Digit Losses
Uniswap is down 2.12% in the last 24 hours while its price stands at $8.66. This slump takes weekly figures above 7% above other top assets with v slight numbers. UNI soared above multiple resistance levels this year after a strong crypto performance in Q1 2024. At the moment, a chunk of gains are lost with bears becoming main characters in the last 39 days.
Last month, UNI tanked over 9% longer-term figures. Despite sell-offs recorded these weeks, UNI holders on social media spaces express optimism towards an improved price this month. While several commentators believe a market rebound might occur in July, industry and macro factors must flip positively an upward price trajectory.
Interest rate cuts remain a major talking point this year as firms expect cuts between September and October. These factors can swing the tide in favor of the market.
Wider Assets Plunge
Like Uniswap, other crypto assets have plunged with the bearish sentiment. Market leader Bitcoin (BTC) fell below $60,000 before making a slight recovery above the mark. This downtrend for BTC has caused similar movements in altcoins. Ethereum trades at $3,288 plummeting 3.89% today while BNB and Solana are down 4% and 7% respectively.
Also Read: These Crypto Stocks Are Falling Amid Q2 2024 Optimism
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto Market Selloff: The digital asset sector has noted a sharp decline today, with the overall market retreating nearly 3% today in the last 24 hours. Meanwhile, the recent slump in the major cryptos like Bitcoin, Ethereum, DOGE, BNB, LINK, and others, has sparked discussions in the market over the potential reasons.
So, let’s take a look at the possible reasons that have fueled the recent crypto market selloff.
Potential Reasons Behind The Recent Crypto Market Selloff
A series of factors could have triggered the recent crypto market selloff today. Here we explore the top reasons that might have impacted the sentiment of the broader crypto market.
Bitcoin ETF Outflow Fuels Concern
The U.S. Spot Bitcoin ETF has reversed its track after noting inflows for five straight days through July 1. Over the last five days, the U.S. Bitcoin ETF has recorded the highest influx of $129.5 million on July 1. This move has fueled the market sentiment over regaining the confidence of the institutional interests towards the flagship crypto.
However, the overall scenario took a different turn on July 2, with U.S. Spot Bitcoin ETFs recording an outflow of $13.7 million. Despite inflows of $14.1 million and $5.4 million from BlackRock IBIT and Fidelity’s FBTC, the outflux of $32.4 million from GrayScale has allayed the gains.
This move might have once again weighed on the investors’ sentiment, who are still seeking clarity on the market momentum. The recent outflux after a five-day winning streak also indicates that the institutions are taking a pause before making further bets in the sector.
Friday Options Expiry
The Bitcoin ETF outflow has triggered volatility in BTC, potentially impacting the broader crypto market. Apart from that, the massive upcoming options expiry also seems to have impacted the risk-bet appetite of the investors.
Notably, the recent crypto market selloff could be primarily attributed to the upcoming expiration of significant BTC and ETH options. Data from Deribit reveals that BTC options with a notional value exceeding $1.04 billion and a put/call ratio of 0.80 are set to expire on Friday, July 5, with a maximum pain price of $63,000.
Similarly, ETH options worth $479.30 million, with a put/call ratio of 0.38 and a max pain price of $3,450, will also expire. The impending expiries are creating uncertainty and influencing market behavior, as traders adjust their positions ahead of the deadline.
Also Read: Ripple and Coinbase Use Binance Win to Contest SEC Claims
Ethereum ETF Launch Delay
The crypto market was highly anticipating the Spot Ethereum ETF approval by the U.S. SEC this week. However, a potential delay might have sparked concerns among the investors.
Meanwhile, looking at the latest market trends, ETF Store president Nate Geraci said that the U.S. Spot Ethereum ETF might launch on July 15. Besides, Bloomberg also hinted at a mid-July launch for the Ether ETF to go live in the U.S.
Crypto Market Faces Over $120M Liquidation
The recent selloff in the crypto market has caused a liquidation of $123.62 million over the last 24 hours, CoinGlass data showed. In the same timeframe, around 45,000 traders were liquidated with the largest single liquidation taking place on OKX – ETH-USDT-SWAP worth $3.36 million.
Bitcoin faces liquidation of $34.74 million, while Ethereum’s liquidation stood at $32.87 million. However, despite the recent crypto market selloff, some analysts are still optimistic about the future performance of the market. Given the declining value and anticipation over Ethereum ETF approval this month, the crypto market might witness robust gains in the coming days.
However, with Bitcoin price currently crossing the brief $61,000 mark, the risk still prevails in the market. In a recent analysis, popular crypto market expert Ali Martinez warned of over $1 billion liquidation if BTC hits the $62,600 mark.
As of writing, Ethereum price dropped nearly 3% in the last 24 hours, while Dogecoin price fell 1.3%. Simultaneously, the BNB price noted a slump of 2.5% to $566.23, and Shiba Inu price slipped 1.34% to $0.00001695.
Also, CoinGlass data showed that Bitcoin Futures Open Interest (OI) fell about 4% from yesterday, while Ethereum OI slipped about 1.4%. This data also highlights the gloomy sentiment dominating the crypto market.
Also Read: Genesis Digital Is Considering Going Public Via IPO In US
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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