Judge Analisa Torres has granted a request from the United States Securities and Exchange Commission (SEC) to file a motion for leave to file an interlocutory appeal in its case against Ripple Labs. The decision allows the SEC to bring the case to the U.S. Court of Appeals for the Second Circuit. Ripple will also be able to file an opposition to the motion. This development comes after Torres ruled on July 13 that Ripple’s XRP token is not a security when distributed in public sales, but is considered a security in institutional sales. The case against Ripple has been ongoing since December 2020, when the SEC sued Ripple and its executives over allegations of offering an unregistered security.
The crypto market experienced a significant slump in prices as Bitcoin and Ether fell to a two-month low, triggering a series of liquidations for thousands of derivative traders. This crypto bloodbath resulted in billions of dollars worth of hedged positions getting liquidated, and several traders losing millions of dollars in a single trade. The sudden price volatility in the market was attributed to various factors, including the SpaceX Bitcoin write-down and macroeconomic factors.
El Salvador, which adopted Bitcoin as a legal tender in 2021, has seen its dollar bond outperform the majority of emerging markets with a 70% return in 2023. This massive rally has drawn interest from several institutional giants, including JP Morgan, Eaton Vance, and PGIM Fixed Income. El Salvador’s success in paying off its debt has raised confidence in the country’s bonds and attracted additional investors.
Europe welcomed its first-ever spot Bitcoin exchange-traded fund (ETF) with the launch of Jacobi Asset Management’s Jacobi FT Wilshire Bitcoin ETF on the Euronext Amsterdam stock exchange. This milestone for Europe comes as the United States regulators are still considering several similar spot Bitcoin ETF applications from major asset managers, including BlackRock and Fidelity.
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Cryptocurrency exchange Coinbase has obtained approval from the National Futures Association (NFA) to offer Bitcoin and Ether futures contracts to eligible customers in the United States. This approval allows Coinbase to introduce these investment products through a derivatives exchange regulated by the Commodity Futures Trading Commission (CFTC).
In terms of market performance, Bitcoin is currently priced at $26,031, Ether at $1,660, and XRP at $0.50. The total market cap is estimated at $1.05 trillion. Among the top altcoin gainers of the week are Sei (SEI) with a 1948.54% increase, THORChain (RUNE) with a 42.10% increase, and Akash Network (AKT) with a 25.80% increase. The top altcoin losers of the week include Conflux (CFX) with a -28.05% decrease, Compound (COMP) with a -23.83% decrease, and Litecoin (LTC) with a -22.99% decrease.
In other news, the team behind the newly released Shibarium mainnet has denied reports of bridge problems and asset losses, stating that the screenshots circulating in the crypto community are false. Meanwhile, Coinbase’s new layer 2 platform, Base, has experienced issues with bad actors. Crypto lender SwirlLend carried out a rug pull, resulting in the loss of funds for users. Additionally, the U.S. Federal Bureau of Investigation (FBI) has seized approximately $1.7 million worth of digital assets from March to May, with the seizures being a result of various breaches in federal regulations.
Overall, the crypto market continues to face challenges and volatility, but it also sees significant developments, such as the Ripple case progressing to the Court of Appeals, the launch of Europe’s first spot Bitcoin ETF, and Coinbase’s approval to offer crypto futures contracts. These developments signal the growing acceptance and integration of cryptocurrencies into traditional financial systems.
