- XRP Surges Amid Ripple Case Victory
- India Demands $86M from Binance
- Bitcoin Dips Below $50K
- Donald Trump Jr. Launches Crypto Platform
- NYSE Applies to List Options on 3 Ether ETFs
- Quotes of the Week and Predictions
- FUD of the Week
- Top Magazine Articles of the Week
- Conclusion
XRP Surges Amid Ripple Case Victory
The price of XRP surged 26% as a New York federal judge moved closer to ending a three-year securities lawsuit against Ripple Labs, which executives are calling a victory for the industry.
On Aug. 7, a judge ordered Ripple Labs to pay a $125 million civil penalty and permanently enjoined the firm from violating U.S. securities laws. This ruling reportedly puts Ripple's case with the SEC in its final stages since the regulator initially filed the lawsuit in December 2020.
Ripple Labs CEO Brad Garlinghouse exclaimed, “This is a victory for Ripple, the industry, and the rule of law. The SEC’s headwinds against the whole of the XRP community are gone.” Co-founder Chris Larsen added, “Let’s all hope this ends this Administration’s war on crypto.”
India Demands $86M from Binance
Indian law enforcement agencies have demanded 722 crore Indian rupees (approximately $86 million) in unpaid taxes from crypto exchange Binance for noncompliance with local regulations.
In January 2024, Binance and numerous other offshore crypto exchanges were banned in India. However, Binance declared intentions to resume operations in April after resolving tax obligations. On Aug. 6, Indian authorities demanded payment after discovering Binance had earned significant transaction fees from Indian customers.
Bitcoin Dips Below $50K
On Aug. 5, Bitcoin's price fell below $50,000 for the first time since February, hitting a low of $49,351 before rebounding to around $51,000. This plunge caused the total market capitalization of cryptocurrencies to shrink by 17%, with Ether losing nearly 20% of its value within two hours.
Donald Trump Jr. Launches Crypto Platform
Donald Trump Jr., the eldest son of former President Donald Trump, announced plans to launch a new decentralized finance cryptocurrency platform aimed at addressing inequality in banking access.
During a Q&A session on Locals, Trump Jr. stated, “What we want to do is take on a lot of the banking world. I think there has been a lot of inequality in that only certain people can get financing.”
NYSE Applies to List Options on 3 Ether ETFs
NYSE American LLC has proposed a rule change to allow the listing and trading of options for three Ether exchange-traded funds (ETFs) operated by Grayscale and Bitwise. The filing argues that this would benefit investors by providing a low-cost investment tool and mechanism for hedging.
Quotes of the Week and Predictions
Quotes of the Week:
- “This is a victory for Ripple, the industry and the rule of law.” – Brad Garlinghouse, CEO of Ripple Labs
- “Now, it's possible to discuss nation-states holding Bitcoin on the balance sheet.” – Michael Saylor, co-founder of MicroStrategy
Prediction of the Week:
Chimp exchange founder Akshay Nassa predicts that a further decline in top tech stocks could exert downward pressure on Bitcoin prices, potentially dropping it to $40,000.
FUD of the Week
Bitcoin Must Flip $62K to Avoid Worst Death Cross Consequences
Analyst Benjamin Cowen believes Bitcoin can avoid a price drop if it flips $62,000 into support. Yet, imminent crossover changes could lead to a decline, as historical data shows mixed results.
Bitrace Warns of New Crypto Scam Using QR Codes
Bitrace reports a new type of scam where users are deceived into wallet authorizations through fraudulent QR codes. The scam frequently involves over-the-counter token swaps and long-term cooperation offers.
UK Court Freezes Assets of Missing 'Cryptoqueen' Ruja Ignatova
The UK High Court of Justice has issued a Worldwide Freezing Order against Ruja Ignatova and alleged accomplices in the OneCoin scheme. Over 400 victims rallied to pressure for asset freezes.
Top Magazine Articles of the Week
How Chinese Traders and Miners Get Around China's Crypto Ban
Chinese investors are circumventing bans using P2P trading, VPNs, and other creative strategies.
AI Bubble Not Over Yet Despite Trough of Disillusionment: AI Eye
Though the AI bubble shows signs of deflating, analysts still see potential, as discussed in the AI Eye section.
Chinese Boomers Join Crypto Tapper Cults, WazirX Fallout Worsens
New schemes in China disrupt families, alongside WazirX facing new fraud investigations and Do Kwon's delayed return.
Conclusion
These events underline the dynamic and volatile nature of the cryptocurrency market. Despite fluctuations, the industry continues to attract attention and spark global debate.
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