BTC Struggles at $61K, SEC Appeals Ripple Ruling, and Tokenized Assets Gain Momentum - October 3, 2024
A quick and digestible recap of yesterday’s crypto news
TL;DR: Market Insight in Seconds
SEC: Appeals Ripple case with Supreme Court precedent as the legal battle intensifies.
Tokenization: Euroclear and World Gold Council demonstrate improved collateral transfers via tokenization.
Bitcoin ETFs: See record $24.26 million in outflows.
Bitwise: Officially files registration for XRP ETF.
PYUSD: Paypal partners with MoonPay to include PYUSD on the platform.
Chainlink: Taurus and Chainlink partner up for tokenized asset adoption.
FTX: Plans to sell WLD to pay creditors.
Price Update
Bitcoin Struggles to Hold $62K, Returns to $61K After Market Sell-Off
Bitcoin faced a rough start to October, briefly bouncing above $62K before quickly sliding back to $61K. The drop follows a tumultuous September, with investor optimism fading due to broader market sell-offs and ETF outflows. Altcoins like Ethereum, XRP, ADA, and LINK also suffered losses, contributing to the overall bearish sentiment.
Regulatory Updates
SEC Appeals Ripple Ruling, Citing Supreme Court Precedent
The SEC has officially appealed the ruling in the Ripple case, claiming that the decision conflicts with Supreme Court precedent. This appeal could prolong Ripple’s legal battles, adding uncertainty to the future of XRP and its regulatory status in the U.S. The ongoing legal drama continues to impact XRP’s market performance, despite Bitwise’s recent filing for an XRP ETF.
Bitwise Files Registration for XRP ETF
Bitwise has officially filed a registration statement with the SEC for a spot XRP ETF. If approved, this ETF would provide investors and institutions with direct exposure to XRP in a regulated format.
New Partnerships
PayPal Teams Up with MoonPay for PYUSD Stablecoin
PayPal has partnered with MoonPay to drive adoption of its PYUSD stablecoin, offering easy access and transactions using digital dollars. This collaboration seeks to push PYUSD further into the mainstream, promoting the usability of stablecoins in everyday transactions.
Swiss-Based Taurus and Chainlink Partner for Tokenized Asset Adoption
Taurus, a Swiss-based fintech firm, has partnered with Chainlink to promote the adoption of tokenized assets. The collaboration wants to bring more real-world assets onto the blockchain, providing increased transparency and efficiency for traditional markets.
Don’t Miss Anything
Tokenization Pilot Demonstrates More Efficient Collateral Transfers
A collaborative pilot project by Euroclear, the World Gold Council, and Digital Asset has successfully shown how tokenization can streamline collateral transfers. The experiment found that tokenized assets allow for more efficient and faster collateral transfers, showing blockchain’s potential to transform traditional financial systems.
FTX Estate Plans to Sell Worldcoin Tokens
FTX's estate is preparing to sell $22.3 million Worldcoin (WLD) tokens as part of its efforts to recover assets for creditors. The sale of these tokens is one of the latest steps in the exchange's ongoing bankruptcy proceedings. Investors prepare for a possible WLD price dip.
Bitcoin ETFs Record $24.26M Outflow in September
Bitcoin ETFs have experienced significant outflows, losing $24.26 million in just one month, the highest outflow since early September.
Bitcoin struggles to hold key price levels and the overall market experiences a bearish sentiment. The SEC's renewed challenge against Ripple is another chapter on the ongoing regulatory and market pressures. Meanwhile, positive strides in tokenization and partnerships like PayPal's collaboration with MoonPay underscore the growing integration of digital assets into traditional finance. As the market evolves, being informed and adaptable is crucial for investors and participants. Stay tuned for tomorrow’s newsletter to get the latest insights and updates in the market.
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