5 Things to Know in Crypto Today – XRP Surges on SEC v Ripple Optimism
- The crypto market ended a four-day losing streak on Sunday to end the week up $21 billion, ending a three-week losing streak.
- XRP contributed to the bullish week, rallying 18.7%, with investor optimism towards the SEC v Ripple case delivering a breakout week.
- Crypto adoption continued, despite the Crypto Winter, which remains crypto-positive.
Crypto Market Steadies After US Economic Indicator-Fueled Slump
On Sunday, the crypto market ended a four-day losing streak with a $4.3 billion increase to end the day at $905.6 billion. Notably, the crypto market also ended a three-week losing streak, despite four consecutive days in negative territory. The crypto market cap increased by $20.9 billion.
However, US economic indicators and Fed monetary policy continue testing the appetite for riskier assets. ISM Non-Manufacturing PMI numbers and Friday’s US jobs report drove bets of 75-basis point Fed rate hikes in November and December.
This morning, the probability of a 75-basis point Fed rate hike in November stood at 78.1%, up from 56.5% on September 30. Significantly, the chance of a 75-basis point hike in December stands at 22.6%, up from 0% on September 30.
Later today, the IMF/World Bank Meetings will draw plenty of market interest. The International Monetary Fund (IMF) and the World Bank have warned of the consequences of central banks delivering synchronized interest rate hikes.
XRP Finds Support on Renewed Optimism Toward the SEC v Ripple Case
On Sunday, XRP rose by 2.87% to end the week up 18.7% to $0.5320. By contrast, the total crypto market cap increased by a modest 2.36%. Investor optimism toward a favorable outcome to the SEC v Ripple case has muted the effects of Fed fear on XRP price action.
A pivotal Court ruling has fueled speculation of a Ripple victory, or worst-case scenario, an SEC willingness to settle. Earlier this month, the Court overruled the SEC’s objection to the Court denying the SEC’s attempt to protect the William Hinman speech-related documents under the attorney-client privilege, which has driven expectations of a Ripple victory.
Fueling further XRP price support was a Ripple response to an SEC objection to two amicus brief motions. The filings provided a view of XRP from a different lens that may not support the classification of XRP as a security. The defendants did not hold back in a letter to the Court, which concluded by saying,
“If the SEC cannot evaluate the veracity of such claims, then it had no business bring this litigation in the first place.”
Ultimately, it could hinge on the Hinman docs. While the SEC may appeal the Court decision, the consensus is that the SEC will eventually have to turn over the documents. At that juncture, the view is that the SEC will look to settle rather than allow the docs to become publicly accessible.
Dapper Labs Responds to New Round of EU Sanctions on Russia
On October 6, the EU introduced new sanctions against Russia and Russian nationals. Relating to crypto assets,
“The existing prohibitions on crypto assets have been tightened by banning all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet (Previously €10,000 was allowed).”
“Our payment processing and stored value service partner is subject to EU regulations and has directed us to take action on all accounts held by those impacted by the October 6 restrictions, consistent with EU law.
“As a result, Dapper has had to suspend accounts with connections to Russia from the following:
- The purchase, sale, or gifting of any Moment across all Dapper Sports.
- Any withdrawals from your Dapper Account.
- Dapper Balance Purchases.
However, the announcement stated that
“Dapper has not closed the accounts. Users impacted by these actions can continue to access and view their NFTs.”
Dapper’s response to the latest sanctions reflects the seriousness of any breaches. Platforms allowing the circumvention of sanctions would face increased regulatory scrutiny.
FTX to Offer Crypto Credit Cards in 40 More Countries via Visa Partnership
FTX targets Latin America with the Visa debit card rollout, with Europe and Asia to follow. Last week, news hit the wires of FTX and Visa expanding their global partnership to offer crypto debit cards in 40 more countries. The FTX account-linked debit cards are currently available in the US.
Brazilian Companies Holding Crypto Surge, Making LatAm a Crypto Hotbed
According to the local media, the Federal Revenue of Brazil (RFB) reported a record number of crypto declarations by companies in August 2022. The company numbers follow a record number of individual investor declarations in July 2022.
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