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06.10.[News of the day] • XRP holders will not join as defendants in the SEC vs. Ripple • and other articles

4 min read

 

Welcome to today’s overview of crypto news:

MARKETS

In addition to falling below $ 47,000 over the weekend, the primary cryptocurrency has been going well for the past few days. It recovered from last week’s slump and was on her way for the first time in almost a month to $ 50,000. After several rejections at $ 49,000, BTC finally overcame the $ 50,000 hurdle yesterday. The second attempt looked much more optimistic, as the asset continued to rise, falling just below $ 52,000.

Since then, however, we have not been able to continue growing, quite the opposite. BTC has lost more than $ 1,000 in value and is currently below $ 51,000.

The Altcoins have been successful in recent days, but most of them are now in the red, leading to a growing dominance of BTC. Today, ETH reached a multi-week high above $ 3,500, but has now fallen well below $ 3,400.

BTC analysis – if the price exceeds $ 53,000, it may mean bullrun

Cryptocurrencies

Shiba Inu penetrates the Top 20 against the backdrop of an explosive price rally

The cryptocurrency is currently worth $ 11 billion and is a small piece that separates it from catching up with Bitcoin Cash, BTC’s largest hard fork. The meme coin has grown by almost 200% in the last three days alone, significantly outperforming the rest of the cryptocurrency market.

Shiba Inu recently outperformed BTC in terms of trading volume on Coinbase, a leading US exchange. It is not clear what caused this sudden rise, but some speculate that it may have been supported by Tesla CEO Elon Musk, who recently published another photo of his Shiba Inu dog.

Banks, crypto exchanges, companies

The US Bank is launching a BTC custody service as more and more banks enter the crypto world

US Bank, the country’s fifth largest retail bank, will now offer cryptocurrency custody services, starting with BTC, the bank announced on Tuesday. The New York Digital Investment Group, a fintech company focused on BTC, is the first crypto-trustee in the bank’s network of providers, the statement said.

The services are aimed at institutional investment managers with private funds in the USA or the Cayman Islands who are looking for safe storage options for BTC. Altcoin support is expected to follow.

In the last few years, banks and other financial institutions have increasingly ventured into the world of cryptocurrencies, from JP Morgan to PayPal, to meet growing demand. US Bank’s launch of custody services was also triggered by growing demand for cryptocurrency-related services. The Bank of New York Mellon, State Street and the Northern Trust are other custody banks that have already announced plans to enter the cryptographic sphere.

AMC Theaters debuts with crypto payments for e-gift card purchases

US cinema giant AMC Theaters is gradually approaching its goal of accepting cryptocurrency payments by the end of the year and is now making its debut with purchases for electronic gift cards. AMC customers can now purchase digital gift cards for cryptocurrencies directly through the AMC website, mobile apps and theaters, CEO Adam Aron said on October 5.

The new payment option was made possible through the main processor of cryptopazments BitPay and allows customers to purchase electronic cards up to USD 200, Aron noted. 

CBDC, Regulation

SEC Chairman Gensler: The SEC has no plans to ban cryptocurrencies, says it’s “on Congress”

The U.S. Securities and Exchange Commission (SEC) has no plans to ban cryptocurrencies, its chairman Gary Gensler said during a hearing in Congress on Tuesday. He added that any decision to ban cryptocurrencies is “on Congress.”

Gensler answered a question from MP Ted Buddha, whether the US plans to ban cryptocurrencies modeled on China, saying:

“I think our approach is really different. It is about getting this area into the framework of investor and consumer protection that we have. “

Gensler’s comments echo the comments made last week by Federal Reserve Chairman Jerome Powell. The head of the central bank told the House of Representatives’ financial services committee that the Fed did not plan to ban crypto as an asset class.

XRP holders will not join as defendants in the SEC vs. Ripple

U.S. District Judge Analisa Torres ruled on Monday that a group of people who own XRP could offer a “meaningful view” in the US Securities and Exchange Commission’s (SEC) case against Ripple, despite rejecting their application to intervene.

The U.S. regulator filed a lawsuit against the blockchain company in December last year, alleging violation of the securities law.

Although Judge Torres rejected XRP holders’ request to join the case as a group, she argued that the regulator would have to take enforcement action against each individual XRP holder if they were allowed to participate in the proceedings as defendants.

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