Category: Crypto market

Ripple: SEC’s Radio Silence Keeps XRP Face Down

Posted on by Olumide Adesina

Ripple (XRP) faces increasing downside risks, reflecting a decline in market sentiment. As of now, XRP is down more than 1 percent at $2.22, despite steady interest in the token, especially in the derivatives market.

The Open Interest (OI) for XRP futures stands at $4.61 billion, up 23.2 percent from its June low of $3.54 billion. OI represents the total value of all futures and options contracts that have not yet been closed or settled. A sustained rise in open interest indicates a growing risk-on sentiment when traders bet on future price increases.
XRP remains in limbo after the SEC stayed silent for another week in the Ripple case. Investors await the SEC’s decision on whether it will appeal the Programmatic Sales of XRP ruling.

The SEC has yet to comment on Ripple’s appeal after the company announced it would withdraw its cross-appeal. Regarding Judge Analisa Torres’ repeated denials of joint motions for an indicative ruling on settlement terms, the SEC has also remained silent.

The SEC’s closed meeting provided SEC Chair Paul Atkins and the Commissioners their first opportunity to vote on whether to dismiss the appeal. A formal announcement may be awaited until the closed meeting on July 10.

Ripple CEO Brad Garlinghouse stated: “Ripple is dropping our cross-appeal, and the SEC is expected to drop their appeal, as they’re doing.”
Exchanges now hold 3.41 billion XRP tokens, up nearly 4.4 percent from the 3.23 billion recorded on June 25.

The rise in exchange balances increases the risk to XRP’s price because investors are more likely to sell when transferring assets between exchanges, according to Glassnode data. Any potential recovery could be hindered by overwhelming selling pressure, which could reduce upward price movements if the uptrend persists. Monitoring this in the coming days and weeks remains crucial

FTX Stops Repayments in China, Russia, Afghanistan

Posted on by Olumide Adesina

FTX is asking the court to approve a plan that might prevent users in 49 countries where cryptocurrency is illegal from receiving billions in creditor repayments.

Three People Has Been Identified And Charged For The $400 Million FTX Hack Attack

Chinese users are reportedly responsible for 82% of the impacted claim value and may be disproportionately affected. In a court filing dated July 2, FTX proposed designating 49 nations as “Potentially Restricted Jurisdictions,” including China, Russia, Afghanistan, and Ukraine.

The FTX Trust will first seek legal opinions for each jurisdiction, and payouts will proceed if deemed legally permissible, even though claims from these regions will automatically be marked as “disputed.”

However, the Trust will formally notify affected creditors if legal advice indicates that disbursing funds would be in violation of local laws. Following this, impacted users will have forty-five days to submit a formal objection, which can include a challenge in a U.S. court.

Those affected by the proposal have reacted strongly. Some argue that it raises serious ethical concerns, despite the FTX Recovery Trust framing it as a legal compliance issue. One user on X commented, “FTX accepted users from China when things were fine.” Now, it seems unfair to completely dismiss their claims due to “restricted jurisdiction.”

He referred to creditors in the affected nations as “victims” who still need payment. “While mainland China does not support cryptocurrency trading, residents… are allowed to hold cryptocurrencies… The claims process uses USD for settlement… they are allowed to hold USD overseas,” stated another Chinese claimant who goes by the username “Will.”

Others felt despair; one user asked, “Is there anything that could be done? Or did they steal all of the money?” Sunil, an advocate for FTX creditors, questioned why wire transfer settlements are not supported.

Bitcoin ETF Inflows Post Monthly High

Posted on by Olumide Adesina

Bitcoin exchange-traded funds (ETFs) experienced inflows of $601 million on Thursday, marking the highest single-day performance in over a month. This surge in investment reflects a renewed optimism among investors for crypto products, particularly as risk-taking assets gain traction. The previous record for inflows was $588.6 million on June 24.

According to data from Farside Investors, the majority of Thursday’s inflows were fueled by Fidelity’s FBTC and BlackRock’s IBIT, which attracted $224.5 million and $237.1 million, respectively. Additionally, Ark Invest’s ARKB added $114.2 million, while Grayscale’s GBTC and Franklin Templeton’s EZBC reported no net flows.

As investors anticipate potentially more lenient financial conditions under expanded policies from the Trump administration, institutional money is increasingly flowing into the crypto market. Exchange-traded funds (ETFs) remain the primary way for gaining extensive exposure to Bitcoin, providing regulated access without the complexities of direct ownership.

Meanwhile, U.S. President Donald Trump is set to sign his “Big Beautiful Bill” into law following its approval by both chambers of Congress. However, crypto markets are experiencing tension regarding the tax-cutting, debt-ceiling bill, which could lead to a short-term liquidity drain as the Treasury replenishes its General Account, according to entrepreneur Arthur Hayes.

Bitcoin Will Sink Back $90K Before Breaking All Time High

Posted on by Olumide Adesina

Arthur Hayes stated that although Bitcoin may be on the verge of hitting a new all-time high after breaking $110,000 earlier Thursday, BTC is still expected to test $90,000 this year once President Trump’s “Big Beautiful Bill” is signed into law.

The co-founder and former CEO of cryptocurrency exchange BitMEX said in a blog post titled “Quid Pro Stablecoin,” published on Wednesday, that the president’s bill, which aims to lower taxes and raise the debt ceiling, could lead the US Treasury to take out more loans. After passing the Senate, the bill has now cleared the House of Representatives.  President Trump is expected to sign the legislation into law on U.S Independence Day.

According to Hayes, the Treasury would replenish its General Account, which could cause markets to lose liquidity and impact the value of assets like Bitcoin. But ultimately, he believes Bitcoin will continue to rise afterwards.

He wrote, “Be cautious.”  CoinGecko reports that it has increased by more than 2 percent over the past seven days and remains 2 percent below its peak of $111,814 in May. Hayes previously stated that money printing, a monetary policy of the US central bank, would eventually help Bitcoin and other crypto assets

The Crypto expert predicted in May that Bitcoin might reach $1 million per coin by 2028 as investors shift funds from US Treasury bonds into other assets.

Hayes also mentioned that the US government is interested in stablecoins to reduce the deficit, rather than fix payment issues, in his blog post from Wednesday

The Senate passed the GENIUS Act, establishing a legal framework for Stablecoin issuance and trading in the world’s largest economy.

Ripple [XRP] Faces Fresh Legal Battle with SEC,DOJ

Posted on by Olumide Adesina

The Securities and Exchange Commission (SEC), the Department of Justice (DoJ), and Linqto tied up Ripple [XRP] into another legal fight. The Wall Street Journal (WSJ) reported that the Linqto platform was accused of breaking securities laws. The platform allows private investors to buy shares before large startups go public.

Linqto bought private Ripple shares from the secondary market and sold them to investors who weren’t accredited.

Reports say it even sold at higher prices to investors from sanctioned countries. The report also claimed that some investors didn’t realize they only owned “units,” or shares, of a Special Purpose Vehicle (SPV), which was directly responsible for those shares.

Former lawmaker John Deaton called this a “regulatory nightmare,”.About 5,000 SPV Ripple investors are reportedly not accredited.

To clarify Ripple’s stance, CEO Brad Garlinghouse said, “What we know from our records is Linqto owns 4.7 million shares of Ripple, solely purchased on the secondary market from other Ripple shareholders (never directly from Ripple).”

Garlinghouse added that Linqto’s 40.7 million Ripple shares, bought from early investors, had significantly increased in value. However, in 2024, the company was banned from secondary markets for Ripple shares due to “growing skepticism.”

The XRP token is not the same as Ripple’s shares. According to Hiive data, Ripple’s private shares have risen by 320 percent year over year and are now valued at $91 per share.

Grayscale Surprised on XRP, Solana ETF Delays

Posted on by Olumide Adesina

The US Securities and Exchange Commission’s decision to postpone the launch of its Digital Large Cap Fund was deemed “unexpected” by Grayscale.

 

The company claimed that the regulator’s unexpected decision on Wednesday demonstrated the evolving nature of the regulatory environment. Grayscale stated that although this development was surprising, it illustrates how the regulatory environment around a first-of-its-kind digital asset product, such as GDLC, is dynamic and ever-changing.

The conversion of Grayscale’s GDLC fund, which focuses on Bitcoin but exposes investors to Ethereum, Solana, XRP, and Cardano, into an exchange-traded fund was expedited by the SEC. However, a note from the regulator stating that it would not yet permit the product to begin trading was also attached. Grayscale went on to say:

“We are working closely with important stakeholders to meet all requirements, and Grayscale is still committed to pursuing the listing of GDLC as an exchange-traded product. We’ll supply.

The CoinDesk 5 Index, which gauges the performance of the top five most liquid and sizable digital assets, serves as the basis for Grayscale’s Large Cap fund. Over 80% of the fund’s assets are made up of bitcoin.

According to the SEC filing, Ethereum accounts for about 11% of the ETF’s assets, followed by Solana (2.8%), XRP (4.8%), and Cardano (0%). GDLC wants to be listed on the NYSE Arca as a full-fledged ETF. The asset manager has already converted its Ethereum and Bitcoin trusts into Grayscale’s funds. Because the funds were closed-end, supply and demand imbalances resulting from their structures caused the products to trade at a premium or discount to the value of their underlying holdings.

Ripple apply For U.S National Trust Charter, Boost XRP, RLUSD adoption

Posted on by Olumide Adesina

Ripple submitted an application to the US Office of the Comptroller of the Currency (OCC) for a national trust charter, which would enable the cryptocurrency company to provide its services nationwide while being governed by federal law. According to an official from the company, the application represents a strategic move toward more extensive national regulatory engagement.

The OCC is considering Ripple’s application for a national bank charter, in keeping with our long history of compliance. If authorized, we would have federal and state oversight (through NYDFS), which would set a new (and distinct!) standard for confidence in the stablecoin market, stated Brad Garlinghouse, CEO of Ripple.

“@Ripple is applying for an OCC national bank charter, staying true to our longstanding commitment to compliance. Approved would establish a new (and distinct!) standard for confidence in the stablecoin market by providing both federal (through NYDFS) and state oversight.”

The ruling places Ripple in line with an increasing number of cryptocurrency companies that are requesting national regulation in the face of changing US law.

Circle, the stablecoin issuer, filed a similar application, illustrating a larger industry trend toward obtaining federal licenses to expedite service delivery and compliance.

The New York Department of Financial Services oversees the $470 million stablecoin, RLUSD, that Ripple currently offers. The business also offers custody services for digital assets. It would be able to scale and consolidate these operations across state lines with a national banking license, eliminating the need for numerous state-level approvals.

Kraken offers U.S. Stocks on Solana

Posted on by Olumide Adesina

Kraken announced a major initiative to make international financial markets more accessible: a phased rollout of tokenized US stocks for qualified non-US users.

These stocks will be issued on the Solana blockchain and include 60 asset tokens, such as leading US stocks and exchange-traded funds (ETFs), which can be traded through the Kraken app 24/7. Tokenized stocks provide more than just exposure to traditional markets.

They can be traded nonstop, used as collateral in DeFi, and withdrawn to self-custodial wallets, making them more flexible than conventional stocks. Arjun Sethi, co-CEO of Kraken, stated, “This is the first time that people from all over the world can own and use a share of a tokenized stock like they would use money.”

This is not just about innovation; it’s about empowering individuals and removing barriers long set by institutional gatekeepers or geographic limits.

According to Adam Levi, co-founder of Backed, tokenized stocks are the next phase in the evolution of cryptocurrency, bridging the gap between traditional finance and a decentralized economy.

“This pertains to global accessibility, effectiveness, and decomposability. SPL-based tokens represent the initial step in a broader rollout with Kraken and Backed planning to expand to other fast blockchains soon”. This launch aims to make capital markets open, self-custodial, and non-permitted.

Bitcoin Shows Signs Sinking Below $100K

Posted on by Olumide Adesina

Bitcoin failed to break above the $109,000 barrier and on Tuesday, it retreated to $105,250.

Bitcoin might have formed a local top or enter a period of consolidation, according to a market report by Bitfinex analysts. It is expected that buyers will make every effort to protect the $104,500 level because, if they fail, the pair could drop to the psychological support at $100,000.

A possible range expansion in the coming days is indicated by Bitcoin’s position between the moving averages and the downtrend line. The situation with Bitcoin is a classic example of being “so close, yet so far” from a technical standpoint.

Multiple attempts to break through the $107,500–$108,000 zone as shown on the four-hour chart.

Candlesticks with wicks from these failed breakouts indicate that sellers were able to overpower buyers who had pushed prices higher. Despite the relative strength, the upward-sloping moving averages suggest a slight advantage for the bulls.

Wall Street reached all-time highs thanks to gains in technology stocks, while cryptocurrency markets have substantially underperformed other risk-oriented markets, especially stocks. The two primary sources of uncertainty for markets were the Senate’s approval of a contentious tax cut and spending bill and Trump’s tariff plans ahead of the July 9 deadline for deals.

 

Ripple: America’s First XRP ETF Shows Strength

Posted on by Olumide Adesina

Purpose Investments’ XRP exchange-traded fund (ETF) in Canada and North America demonstrated resilience after a shaky start. On June 30, the fund, which trades on the Toronto Stock Exchange (TSX), rose by 11.89 percent, closing at $10.6.

The ETF has gained 6.19 percent over the past five days and 7.4 percent since its launch on June 18. While XRP, the underlying cryptocurrency, has faced difficulty breaking through key resistance levels, a recovery appears to be in progress. Initially, the ETF mirrored XRP’s overall weakness, but recent sessions show it is beginning to diverge slightly.

It ranks second globally among XRP ETFs, after Brazil’s Hashdex XRP product. Purpose Investments charges a management fee of 0.69 percent, capped at 0.89 percent, with any savings passed on to investors.

The ETF is an attractive way for Canadian investors to gain exposure to digital assets, as it can be held in tax-advantaged accounts, which include RRSPs and TFSAs.

Although the launches in Canada and Brazil have had limited impact on XRP’s global price so far, more notable movements may be on the horizon. Recently, the SEC sought public feedback on Franklin Templeton and WisdomTree’s proposals for spot XRP and Solana ETFs.

If approved, these products—being the first of their kind just south of Canada—would be listed on Cboe’s BZX Exchange, potentially attracting significant institutional participation and liquidity.