Category: Crypto market

Shaquille O’Neal pays $1.8 million over FTX

Posted on by Olumide Adesina

Shaquille O’Neal has reached a rare celebrity settlement in the broader legal ramifications surrounding the platform’s demise, and will pay $1.08 million to settle claims that he promoted the now-defunct cryptocurrency exchange FTX.

The proposed agreement was filed in a federal court in Florida and aims to end a class action lawsuit that accused the former NBA player of using social media campaigns and high-profile events to promote FTX as a secure and reliable investment.

According to the lawsuit, the plaintiffs are FTX users who made deposits or purchased FTT, the exchange’s proprietary token, between May 2019 and late 2022. During this time, the business actively broadened its audience by utilizing celebrity endorsements.

Unlike other endorsers such as Naomi Osaka, Tom Brady, and Steph Curry, whose cases were largely dismissed or unresolved, O’Neal remained legally involved following a lengthy effort to serve him with court documents. O’Neal denies any wrongdoing, but the proposed settlement implies otherwise.

FTX collapsed in 2022 after Sam Bankman-Fried was accused of embezzling billions of dollars in client deposits. Although the company has since stated that it will be able to reimburse most users, Bankman-Fried received a 25-year prison sentence in March 2024.

O’Neal had previously distanced himself from cryptocurrency markets, stating in interviews that he was merely a paid spokesperson and didn’t understand the technology. However, the lawsuit focused on his involvement in promotional materials, particularly in the later stages of FTX, claiming that his celebrity endorsement contributed to the public’s perception of FTX as a credible investment.

If the court approves the deal, it will resolve O’Neal’s involvement and set a precedent for future scrutiny of prominent celebrity endorsements in the cryptocurrency sector. Meanwhile, the settlement amount must be paid within 30 days.

 

XRP under Rain as Israel-Iran Conflict weighs on

Posted on by Olumide Adesina

XRP dropped 10% from Tuesday’s peak to two-month lows amid ongoing legal issues and the Middle East Crisis.

 

The geopolitical tensions from the Israel-Iran conflict lead investors to avoid riskier assets. As broader cryptocurrency markets retreat due to high geopolitical uncertainty, the token encounters technical resistance at $2.33.

The price of XRP has fallen to its lowest level in over a week, hitting $2.1 on Sunday before marginally rebounding to $2.15. The altcoin remains under pressure from geopolitical tensions and technical selling.

Judge Torres rejected the parties’ request for an indicative ruling in May, claiming that “the Court would deny the parties’ motion as procedurally improper if jurisdiction were restored to this Court.” The parties jointly filed a motion in Manhattan federal court to dissolve the injunction in their case and release the $125 million civil penalty currently held in escrow. They aim to avoid pursuing the appeal, which is the main goal of this motion.

A final settlement approved by the court would eliminate any remaining legal uncertainties, further increasing the already strong demand for the cryptocurrency XRP. Ripple faced allegations of $1.33 billion in unregistered XRP sales in a lawsuit initially filed in December 2020.

US President Donald Trump warned Tehran against attacking any US targets and asserted that the war could be resolved easily, leading to new attacks between Israel and Iran overnight into Sunday.

 Israeli rescue teams searched for survivors using flashlights and sniffer dogs as they combed through the debris of residential buildings destroyed in strikes after authorities reported that at least seven people, including children, had been killed,

The nuclear talks that Washington claimed were the only means to stop Israel’s bombing have been canceled by Tehran, while Prime Minister Benjamin Netanyahu has stated that Israel’s current attacks pale in comparison to what Iran will experience in the coming days. Trump declared in a message on Truth Social that “the full strength and might of the US Armed Forces will come down on you at levels never seen before if we are attacked in any way, shape, or form by Iran.”

He further stated that we can easily reach an agreement between Israel and Iran to put an end to this brutal war.

Trump provided no information about a potential agreement. Iran claims that 78 people were killed on Friday, the first day of Israel’s campaign, with more casualties reported, including 60 who died when a missile destroyed a 14-story apartment building in Tehran, 29 of whom were children.

 

 

Bitcoin faces Explosion as Iran hits Israel Back

Posted on by Olumide Adesina

Bitcoin faces high selling pressure amid the ongoing situation in the Middle East. Whales’ altered attitudes are among the first warning indicators to emerge. Some long-term Bitcoin investors had begun to sell off small amounts of their holdings, as reported earlier this week, but that was before the attacks.

Some Bitcoin whales, or those who own more than 1,000 bitcoins, have started “trimming” their holdings. Smaller investors may imitate these sell-offs if they persist or worsen, putting more selling pressure on Bitcoin.

More than two months have passed since Bitcoin’s price troubles sent it sharply downward, causing the asset to fall to less than $75,000. Operation Rising Lion on June 13 to target over 100 strategic military and nuclear sites in Iran, including those in Fordow and Natanz.

According to the most recent reports, there were close to 100 people killed, including scientists and senior commanders, while there were well over 300 people injured.

Fars reported that “Iran’s strikes will continue and this confrontation will not end with last night’s limited actions, and this action will be painful and regrettable for the aggressors.” Their statement indicated that the war would “spread in the coming days to all areas occupied by this (Israeli) regime and American bases in the region.”

Israel launched its largest-ever air offensive against its longtime adversary on Saturday to prevent Iran from developing a nuclear weapon, raising the potential for a broader conflict as Iran and Israel persist in targeting each other

XRP: SEC, Ripple Beg Court For Final Settlement

Posted on by Olumide Adesina

The dispute between Ripple and the SEC reached a turning point after years of litigation. The court has been asked to approve a jointly submitted settlement agreement. The SEC and Ripple have jointly requested that the $125 million fine, which was previously imposed and kept in escrow, be finally divided.

 

Consequently, Ripple would receive a refund of $75 million, with $50 million going to the SEC.  This agreement was submitted to the United States District Court for the Southern District of New York to prevent further legal action and a possible appeal under Judge Analisa Torres’ direction.

 The Ripple-SEC case was essentially settled for the crypto industry. The main controversy over whether XRP qualifies as a financial security was resolved. Negotiating the fine amount is now the main priority.

The recent spike in XRP’s price and volume presents a complex picture on CryptoQuant. Retail FOMO was evident in the rally initially. As prices rose, Active Addresses increased dramatically before rapidly declining as the market leveled off.

This reflects a classic pattern of individual investors swarming in and pulling out.
The Spot Average Order Size data indicated that average investors drove the price higher, reflecting smaller transaction sizes typical of the larger retail market. Nonetheless, the narrative isn’t solely focused on retail.

Larger players are providing a layer of support after the pump. At pre-hike levels, the funding rate in derivatives markets remains positive, indicating that leveraged positions continue to display bullish sentiment. Likewise, although Open Interest has decreased from its peak, it remains much higher than before the surge, suggesting ongoing speculative capital.

More importantly, Spot Average Order Size shows that whales are sustaining elevated prices

Forex Signals Brief June 13: UoM Inflation Expectations in Focus After Soft CPI and PPI

Posted on by Skerdian Meta

Investors are closely watching the upcoming University of Michigan consumer sentiment report, as inflation expectations remain a critical gauge amid recent mixed inflation data. Continue reading “Forex Signals Brief June 13: UoM Inflation Expectations in Focus After Soft CPI and PPI” →

ETH: Ethereum drowns below $2,500 Mark

Posted on by Olumide Adesina

Ethereum experienced a significant drop, plunging more than 9% below $2,500 in the last day. The gains made by the second-largest cryptocurrency following the rally were reduced to $2,860. According to Defense Minister Israel Katz, the meltdown follows Israel’s alleged “preemptive strike” against Iran.

 

Katz stated that retaliatory attacks against Israel are anticipated. Over the past day, the cryptocurrency market has witnessed a liquidation of over $1 billion, with a staggering $947 million in longs being wiped out. Whale activity has decreased for the seventh consecutive day, which could indicate that institutional confidence is waning.

The next move could determine the short-term market direction since the altcoin breached the critical support level

Santiment data highlighted that the number of Ethereum whales, or wallets containing 1,000–10,000 ETH, has consistently declined to 5,378 from 5,427 just 10 days ago and 5,400 three days ago. Major holders may be cautious, as evidenced by the seven days of decline despite Ethereum futures open interest recently reaching an all-time high,

Consistent decreases in the number of these whales usually imply either profit-taking, risk aversion, or a drop in confidence in short-term price action. These whales are often used to gauge the sentiment of institutional or high-net-worth investors.

Ripple: XRP Crash after Israel rain Missiles on Iran

Posted on by Olumide Adesina

Ripple’s token crashed on Friday morning after Israel’s missiles struck Iran.

The token last traded at $2, a critical support level. XRP’s recent price action has not shown much strength, as the cryptocurrency is facing persistent bearish pressure since the correction phase began.

Risk-taking in the crypto market has been watered down amid the ongoing crisis in the Middle East

 

Israel started attacking Iran, but the US was not involved in the operation or providing support. A state of emergency was proclaimed across Israel by the defense minister.

The White House had threatened to take military action if nuclear talks failed, despite reports that the US was not involved. A crucial response deadline was set for Thursday. Iran had previously promised to retaliate against any assault.

XRP price started to rise last month, moving from $1.80 in early April, but seems to have begun a new bearish momentum

A clear wave of red candles has now exceeded the momentum that fueled that surge, and technical analysis suggests that XRP’s price may drop below $2 again in the coming days, approaching the April low. Interestingly, bearish volume has remained relatively low despite the ongoing decline.

This suggests that the sales might not be much, but it is also uncontested. Rather than strong selling pressure, this low-volume pullback indicated that the market is slipping due to insufficient buying pressure.

 

 

Forex Signals Brief June 12: Less Attention on US PPI After Yesterday ‘s Soft CPI Inflation

Posted on by Skerdian Meta

The Producer Price Index (PPI), a key measure of wholesale inflation, is back in focus as investors react to fresh trade developments, inflation data, and shifting global market sentiment. Continue reading “Forex Signals Brief June 12: Less Attention on US PPI After Yesterday ‘s Soft CPI Inflation” →

Odds High For Solana (SOL), Litecoin (LTC) ETF

Posted on by Olumide Adesina

Bloomberg analyst James Seyffart has increased the likelihood that altcoin exchange-traded funds (ETFs) will be approved by the US Securities and Exchange Commission (SEC), a development generating excitement in the cryptocurrency market.

His most recent prediction states there is a 90% chance that Solana (SOL) and Litecoin (LTC) spot ETFs will be approved. The SEC is reviewing proposals for spot Solana ETFs. XRP was second in line with 85% odds.

 The SEC acknowledged Grayscale’s proposal for a Solana ETF in February. However, citing unresolved issues, it later postponed its decision until May. The financial watchdog delayed making decisions regarding Bitwise and 21Shares’ proposals.

This was because more time was required to look at the legal, technical, and investor protection aspects.

Dogecoin (DOGE) comes in third with 80% odds. Digital assets with 75 percent odds include Cardano (ADA), Polkadot (DOT), Hedera (HBAR), and Avalanche (AVAX).

The financial watchdog requested that issuers submit revised S1 registration forms by next week, to review and comment on the submissions within 30 days. Additionally, they were asked for more clarification on their approach to sort staking and in-kind redemptions.

U.S.  SEC may now be more amenable to permitting staking as a component of a Solana ETF structure, according to these updates. According to one source, these modifications might expedite the procedure and move the investment vehicles closer to approval in three to five weeks.

Nasdaq wants to List SUI ETF

Posted on by Olumide Adesina

The US Securities and Exchange Commission (SEC) received a 19b-4 filing from Nasdaq requesting permission to list the 21Shares SUI ETF. This follows the submission of 21Shares’ S-1 registration statement in April and marks the official beginning of the regulatory review process.

The altcoin traded close to $4, after a brief lull in mid-May, it experienced a sharp decline due to heightened volatility, bottoming below $3 in early June amid a general market pullback.

The proposed fund, however, signifies growing institutional interest in the Sui ecosystem, a Layer 1 blockchain renowned for its high throughput and developer-friendly architecture. Since then, it has rebounded, rising above $3.4

 21Shares has already launched a Sui exchange-traded product (ETP) in Europe, and inflows into these products have increased recently following its listing on Euronext Paris and Amsterdam.

The Sui Foundation stated that over $300 million is distributed worldwide among SUI-based investment products. A successful US launch will provide wider access to the network and its token.

 Kevin Boon, President of Mysten Labs, stated, “The Sui ecosystem has become a destination for serious builders and institutions, and 21Shares has built its legacy on identifying those trends early. Interest in Sui has expanded beyond 21Shares, as companies such as Canary Capital, Franklin Templeton, VanEck, Grayscale, and Ant Financial have initiated various projects linked to the network since late 2024.  The NASDAQ filing milestone represents a significant event when we reflect on our mainnet two years ago. We take pride in assisting 21Shares in creating a future where SUI is accessible to all investors. “