Category: Crypto market

Ripple: XRP can replace SWIFT in Banking System

Posted on by Olumide Adesina

Ripple revealed that the digital asset XRP and blockchain technology could help address some enduring issues with international payments, such as those about the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system.

The company brought attention to the vulnerability of traditional systems, which still primarily rely on manual processes for international money transfers: Most cross-border payments still use a manual framework.

Transactions may fail due to an incomplete payment instruction, an incorrect SWIFT code, or a typo in the account number.

Delayed payments can lead to expenses, operational difficulties, and strained relationships with partners or clients waiting for money. To reduce these risks, Ripple pointed out that increasing automation and decreasing manual touchpoints are crucial.

The cryptocurrency company noted that these antiquated systems are prone to errors, delays, and a lack of transparency because they usually rely on numerous intermediaries and correspondent banks.

Payments may go through up to five institutions before arriving at their destination, creating uncertainty and raising costs. According to Ripple, this system is not up to speed with the demands of contemporary global business and the speed of commerce.

Exchange rate markups, inconsistent messaging standards, and complicated regulations add to what the company calls a risky and ineffective cross-border transaction ecosystem. Ripple positioned its blockchain-powered Ripple Payments solution as a cutting-edge substitute. According to the company,

“Ripple Payments provides a cross-border stablecoin payment solution that is a contemporary substitute for conventional cross-border payment systems.” It makes use of blockchain technology as well as digital assets like XRP and stablecoins.

French Government arrest 25 people for Crypto Kidnapping

Posted on by Olumide Adesina

The French government charged 25 individuals, including six minors, in connection with a series of kidnappings and attempted kidnappings linked to the nation’s crypto industry.

Ethereum-Solana Bridge Protocol Wormhole Loses Over $320m in Hack

According to a May 31 announcement from the Paris public prosecutor’s office, the group, consisting of individuals aged 16 to 23, is charged with orchestrating multiple schemes targeting prominent cryptocurrency figures and their families.

Four suspects are still under court surveillance, three have requested a postponed hearing, and are currently in pre-trial detention.

The investigation centers on an unsuccessful abduction attempt that occurred in Paris’ 11th arrondissement on May 13, with the targets being Pierre Noizat, the CEO of the French cryptocurrency exchange Paymium, along with his daughter and grandson.

The suspects come from Russia, Senegal, Angola, Châtellerault, and the Paris area. “Young profiles lured by money and caught in a situation beyond their control” is how defense attorneys characterized many of them. The Paris case fits into a larger trend of kidnappings in France this year that are connected to cryptocurrency.

Prominent events include the kidnapping of a crypto millionaire’s father on May 1st, which investigators claim is linked to the current wave of attacks, and the January kidnapping of Ledger co-founder David Balland and his partner. So far, lower-level agents and logistics coordinators have been taken into custody by police, but the plotters’ masterminds remain at large.

National attention has been directed at the growing threat. In mid-May, Bruno Retailleau, France’s interior minister, met with experts in the cryptocurrency sector to discuss safeguards. Later, the ministry announced increased collaboration.

U.S Government Bullish on Bitcoin

Posted on by Olumide Adesina

The Vice President of the United States, JD Vance, spoke to the entire crypto industry at the largest annual Bitcoin conference, held in Las Vegas this year.

The speech was pro-Bitcoin.

JD Vance compared the cryptocurrency market  to “genuine, ground-up innovation already improving the well-being of tens of thousands of people.”

Additionally, he expressed his belief that 100 million people will soon possess Bitcoin. Speaking about the broader industry, he stated that:

“Crypto is a hedge against the private sector that is willing to discriminate against consumers based on their fundamental beliefs, including their politics; against skyrocketing inflation that eroded people’s savings; and against bad policy in Washington, regardless of which party is in power.”

Vance promised that the Trump administration would never “try to handicap” the cryptocurrency community and mentioned ending the contentious operation Chokepoint 2.0.

“We oppose weaponized regulators. Gary Gensler was fired, and we plan to fire everyone like him. We are aware of their type and their strategy, which involves attacking all attempts to democratize our financial markets under the guise of consumer protection.”

President Donald Trump signed an order on March 7 creating a stockpile of digital assets and a Strategic Bitcoin Reserve. “Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings.” Roughly 200,000 BTC will be used to capitalize the reserve.

 

Bitcoin under $100,000 in motion

Posted on by Olumide Adesina

Bitcoin is down 4% for the week and may return to the $ 100,000 mark in the coming days, but data show there may not be much long-term trading below this level.

CryptoQuant reported highlighted that the Net Realized Profit/Loss (NRPL) chart, which monitors Bitcoin transaction profits and losses, indicates moderate profit-taking

The market is not overheated, as evidenced by the relatively restrained recent profit-taking; BTC activity is still noteworthy but significantly lower than the spikes observed during the cycle peaks in March and November 2024. These periods marked strong sell-offs that indicated market tops.

This suggests that the upward trajectory of Bitcoin remains very much in play.

It was somewhat anticipated that Bitcoin would eventually retrace, and that is exactly what happened in the last few days. The main cryptocurrency broke its January 2025 all-time high and set a new one at nearly $ 112,000 on Pizza Day (May 22), characterized by difficulties due to global economic uncertainty.

However, the asset hasn’t been able to sustain its recent run since then. BTC initially fell several thousand dollars due to the most recent tariffs suggested by US President Trump, this time only against the EU. Trump later lifted the tariffs for over a month, but this had little effect on Bitcoin

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If Bitcoin drops below $100,000, the $ 000 level might likely serve as a floor, attracting buyers and limiting losses. Due to strong holder conviction and market demand, Bitcoin has not historically remained below the short-term realized price for an extended period during bullish cycles.

Ripple: Sharks circle XRP in Red Sea

Posted on by Olumide Adesina

Markets caution that XRP might face further losses, likely dropping below $2, as technical indicators suggest the current correction may persist. XRP fell 1.56 percent over the last day and more than 6.3 percent over the week, trading below $2.2

Recent price action shows the $3 resistance level is crucial for the price of XRP,  breached in January when the favorable decision in the Ripple case was announced to the public.

The short-term bullish rebound that started when the asset broke through the $1 resistance essentially ended when XRP fell back to its April low because of increased selling pressure. Recent market action significantly impacted XRP’s recent losses. The remittance token may likely fall below $2.

This sell-off occurs despite the U.S Core PCE Price Index, which excludes food and energy, dropping to its lowest level since March 2021 in April, reflecting an annual rate of 2.5 percent. However, the Federal Reserve has maintained a hawkish stance, warning that trade tariffs could increase the likelihood of a recession.

Additionally, investors will monitor the resolution of the SEC case and the potential approval of a spot XRP ETF. The Ripple case may be close to a settlement.

The regulatory environment might ease the regulation of cryptocurrencies, potentially accelerating the adoption of altcoins like XRP by SWIFT or other traditional financial institutions. In the SEC letter, Ripple argues that a sandbox environment with comprehensive regulations is preferable to regulation abroad.

Ethereum, Solana Headache: SEC worried about Staking

Posted on by Olumide Adesina

Regulators are raising concerns about a potentially historic attempt to introduce U.S. cryptocurrency exchange-traded funds with staking rewards.

Staking exposure, which allows investors to earn profits by pledging tokens to support the blockchain’s operation, is what REX Financial and Osprey Funds hope to introduce with their ETFs tracking Ethereum and Solana.

 

U.S. regulators say the vehicles may not even be considered ETFs under federal securities law.

The Securities and Exchange Commission staff informed ETF Opportunities Trust, which issues various ETFs, including those managed by companies like REX, in a letter dated late Friday that the two ETFs might not qualify as investment companies, a legal requirement for the funds to be listed on the stock market.

The SEC expressed concern that the funds “filed their registration statement improperly” and that their disclosures about the funds’ status as investment companies might be deceptive.

Greg Collett, general counsel at REX Financial, stated, “We believe we can satisfy the SEC on the investment company question, and we don’t intend to launch the funds until we do that.” 

The situation, according to SEC Commissioner Caroline Crenshaw, the commission’s only Democrat and a vocal opponent of its new stance on cryptocurrency during President Donald Trump’s administration, is representative of the agency’s recent fragmented approach to crypto regulation.

This is the second time the regulator has publicly expressed skepticism about a listed fund investing in alternative asset classes.

It criticized a State Street Corp. ETF in March, and Apollo Global Management, the first private credit investor in history, just hours after the fund went public.

Forex Signals Brief May 30: Focus on US PCE Inflation and Canada GDP Numbers

Posted on by Skerdian Meta

Today the US PCE inflation which is the FED’s favourite and Canadian March GDP report will close the week. Continue reading “Forex Signals Brief May 30: Focus on US PCE Inflation and Canada GDP Numbers” →

SEC Stops fighting Binance

Posted on by Olumide Adesina

The US Securities and Exchange Commission has decided to drop its long-running lawsuit against the world’s largest crypto exchange by trading volume.

 

Binance, its co-founder Changpeng Zhao, and the SEC filed a joint motion on May 29 requesting a Washington, D.C. federal court to approve the dismissal of the regulator’s June 2023 complaint. According to the motion, the SEC felt that dropping the lawsuit was appropriate “in the exercise of its discretion and as a policy matter,” and that the Crypto Task Force “may impact and facilitate the potential resolution of this litigation

Additionally, the motion requests that the lawsuit be dismissed with prejudice, preventing it from being filed in the future. In February and April, the SEC and Binance paused the case, stating that the agency’s cryptocurrency unit might eventually choose to drop it.

The financial regulator filed a lawsuit against Binance, Zhao, and its US subsidiary, BAM Trading, in June 2023.

Binance and Zhao reached a settlement with the Department of Justice in a separate case, agreeing to pay a $4 billion fine and acknowledging that the company had violated sanctions, acted as an unlicensed money transmitter, and failed to implement proper anti-money laundering procedures.

Zhao admitted to money laundering and resigned as CEO of Binance as part of the agreement.  He received a four-month prison sentence later, in April 2024,

Binance founder,  praised SEC Chair Paul Atkins and President Donald Trump for their opposition to enforcement regulation, deeming the recent joint motion a “huge win for the crypto industry.”

Ripple: XRP sinks Ship on SEC ETF Delays and Legal Battle

Posted on by Olumide Adesina

XRP is trading below $2.2,  about 30 cents below the mid-tier Bollinger Band. Prices above $2.5,  essential for any attempts to return to the early 2025 highs, have been absent from XRP for 16 days.

 

A District Judge rejected the US Securities and Exchange Commission’s (SEC) and Ripple’s request for an indicative ruling following the positive Ripple vs. decision in an SEC case. , causing the token to drop roughly 10% in just one week.

, Judge Analisa Torres pointed out that it would be difficult to close the ripple resolution if the case were sent back to the District Court. In addition to a statement from the Southern District of New York Judge, the SEC vs. Ripple case today experienced another setback.

The company that issues the XRP Ledger and the XRP coin, Ripple, has written an additional letter to the SEC requesting clarification on what constitutes a security and when a digital asset is no longer eligible to be classified as such.

Although the 1946 Howey Test is typically used for these evaluations, the antiquated approach may overlook crucial elements for decentralization and dApp capability.

Additionally, the SEC will take an extra two months to decide whether to approve Bitwise’s submission of a mixed crypto ETF. Specifically, the prices of Ripple (XRP), Bitcoin (BTC), Solana (SOL), Ethereum (ETH), and Cardano (ADA) on spot markets make up the Bitwise 10 Crypto Index Fund.

Forex Signals Brief May 29: Can Upbeat Nvidia, Salesforce Q1 Earnings Send Nasdaq Up Today?

Posted on by Skerdian Meta

Nasdaq closed cautiously lower yesterday as investors awaited Nvidia and Salesforce earnings, which were upbeat, so we might see a bullish open today. Continue reading “Forex Signals Brief May 29: Can Upbeat Nvidia, Salesforce Q1 Earnings Send Nasdaq Up Today?” →