Riding The Wave News Summary 154
‘Bloodbath’—Sudden $1 Trillion Crypto Crash Sparks Fresh Coinbase Warning And Tanks The Price Of Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Polygon And Solana, & more.
Welcome to Riding The Wave. If you have questions or feedback, please reply to this email. If you are new to the Newsletter, please check out what we provide on our about page and consider subscribing. Within the Newsletter, I provide News Summaries, Weekly Status Updates, & Deep Dive Articles on Specific Topics (Ex: How do I pick which coins/tokens to buy?). More details here
News
Table of Contents
Tweets
Analisa Torres: The US District Judge at the Helm of the Crypto Market’s Future
Wall Street's top cop is determined to bring crypto to heel. He just took a big shot
Robinhood Ends Support for All Tokens Named in SEC Lawsuit as Securities
Tweets
https://twitter.com/KobeissiLetter/status/1667894600617295874
https://twitter.com/MikeBurgersburg/status/1667527022736801796
https://twitter.com/callieabost/status/1667277701332316162
https://twitter.com/WhaleChart/status/1667378801871929344
https://twitter.com/farokh/status/1667226079206014979
https://twitter.com/WhaleChart/status/1667221066949771283
‘Bloodbath’—Sudden $1 Trillion Crypto Crash Sparks Fresh Coinbase Warning And Tanks The Price Of Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Polygon And Solana
Bitcoin, ethereum and other major cryptocurrencies have suffered a sudden crash after a week that saw some of the biggest crypto companies rocked by shock regulatory action—with further bombshells on the way. The bitcoin price has dropped to around $25,000, down 5% to its lowest level since March and mirrored by declines seen by the ethereum price. However, other top ten cryptocurrencies—BNB, XRP, cardano, matic, dogecoin and solana—have all suffered far larger declines, losing between 10% and 25% in mere hours.
Analisa Torres: The US District Judge at the Helm of the Crypto Market’s Future
The fate of the crypto market often hangs on technological advances, market forces, and regulatory decisions. Today, the latter holds an unusually powerful grip on the industry, with a single ruling from United States District Court Judge Analisa Torres potentially shaping its future.
The intriguing profile of Judge Torres plays a pivotal in the SEC vs. Ripple case and has profound implications for the crypto market worldwide.
The ruling from Judge Torres could have far-reaching consequences for the crypto market.
If she determines that XRP tokens traded on secondary markets are not securities, it could severely undercut the SEC’s case against other crypto platforms like Coinbase and Binance. This could create a precedent that challenges the SEC’s authority to regulate a significant portion of the crypto market.
Conversely, a ruling favoring the SEC could bolster the agency’s stance and potentially lead to tighter regulation of cryptocurrencies. Such a ruling may not be legally binding in other cases. Still, it could influence how other judges approach similar cases, creating a ripple effect across the crypto market.
As investors await this landmark ruling, one thing is clear: the fate of the crypto market lies in the hands of Judge Analisa Torres.
Her decision promises to be a significant milestone in the history of crypto regulation. It has potential repercussions that could reverberate throughout the global financial system. Whether she sides with the SEC or Ripple, her ruling is poised to chart the course of the crypto market future.
Wall Street's top cop is determined to bring crypto to heel. He just took a big shot
Keep reading with a 7-day free trial
Subscribe to Riding The Wave to keep reading this post and get 7 days of free access to the full post archives.