Riding The Wave News Summary 160
Ripple Case Ruling To Have Tremendous Impact On Bitcoin And Crypto, Lawyer Says, ‘Big News’—Crypto Now Braced For A Huge $27 Trillion Earthquake After Bitcoin, Ethereum, BNB, XRP, Cardano, ... & more.
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Table of Contents
Tweets
Ripple Case Ruling To Have Tremendous Impact On Bitcoin And Crypto, Lawyer Says
Kraken Ordered to Turn Over Its Users’ Information to the IRS
Citigroup Reviews Partnership With Metaco, in Talks With Other Crypto Custodians: Bloomberg
Tweets
https://twitter.com/WhaleChart/status/1675469681384206336
https://twitter.com/therationalroot/status/1675530288963919872
https://twitter.com/WhaleChart/status/1675403962118205440
https://twitter.com/WhaleChart/status/1674905291886940162
Ripple Case Ruling To Have Tremendous Impact On Bitcoin And Crypto, Lawyer Says
John Deaton, a lawyer and one of the vocal proponents of XRP, is convinced that the outcome of the ongoing case between Ripple, the blockchain company, and the United States Securities and Exchange Commission (SEC) will impact the cryptocurrency markets depending on the judge’s ruling. In his assessment, any ruling that favors Ripple will not only see XRP rally, but other cryptocurrencies, including Bitcoin, Litecoin, and the rest, will follow suit.
XRP is the native currency of the XRP Ledger (XRPL) which the regulator claims is an unregistered security. Ripple used it to raise billions in their initial coin offering (ICO).
The lawyer opines that should the presiding judge rules to support the SEC, the current momentum against cryptocurrencies, with the backing of politicians, will only continue, potentially hindering the growth of the industry in the US. He notes how any unfavorable ruling will be bad for other coins, including Bitcoin, which the SEC has clarified is a commodity.
‘Big News’—Crypto Now Braced For A Huge $27 Trillion Earthquake After Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Solana And Litecoin Price Pump
"Many of the largest financial institutions in the U.S. are actively working to provide access to bitcoin and more," CoinShares chief strategy officer Meltem Demirors posted to Twitter alongside a list of financial institutions, including Fidelity, JPMorgan, Morgan Stanley, Goldman Sachs, BNY Mellon, Invesco and Bank of America.
Fidelity is the latest financial giant to enter the race to be the first to market with a fully-fledged spot bitcoin ETF, on Thursday refiling the paperwork with the U.S. Securities and Exchange Commission (SEC) for the so-called Wise Origin Bitcoin Trust it first proposed in 2021.
Lin pointed to derivatives data that showed increased trading activity, with bitcoin's open interest hitting $16 billion. Options open interest indicates 66% calls to 34% puts, with the most significant interest at the 35,000 and 32,000 call levels, acting as resistance if bitcoin breaks the $30,000 level.
"Bitcoin dominance has hit a new yearly high of 52%. Bitcoin looks stronger than altcoins on the charts, even ethereum, which previously held well against Bitcoin, is faltering," Lin said, adding "bitcoin's outperformance is largely due to bitcoin ETF news."
Kraken Ordered to Turn Over Its Users’ Information to the IRS
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