🏓 XRP Is a Free Elf
Hey TC folks. Lots to report this week. First, congrats to Ripple: XRP isn't a security. The first European bitcoin spot ETF opens. Elon's new xAI boosts AI tokens. Alex Mashinsky of Celsius gets arrested. And the first Coinbase x SEC hearing took place this week. Dive deep.
Weekly Digest From TradeCrypto.com #22
Daily statistics update:
Today's market is green. BTC is trading at $31,322; ETH is at $2,006.
💪 Bitcoin dominance: 48.46%
📉 Total Crypto Market Cap: $1.26T
😲 Fear and greed index: 60 (Greed)
🚀 7d Gainers (Top-100)
• XRP (XRP) +69.14%
• Stellar (XLM) +57.74%
• Solana (SOL) +42.83%
😭 7d Losers (Top-100)
• eCash (XEC) -15.05%
• BitcoinSV (BSV) -6.24%
• Maker (MKR) -5.16%
🔮 Doom Cat: AI tokens are a new big thing?
Bitcoin spot ETF debuts in Europe
UK's Jacobi Asset Management is finally opening the first-ever bitcoin spot ETF in Europe after getting the green light from regulators back in October 2021. Everything was great then, but the collapses of Terra and FTX made Jacobi wait.🤡 Now, because of the bitcoin craze started by the US TradFi, they're finally opening through the Euronext exchange in the Netherlands. 🎯The Jacobi Bitcoin ETF is a centralized crypto-backed financial instrument that differs from the traditional exchange-traded notes (ETNs) that dominate the European market. ETF shareholders own a portion of the fund's underlying assets, while ETN investors own debt securities.
Elon Musk boosts AI tokens
Elon has just started a company called xAI. Not much is known about it except that this new company has great talent, will work closely with Elon's other companies, and was founded to "understand the true nature of the universe." The mainstream media called xAI a competitor to ChatGPT because Elon once wanted to create TruthGPT, an AI maximum truth-seeking chatbot. 🤔 We won't get far in analyzing whether Musk entered the game. As always, the crypto community reacted to the news. AI-related tokens like AGIX and FET were bounced and have been rising ever since. There was a similar sentiment like this in late May when Nvidia announced that it was bullish on AI. 🚀
Coinbase goes to court against SEC
The first hearing in the Coinbase x SEC fight happened on Thursday. Everyone should keep a close eye on it because it may set a precedent for the entire crypto space. That's not an exaggeration, considering how many tokens are designated as securities by SEC.👊 The judge asked several interesting questions, such as how SEC first approved Coinbase's S1 (when Coinbase went public), was trading assets, and then SEC sued them, saying some of the assets Coinbase traded were securities. SEC said that an ICO isn't a blessing. When asked if bitcoin or ether are securities, SEC said that BTC obviously isn't, and they didn't mention ether in their lawsuit. The hearing ended with the judge encouraging both parties to be brief and reasonable. 👌
SEC sues Celsius
🤡…SEC’s motto: better late than never. But now it's clear how they missed the FTX fraud. The company is accused of raising money through illegal and unregulated sales of "cryptocurrency securities," repeatedly misleading investors about its financial condition, and influencing the price of the native token CEL. The former CEO of Celsius, Alex Mashinsky, was arrested and charged with crypto fraud by three US authorities. They alleged that Alex looted up to $42 million. He pleaded not guilty to all charges. He'll be released on $40 million bail, with travel restrictions, of course. The CEL token was down only 6%, because it simply can't get any worse. 📉
XRP victory in court
Last night, an unprecedented event occurred in the crypto industry. Ripple won a court case against SEC, proving that XRP isn't a security.🎉 The judge ruled, "XRP, as a digital token itself, isn't a 'contract, transaction, or scheme' that meets the Howey test for an investment contract." With that, the litigation, which had been ongoing since December 2020 and was heard in the U.S. District Court for the Southern District of New York, ended on July 13 in Ripple's favor. The XRP price rose by over 70%.🚀 Beware of XRP scams amid SEC-induced hype.
Conclusion: First, a Ripple victory could kick off the alt-season we've been waiting for. Bitcoin dominance has declined and now stands at 48.46%. Also, did you notice that ETH broke the 2k mark? The judge in the SEC x Coinbase hearing seemed to be more on Coinbase's side, but it's too early to draw conclusions. As for AI tokens, Doom Cat has generally spoken out. Well, and Celsius couldn't do worse.
See you next week, folks! Thanks for being with us. Brought to you by Yana and Aleksandar :)
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TC lads here are working quite hard and from time to time we gotta chill. Recently, we got ourselves a ping pong table to complete our lazy-bag-stuffed chill zone. As you all know our main hobby is Crypto, so even while we play we don’t really shut up about it. Ever.
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