Crypto Market News: In the recent times, much has been discussed about whether cryptocurrencies are securities or commodities. The debate also led to a confusion as to which regulatory agency among the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) should govern various types of crypto tokens. Meanwhile, the XRP holder community is demanding that crypto exchanges which delisted XRP over the Ripple Vs SEC lawsuit should relist the token.
Also Read: Popular Analyst Predicts Looming Ethereum Price and Altcoins Crash
Meanwhile, Ripple and the XRP community is hopeful of the Summary Judgement in the SEC lawsuit sometime within 2023, amid rising hopes of Ripple’s win. However, such an environment is failing to translate into XRP price rise, and hence indicating that it will remain same until Ripple secures a clear win.
XRP Holders’ Loss
John Reed Stark, who had worked as a lawyer in the SEC’s enforcement division for a long time, admitted that the SEC’s actions in the XRP lawsuit led to investors losing in billions of dollars. He expressed his stance on crypto saying these tokens fail to fit in the criteria for both investment and currency, adding that fraudulent activities are deeply rooted in the ecosystem, However, he agreed that investors lost great deal due to the SEC’s actions in the Ripple lawsuit. When asked about the SEC’s actions leading to wiping billions off the market cap of XRP, he admitted that it’s a fair point.
“In the end, the investor is the one who typically gets it the worst, which is devastating.”
In the recently released Ripple Q1 report, the company posted total XRP sales of $361.06 million as against $226.31 million in the previous quarter. The company noted that the crypto market, including XRP, remained resilient in the first quarter despite the macro turbulence and banking crisis.
Also Read: Ripple’s New Prediction On End Date Of SEC Lawsuit
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Germany’s North Rhine-Westphalia Justice Ministry announced the auction of the hefty Bitcoin amount that it had seized from cybercriminals. While the auctioning off of confiscated cryptocurrencies is a routine, the response to this Bitcoin bargain was extraordinary with approximately 4,000 new user registrations on the auction platform in the last few days.
According to Bloomberg, Prosecutors in Germany are not permitted to sell seized goods on the market, henceforth this Bitcoin auction was also the cause of the German policy around seized goods including cryptocurrencies. The German law enforcement agencies had set the minimum bid at 42,400 euros, which amounts to $49,281. The minimum price was quickly replaced by the first bidder who offered 56,060 euros for the stash of seized Bitcoins.
“Each euro that’s extracted from criminal networks helps weakens them,” the Justice Ministry said on Twitter.
Bitcoin: Crypto of the century
While Bitcoin prices are currently rallying above $62K with a market cap of $1.18 trillion, at the time of reporting, getting your hands on the state auction’s discounted rates could be considered bargain of the quarter. Especially, since the implementation of the first-ever Bitcoin ETF in the US, many analysts debate that Bitcoin will easily cross the $70K price mark, with the next two months before the year ends.
Eminent players suggest Bitcoin investment
With Bitcoin’s bright future, retailers, institutions, as well as governments are seeking to get the OG crypto for a fair price before entering Web3. Last week, El Salvador’s president, Nayib Bukele took to Twitter to rant about Bitcoin’s weekly correction being too small to be bought as a dip. However, this further strengthened Bukele’s stance on Bitcoin, confirming that the President who implemented the world’s first-ever Bitcoin legal tender still believes in BTC regardless of the substantial backlash.
Furthermore, earlier today, Anthony Scaramucci, the founder and managing partner of SkyBridge Capital also reinstated Bitcoin’s dominance, asserting that Bitcoin is going to be a “gigantic asset class”, further identifying it as “digital gold”. Scaramucci also noted that “Anybody that does the homework…ends up investing into it (Bitcoin)” and advised traders to get their hands on the inevitable crypto.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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