XRP is not a security, Celsius CEO arrested on criminal charges, and more: Hodler’s Digest, July 9-15

top stories of the week

Judge Rules XRP Not a Security in SEC Case Against Ripple

Ripple Labs won a victory in a New York district court on July 13, with Judge Analisa Torres partially ruling in the company’s favor in a case brought to the fore in 2020 by the US Securities and Exchange Commission (SEC). According to court documents, Judge Torres granted summary judgment in favor of Ripple Labs, ruling that the XRP token is not a security, but only with respect to programmatic sales on digital asset exchanges. XRP price skyrocketed within minutes of the news breaking. The case has been ongoing since December 2020, when the SEC sued Ripple and two of its executives on charges of offering unregistered securities. Despite the positive result, many lawyers cautioned against celebrating too soon, noting that the verdict is only partial and does not set any precedent. In addition, the SEC can appeal against the decision, which may result in its being overturned by a higher court.

XRP Becomes 4th Largest Crypto After Ripple’s Partial Win At SEC

This week XRP became the fourth largest cryptocurrency by market capitalization following Ripple’s partial victory at the SEC. According to data from TradingView, the XRP price soared by 98% in the hours following the decision, reaching $0.93. Meanwhile, its market cap rose by $21.2 billion to reach a new yearly high of $46.1 billion. The new decision has also triggered a new wave of re-listing activity from major US exchanges, with Coinbase, Kraken and iTrustCapital making the token available for trading on their respective platforms.

Celsius Network Fined $4.7B by the FTC, and CEO Arrested for Criminal Fraud

US authorities have announced charges of securities fraud, commodity fraud and wire fraud against the former CEO of bankrupt crypto lender Celsius, Alex Mashinsky. Former Chief Revenue Officer Ronnie Cohen-Pavone and Mashinsky will also face charges of conspiracy, securities fraud, market manipulation and wire fraud related to manipulation of the Celsius token price. Authorities arrested Mashinsky under an indictment that included seven criminal counts. In parallel, the Commodity Futures Trading Commission announced a complaint against Celsius with a fine of $4.7 billion, claiming that its co-founders misappropriated over $4 billion in consumer assets to provide for consumers. Marketed the platform as a “safe place” to deposit your cryptocurrencies. Under similar allegations, the SEC also filed a lawsuit against the company. While Celsius is cooperating with regulators, Mashinsky pleaded not guilty to charges of misleading customers and inflating CEL tokens.

Europe’s first-ever bitcoin ETF expected to launch in 2023 after year-long delay

Europe’s first spot bitcoin exchange-traded fund (ETF) is set to launch later this year after a long delay. The bitcoin ETF, created by London-based Jacobi Asset Management, was due to launch in July 2022, but was postponed due to market conditions. The asset manager now sees a gradual turnaround in demand as compared to 2022. A related development also took place in Argentina this week, as the country welcomed its first bitcoin futures contract. According to Mataba Rofex, the trading platform behind the investment vehicle, this is the first bitcoin futures contract in Latin America.

Binance Downsizing Affects 1,000 Employees

Binance has reportedly laid off hundreds of employees in recent weeks. According to former employees, the cuts were global and customer service workers, particularly in India, were heavily affected. Including this week’s layoffs, more than 1,000 employees have lost their jobs at the exchange. Prior to the slash, Binance had an estimated global workforce of 8,000. The restructuring could cost Binance more than a third of its employees. The crypto exchange announced a 20% reduction in staff on May 31, claiming that it is not downsizing but reallocating resources amid the ongoing crackdown in the United States. Binance’s most enduring challenge is reportedly the ongoing investigation of its activities and executives by the US Department of Justice.

winners and losers

bitcoin at the end of the week ,B T c, is on $30,227ether ,eth, But $1,923 And XRP But $0.72, Total market cap is $1.21 trillion, According To Coinmarketcap.

XRP is the top three altcoin gainers of the week among the biggest 100 cryptocurrencies (XRP) At 54.20%, stellar (xlm) 37.88% and on Synthetics (SNX) at 31.92%.

Top 3 altcoin losers of the week are eCash (XEC) At -21.82%, Bitcoin SV (BSV) -16.75% and on Maker (MKR) at -7.87%.

For more information on crypto prices, be sure to read Cointelegraph’s market analysis.

most memorable quotes

“This (Ripple ruling) is a big deal. (…) Since the filing of this case it has become clear that it will have an impact on the entire industry.

sheila warrenCEO of Crypto Council for Innovation

“I think BlackRock, Invesco (and) a bunch of ETF providers are a real sign that the time for adoption is coming.”

Mike NovogratzFounder and CEO of Galaxy Digital

“I think the next crypto cycle will be driven by consumer apps that are powered by crypto, but users won’t know it’s crypto unless they look closely.”

0xdesignerpseudonym Web3 UI/UX designer

“XRP is not a security. This win for Ripple is a win for the entire industry and a step towards regulatory clarity in the US.”

ripple labsDevelopers of the Ripple payment protocol

“[It]is our expectation that the bitcoin price will repeat its historical pattern of rallying before and after each bitcoin halving.”

Bernberg Capital MarketsNew York based investment firm

“I think if we want bitcoin to be more than payments, it needs more scaling solutions.”

Vitalik Buterinco-founder of ethereum

week forecast

Can XRP price reach $1? see these levels next

The price of XRP has skyrocketed after a federal court ruled that its sale on crypto exchanges complies with United States securities laws. At its highest level during the week, the XRP/USD pair reached $0.93, which is its best level since December 2021.

Some indicators suggest that XRP’s ongoing price pump may not just be a short-term reaction to positive news for Ripple. For example, the period of XRP’s massive rally coincided with its trading volume reaching a 10-month high.

The number of XRP whale transactions – wallets with more than $100,000 – reached its best level in 2023, suggesting that the wealthiest investors support an XRP rally. “If major whale and shark addresses are increasing their supply in this pump, it’s a foreboding sign that the pump is just starting,” said Brian Cue, pseudonymous analyst at data analytics platform Sentiment.

From a technical perspective, XRP could test the key $1 level in the coming days, but its ability to continue rallying beyond it looks weak for the time being. If XRP price decisively breaks above $1, its next price target by September will likely be closer to $1.35.

FUD of the week

Blockchain Association Demands Promethium Investigate Over Alleged ‘Sweetheart’ SEC Deal

The Blockchain Association submitted a letter to the US SEC Demand for investigation of crypto firm Promethium. In the letter, the blockchain association requested the regulator to look into Promethium’s special purpose broker-dealer license approval by the Financial Industry Regulatory Authority. The group also raised concerns about the methods by which co-CEO Aaron Kaplan secured a seat, testifying before the US House Financial Services Committee in June. Promethium has reportedly changed its public position from seeking regulatory clarity from the SEC to claiming that “a clear path to registration for digital assets exists and legislation is unnecessary” in the country.

New York prosecutor accuses hacker of misappropriating $9 million in Solana-based exchange

A former security engineer at an international technology firm has been arrested and charged with allegedly using a smart contract bug to steal $9 million in cryptocurrencies from a Solana-based decentralized crypto exchange. The attack was carried out in July 2022 and involved exploiting a vulnerability in the exchange’s smart contracts to generate inflated fees with instant loans. The exploiter later returned most of the money but was allowed to keep the $1.6 million in White Hat bounty. The indictment indicates that the US Department of Justice will “pursue criminal charges if anyone knowingly uses the protocol in a way that it was not intended to be used,” crypto lawyer Orlando Cosme said on Twitter.

Algorand Decentralized Lending Protocol AlgoFi To Shut Down By The End Of The Year

AlgoFi, a lending and borrowing protocol built on the decentralized finance blockchain Algorand, will soon be shutting down. According to the July 11 announcement, the developers’ “belief in the power of Algorand’s technology and novel consensus algorithm has not wavered.” Liquidity mining programs will be halted and many collateral will be reduced to 0% by December. The total value of the AlgoFi protocol is about $25 million locked up, down from its peak of $135 million in February.

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Writers and reporters from Cointelegraph Magazine contributed to this article.