Crypto News
If Ripple Wins Vs. SEC, XRP Price Could More Than Double – Here’s Why
Attorney John E. Deaton scored a massively significant victory for the entire crypto industry, the XRP community as well as Ripple yesterday. As Bitcoinist reported, Deaton appeared as an amicus in the remedies hearing in the litigation between LBRY and the U.S. Securities and Exchange Commission (SEC). The attorney managed to elicit from the SEC, “live and on tape,” that it does not consider secondary sales of the LBC token as securities. In addition, the New Hampshire District Court judge confirmed that he would clarify in the final remedy that he does not rule on the secondary market.
For the LBC token, this meant massively good news, as the previous ruling would have jeopardized the token’s existence, independent of the LBRY company. Accordingly, the price of LBC responded extremely bullish yesterday. After the news became public, the price rose by up to 155%. At press time, the LBC price stood $0.024913, still recording a whopping spike of 120%.
IF RIPPLE WINS, WILL XPR DOUBLE IN PRICE? The rise in the LBC token price following yesterday’s partial victory by LBRY against the SEC may be a foreshadowing of what will happen to the XRP price in the event of a Ripple win and regulatory clarity. When the lawsuit against Ripple was filed by the SEC in late December 2020, the XRP price plummeted a staggering -72% in one week, from $0.60 to $0.17. Since the lawsuit, XRP has also shown significant relative weakness against other cryptocurrencies, such as BTC and ETH. While Bitcoin is down -66.7% and Ethereum is down -67.7% from its all-time high, XRP is down -88.1%. This suggests that potential XRP investors have been reluctant to invest due to the high risk associated with the SEC case.
A Ripple victory, on the other hand, could trigger a euphoria that will attract new investors and make existing investors increase their XRP holdings. As XRP community lawyer Bill Morgan said, the LBC rally shows what is possible in the event of a Ripple victory. In addition, it should also be noted that Ripple and LBRY are in completely different positions. The U.S. Securities and Exchange Commission won the lawsuit against LBRY, and the judge ruled that all sales of LBC by LBRY are securities. This means that LBRY can no longer sell LBC tokens without first obtaining approval from the US Securities and Exchange Commission. Ripple, on the other hand, is fighting to ensure that all XRP sales are not securities as of a certain date, or at least in the future. Ripple can thus still win outright and has a much higher potential.
At press time, XPR stood at $0.4030, awaiting today’s Fed interest rate decision and FOMC meeting.
Yesterday’s victory for the LBC token in a case against the SEC is a sign of what could happen to the XRP price if Ripple wins their own case against the SEC. If a victory is achieved, the XRP price is expected to increase significantly as new investors enter the market and existing investors increase their XRP holdings. This could be further compounded by XRP being relisted on US cryptocurrency exchanges, and partnerships with US companies and banks being formed. #XRP #Ripple #SEC #LBC #Cryptocurrency
The post If Ripple Wins Vs. SEC, XRP Price Could More Than Double – Here’s Why first appeared on Byte Syze Crypto.
Roughly $3 billion in Bitcoin Options Contracts Set to Expire Today
At the time of writing, Bitcoin is trading hands for $26,921, according to CoinGecko. The asset has brought the rest of the market with it, with most digital coins and tokens in the green. But with Bitcoin options contracts set to expire, the price of cryptocurrency could dip or swing up even higher, right?
Data from CME Group shows that $9 billion worth of open interest—or unexpired options contracts. And of those, $3 billion will expire today. A Bitcoin options contract is a deal that lets buyers snap up Bitcoin at an agreed-upon price.
Experts believe that it’s unlikely the price of Bitcoin will budge that much. Anders Helseth, head of research at K33, said that “in general, options expiries in crypto don’t affect prices much.” BaroVirtual added that the current data “indicates no clear bullish or bearish sentiment.” He added that it “was likely” Bitcoin would continue to trade between $26,500 and $27,250 in October.
Although the price of Bitcoin has historically been volatile, that looks like it is changing. And it doesn’t look like $3 billion in options contracts will make much of a difference, either.
#Bitcoin #OptionsContracts #CMEGroup #Cryptocurrency #PriceVolatility
You can read more about this topic here: Decrypt: $3 Billion in Bitcoin Options Expire Today—What Will That Do to BTC’s Price?
The post Will the Expiration of $3 Billion in Bitcoin Options Impact BTC Price? first appeared on Byte Syze Crypto.
Verifying Trustworthiness on the Blockchain: Introducing On-Chain Attestations
Graeme Moore, the Head of Tokenization at the Polymesh Association, is looking to prove identity and reputation on the Web3 blockchain. Known in the financial industry as KYC (Know Your Customer), this trust in a real-life human offers important protection, but is not enough. Decentralized finance (DeFi) needs more than just proof of being human. Steve Dakh, an Ethereum founding member, is building the Ethereum Attestation Service (EAS) which is a primitive for any entity to make attestations on the ledger about anything at all. Attestations are claims about one identity, usually made by another identity, that can be independently verified. Attestations work by making reference to identifiers, such as a legal name, address, or social security number. Combined with zero-knowledge proofs, attestations enable entities to prove facets of identity information without revealing the entire contents. This flexibility enables participants to not only choose which entities they trust, but also how quantitative or qualitative they want this trust to be. On-chain attestations are an important step in Verifying Trustworthiness on the Blockchain and will enable decentralized finance to take off. #OnChainAttestations #DecentralizedFinance #KYC #TrustVerification
You can read more about this topic here: Decrypt: How On-Chain Attestations Unlock Blockchain’s Most Valuable Use Cases
The post Unlock Blockchain’s Most Valuable Use Cases with On-Chain Attestations – Decrypt first appeared on Byte Syze Crypto.
Crypto News
Unlock the Benefits of Stablecoins with Circle’s SEC Lawsuits Against Binance: Here’s How
Circle, a stablecoin issuer, argued in a court document that tokens pegged to the price of a sovereign currency are not securities. This is in response to the SEC’s lawsuit against Binance for operating illegally in the US and misusing customer funds. Circle’s filing outlines the potential implications of the SEC’s case for stablecoins as a whole, and argues that stablecoins, on their own, do not have the characteristics of investment contracts. The SEC’s opinion on stablecoins is currently being questioned, with representatives and leaders in the crypto space holding different perspectives. #CryptoRegulation #SEC #Stablecoins #Binance
You can read more about this topic here: Decrypt: Stablecoins Aren’t Securities, Says Circle in SEC Lawsuits Against Binance
The post Unlock the Benefits of Stablecoins with Circle’s SEC Lawsuits Against Binance: Here’s How first appeared on Byte Syze Crypto.
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