Ripple v. SEC final ruling, BTC below $50k, Harris woos crypto voters, Solana ETF | Weekly Recap

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As a seasoned crypto investor with a decade of experience under my belt, I find myself intrigued by the recent developments in the market. The fine imposed on Ripple might have been steep, but considering it was significantly lower than the initial proposed figure and led to a surge in XRP price, I’d say it’s a bittersweet victory for Ripple.

Ripple was penalized a sum of $125 million, while Bitcoin dipped below its six-month mark at around $50,000 due to widespread market chaos. Meanwhile, Vice President Kamala Harris’s team is attempting to win over crypto enthusiasts as voters. Notably, Brazil has given the green light for the first exchange-traded fund (ETF) based on Solana in South America.

    The fine was 94% lower than the $2 billion proposed by the SEC, but 12x more than the $10 million suggested by Ripple. Still, Ripple considered it a partial victory, with XRP skyrocketing toward $0.65 shortly after. 
    Two days after the ruling, Ripple revealed that it had begun private beta testing of its proprietary Ripple USD (RLUSD) stablecoin on the Ethereum and XRPL mainnets.
    Meanwhile, Bitcoin whale accumulation took shape, with reports confirming the purchase of $23 billion in BTC within 30 days.  
    BTC eventually recovered the $60,000 level as the market rebounded. CryptoQuant’s Ki Young Ju suggested Bitcoin could still reach a new ATH if it holds above $45,000.
  • Following this move, the Democratic candidate’s odds of winning the elections shot up from 3% to 46% on Polymarket. Shortly after, Harris overtook Republican Donald Trump in the polls.
  • Further reports confirmed that Democratic stakeholders launched a campaign dubbed “Crypto for Harris” to engage crypto industry leaders on pro-crypto policies.
  • A virtual crypto roundtable meeting occurred on Aug. 8. However, Harris didn’t attend, baffling Gemini co-founder Tyler Winklevoss. 
  • CEHV founder Adam Cochran discussed in detail how “VCs have slowed investing in crypto by a lot.” “Most of them have LPs that just want to beat index fund returns,” he wrote on X.com. Too many investors are reluctant to make early-stage bets and “don’t actually pursue moonshots, they just throw capital at breakout trends.”

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2024-08-11 16:41