the court ruled in favor of Ripple, the law on the introduction of the digital ruble was approved in the Russian Federation

Results of the week for the cryptocurrency market
Results of the week for the cryptocurrency market

The first cryptocurrency reacted poorly to inflation data in the United States, the State Duma of the Russian Federation adopted a law on the introduction of a digital ruble, a court in New York ruled in favor of Ripple and other events of the outgoing week.

Bitcoin reacts to US inflation data

This week, bitcoin rose to the level of $31,000 – the report was the driver BLS about the slowdown in inflation in annual terms in June from 4% to 3%. On a monthly basis, prices rose by 0.2% – twice as fast as in May – but were better than economists’ expectations (0.3%).

The initial positive reaction in the first cryptocurrency was replaced by sales. Quotes of digital gold 30 minutes after the release of the data rolled back to their original levels. On July 14, the asset rose above $31,000, but did not hold on to the achieved positions.

Results of the week: the court ruled in favor of Ripple, the law on the introduction of the digital ruble was approved in the Russian Federation
4-hour BTC/USDT chart of the Binance exchange. Data: Trading View.

All digital assets from the top 10 by capitalization ended the week in positive territory. Against the backdrop of a favorable court decision on the SEC lawsuit, XRP from Ripple has risen in price most of all – by more than 64%.

Results of the week: the court ruled in favor of Ripple, the law on the introduction of the digital ruble was approved in the Russian Federation
Data: CoinGecko.

The total capitalization of the cryptocurrency market has reached $1.26 trillion. Bitcoin Dominance Index – 46%

In the same week, several experts gave their predictions regarding the price of the first cryptocurrency. Analysts at Standard Chartered bank admitted that quotes could exceed $50,000 this year, and reach $120,000 by the end of next year.

Robert Kiyosaki, author of the bestselling book Rich Dad Poor Dad and entrepreneur Robert Kiyosaki, and venture investor Tim Draper reiterated his forecast for Bitcoin to hit the $250,000 mark, pushing the implementation date to 2025.

Ripple wins case against SEC

On July 13, the Court of the Southern District of New York concluded that programmatic sales and other distributions of the Ripple XRP token do not constitute the offer and implementation of investment contracts.

Judge Analisa Torres ruled in favor of the California-based blockchain company in a process that has been going on since 2020. However, in her opinion, the sale of coins to large industry players violated US securities laws.

Assets from the top 10 by capitalization reacted positively to the decision. In addition to the XRP rally, Ethereum showed a noticeable increase – on July 14, the cryptocurrency broke through the $2,000 level.

A number of major trading platforms announced the resumption of trading in the Ripple token for users from the United States.

SEC accuses Coinbase of deliberate violation of the law

Lawyers from the US Securities and Exchange Commission (SEC) questioned the correctness of Coinbase’s statement about ignorance of violations of securities laws in its activities.

Since the filing of the SEC lawsuit against the company, its capitalization has grown by more than 50%. At the same time, a number of top managers, including Armstrong, sold a total of 88,058 shares for ~$6.9 million.

The State Duma approved the law on the introduction of the digital ruble

The State Duma of the Russian Federation adopted in the second and third readings a law laying the foundation for the integration of the digital currency of the central bank.

The document introduces the concepts of “digital ruble platform”, “digital ruble platform rules”, “digital ruble platform participant”, “digital ruble platform user” and “digital account”. The main provisions will come into force on August 1, 2023.

Media: US authorities arrested the former head of Celsius

According to Bloomberg, on July 13, law enforcement officers in the United States detained former Celsius CEO Alex Mashinsky. Sources say that the SEC has filed a lawsuit against the company and its ex-head. The case is closed.

The US Department of Justice brought seven criminal charges against the former head of the platform.

What to discuss with friends?

  • ChatGPT disproved the “flat earth” theory.
  • The US presidential candidate invested about $250,000 in bitcoin.
  • On-chain analyst ZachXBT suspected the participation of a blogger in a $1.5 million scam.
  • BitOK: The Infraud Organization laundered ₽10 billion in bitcoin.

The former head of the SEC saw the chances of approving a bitcoin ETF

Applicants for a spot Bitcoin ETF have a good chance of being approved if they can prove that it is a more efficient and effective way for investors to buy a digital asset. This was stated by former SEC Chairman Jay Clayton.

“If [компании] right that the spot stock market has a similar performance to the futures market, it will be difficult to resist the approval of the instrument,” the official added.

Hacks of the week

On July 10, PeckShield analysts reported that Arcadia Finance’s DeFi protocol was hacked, as a result of which the hacker was able to withdraw digital assets totaling about $455,000.

According to experts, the exploit became possible due to the “lack of reliable input validation.” The code allegedly lacked a mechanism for cross-parsing unconfirmed inputs. The attack affected the Ethereum (darcWETH) and Optimism (darcUSDC) pools.

The next day, an unknown person withdrew 810.1 ETH from the Rodeo Finance DeFi protocol on the Arbitrum network through oracle manipulation. According to PeckShield analysis, after the hack, the attacker sent the stolen assets to the Ethereum network and then exchanged them for unshETH in order to transfer funds to the Ankr staking service. Subsequently, he laundered the cryptocurrency through the Tornado Cash mixer.

In addition, Beosin analysts discovered a new outflow of funds from the Multichain cross-chain protocol, which was suspended on July 6 due to a possible hack. On July 14, the project team confirmed the detention of the company’s CEO Zhao Jun and announced the cessation of work.

Also on ForkLog:

  • WonderFi, Coinsquare and CoinSmart have created the largest crypto exchange in Canada.
  • Chainalysis: the influx of crypto assets into illegal services has decreased by 65%.
  • Dapper Labs has laid off 51 employees.
  • 9800 BTC seized from Silk Road came into motion.

CFTC fines bitcoin exchange Digitex $15 million

A U.S. federal court has ordered crypto exchange Digitex Futures and its CEO Adam Todd to pay $15 million in fines in a U.S. Commodity Futures Trading Commission (CFTC) lawsuit alleging fraud and activity without a license.

According to the CFTC, the company attempted to manipulate the price of the native DGTX token, illegally offered futures contracts, failed to register with the agency, and failed to implement KYC/AML procedures. The court also ordered a ban on Digitex and related organizations.

What else to read?

Airdrops continue to make extensive use of DeFi and NFT platforms to grow the community and create demand for new utility tokens. The new material told who drophunters are, and also considered the main types of airdrops.

The decentralized finance sector continues to attract increased attention from cryptocurrency investors. ForkLog has collected the most important events and news of recent weeks in a digest.

Found a mistake in the text? Select it and press CTRL+ENTER

ForkLog Newsletters: Keep your finger on the pulse of the bitcoin industry!


Leave a Reply