TL;DR
The cryptocurrency market has recently flashed green, with numerous digital assets charting monthly peaks. Bitcoin (BTC) has been among the best performers, spiking to almost $31,000 (per CoinGecko’s data), a level unseen since mid-July this year.
Some of the probable reasons for that increase could be the broad optimism toward potential approval of a spot BTC ETF by the US Securities and Exchange Commission (SEC) and Ripple’s third win in a row against the regulator.
The cryptocurrency community cheered the reports last week, indicating that the watchdog has finally said “yes” to BlackRock’s intentions to launch such a product in the States. The jolly, though, was short-lived as the news turned out to be false.
Nonetheless, prominent figures like John Deaton (pro-Ripple lawyer) and Cathie Wood (CEO of Ark Invest) assumed that the SEC might have changed its hostile attitude towards the digital asset sector. The former noted that the Commission’s Chairman Gary Gensler did not criticize the industry after the fake reports, while the latter believes the agency is warming up to the idea of approving a spot BTC ETF.
Wall Street analysts at JPMorgan and Bloomberg Intelligence also think that such a financial product could soon see the light of day in America. According to them, the due date would “most likely” be before January 10, 2024.
For more interesting BTC price predictions, feel free to check out our most recent video on the matter:
The never-ending legal battle between Ripple and the US SEC has again made the headlines over the past several days. The crypto firm secured a third victory in a row last week after CEO – Brad Garlinghouse – and Executive Chairman – Chris Larsen – were cleared of all charges brought by the regulator.
Despite the winning strake and Ripple’s upper hand, though, the war is not over. As CryptoPotato reported, the lawsuit between the two entities is far from being entirely resolved as they are scheduled to face each other on a grand trial in April next year.
Ripple’s first win occurred in mid-July when US Federal Judge ruled that the organization’s XRP programmatic sales from years ago did not constitute an offer of investment contracts. The second happened at the beginning of October when the magistrates overturned the SEC’s wish to appeal the initial order.
The popular memecoin, specifically its layer-2 blockchain solution Shibarium, recently reached another important achievement by surpassing 3.5 million total transactions. In addition, the number of wallet addresses has surged above 1.25 million.
The X (Twitter) user RagnarShib.eth has also revealed that the team has rolled out an official LinkedIn account for Shibarium. Those willing to find out more about the L2 scaling solution and its most essential purposes could take a look at the video below:
