Christmas time in 2020 holds avid memories for some in the global crypto community. It was then that the SEC took the first major action against an established crypto project, Ripple, and its native token XRP. Many were quick to declare the event “the end of crypto,” while others remained blissfully unaware of the legal abyss that would follow in the next two and a half years.
Until yesterday, when Judge Analisa Torres of the Federal District Court ruled in favor of Ripple and XRP.
The seemingly endless interest rate hikes (10, in fact) may just be coming to, dare we say it, an end, as inflation in the world’s largest economy came down to long-forgotten territories. Here are the facts:
Inflation in the USA, measured by the Consumer Price Index (CPI), fell to 3.0% in June, marking a significant decline from the peak of 9.1% in 2022.
The core CPI also showed a decline, falling to 4.8% from the previous 5.3% – the slowest pace since Oct 2021.
Bitcoin showed a muted response to the numbers, with only a few modest fluctuations in the meantime.
Other markets reacted with more optimism – the U.S. 10-year Treasury yield decreased to 3.91%, while the 2-year yield lost 14 basis points to 4.73%.
The Latest In…
Is $120,000 Standard Procedure for BTC?
On Monday, Standard Chartered shared an optimistic outlook for Bitcoin (BTC), projecting that it could reach $50,000 by year-end and surge to $120,000 by the end of 2024. There are several factors in play for this bullish stance, according to the bank: increased BTC miner profitability → reduction in net Bitcoin supply → upward price pressure. Furthermore, Bitcoin has already experienced significant gains this year, rising by 80% YTD. The bank's revised forecast reflects the increasing recognition and adoption of cryptocurrencies and verifies the changing perception for Bitcoin as an investment asset class capable of generating substantial returns.
And all of this coming from a sizable, established TradFi banking institution? We are so GMI.
The Latest In…
Putting EU on the Map
The European Securities and Markets Authority (ESMA) has introduced a detailed regulatory framework for crypto firms in the EU, under the Markets in Crypto Assets law. Guidelines include handling complaints, managing conflicts, and stablecoin reserve requirements. ESMA initiated a consultation process till September 20, inviting industry insights to balance innovation and consumer protection. This EU initiative indicates progress in creating a regulated and flourishing crypto environment, boosting investor confidence, digital asset adoption, and regional industry growth.
The Week’s Most Interesting Data Story
Support at $30K Has Been Shown
$30,000 has been an important level for Bitcoin traders and investors to watch – it’s been said to be a psychological barrier of sorts, the last possible opportunity for some or where it all aligns for technical market analysts. Well, it could well be all of the above and also where 75% of BTC supply is currently in profit. (mic drop).
What the Community Is Discussing
Don’t you dare call us “shrimp” no mo’!
The search for the next big thing continues.
Facebook Threads first impressions.
What to Watch for Next Week:
Are big tech companies ready for mainstream crypto?