The cryptocurrency market experienced a varied week from Monday to Friday. XRP faced a decline in value as investors responded to the recent court schedule, whereas DOGE witnessed active trading.
The limited approval timeframe for 12 BTC-spot ETFs closed on Friday. The SEC, on Wednesday, postponed the decision on Hashdex's request to convert to a Bitcoin futures and spot ETF. Additionally, the SEC announced the postponement of the Franklin Bitcoin ETF decision on Friday. Bloomberg Intelligence ETF analyst James Seyffart delivered this information.
The creation of cash means brokers trade ETF creation units using cash, unlike in-kind trades where brokers would exchange BTC-spot ETF units with BTC. The market responded positively to this development, with BTC ending the Friday session in the green. However, BTC dropped by 1.31% to $36,647, from Monday to Friday.
On Monday, Judge Analisa Torres issued a scheduling order for the final stage of the SEC versus Ripple case. According to the court order, both the SEC and Ripple must complete remedies-related discovery by February 12, 2024. Further, both parties must submit remedies-related briefs by March 13, 2024, and April 12, 2024, respectively. Lastly, the SEC must file any reply to the Ripple brief by April 19, 2024.
The remaining charge pertains to XRP sales to institutional investors and potential penalties. The SEC seeks a $770 million disgorgement, but legal experts anticipate a much lower penalty.
John E. Deaton, CryptoLaw US founder and amicus curiae attorney, articulated detailed arguments indicating a substantially lower penalty for Ripple. Deaton cited three case laws likely to be featured in the Ripple brief.
Considering these case laws, net profits would exclude business-related costs, reducing the $770 million inflow from institutional investor sales. There will be a debate on who suffered harm. Deaton asserted that XRP currently holds a higher value than during the institutional investor sales. Ripple would deduct all non-US sales of XRP from the initial $770 million. If 95% of sales were to non-US institutional investors, this would start at under $39 million.
Despite the favorable case law, XRP fell by 7.43% to $0.6118, from Monday to Friday, due to concerns about the case's extension into the summer and the potential for an SEC appeal following the Programmatic Sales ruling.
On Monday, November 13, XRP briefly reached a high of $0.7503, last seen in July. Fake news about BlackRock (BLK) applying for an XRP-spot ETF called iShares XRP Trust fueled the surge.
On Thursday, Dogecoin announced the physical transfer of DOGE to the Moon in The Moon Box. Peregrine Mission 1 will transport 21 payloads and could mark the first lunar landing since Apollo 17. The cargo includes scientific instruments, technology, mementos, and various payloads. The payload manifest indicates the inclusion of a copy of the Genesis Block, the first mined block of bitcoin (BTC), and a physical coin loaded with one Bitcoin. The launch is scheduled for December 2023.
From Monday to Friday, DOGE rose by 9.64% to $0.0853.
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