⚖️ New Blow for Ripple: The SEC Could Seal XRP's Fate!
Welcome to the Daily Tribune of Thursday, October 17, 2024 ☕️
Hello Cointribe! 🚀
Today is Thursday, October 17, 2024, and like every day from Tuesday to Saturday, we summarize the news from the last 24 hours that you should not miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Cloudy ☁️
24h crypto recap! ⏱
🛡️ XRP Threatened by a New Legal Twist
Ripple continues to fight against the SEC in a legal battle that could deeply affect the future of XRP. After a 15% drop in XRP's price following the appeal filed in early October 2024, the situation seems critical. The SEC, which views XRP as an unregistered security, will file its initial brief on October 17, followed by Ripple's response a week later.
Ripple's Chief Legal Officer, Stuart Alderoty, pointed out that the SEC would likely target XRP sales on several trading platforms. A lawyer estimates an 80% chance of Ripple losing if a pro-government panel of judges is assigned. This case could last until 2026 and have major repercussions on crypto regulation in the United States, with potential impacts on the entire crypto market.
🚀 MiCA: A Boost for Stablecoins in Europe
Since the introduction of the MiCA regulatory framework in Europe, stablecoins in compliance with this regulation have gained a significant share of the market, notably Circle's EURC and Société Générale's EURCV, representing 67% of the euro stablecoin market. This transition, although it led to a decline in weekly trading volumes to around $30 million, ensures better compliance and increased security for users.
MiCA also plays a crucial role in ensuring the stability of payment systems and supporting European monetary sovereignty. Forecasts estimate that the capitalization of euro stablecoins could reach 2 trillion euros by 2028, driven by massive adoption by investors and financial institutions.
⚖️ The TikTok Coins Under Regulators' Spotlight
TikTok, known for its viral videos and content creators, is under fire from British regulators due to its TikTok Coins system. Used to reward creators, these coins are purchased with fiat currency, which could assimilate the platform to an unregulated crypto exchange according to the Financial Conduct Authority (FCA).
This mechanism exposes TikTok to risks, particularly regarding compliance with anti-money laundering regulations and counter-terrorism financing, since the platform is not registered as a crypto exchange. If TikTok does not regularize its situation, the FCA could impose severe sanctions, compromising its reputation and operations in the UK. This case illustrates the growing need to regulate virtual economies within social networks.
👑 Bitcoin vs Gold: Who Attracts Billions?
While Bitcoin recently crossed the $65,000 mark, it struggles to reach new highs compared to gold, which has broken 30 records this year, notably hitting $2,500 in August. Despite this dynamic, financial flows tell a different story: Bitcoin-linked ETFs have attracted $19 billion, compared to only $1.4 billion for gold-backed ones. This reflects a change in attitude among investors, who increasingly prefer the volatility and potential for quick gains offered by Bitcoin.
Recent inflows into Bitcoin ETFs, reaching $555 million in a single day in the United States, show the growing appeal for this cryptocurrency, especially among major institutional players like Fidelity. In contrast, Ethereum has not generated the same enthusiasm, suggesting concentrated interest in Bitcoin despite geopolitical uncertainties that could favor gold.
Crypto of the Day: Litecoin (LTC)
Litecoin (LTC) is a cryptocurrency created in 2011, distinguished by its "Scrypt" proof-of-work algorithm that allows for faster and cheaper transactions compared to Bitcoin. The Litecoin blockchain offers innovation in the speed of block confirmations (2.5 minutes) and reduced fees, making it an ideal choice for everyday payments.
The native crypto, LTC, was distributed through a decentralized mining process. Litecoin holders benefit from low transaction fees, fast payments, and can use LTC for payments, trading, or staking on certain platforms. The main utility of LTC lies in its use as digital currency, providing a fast and inexpensive alternative for transactions.
Recent Performance
Current Price: €71.14
1-Day Change: Up 1.67%
Market Capitalization: €5.44 billion
Rank on CoinMarketCap: 20
Today's Technical Analysis: Aptos (APT)
Aptos (APT) has shown strong bullish momentum since its low of $4.36, achieving an impressive rebound of over 146% in two months. The price has stabilized around $9.8, supported by a key support zone at $5.5 and a breakout of the 50 and 200-day moving averages. This has allowed Aptos to enter a bullish trend in the short and medium term, with a "golden cross" forming.
However, resistance at $10.40, corresponding to the annual VWAP, has temporarily slowed this progress, causing a slight pullback in price. Technical indicators remain positive and support a potential continuation of the rise.
The analysis of APT/USDT derivatives reveals growing interest in perpetual contracts, despite persistent selling pressure. The slightly positive funding rate indicates a balance between buyers and sellers, while recent buyer liquidations may signal ongoing capitulation.
If Aptos manages to stay above $8, or even $7, it could target resistance levels at $12 and then $14. On the other hand, a drop below these levels could bring the price back towards $6, or even $5.5, increasing the risk of high volatility.
🔗 Read the full analysis here.
