When bad news start they never come in singles. Seems that is true for good news as well.
After more than a year of total massacre this is possibly the first day we are seeing potential sentiment change in the wider market, besides what BTC has been doing this year.
So what happened today?
XRP won their SEC case? Or maybe not?
I checked a few sources and of course the crypto bros are yelling
VICTORY!!!!!
very loudly but a few other sources offer a bit of a different picture.
Apparently the judged rules that XRP is (sometimes) a security.
- Not a security when offered as a programmatic sale on an exchange.
- It is a security when offered to Institutional buyers which constituted $728.9 million of sales for Ripple.
The number I found for the total amount raised is $1.2 Billion USD. So that would mean that it did break the law and raised more while breaking the law than it raised not breaking it.
I am not a lawyer so someone with more expertise should doublecheck this.
I would still maintain that XRP is a centralized shitcoin but in the end, who cares. Up only, hype hype hype.
After a not so stellar performance during the last bull market XRP seems poised for a better performance in the future. It is up 74% on the day.
Why? I would guess that no one bothered to actually look a bit deeper into this.
Europe Bitcoin ETF approved and goes live this month
The bitcoin ETF was supposed to go live on "Euronext" July 2022. However, the issuer, Jacobi Asset Management, delayed the launch due to market conditions and the collapse of Terra, FTX, etc.
Unlike other exchange traded products in Europe, which are structured as exchange-traded notes, BCOIN will invest directly in Bitcoin.
Alex Mashinsky has finally been arrested.
You all know the Mashinsky. Hes the guy that gave banks a good name.
I learned about Celsius years ago and knew instantly that they were shady AF and would crash and burn. I ran into an article where they gave an ex-porn actress a position where she controlled hundreds of millions of dollars, right out of college with no experience whatsoever. Or rather no "business" experience.
Mashinsky basically had a grift going based around attacking banks while he was doing shady stuff himself.
He now faces a total of 115 years in jail if found guilty on all counts.
Spicy!
I would say that all this plays well into a narrative shift that might convince retail to start talking about crypto again. Honestly, I dont think we are anywhere near the massive movements we experienced last bull market but this is a good start.
All we need now is the end of the war in Ukraine and we would be golden.