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Why SEC Meeting Likely On Settlement & Injunction Cancelled?

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2 months ago

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In major news for the XRP community, the Sunshine Meeting that sparked settlement speculation was canceled by the U.S. Securities and Exchange Commission (SEC). XRP price tumbled over 8% to $0.58 as the meeting was called off due to uncertain reasons, but spot Ethereum ETF approval was seen as a likely reason behind the move.

US SEC Cancels Closed Door Meeting

According to an update on the U.S. SEC website, the government agency has cancelled a closed-door meeting scheduled on July 18. While the meeting is not particularly focused on Ripple, the back-to-back closed-door meeting and Ripple transfer of 150 million XRP raised speculation of settlement in the community.

The Federal Register and the SEC didn’t cite any reason behind the cancellation of the secret meeting. However, market participants believe it’s likely due to the spot Ethereum ETF approval process. Some Ethereum ETFs have received preliminary approvals, with S-1 requirements completed by all issuers. The Ether ETFs are anticipated to start trading on July 23.

As CoinGape reported, the SEC was going to discuss topics including institution and settlement of injunctive actions and administrative proceedings, resolving litigation claims, and enforcement proceedings. Also, ex-SEC lawyer Marc Fagel reiterated that the parties are not seeking XRP lawsuit settlement and merely await the district court’s decision in the remedies phase.

Also Read: Why Cryptocurrency Market Is About To Skyrocket?

XRP Price Falls As Ripple Settlement Speculation Fades

Traders responded immediately to the news today and XRP price faced correction. XRP price fell to a 24-hour low of $0.58, making a drop of 8% from a 24-hour of $0.6366. Moreover, the trading volume has increased by 20% in the last 24 hours, indicating interest among traders.

XRP priceXRP price

XRP eyes at least $1 after the recent breakout above the trendline pattern. Total futures open interest has skyrocketed to 1.37 billion in the last 24 hours. However, some profit booking was seen by futures trading, as expected. Chart patterns and indicators such as RSI and descending channel formation signal a consolidation for days.

Also Read: Can US spot Bitcoin ETFs Cross 1 Million BTC Holdings By July End?

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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World’s 5th Top Crypto Investor Lost $43.5M Revealing How Not All Trades Are Perfect

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14 hours ago

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September 15, 2024

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Thousands of crypto investors are running the market, along with a few other elements. Their sentiments on one crypto can make or destroy it and nobody should forget about the market’s most cruel thing called volatility. As the ongoing situation hints at the crypto bear market, only a few cryptos have attempted a good upsurge, whereas the rest fell, causing heavy losses for their significant holders. And that is where the world’s top 5th crypto investor, James Fickel, lost $43.5M despite his successful crypto trading history, making millions of dollars over the years.

Crypto Investor James Fickel Lost $43.5M In Greed

James Fickel, the world’s 5th successful crypto investor, has made a scary bet this time, losing $43.5M  despite his strategic investments and a good hold of the market insights. He has been quite popular in the crypto trading industry and has made millions of dollars based on his knowledge of finance and technology. However, the volatility and changing trends made him the victim of the market’s cruelty, costing $43.7M in BTC/ ETH pair per Lookonchain reports.

James Fickel(@jamesfickel) lost ~18,000 $ETH($43.7M) by going long the BTC/ETH trading pair!

From Jan 10 to July 1, he borrowed 3,061 $WBTC(172M) from #Aave and exchanged it for 56,445 $ETH at a rate of 0.05424.

Since Aug 7, he spent 12M $USDC to buy 211 $WBTC and exchanged… pic.twitter.com/9DgLjisPgp

— Lookonchain (@lookonchain) September 14, 2024

He first began this losing trade in January, continuing to July, where he borrowed 3,061 Wrapped Bitcoin (WBTC), worth around $172 Million from Aave. He later exchanged these WBTC for 56,445 ETH at an exchange rate of 0.05424. At that time, the market conditions were comparatively favorable, but the conditions shifted quickly, causing Fickel’s strategies to fail.

He soon formulated new plans and began the WBTC buying and exchanging it in August despite its ongoing loss. At this time, he spent 12 Million USDC to buy 211 WBTC tokens, which he later exchanged 16,000 ETH to buy another 671 WBTC ($ 39.9 million) to repay his debt to Aave. He exchanged these ETH for WBTC at an ETH/BTC exchange rate of $0.042, which was a losing deal.

However, the loss did not end there as the Ethereum price continued to decline, pushing him towards higher and higher losses. Ether has been underperforming compared to Bitcoin since the beginning of the years. Moreover, the ETH price relative to Bitcoin is down by 24% on YTD and 9% in the last month alone. With this, he lost $43.7 Million or 18,000 ETH.

James Fickel Still Holds $400 Million Worth of Crypto

Based on the Arkham Intelligence report, the multi-millionaire crypto investor still holds $400 million worth of crypto. Interestingly, all of this investment is in the Ethereum derivatives. However, despite all this holding, it is locked due to his debt of $130,964,731.17  from Aave.

Crypto Investor, James FickelCrypto Investor, James Fickel

James is an active DeFi user and has focused on the Ethereum ecosystem despite its poor performance in the last few months. Even at the time of writing, ETH price is struggling at $2.4K, but trader like Fickel are still maintaining their trust in this token.

Final Thoughts

James Fickel, a multi-millionaire from crypto trading, has faced a heavy loss in the ongoing market, where he has lost $43.5M in the BTC/ ETH trading pair and owes another $130 Million to Aave in debt. This reveals how not all the crypto trades turn in the trader’s favor and how such an experienced crypto investor could lose next to the market’s volatility. Meanwhile, some other TRON traders made $7.4 million during this time, defending the profitable nature of the market.

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Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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BTC Recovers Amid Rising Demand, Binance Unveils Listings

Published

17 hours ago

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September 15, 2024

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The crypto universe has concluded yet another week with attention-nabbing developments unfolding across the broader market. While Bitcoin recovered from a $53K low to reach $60K in the past seven days, Binance announced a plethora of listings for numerous tokens. Here’s a brief report on some of the most buzzworthy headlines for this week, which have echoed a frenzy among market participants.

Bitcoin Regains $60K Amid Rising Institutional Demand & Macro Events

As mentioned above, the flagship coin recovered from a $53K low this week to top $60K. This rising movement is primarily attributable to increasing demand for the asset across the market.

Bitcoin ETFs registered $403.81 million in weekly inflows as of September 13, per Soso Value data, underscoring rising institutional demand. Further, this week saw Michael Saylor’s MicroStrategy bag $1.11 billion worth of BTC, validating increasing demand for the asset.

Simultaneously, even Japan’s Metaplanet bought BTC this week after revealing plans to do so in an official announcement. Macroeconomic events, in the interim, have further bolstered the flagship crypto’s price movements.

The U.S. CPI inflation came in line with market expectations at 0.2% for August. Meanwhile, even the U.S. PPI was slightly higher than the consensus estimate, increasing by 0.3%. These statistics have raised market expectations of a looming Fed rate cut ahead. Altogether, macroeconomic factors have sparked optimism for risk assets such as BTC, as seen by the recent price action.

BTC price rested at $60,162 as the week closed, a nearly 10% upswing in the past seven days.

Binance Announces A Stockpile of Crypto Listings

Meanwhile, crypto exchange giant Binance announced numerous listings this week, sparking a frenzy among market participants.

Continuing to tap into emerging markets, Binance this week announced Hamster Kombat (HMSTR) as its 58th launchpool project. Simultaneously, the exchange added Catizen (CATI) as the 59th launchpool project.

Moreover, the CEX rolled out a stockpile of listings for Polygon (POL), ex-MATIC, extending support to the tokenomics shift. POL’s price soared nearly 15% with the Binance announcement.

Similarly, the exchange also rolled out AERGO listing this week, igniting an upward trajectory in the asset’s price. Also, the exchange added Rocket Pool (RPL) to its stockpile of offerings this week, pushing RPL price up nearly 30% with the listing.

Altogether, this week mainly saw macroeconomic events kindle market sentiments while BTC price recovered with rising demand. Binance continued to cement its global foothold with enhanced user offerings.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Crypto Market Awaits FOMC & Powell’s Speech Amid US Fed’s 0.5% Rate Cut Bets

Published

20 hours ago

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September 15, 2024

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The crypto market is bracing to enter a crucial week, amid soaring bets over a 50 bps US Fed rate cut. This marks a significant phase for the broader financial market, let alone the crypto space, with the US FOMC interest-rate decision in focus. In addition, Fed Chair Jerome Powell is also scheduled to speak following the FOMC meeting, which would provide cues on the central bank’s upcoming stance with their policy rate plans.

Crypto Market To Enter A Crucial Week

The crypto market eagerly awaits the much-awaited September FOMC meeting on the policy rates. With the latest cooling US CPI and PPI inflation figures, bets are recently soaring over a 0.5% Fed rate cut at the upcoming meeting.

Notably, this optimistic view has also fueled a rally in the broader financial market, with the US stock market noting its best trading week since November last year. In addition, Bitcoin soared past the $60K mark last week, indicating the increasing risk-bet appetite of the market participants.

According to the CME FedWatch Tool, there is a 50% probability of a 50 bps rate cut by the US Federal Reserve at their upcoming meeting. Simultaneously, the same bets are also there towards a smaller rate cut of 0.25%. Besides, the market is anticipating a 100 bps cut in the policy rates with three rate cuts this year. This development appears to have bolstered the broader market sentiment.

Fed Chair Jerome Powell’s Speech In Focus

Following the FOMC interest-rate cut decision on Wednesday, September 18, Fed Chair Jerome Powell is also expected to hold a press conference on the same date. The crypto market will keep a close watch on the speech for cues on the potential move of the central bank going forward.

Although it is expected that Powell would signal a dovish stance, given the recent economic data, any other move could dampen the market sentiment. It’s worth noting that last week Bitcoin and the top altcoins noted a recovery following the soaring bets over a larger interest rate cut. Having said that, any hawkish comment could hinder the recovery phase of the crypto market, potentially triggering a massive selloff in the broader financial sector.

Meanwhile, September tends to be a bearish month for the crypto sector, especially Bitcoin. However, market expert predicts that with soaring bets over an easing policy rate plan, the market may witness a strong rebound ahead. In addition, the fourth quarter is also expected to bring a bullish sentiment among investors, potentially triggering a rally in the market.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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