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The jobs market remains strong, a concern for the U.S. central bank which seems intent on raising the Federal Funds rate 25 basis points.
Ripple's XRP, Solana's SOL and Lido Finance's LDO lost more than 4% in the last 24 hours.
Wall Street banks including J.P. Morgan also saw the ruling as a positive outcome for the crypto exchange.
A U.S. bankruptcy court previously granted the crypto lender permission to sell its altcoin holdings for bitcoin and ether starting in July.
The latest price moves in crypto markets in context for July 17, 2023.
Funding rates in perpetual futures tied to BNB are most negative in nearly three months.
The rising flows into Toronto-based Purpose’s spot bitcoin ETF, which received approval by Canadian regulators in 2021, reflect strong appetite among retail investors for these types of products and are a promising sign for U.S. companies who have recently filed spot BTC applications with the SEC.
Along with XRP’s strong week, 172 of 186 CoinDesk Indices assets finished in positive territory
Ripple's XRP was down 25% from its highest levels on Thursday.
The fight for regulatory clarity isn’t over yet, however, as the SEC will likely appeal the decision and continue to pursue similar cases in the future, analysts wrote.
- 09:07Paxos Approved to Issue PYUSD on the Stellar NetworkAccording to official sources reported by Jinse Finance, the New York State Department of Financial Services (NYDFS) has issued a no-objection letter to Paxos, approving the issuance of the PYUSD stablecoin on the Stellar network. PYUSD is expected to officially launch on the Stellar network in 2025.
- 09:01Brazil to Hold First Hearing on Establishing a National Strategic Bitcoin Reserve TomorrowAccording to a report by Jinse Finance, @pete_rizzo stated that Brazil will hold its first hearing on establishing a national strategic Bitcoin reserve tomorrow.
- 08:32Diverging Expectations for Fed Rate Cuts: Perspectives Ahead of the Jackson Hole SymposiumAccording to a report by Jinse Finance, investment banks are showing clear divisions in their expectations for rate cuts at the upcoming Jackson Hole meeting. State Street Global Advisors anticipates that Powell may pave the way for a rate cut in September, while ANZ believes he may hint at a return to rate normalization. UBS thinks Powell is likely to favor a September rate cut, and Russell Investments points out that the cut could be 25 basis points. ING notes that concerns among Federal Reserve officials about the labor market may lead to a more dovish stance. Bank of America remains skeptical about a rate cut, suggesting that Powell will have an opportunity to clarify his position at the meeting.