The Blockchain Bulletin, Jan 30: Ripple’s Case Removed from SEC Website

Hey folks! Welcome back to the latest edition of The Blockchain Bulletin. Let’s have a brief look at the recent happenings in the crypto space over the last 24 hours. The XRP community was optimistic about the closure of its lawsuits after Gray Gensler’s exit. Further, boosting their confidence, the lawsuits pertaining to Ripple’s XRP were removed from the U.S. Securities and Exchange Commission (SEC) website, filed under the ‘Litigation Section’.  

However, the SEC stated that the website had undergone a few changes, and added that the XRP files were still active and filed under another section. This case has been a focal point in discussions about regulatory clarity for digital assets in the United States. Following this, XRP witnessed a bullish breakout, with market observers keen to see if the momentum will persist. Technical indicators suggest potential for continued growth, though investors are advised to monitor market conditions closely.

On the other hand, Crypto.com announced plans to delist Tether (USDT) and nine other tokens from its European platform by January 31, 2025. This decision aligns with the European Union’s Markets in Crypto-Assets Regulation (MiCA), aiming to integrate crypto operations across member countries. Users are directed to withdraw their assets before March 31, 2025, failing which non-compliant tokens will be automatically converted to MiCA-compliant assets.

Related: Coinbase Expands in Argentina with New Crypto Services 

Meanwhile, Bitwise Asset Management has filed an S-1 form with the SEC, proposing the launch of a Dogecoin (DOGE) exchange-traded fund (ETF). If approved, this would mark one of the first ETFs focused on a meme-based cryptocurrency, potentially providing investors with more accessible exposure to DOGE. 

In South Korea, authorities have established a dedicated crypto crime unit to combat fraudulent activities in the digital asset space. This initiative underscores the government’s commitment to safeguarding investors and maintaining market integrity amid the rapid growth of cryptocurrency adoption. On the technological front, DeepSeek AI has introduced a low-cost model aimed at disrupting the crypto AI stock landscape. By leveraging advanced algorithms, the company seeks to provide more affordable and efficient solutions for analyzing and predicting cryptocurrency market trends.

Movement Labs has made significant strides with the launch of its developer mainnet, offering a robust platform for developers to build and deploy decentralized applications. This development is expected to foster innovation and expand the capabilities of blockchain technology. In the United States, Utah has become the second state to pass a bill allowing the holding of Bitcoin in state reserves. This legislative move reflects a growing trend of governmental entities recognizing and incorporating cryptocurrencies into their financial strategies.

Considering the potential of the Bitcoin reserve fund, the Czech National Bank has proposed to include Bitcoin in its reserve strategy, signaling a shift towards embracing digital assets within traditional financial frameworks. This move aligns with a broader global trend of central banks exploring the integration of cryptocurrencies into their reserves.

Related: Bitcoin’s (BTC) Next Move: Key Economic Events to Watch

The Federal Open Market Committee (FOMC) is deliberating potential rate cuts, a decision that could have significant implications for Bitcoin’s price. Lower interest rates often drive investors towards alternative assets like cryptocurrencies in search of higher returns. On the regulation sector, Binance, is under investigation in France for alleged fraud and money laundering activities. French authorities have initiated a probe to examine the platform’s operations and compliance with financial regulations.

On the market front, Toncoin experienced a price surge, reaching $4.76, with analysts attributing the rise to increasing supply dynamics. The token’s performance highlights the complex interplay between supply factors and market demand in determining cryptocurrency valuations. As of press time, the market witnessed 98.243 liquidated traders, with the total liquidations at $278.78M. The largest liquidation happened on OKX-ETH-USDT-SWAP valuing $2.97M. 

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