01-08-2024

Author

Fernando Fierro
August 01, 2024

Howdy folks,

🚀📈 Ripple’s ongoing legal battle with the SEC is gaining new traction as the XRP price surges amidst market optimism. The SEC's revised complaint against Binance has introduced fresh dynamics, boosting investor confidence and promoting a bullish technical breakout for XRP.

Analysts highlight the SEC’s exclusion of other cryptocurrencies in the Binance lawsuit as a potential game-changer for Ripple's arguments that XRP is not a security.

In other news:

💰ℹ️ Britain's new Labour government, led by Chancellor Rachel Reeves, is considering significantly hiking crypto taxes to address a staggering £20 billion public finance deficit. Crypto investors are anxious, with potential capital gains tax rates more than doubling from 20% to 45%, aligning with the highest income tax bracket.

As the Labour Party navigates fiscal challenges, this pivotal tax shift could profoundly impact the U.K.'s digital asset landscape and investor behavior.

📉📊 Bitcoin ETFs have seen their first outflows in over a week, with investors pulling $5.9 million from these funds. This comes after a strong inflow period, driven by optimism around Bitcoin’s performance and potential future ETF approvals. Despite this dip, experts suggest it might not be time to worry just yet, as short-term fluctuations are common.

However, the shift does raise questions about market sentiment and whether enthusiasm for Bitcoin ETFs might be cooling off.

💰⏳ A decade after the Mt. Gox exchange collapse, some former clients are now reportedly millionaires. These investors, who lost everything when the platform went under in 2014, are finally receiving their Bitcoin payouts as part of the ongoing compensation process. With Bitcoin's value skyrocketing since then, many are now reaping unexpected windfalls.

However, the distribution has been slow, leaving others still waiting for their share, highlighting the long-lasting impacts of one of crypto's biggest scandals.

DailyCoin Daily Meme

SEC Updates Terraform Labs Victims Post-$4.5B Settlement Deal

The SEC has detailed the upcoming procedures and processes for creditors impacted by the Terraform Luna crash. Read more on DailyCoin.

SEC Concedes on Solana. But a SOL ETF Isn’t Any More Likely: Here’s Why

Despite the SEC revising its Binance lawsuit, experts explain why a Solana ETF is still unlikely this year.

Ether ETF Flows Flip Positive with $34M Inflows: Is the Worst Over?

Flows to spot ether ETFs have finally flipped positive. Has the worst of the Grayscale ETHE outflows past?

Thanks for joining us today!
If you're hungry for more, check out our website.
See you next time for more crypto fun!

DISCLAIMER: The content provided does not constitute financial advice. This newsletter is purely educational and should not be considered as investment advice or a recommendation to buy or sell any assets or make any financial decisions. Please exercise caution and do your own research.

Sharing is caring!

Know someone who would like this newsletter?
Share this email with them so they can subscribe.