As a seasoned analyst with over two decades of experience in both traditional finance and the rapidly evolving crypto industry, I find myself intrigued by the latest developments in this dynamic sector.
To keep yourself updated with the latest happenings in the cryptocurrency sector, check out U.Today’s top three news articles from the day before.
Crypto industry could experience “Ripple effect,” top expert says
In a recent article for Bloomberg, well-known legal journalist Chris Dolmetsch stated that the Ripple case, despite Ripple being ordered to pay a $125 million penalty to the SEC earlier this month, is seen as a positive development for the broader cryptocurrency industry. This is because the fine imposed is significantly less than the initial fine sought by the regulatory body – $2 billion. Dolmetsch pointed out that while the case isn’t completely resolved yet, as the SEC may still appeal the court’s decision, the outcome could influence how future cryptocurrency lawsuits are managed. According to Bloomberg Intelligence analyst Elliott Stein, Coinbase might gain an advantage in its ongoing legal battle with the SEC, given this recent court ruling. Last June, the SEC charged Coinbase for operating as an unregistered broker and clearing agency.
Shiba Inu launches on-ramp feature with Visa and Mastercard
As per the latest announcement from the Shibarium Network, it’s now possible to buy BONE and Circle’s USDC using traditional currencies like USD, through Visa and Mastercard. This is made possible by enabling on-ramp features with these payment providers, a move initiated by the developers of Shiba Inu. By integrating traditional finance systems with digital assets, Shibarium aims to simplify the transition between conventional and digital finance. This integration could potentially boost Shibarium’s growth and popularity, making the BONE token more accessible to a larger user base. Additionally, the launch of on-ramp services for USDC stablecoin on Shibarium will make it easier for new users to join the Shiba Inu ecosystem.
Goldman Sachs reveals massive Bitcoin ETF holdings
According to a recent filing with the SEC, it has been disclosed that Goldman Sachs currently possesses approximately $419 million in Bitcoin-related exchange-traded funds (ETFs). The largest portion of this sum, around $239 million, is attributed to BlackRock’s iShares Bitcoin Trust (IBIT). Additionally, Goldman Sachs owns shares in other Bitcoin products such as Fidelity Wise Origin Bitcoin and Grayscale Bitcoin Trust. As previously reported by U.Today, Goldman Sachs has joined banks like Citigroup and UBS as authorized participants for BlackRock’s Bitcoin ETFs. However, it should be noted that Goldman Sachs has not yet embraced cryptocurrencies. As previously reported in the Wall Street Journal, this financial giant remains cool towards cryptocurrencies, with Sharmin Mossavar-Rahmani, CIO of Goldman Sachs, expressing skepticism about their potential as an investment class.
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2024-08-15 20:16