Crypto Market This Week: Market Volatile Ahead FOMC, Telegram Saga, Ripple Lawsuit

by

As a seasoned researcher who has navigated through the tumultuous crypto seas for years, I can say with certainty that this week was yet another rollercoaster ride for the digital asset market. The unpredictable nature of the market is reminiscent of a game of chess played by grandmasters – each move, no matter how small, has far-reaching consequences.

The world of cryptocurrencies ended another week, causing uncertainty among investors and analysts. Bitcoin (BTC) and other alternative coins experienced volatility in anticipation of the upcoming FOMC meeting, and broader economic events also influenced investor feelings. Recent developments occurred in the legal battle involving Telegram, while the ongoing Ripple XRP lawsuit continues to spark debate.

Crypto Market Faces Extreme Turbulence This Week

This week, both the U.S. stock market and the crypto market experienced drops to start off, largely due to rumors suggesting that Nvidia (NVDA) had been summoned by the U.S. Department of Justice (DoJ). However, some relief came when Nvidia denied these allegations.

This week saw additional market turbulence due to the U.S. JOLTS data, which came in at 7.7 million – a 4.6% drop compared to the predicted 8.1 million. Consequently, investors are anticipating a reduction of 50 basis points in the Fed’s interest rate this month. However, the full implications are unclear as September is generally considered a challenging period for both stock and cryptocurrency markets.

Telegram Saga Continues

In the wake of Pavel Durov’s court battles in France, Telegram is facing increased scrutiny. This week, South Korea launched an investigation into the app due to reports of illicit activities, according to CoinGape. At the same time, Telegram has implemented a new policy regarding illegal content, which has sparked significant interest as the company works to address legal issues.

Ripple Lawsuit Advances

Additionally, during the legal battle with the SEC, Judge Analisa Torres and the U.S. Securities and Exchange Commission granted Ripple’s request for a stay of a $125 million payment. This ruling, along with activity on the XRP blockchain, fueled discussions about potential price fluctuations in the native cryptocurrency.

This week, Ripple’s executive chairman, Chris Larsen, voiced his support for Democratic candidate Kamala Harris. Meanwhile, Ripple CEO Brad Garlinghouse discussed the upcoming launch of the RLUSD stablecoin. However, the XRP community is still abuzz with speculation due to ongoing regulatory uncertainties.

Worldwide updates feature Japan’s Metaplanet teaming up with Ripple associate SBI, a development hinted by the BoJ (Bank of Japan) considering an increase in interest rates. Meanwhile, the cryptocurrency market is abuzz with speculation about potential price fluctuations due to significant market events on the horizon.

Read More

2024-09-08 10:13