Bitcoin and Ethereum’s rising adoption signifies
Bitcoin and Ethereum, the two leading cryptocurrencies by market capitalization, are showing signs of bullish momentum as they close above the 20-day moving average. Their adoption is also increasing as more institutional investors and regulators embrace them. For example, several Bitcoin futures ETFs have been approved by the SEC in the U.S., and Ethereum is undergoing a major upgrade to improve its scalability and efficiency.
XRP notches win, Solana token slides
XRP, the native token of Ripple, a cross-border payment platform, surged over 7% after a federal judge rejected the SEC’s appeal to extend its lawsuit against Ripple. The SEC accuses Ripple of selling unregistered securities, but Ripple argues that XRP is a currency, not a security. The legal victory boosts XRP’s chances of being relisted on major exchanges and platforms. Meanwhile, Solana, a fast-growing blockchain network that competes with Ethereum, saw its token price slide as it faced technical issues and network congestion.
FTX founder on trial
Sam Bankman-Fried, the founder of FTX, a popular crypto exchange and derivatives platform, is on trial for allegedly manipulating the price of Bitcoin futures in 2018. He is accused of using his former employer, Alameda Research, a quantitative trading firm, to execute trades that artificially inflated the price of Bitcoin futures on BitMEX, another crypto exchange. He denies any wrongdoing and claims that he was acting in good faith and following industry norms. The trial could have significant implications for the crypto industry, as it raises questions about market integrity and regulation.
Image: Bitcoin Vectors by Vecteezy
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