Daily Crypto News

5 Things to Know in Crypto Today – SEC Took Another Loss in Court

Key Insights:

  • The crypto market found modest support this morning, though downside risks will test sentiment in the afternoon session.
  • Rulings from the SEC v Ripple case deliver the SEC with another blow as Ripple looks for a decisive victory.
  • Crypto adoption continued to grab the news headlines, with Google and Coinbase (COIN) the latest partnership to drive crypto payments.

Crypto Market Steadies After the Sixth Loss from Seven Sessions

On Tuesday, the crypto market fell by $5.9 billion to $881.3 billion. The loss marked the sixth loss from seven sessions as riskier assets bore the brunt of central bank activity and policy goals.

As the markets prepare for tomorrow’s US CPI report, which could decide the fate of November and December’s Fed policy moves, downside risks for the day ahead also need consideration. Downside risks include a pickup in US wholesale inflation and hawkish FOMC meeting minutes accompanied by hawkish FOMC member chatter.

This morning, the crypto market found much-needed support, rising by $4.1 billion to $885.4 billion. However, the upside is modest when considering the downside risks for today. Crypto correlation with the NASDAQ 100 will likely continue. The NASDAQ Mini was up 57.75 points, providing support.

Total Market Cap 121022 Daily Chart

SEC Loses Yet Another Court Ruling in the Ongoing SEC v Ripple Case

This morning, XRP found support as investors looked to move past two days of heavy losses. Updates from the ongoing SEC v Ripple case from Tuesday were XRP positive. XRP was up 0.72% to $0.48828. XRP had struck an early high of $0.49222 before easing back to sub-$0.49.

XRPUSD 121022 Daily Chart

Going into October, the SEC was on the back foot after the Court overruled the SEC’s objection to the Court denying the SEC motion to protect the William Hinman speech-related documents under the attorney-client privilege.

For the SEC and the Defendants, the Hinman documents remain a focal point of the case. However, since the Court ruling, the SEC has yet to appeal. An appeal would take the SEC’s attempts to shield William Hinman’s speech-related documents under attorney-client privilege to more than seven.

In a famous 2018 speech, Division of Corporation Finance, William Hinman, said that Bitcoin (BTC) and Ethereum (ETH) are not securities.

However, while SEC ponders its next move, the Court delivered the SEC with another blow on Tuesday by granting I-Remit and TapJets requests to file amicus briefs. I-Remit and TapJets are independent businesses that use XRP as a payment mechanism and could prove invaluable in Ripple’s fight to prove that XRP is not a security.

The SEC had opposed the filing in a letter to the Court before the Court’s ruling.

Meta platforms and Microsoft (MSFT) have formed a partnership to take products from Microsoft Office 365 into Meta’s Virtual Reality (VR) platform.

DOGE and SHIB Benefit from a new Google-Coinbase Partnership

On Tuesday, Google announced a partnership with Coinbase (COIN) to support crypto payments for cloud services. According to the announcement, Google will begin allowing selected customers to pay for cloud services with crypto in early 2023. Coinbase Commerce supports ten cryptos, including APE, BCH, BTC, DOGE, ETH, LTC, SHIB, USDC, USTC, and DAI.

Coinbase also responded positively to the news, with the share price rising by 4.65% on Tuesday while the NASDAQ 100 fell by 1.10%.

COIN 121022 Daily Chart

JPMorgan and Visa Team Up to Streamline Cross-Border Blockchain Payments

JPMorgan (JPM) and Visa (V) link up to create connectivity between their blockchain networks, Liink and BTB Connect.

Read More: 5 Things to Know in Crypto Today – SEC Took Another Loss in Court

Disclaimer:The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. NewsOfBitcoin.com does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.