Here is the latest crypto trading news from around the world as of Friday, October 20, 2023.
XRP Crypto Coin Makes Huge Gains after SEC Drops Lawsuit
On Thursday, October 19, 2023, the SEC revealed it had dropped its lawsuit against Ripple’s executives. Soon after the news came out, the price of XRP jumped nearly 7%. The price spiked from around $0.49 to $0.52 shortly after the news came out.
It peaked at $0.53, and the price has held steady in the past 24 hours. Daily trading volume has also increased by 125.75% in the past 24 hours and now stands at $1,827,866,529.
In its court filing on October 19, 2023, the SEC dismissed all allegations against Ripple’s executive. A press release by Ripple characterized the decision as a “landmark SEC surrender.”
Bitcoin ETF Could Be Just Months Away
A new report released by JP Morgan on Wednesday, October 18, 2023, claims that a Bitcoin ETF could launch in as little as three months. According to the report, there was increased optimism for approval following the SEC’s decision not to appeal a recent court ruling secured by Grayscale Investments.
According to the JP Morgan report, the Bitcoin ETF approval could come before January 10, 2024, the deadline for an application by Ark 21Shares for spot Bitcoin ETF.
Following the report’s release, the price of Bitcoin ($BTC) inched above $30k. However, it dropped to around $29.5k as of October 20, 2023.
Tether to Start Real-Time Reserve updates in 2024
Tether Holdings, the issuer of the Tether USDT stablecoin, is planning to release real-time updates on its reserves. Paolo Ardoino, the income Tether Holdings CEO, made the revelation. Tether currently updates its reserve figures once a day.
In its most recent fiscal Q2 2023 report, the company’s excess reserves currently stand at over $3.3 billion. Additionally, it revealed that it had $72 billion in indirect exposure to US Treasury bills via money market funds and Treasuries collateralizing the Overnight Repo.
US Treasury to Classify Crypto Mixers as Money Laundering Outfits
In the latest crypto trading news, the US Treasury Department announced an expansion of sanctions against crypto mixers. According to the proposed rules, all crypto mixers would fall under a broad umbrella of money launderers.
LBRY Shuts Down
LBRY has announced an end to all operations. LBRY is the company behind the LBRY blockchain. According to the announcement, the company faced millions of dollars in losses due to money owed to the SEC and legal costs.
That is all the Crypto News for Now
While undoubtedly more crypto trading news is happening around the world right now, these are some of the most important current highlights. Feel free to subscribe to our newsletter for more updates in the crypto and finance worlds.
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