24.07.2023 | License Application from Ripple, SEC to Appeal Case Decision?

Ripple Applies for Crypto License in the UK
Ripple has applied to the UK Financial Conduct Authority to obtain a crypto asset company license and provide licensed services. The application is part of Ripple’s strategy to expand its operations in the UK and make its services available to more users. If the license application is approved, it will increase Ripple’s ability to serve British customers and partners.

US Securities and Exchange Commission (SEC) Begins Review of Several Spot Bitcoin ETFs, Including BlackRock
The SEC has begun reviewing a number of spot Bitcoin ETFs, including BlackRock, one of the world’s largest asset management companies. It was also stated that this move was the first step before the official decision of acceptance or rejection. In recent weeks, the SEC announced that it had accepted the applications of Blackrock, VanEck, WisdomTree, Fidelity, Bitwise and Invesco for consideration.

SEC Signals Ripple Case in Terra Case
As it is known, the SEC is allegedly considering appealing the outcome of the Ripple case. The crypto asset community, which has not been able to get a sign from SEC Chairman Gensler’s speeches in recent weeks, has now turned its eyes to the SEC-Do Kwon case. In a statement for an assessment made during the litigation process, “These parts of Ripple were wrongly decided and this court should not follow them. The SEC staff is exploring various avenues available for further review and plans to recommend that the SEC request such a review.”

Will the SEC Appeal the Ripple Case?
Last week, the Ripple-SEC case was concluded and Ripple was the party that got more of what it wanted. In the 10-day period that followed, it became one of the most important topics on the agenda whether the SEC would appeal with the court result. Lawyer John Deaton, who played a very active role in the case process and is seen as one of the important names by Ripple communities, stated that even if the appeal is appealed, the process will take quite a long time (2 years) and that the last decision made by the case judge Analisa Torres will continue to be valid if the appeal process continues. At the same time, the judgment in the case also states that Torres is a third party. Howey said that even if he said he was wrong in his application, the result would be the same.

Cardano Founder Provides Update on Rollup Strategy on the Network
Cardano’s founder provided an important update on the rollup strategy in an effort to improve the scalability and efficiency of the network. When asked about their strategy regarding the rollups coming to the Twitter account, he stated that the side chains require this and that they are implementing this with a very aggressive program. He also announced that it will be applied to the Midnight chain first. Rollup is a solution that compresses blockchain transactions into smaller “rollup” chains, reducing the load on the main blockchain.

Celsius Ready For Repayments With Two Agreements
Celsius Network has reached a series of agreements to emerge from bankruptcy. The platform has reached a settlement with creditors and other interested parties to overcome financial difficulties. One of the settlements resolves allegations of fraud and misrepresentation by Celsius management by increasing customer refunds by 5%. Account holders may retain their right to bring individual claims against Celsius if they opt out of the settlement. The second agreement offers a solution for clients with funds in Celsius’ interest-bearing earnings program. Under the proposed deal, clients who borrow crypto funds will be able to receive part of their funds in crypto assets and receive compensation in shares of the new company emerging from bankruptcy proceedings.

Bitcoin is priced at $ 29,806 with a 0.92% loss in value as of today morning hours. After a low-volume weekend in Bitcoin, we see that the price rose to the 30,300 region with the rise in the evening hours of Sunday. Afterwards, Bitcoin, which made its weekly closing above $ 30,000, saw a clear selling pressure with the closing and retreated to 29,600 levels. In Bitcoin, we see that the volume has fallen well and the movement has lost clarity, but the horizontal channel movement is still available. The 29,600-31,500 channel may also benefit from the price action that is stuck in the 29,700-30,400 range rather than the 29,600-31,500 channel. There are many developments in Bitcoin that could cause price movement this week. First of all, when we look at the crypto side, the SEC’s objection to the outcome of the case in the Ripple-SEC case, 2. On the macro side, the Interest Rate, Growth Rate and PCE data to be announced in the US will be very important. In addition, the big four technology companies Microsoft, Meta, Google and Amazon will also announce their balance sheets.

ETH, which lost 0.97% as of morning hours, is priced at $ 1870. After staying below the mid-channel band in Ethereum, a major retracement and selling pressure was seen again last night, with the breakout not coming after the upward test at the weekend. We see that the Ethereum side has been a bit more inactive and has started to follow Bitcoin again after the movement it made with the Ripple lawsuit result. Since there is no development taking place at the moment, we think that there is no development that will cause a divergence in Ethereum.

XRP is priced at $0.731 as of today morning hours, down 0.98%. In XRP, we see that the price has settled in the range of 0.73-0.80 and is currently making a downward attempt. If it stays above this zone, the target will be 0.81. In Ripple, the fact that the SEC may appeal the outcome of the case seems to be the primary reason for negative pricing.

Maker is priced at $1045 as of today morning hours, down 4.04%. Although MKR managed to rise up to 1180 resistance with its big exit and overcome it upwards, it then broke the 1180, 1130 and 1080 supports downwards and retreated towards the critical support level of 1020-1035. We can say that this region in Maker will not break down easily, but if it breaks, it may make sense to stop at the $ 970 level.