Dear Teroxx Community,
This week we saw a market in digital assets that did not see any significant price movements on a weekly basis.
As usual, we are also providing detailed videos for those who want to delve deeper into the subject.
Digital Asset News
The US Securities and Exchange Commission (SEC) and the blockchain company Ripple are now both demanding that a final judgement finally be made in the long-standing legal dispute between the two parties over the legal status of the associated cryptocurrency XRP.
In separate motions last Saturday, both the SEC and Ripple have accordingly ordered the competent district court of New York to come to a so-called “summary judgement” as soon as possible.
Summary judgements can be requested in American procedural law if at least one of the parties to the proceedings is of the opinion that the court has sufficient evidence to be able to reach a judgement.
Ripple CEO Brad Garlinghouse commented on Twitter on Saturday. That in his opinion the SEC is not at all “interested in seeing applicable law applied”.
Rather, the authority would only try to extend its powers as far as possible, even though it had long since exceeded its parliamentary powers.
This strengthens Ripple’s position and could ensure a positive outcome to this legal dispute.
The Shimmer Beta Network already offers the opportunity to test future functions of the IOTA network. The upgrade of the Stardust protocol associated with the launch is expected to offer various new functions via additional client and wallet libraries. Shimmer Network has announced the final launch of the network on Twitter for 28 September.
The Shimmer Project (SMR) has been part of the IOTA ecosystem since the end of 2021. The central area of the project is the Stardust module. This enables the development of smart contracts and offers the possibility to perform NFTs and other forms of tokenisation. Further DeFi applications (Decentralised Finance) as well as the development of the self-defined tokens known as “coloured token” in IOTA are to be among the future possibilities.
US parliamentarian Warren Davidson states that there is a small chance that the US House of Representatives will pass its bill to regulate stablecoins before the end of this year, although it is more likely that the relevant legislation will not be waved through until early 2023.
According to a report by Kitco, Davidson made this assessment on Thursday at the Annual Fintech Policy Forum, saying:
“There is a small chance that we will find an agreement for the stablecoin bill this year.”
Regulation in the US would lead to further acceptance and professionalism in the market, allowing institutional investors to once again create a wave of adoption.
Technical term of the week
Key interest rates: Describes the interest rate spread issued by the central bank. Higher key interest rates mean that loans become more expensive and thus less “capital” enters circulation. This instrument is currently used to fight inflation.
Digital Asset Markt
Last week there were market movements that caused only minor changes on a weekly basis.
The markets were eagerly awaiting the FED’s interest rate decision in the USA. Thus, investments in the markets were scarce at the beginning of the week. This led to low volatility until the announcement of the new interest rate step.
As this turned out to be “high” as expected (75 basis points), the markets fell and thus followed the global trend. Subsequently, the markets stabilised but were unable to establish a positive trend. As a result, the markets are at the same price levels as a week ago.
Bullish outlook: Positive global markets could see a small rally to ~$21,000.
Bearish outlook: With negative global markets, $17,500 could be the next price target.