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Fred Cole

An editor at FOMOdrive

  • Jul 19, 2023
  • 3 min read

Bitcoin falls to $29,500 - what's going on?

BTC Bitcoin metal coin price drop

Bitcoin has dropped below $30,000, continuing its downward correction.

A new judge has been assigned to the SEC v. Ripple case.

Partially concurring with the court ruling in the Ripple matter, the SEC's chairperson expressed their opinion.

Pavel Durov has confessed to possessing both Bitcoin and Toncoin tokens.

Real Vision's CEO is of the opinion that a bullish surge in the cryptocurrency market is unavoidable.

On Tuesday, Bitcoin dropped to a new monthly low of $29,500.

Raul Pal, CEO of Real Vision, predicted that Bitcoin will experience a bullish surge in the near future, with other major altcoins following suit.

He believes that, in addition to the banking crisis, the real estate market is still in crisis, which could lead the Federal Reserve to take action and provide the liquidity necessary for the US to pay off its national debt.

The US Securities and Exchange Commission (SEC) case against Ripple has been moved to a different judge for pre-trial proceedings. Judge Sarah Netburn proposed that Ripple and the SEC come to an agreement on three suitable dates to meet and settle their differences. Ripple CEO Brad Garlinghouse believes that the regulator will have to go through a lengthy process to challenge the court ruling.

Gary Gensler, the head of the SEC, expressed his "disappointment" with the court's ruling in the Ripple case concerning retail investors, but was "satisfied" with the verdict regarding institutional sales. He stated that it is still "too early" to create new regulations for the crypto industry due to the ongoing litigation, but reminded of the existing rules for securities.

Berenberg has warned that the termination of Coinbase's staking services in four US states poses a regulatory risk for the company. Meanwhile, Bloomberg has reported that Coinbase CEO Brian Armstrong is set to have a private discussion on cryptocurrencies with Democrats in the House of Representatives.

Monerium and Safe, a digital asset management platform, have joined forces to facilitate both on-chain and off-chain payments in euros. The two companies anticipate that this collaboration will open the door for digital assets worth approximately $60 billion to be integrated into the European banking system.

In the United Kingdom, there are now stringent regulations for advertising cryptoassets. Any breach of these rules can result in an unlimited fine and a prison sentence of up to two years.

Pavel Durov, the founder of Telegram, revealed that he had purchased some bonds to fund the continued expansion of the social media platform. He also confessed to having Bitcoin and TON tokens stored in his cryptocurrency accounts.

The Neon EVM team released their solution onto the Solana mainnet, allowing Ethereum developers to deploy dapps on this blockchain.

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