The crypto world is no less than any Action-Packed Thrillathon movie where something happens every minute. Last week, the crypto world celebrated Ripple’s historic win against SEC, which led to a surge in many cryptocurrencies. Ripple’s XRP witnessed 90% growth with many other altcoins, whereas leading cryptocurrencies such as Bitcoins and Ether didn’t show the expected growth. Like last week, this week was also a Rollercoaster of Spice, Triumphs, and Controversies. Without wasting any time, let’s start another episode of our crypto weekly buzz series.
Crypto Investors Shifting from Bitcoin Funds to Altcoins:
On July 24th, Bitcoin saw a $13 million outflow from last week, which means more money was withdrawn from Bitcoin-related funds other than invested during that phase. While during the same week, Ether and Altcoins such as XRP saw a massive surge in popularity and index.
Reason Behind this:
The primary reason behind the shifting was a decline in the number of Bitcoins, which, too, was when the most significant crypto news in recent years arrived. Ripple won a legal case against SEC, and as soon as this news got public, many cryptocurrencies saw a considerable surge, except Bitcoin. Want to know more about this historic legal victory, click here:
Investors need regular positive news from any cryptocurrencies they are considering investing in. This keeps their interest in that particular currency and motivates them to invest more. However, in the past few weeks, no such positive news has not come from Bitcoin. Consequently, this led investors to shift to current popular cryptocurrencies like XRP.
U.S DOJ Granting Extra Time for Discovery Process in Alex Mashinsky’s Case: Weekly Crypto Buzz
On July 25th, the United States Department of Justice officially granted extra time for the discovery process in the case of Alex Mashinsky’s case. For your information, the discovery process is a period when the legal team in defense of criminals collects essential documents and evidence for trial. Alex Mashinsky is ex CEO of Celsius, whose arrest last week made huge noise in the crypto world. Want to know everything about his arrest, click here:
Reason Behind this:
Netizens on Twitter and crypto analysts are criticizing the decision of the Department of Justice since it is against the speedy trial act. It is an important act that offers 70 days period for the discovery process with few exceptions. However, the department has stated in the defense that it was necessary to do since Alex’s case is a complex one with a substantial amount of evidence that needs revision. The trial period will start on October 3rd, and let’s see what will happen with Alex Mashinsky.
Binance to Commence Services in Japan Starting August: Weekly Crypto Buzz Overview:
Who would have known Binance and Japan’s complex relationship would end this year? Indeed, no one. But this has happened, and it is undoubtedly the biggest breaking news. On July 25th, during Web3 Conference, Fumio Kishida (PM of Japan) officially acknowledged the importance of crypto in the future. Furthermore, he also described it as a “new form of capitalism.” Just after hours, Changpeng Zhao, the CEO of Binance, officially announced to commence its services in Japan starting in August. The leading crypto exchange will offer services through the local Japanese platform, SEBC (Sakura Exchange Bitcoin).
Reasons Behind this:
In 2018, due to rising tensions with the Japanese Government over some crypto rules, Binance suddenly exited from Tokyo to Malta. Years later, this news is undoubtedly the right step for both sides. It’s been five years since Binance’s sudden exit from Japan, and many things have changed. Currently, Binance is the world’s largest crypto exchange platform, and Japan is lacking behind many Western countries in its crypto innovations. In short, both sides need support from each other. Binance wants to spread its services, and Japan wants to revolutionize its crypto industry. Therefore, this news is going to have a significant impact overall. Moreover, it’ll influence more Asian countries to welcome Binance and crypto.
Altcoins experienced significant surges, but Bitcoin and Ether failed to meet expectations. The legal victory of Ripple against the SEC fueled excitement, while the US DOJ’s decision to grant extra time for discovery in Alex Mashinsky’s case drew criticism. Binance’s forthcoming return to Japan signifies a positive shift in the relationship and holds the potential to impact the entire crypto landscape in the region. Overall, the crypto space continues to be a rollercoaster of events, triumphs, and controversies, keeping investors and enthusiasts on their toes.
Meta des – Crypto Weekly Buzz: Altcoins surge after Ripple’s historic win, US DOJ’s decision on Alex Mashinsky’s case, and Binance’s return to Japan in August.
Meta title- Crypto Weekly Buzz: Altcoin Surge, Ripple Win, Binance