- BlackRock applied for a spot Bitcoin ETF, joining the list of hopefuls awaiting approval from the Securities and Exchange Commission.
- Binance is under investigation in France for likely violation of anti-money laundering laws.
- XRP price declined 19% from its June 13 peak with the altcoin wiping out its gains from the Hinman documents release.
Bitcoin, Ethereum and altcoins witnessed steep declines in their prices throughout the week. Events of June 13, the Binance and Coinbase hearing and Hinman documents released put the spotlight on XRP and exchange tokens.
World’s largest asset manager, BlackRock, applied for a spot Bitcoin Exchange Traded Fund (ETF), joining a long list of hopefuls after the Securities and Exchange Commission (SEC) rejected every single spot Bitcoin application.
Also read: XRP price could reach $30 if Ripple wins SEC lawsuit, hedge fund manager says
BlackRock awaits spot Bitcoin ETF approval by the SEC
BlackRock, the largest asset manager in the world, has joined the list of spot Bitcoin ETF hopefuls. Interestingly, the US financial regulator has rejected every single spot Bitcoin ETF application to date.
If the case that BlackRock’s application is approved, it would be the first crypto spot ETF in the US. BlackRock’s filing reveals that the firm is engaging Coinbase’s Custody Trust Company for its Bitcoin holdings and Bank of New York Mellon for its fiat.
To find out more, check this out.
France investigates Binance for violation of anti-money laundering rules
After being slammed by the SEC’s lawsuit, Binance is now under investigation by local authorities in France over the alleged illegal provision of crypto services and “aggravated money laundering.”
Le Monde reported the investigation and stated that the financial judicial investigation service started the preliminary investigation in February 2022. Le Monde received confirmation of the investigation from Paris’s public prosecutor’s office.
Read about the SEC’s lawsuit against Binance here.
XRP price drop stuns holders, altcoin wipes all gains from Hinman documents release
The release of Hinman documents, a key element of Ripple’s defense against the US SEC, sent shockwaves through the crypto ecosystem. XRP price rallied to its June 13 peak of $0.5661. Since the June 13 high, XRP price has dropped 19% to $0.4562 at the time of writing.
The altcoin wiped out all gains from the Hinman documents release. The speculative narratives surrounding XRP gained prominence this week. Find out more about it here.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.