SEC Appeal of Ripple Case, Israel-Iran Tensions, Market Uncertainties

Last week, the US Securities and Exchange Commission (SEC) filed a notice of appeal of Judge Analisa Torres’ decision in the case against Ripple. At this point, the SEC has not yet presented its arguments, so it is unclear which aspects of the decision the court will allow to appeal. Legal experts suggest that this process could drag on for another year or two. The announcement of the appeal caused the price of XRP to fall by 9%. In addition, Bitwise has previously applied to launch an ETF based on XRP.

At the same time, the situation in the Middle East has escalated following the assassination of Hamas and Hezbollah leaders by Israeli forces. On October 1, Iran launched a missile strike on Israel in response to these events. The Biden administration discussed possible Israeli retaliation against Iranian oil facilities, which created the threat of escalation of the conflict. This, in turn, could negatively affect risk assets, including cryptocurrencies.

The cryptocurrency market, including Bitcoin, started October with negative dynamics, despite popular growth expectations known as "Uptober". On October 1, BTC fell by almost 4%, testing the support level of $ 60,000. The total capitalization of altcoins also fell by 4.48%, falling from $ 929 billion to $ 887 billion. However, on October 4, the market recovered slightly after two days of consolidation. Outflows from Bitcoin-based ETFs added pressure on prices: on October 1, there were $ 242.6 million in net outflows, followed by two more days of negative flows.

According to recent reports, Coinbase is planning to delist stablecoins that do not comply with the recently introduced MiCA rules, including USDT. This decision will only affect Coinbase users in the EU, where the rules are in effect.

So, the past week has been full of important events that could have a significant impact on financial and cryptocurrency markets in the future.