Today we concentrate on XMR, XRP and BNB as we continue our column with analysis of the cryptocurrency market, focusing on news and prices of digital assets.
Let’s start with Monero, which has a market value of US$2.6 billion and a current price of US$142.94. The total value of transactions over the previous day was US$96.8 million, and there are 18.3 million XMR in circulation. Monero reached an all-time high of US$517.62, which is over 5 times more than the current value.
Monero had a positive shift of +2.95% over the course of seven days; while this cannot be considered a significant increase, it is still a positive statistic.
Moving on to Ripple, its XRP currency is now trading at $0.50 and has a $26.7 billion market cap. The price of XRP has decreased by -1.52% over the last 7 days.
While there are 53.0 billion XRP in circulation, the amount of transactions during the last day was $1.1 billion. The 48-day average holding period for XRP indicates some degree of distributional stability.
In terms of market popularity, Ripple (XRP) is now ranked fourth in the cryptocurrency space.
Ripple’s all-time high price was $3.84 USD.
Last but not least, BNB: Binance Coin (BNB) is currently trading at US$214.82 and has a US$33.1 billion market value.
While there are 153.9 million BNB in circulation, the transaction volume during the last day was US$463.5 million. Binance Coin reached an all-time high of $690.93.
Binance Coin experienced a negligible fluctuation of -0.03% during the course of seven days.
The characteristics of the cryptocurrency market, which are marked by dramatic price swings, are reflected in this data. But now let’s move on to the most significant news that defined the aforementioned prices and numbers.
In court, Ripple’s CLO and attorney applaud the SEC’s failure
In a recent development in the world of cryptocurrencies, John Deaton, an attorney for XRP, and Stuart Alderoty, the company’s chief legal officer (CLO), are celebrating what they see as a big victory over the US Securities and Exchange Commission (SEC).
They are celebrating a recent court decision that severely undermined the SEC’s case against Grayscale and led Deaton to refer to the organization as “transient regulators.”
Deaton says that the SEC’s recent court defeat demonstrates its shifting and unpredictable regulatory posture. Deaton is a well-known XRP advocate and opponent of the SEC’s actions.
He claims that the agency’s strategy has been inconsistent, which has caused confusion in the bitcoin market.
The SEC’s complaint against Ripple Labs, alleging that the company’s issuance of XRP coins constituted an unregistered securities offering, served as the impetus for this legal dispute.
Executives at Ripple, such as CEO Brad Garlinghouse and co-founder Chris Larsen, were targeted by the SEC
The SEC’s assumption that Ripple would reach a settlement with regulators to end the matter has been one of the pivotal elements in this protracted controversy. Ripple, however, strenuously rejected this line of action, leading to a protracted legal dispute.
The matter was discussed by Stuart Alderoty, the CLO of Ripple, who emphasized the importance of prosecutors in restricting the SEC’s authority.
He contends that it is obvious that the agency’s authority should not go beyond justifiable bounds given the court’s finding that the SEC’s activities were “illegal”.
The recent court decision, which sided with Grayscale, highlights the difficulties the SEC confronts in upholding its regulatory hegemony in the cryptocurrency industry.
Neomi Rao, a circuit judge for the US Court of Appeals, delivered the SEC a setback when she ruled that Grayscale’s claims had been wrongfully denied.
Supporters of XRP as well as the larger cryptocurrency community rejoiced over this court decision because it casts doubt on the SEC’s approach to overseeing digital assets.
The remarks by Deaton and Alderoty serve as a reminder that regulatory consistency and clarity are necessary for the healthy growth of the bitcoin industry.
Hacker at BNB loses $53 million
A cryptocurrency wallet linked to the BNB Smart Chain hack suffered a severe blow when three of its positions were liquidated in a quick market crash that saw the price of Binance Coin (BNB) fall below the $220 threshold.
A series of trader liquidations resulted from this market catastrophe. The relationship between this occurrence and the infamous BNB Smart Chain exploit, which earlier resulted in the theft of an astounding amount of over $600 million in BNB tokens, makes it particularly notable.
The BNB Smart Chain blockchain network’s crossbridge was suspended as a result of the exploit, which took place on October 6. The clever thieves were able to steal up to 2 million BNB tokens using this loophole, which at the time of the robbery was worth up to $568 million.
This breach’s sheer boldness sent shockwaves through the cryptocurrency ecosystem.
On August 18, a bitcoin wallet connected to the exploit found itself in a dangerous situation, which changed the course of the narrative.
According to blockchain security company PeckShield, the wallet’s funds were mercilessly liquidated on the bitcoin loan site known as Venus Protocol with collateral assets totaling more than $53 million.
It seems that the exploit’s hacker utilized these unauthorized tokens as security for a 30 million Tether (USDT) loan on the protocol, a risky move that ultimately resulted in a large loss in the ensuing market turbulence.
This occurrence serves as a reminder of the cryptocurrency market’s turbulence and unpredictability. Although there are many opportunities in the bitcoin world, there are also many risks.
This episode is a testament to the constantly changing nature of the digital asset ecosystem, where things may change in the blink of an eye, as the cryptocurrency community struggles with security issues and works to develop more safe and transparent solutions.
