The Blockchain Bulletin March 14: Crypto Market Faces Major Shifts and Legal Battles
Hey Folks! Welcome to our latest edition of the Blockchain bulletin. Let’s have a quick look at the significant developments that took place over the last 24 hours. After a week of high volatility in the crypto market, investors were left in uncertainty. Bitcoin and Ethereum, two giants of cryptocurrencies, have faced deep corrections.
The ETH/BTC trading pair has recently posted a minimum of 0.022, the lowest since May 2020, highlighting Ethereum’s performance woes relative to Bitcoin. While Bitcoin has begun to show positive momentum after its recent dip below $80,000, Ethereum and the altcoins remain listless, suggesting fading possibilities. The panic-stricken behaviors of investors shown on the market data in a sharp declining curve reflect flocking to Bitcoin, perceived traditionally as a safer betting avenue during uncertain times.
Meanwhile, Ripple Labs and the U.S. Securities and Exchange Commission are planning for a settlement. Ripple has been seeking some favorable terms to a $125 million fine and restrictions on XRP sales. From the very beginning of the SEC’s action against Ripple for unregistered securities offerings in 2020 and Ripple’s claim that XRP was not a security, there have been heated charges and countercharges. Although the judge in 2023 handed a small victory to Ripple by declaring that some XRP sales were not securities transactions, the SEC continues its penalty push. A settlement now in the works within Ripple undoubtedly may critically influence the outcome of the case because the SEC’s approach to regulating cryptos is quickly changing.
Related: PEPE Leads Market Gains With 14.2% Surge Amid Rising Demand
Meanwhile, Russia’s Central Bank is making waves with a proposal to allow cryptocurrency trading for qualified individuals and businesses under a three-year trial period. This new initiative could shift the country’s approach to digital assets. Only “qualified” investors, including those with substantial wealth, would be able to participate in the trial. The proposal is under review and could have significant implications for Russia’s crypto market.
Fidelity and Franklin Templeton are also making headlines with their filings for spot Ethereum ETFs that include staking features. This move could revolutionize how investors engage with digital assets. Staking allows participants to lock up their Ethereum to secure the network in exchange for rewards. The SEC has some time back acknowledged these filings, marking the beginning of a formal review process that could lead to the approval of Ethereum ETFs offering stake benefits.
Additionally, HashKey Chain has just recently utilized Chainlink’s Cross-Chain Interoperability Protocol and Data Streams to enhance security and scalability. This integration improves multiple transaction processes, enabling smoother decentralized applications and mitigating risks associated with cross-chain bridging.
Related: Ripple Expands in UAE with DFSA License for Crypto Services
Even new fresh addresses doubled in the last 30 days, but prices remain agitated with fluctuation. Dogecoin seems to be showing increasing interest, even though such movement has not been complemented by market performance. Meanwhile, Ripple has received a regulatory pass from the Dubai Financial Services Authority (DFSA) to offer crypto payment services and further enhance its position in global finance.
As regulatory measures continue to evolve with technological developments, the crypto economy remains quite open and transparent. These developments signal a continued push toward greater integration of crypto assets within global financial systems.
