It is by noting the global macroeconomic context filled with volatility that the specialist in crypto compensation Ripple published its XRP Markets report. He took the opportunity to share an analysis of the current regulations and above all to announce a new configuration of his assets.
Something new at Ripple
For the first time in its history, Ripple’s XRP holdings are less than 50% of the total circulating supply. This means that the company has less control over its crypto, much to the chagrin of its critics who deemed its currency too centralized. This development comes 10 years after its creation and could be the sign of a new deal in its business model.
The crypto market, champion of resilience?
Good news for crypto enthusiasts. Indeed, the third quarter took place under favorable auspices. Thus, the crypto market performed better than those of stocks, bonds and currencies. Concretely, the performance of Bitcoin exceeded that of the S&P 500 by 5% and US Treasuries by 8%.
NFTs still haven’t regained their cruising speed
On an equivalent date last year, the NFT market weighed 80% more. Also, this situation pushes the whales to form partnerships in order to broaden their horizons. This is the case of OpenSea, which makes NFTs from the Avalanche blockchain available on its marketplace.
The frenzy around the metaverse would subside according to Ripple. Yet, NFTs still enjoy undeniable popularity. For example, Pharrell Williams with the NFT Doodles collection raised $54 million, valuing the project at $704 million.
The regulation of cryptos taken head on
The Europe of 27 has finally decided to lay down the regulatory framework for digital assets. This approach is materialized by the MiCA (Markets in Crypto Assets Regulation).
On the other side of the Atlantic, the SEC has continued to make headlines. In the proceedings against the regulator, Ripple argues that the SEC exceeds the scope of jurisdiction assigned by Congress.
This is a case to follow closely, because it is on the way to creating a case law if the SEC happens to obtain a favorable judgment. Yuga Labs would be the other whale in the sights of the SEC. We already talked about it in a previous article.
The crypto market remains in bear market turmoil in the third quarter. Additionally, the global economic environment is filled with uncertainty. The fog around regulation puts crypto market players like Ripple on edge. Could the death knell of the end of his legal fight against the SEC bring more clarity?
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