In this week’s recap of the cryptocurrency market highlights, Ripple has filed a cross-appeal in the ongoing lawsuit with the SEC. The company is seeking to challenge some of the decisions made by Judge Analisa Torres. Ripple’s Chief Legal Officer, Stuart Alderoty, believes that the appeal could either uphold the judge’s decision or expand on it, with the SEC only hoping for a remand.
Bitcoin ETFs continue to see inflows, with BlackRock’s iShares Bitcoin Trust leading the way with $26 billion in capital flows over 10 months. Despite market uncertainties, spot Bitcoin ETFs received positive net flows of $294 million on Oct. 21. American institutions have also invested $13 billion in Bitcoin ETF shares, indicating growing institutional interest.
On the adoption front, Buenos Aires has adopted a blockchain-based ID solution for its miBA app, while reports suggest that Stripe has finalized a $1 billion acquisition of Bridge, a stablecoin platform. Samsung is also planning to enhance the security of its devices within the AI home ecosystem.
In political news, a user on Polymarket has invested $2 million in “Yes” shares for Democratic candidate Kamala Harris, increasing her odds to 39.9%. An investigation found that a French trader may have manipulated the market to boost Donald Trump’s odds on Polymarket. Ripple co-founder Chris Larsen donated $11.8 million to PACs supporting Kamala Harris, despite Ripple’s legal battles with the SEC.
In a surprising turn of events, hackers stole funds seized by the U.S. government from the Bitfinex hackers. There are also reports that Tether is under investigation by U.S. authorities for possible illegal activities involving USDT. However, Tether and its CEO Paolo Ardoino have denied these claims.
As the U.S. presidential election approaches, movements among Bitcoin whales have decreased significantly. Large-holder net inflows dropped from 38,800 BTC to 258 BTC, indicating nervousness among whales leading up to Election Day on Nov. 5. Crypto liquidations have also seen an 85% decline in the past day.
Overall, the cryptocurrency market continues to see developments in legal battles, adoption trends, political movements, and security concerns. Stay tuned for more updates on crypto news and market insights.
