XRP rises with former SEC employee’s email disclosure, market liquidity rapidly deteriorates[Weekly Review: 6/10-6/16]| CoinDesk JAPAN

Just when I thought the impact of the SEC lawsuit would be on the page for the foreseeable future, the topic of XRP suddenly surfaced. Is the exchange in the court going on like a foreign drama?──This week, we will look back on the main news of the week by theme.Let’s start with “XRP”.

XRP: Focused on ‘Hillman Documents’ Release

In what may have seemed like a surprise to most, XRP has been in the spotlight this week. New material from the SEC vs. Ripple trial, including emails exchanged within the SEC in 2018 when a then senior SEC spokesperson said, “Ethereum doesn’t feel like a security.”

A person who held a key position in the SEC thought that Ethereum was not a security, so Ripple’s side did not aim for a straightforward counterargument that XRP is not a security. Is the organization appropriate as a regulatory organization?” It seems that the aim is to move the trial to an advantage.

XRP Moments Up After Ex-SEC Director’s Email Disclosure

XRP rose 7.4% in 24 hours on the night of the 13th Japan time, reversing the downward trend of the crypto asset market. Traders believed the ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC) would turn out in favor of Ripple Labs.

Hinman Said Ethereum Couldn’t Believe It Was A Security In 2018, Received Mixed Opinions From Inside The SEC

Back in 2018, William Hinman, who was head of corporate finance at the U.S. Securities and Exchange Commission (SEC), apparently wanted to say at the time that he “sees no need…to regulate” Ethereum.

On June 13, Ripple Labs filed an email related to his speech in the SEC’s trial over the SEC’s allegations that it had illegally sold unregistered securities, saying that Ethereum did not seem like a security. published as.

XRP Drops 8%; Loses Gains in Hinman Documents

XRP fell about 8% in 24 hours on the 14th, the biggest drop among major crypto assets.

A story different from the trial, but there was also such news related to Ripple.

Canada’s Largest University of Toronto Partners with Ripple to Become XRP Validator

The University of Toronto, Canada’s largest university by student population, has partnered with Ripple to support the next generation of the cryptocurrency industry. I plan to become an independent XRP Ledger validator primarily for payment processing.

The aftermath of the SEC lawsuit: Altcoins take a hit

The aftermath of the SEC’s back-to-back lawsuits against Binance and Coinbase earlier this week, deeming multiple crypto assets to be “securities,” rocked the market. In particular, altcoins, which were named securities, fell sharply.

On the other hand, Europe sees this situation as an opportunity.

SEC’s Binance, Coinbase lawsuits ‘European opportunity’: EU official

Few of the internet giants that dominate the world of Web2 are based in the EU. But some within the EU say Europe could gain an edge by adopting an approach that puts regulations in place before other regions and sees how the market reacts.

Solana, Cardano, and Porygon drop more than 20% at one point

In the US Securities and Exchange Commission (SEC) lawsuit against cryptocurrency exchanges Binance and Coinbase, 13 crypto assets were deemed securities days after they were deemed securities, some more than 20% in 24 hours. fell.

Millions of Polygons (MATIC) Sent to Binance and Coinbase Ahead of Big Drop: Data

Millions of polygons landed on cryptocurrency exchanges from major market makers Jump Trading and Cumberland on the night of June 9 (ET) ahead of a near 30% drop Blockchain data revealed that it was likely that

Binance, Binance US, Coinbase See $4 Billion Net Outflow In 4 Days

The U.S. Securities and Exchange Commission (SEC) sued major cryptocurrency exchanges Binance, Binance US, and Coinbase in four days from June 5 to 8. , The net outflow from these three exchanges amounted to about 4 billion dollars (560 billion yen, 1 dollar 140 yen conversion).

Binance Coin Futures Open Interest Hits Highest Year-to-Date

Binance Coin open interest (the number of open and active futures contracts tied to BNB) continues to climb, according to data from Coinglass.

Total open interest rose to 1.57 million BNB ($360 million, about ¥50.1 billion) on June 12, the highest since the beginning of the year. That number has increased by more than 8% in the last 24 hours and nearly 27% in a week.

Liquidity in the cryptocurrency market is rapidly deteriorating – price volatility may increase

A key indicator that tracks liquidity in the cryptocurrency market plunged over the weekend, leaving only a handful of orders that could amplify price volatility.

Crypto research firm Hyblock Capital’s Global Bid & Ask Index aggregates the dollar amount of bid & ask orders for more than 1,100 coins listed worldwide, up 20% across spot markets on June 10. fell.

Binance US liquidity drops 76%

According to a Kaiko report, just one week after the SEC filing, liquidity – the combined market depth of 17 cryptocurrencies listed on Binance US – dropped by 76%.

eToro Decides to Delist 4 Crypto Assets for US Users

eToro announced on June 12th that from July 12th, American customers will not be able to have new positions on Algorand (ALGO), Decentraland (MANA), Dash (DASH) and Polygon (MATIC).

Decades-old laws regulating crypto assets thwart blockchain’s purpose: Bernstein

The view that all tokens other than Bitcoin are securities leaves no room for “blockchain networks to achieve decentralization over time and for tokens to have functional utility within the network.” said analysts led by Gautam Chhugani.

Bitcoin: An ETF Is Finally Coming?

Bitcoin appears to be gaining prominence as the SEC did not include it in the list of coins it considered a “securities.” In fact, dominance is rising. After several applications have been rejected by the SEC, the “Bitcoin ETF” may finally become a reality.

Bitcoin Dominance Rises ─ Approaching 50% for the First Time Since April 2021 Amid Falling Altcoins

Bitcoin’s dominance (the share of the total market capitalization of the cryptocurrency market) rose in the early hours of June 10, approaching 50% for the first time since April 2021 (according to data site TradingView).

Bitcoin, Ethereum, Stablecoins Account for 80% of Crypto Market Cap, Investors Flee Altcoins

Bitcoin, Ethereum, and stablecoin dominance (share of total cryptocurrency market capitalization) surged to their highest level since February 2021. Investors are fleeing altcoins after the SEC filed a lawsuit against two major exchanges.

Analysts Predict ‘Hawkish Pause in Rate Hikes’ as Bitcoin Turns Bearish

Bitcoin traders are taking a defensive stance ahead of the US Federal Reserve (Fed) meeting on June 14. The Fed is expected to keep rates on hold while preserving the possibility of future increases in what some observers described as a “hawkish pause.”

Exchange Bitcoin Supply Hits Lowest Level Since February 2018

Bitcoin supply on cryptocurrency exchanges has fallen to its lowest level since February 2018, according to data from blockchain data firm Santiment.

World’s Largest Asset Manager BlackRock Filed Bitcoin ETF, Bitcoin Rebounds Near $25,700

iShares, an ETF (Exchange Traded Fund) brand provided by BlackRock, the world’s largest asset management company, announced on June 15 that the spot (cash) bit was approved by the U.S. Securities and Exchange Commission (SEC). Filed documents on coin-based ETF formation.

Bitcoin halving, precedent is not a criterion: Coinbase

The next Bitcoin halving, expected in the second quarter of 2024, could have a positive impact on the cryptocurrency’s performance, but it is unpredictable, Coinbase said. said in a June 14 report.

Ethereum: Steady Evolution

Ethereum was also not among the coins that the SEC named as “securities.” After the “merge (PoS transition)” in September 2022, we are pushing forward to a new phase.

Buterin Presents Ethereum Roadmap – Focus on Scaling, Wallet Security and Privacy

Ethereum co-founder Vitalik Buterin has laid out a new roadmap for Ethereum for the next few years, saying key goals such as Layer 2 scaling, wallet security and privacy should be pursued together. .

Two this week…

This week also the last article that I personally care about. This time, not one, but two. Both are movements in Hong Kong. It is said that “Japan is attracting attention from the world”, but Hong Kong moves quickly and is dynamic.

Hong Kong Monetary Authority Begins Laying Groundwork for Retail CBDC

The Hong Kong Monetary Authority (HKMA) will set out to lay the groundwork for the implementation of a retail CBDC (Central Bank Digital Currency). This was revealed in a report released by the agency on June 10.

Bank of China Subsidiary Issues Security Tokens (Digital Securities) in Hong Kong ─ UBS Originates and Underwrites

Bank of China International (BOCI), a subsidiary of the Bank of China (one of China’s four largest commercial banks) and an investment bank, has issued securities tokenized on the Ethereum blockchain, so-called security tokens (digital securities), in Hong Kong. Swiss financial giant UBS made the announcement in a press release on June 12.

Fans of the world-famous K-POP group “BTS” are called “Army”. There is also an army in the world of crypto assets. It’s the “XRP Army”. This week, XRP suddenly attracted attention. I am currently preparing a long report on the American “XRP Army”. Please stay tuned.

｜Text and editing: Takayuki Masuda
｜Image: Shutterstock