The world of cryptocurrencies has completed another week of notable events unfolding across a broader range of sectors. While the Israeli-Iranian conflict has caused major disruption across markets, recent US jobs data has sparked further investor speculation. Meanwhile, XRP faces considerable turmoil this week as the Ripple vs. US SEC saga sees new legal developments.
Here are some of the most notable headlines reported by CoinGape Media over the past seven days.
Crypto market braces for fallout as Middle East tensions rise and US jobs report
The much-anticipated “Uptober” rally was suspended as the conflict between Israel and Iran began this week. Notably, Iran launched missile attacks against Israel in retaliation for Israel’s attack on Hezbollah forces in Lebanon. As expected, the cryptocurrency market had a negative impact on this development. Coinglass data revealed that more than $351 million was liquidated from the market given the market uncertainty caused by the dispute.
Meanwhile, it is also worth mentioning that American businessman Robert Kiyosaki shared important insights amidst the ongoing conflict in the Middle East. The American businessman criticized the Biden administration and instead praised Republican Donald Trump, calling for strong and decisive leaders in times like these.
Additionally, this week’s U.S. employment report showed 254,000 non-farm payrolls and an unemployment rate of 4.1%, dashing expectations that the Fed would cut interest rates even further. Given the market events, Rick Rieder, BlackRock’s chief information officer, predicted that the Federal Reserve would cut interest rates further, but only by 25 basis points.
XRP lawsuit shows new development
Meanwhile, this week, American blockchain payment company Ripple and the SEC embarked on a new lawsuit-related move. The SEC this week filed a notice of appeal from Judge Annalisa Torres’ final ruling in the XRP case. This suggests that the regulator has appealed the relief ruling that fined Ripple $125 million.
At the same time, Ripple’s native crypto XRP price has fallen 13% in value over the past week due to legal uncertainty. As the week ended, XRP price remained at the $0.53 level. Also, during that time, XRP whales moved hundreds of millions of coins, adding a layer of intrigue among market participants. Nevertheless, CoinGape reported that prominent crypto market analysts expect XRP to reach $5 despite regulatory scrutiny. Additionally, the SEC reportedly named Ripple CEOs Brad Garlinghouse and Chris Larsen to the appeal this week.
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Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
