It is by observing the volatile global macroeconomic environment that cryptocurrency clearing specialist Ripple released its XRP Markets report. He took the opportunity to share an analysis of the current legislation and above all to announce a new configuration of his assets.
Something new in Ripple
For the first time in its history, XRP’s holdings of Ripple they are less than 50% of the total supply in circulation. This means the company has less control over its cryptocurrency, much to the chagrin of its critics who found 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 cryptocurrency market, champion of resilience?
Good news for cryptocurrency enthusiasts. The third quarter, in fact, took place under favorable auspices. Therefore, the cryptocurrency market has performed better than those of stocks, bonds and currencies. In concrete terms, Bitcoin’s performance outpaced that of the S&P 500 by 5% and that of US Treasuries by 8%.
The NFTs have not yet regained their cruising speed
On an equivalent date last year, the NFT market was 80% heavier. Furthermore, this situation pushes whales to form partnerships to broaden their horizons. This is the case of OpenSea, which makes Avalanche blockchain NFTs available on its market.
The frenzy around the metaverse would subside second Ripple. However, NFTs still enjoy undeniable popularity. For example, Pharrell Williams with the NFT Doodles collection raised $ 54 million, valuing the project at $ 704 million.
Cryptocurrency regulation has caught on
The Europe of 27 has finally decided to define the regulatory framework for digital assets. This approach is concretized by the MiCA (Markets in Crypto Assets Regulation).
Across the Atlantic, the SEC continued to make headlines. In the lawsuit against the regulator, Ripple argues that the SEC exceeds the scope of jurisdiction assigned by Congress.
This is a case to be watched closely, because it is on the path to creating a case law if the SEC gets a favorable judgment. Yuga Labs would be the other whale in the SEC’s sights. We have already talked about it in a previous post.
The cryptocurrency market has remained in turmoil since bear market in the third quarter. Furthermore, the global economic environment is filled with uncertainty. The fog around regulation puts cryptocurrency market players like Ripple in crisis. Could the death knell of ending his legal fight against the SEC bring more clarity?
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As a finance professional, I consider blockchain a real revolution thanks to all its innovations that have a global impact. It is with passion that I participate in this new digital era through my articles.