Friday Market Musings | Week 27 | 2023
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And another week has passed, a week with a surprise ending. The Bitcoin price did well all week but finally took a big hit yesterday as short-term investors were reportedly frightened by a strong US job market. Whether this is the reason, I wouldn't dare to say, but in any case, about 615,000 Bitcoin was sent to the various exchanges with the idea of selling in all probability. But despite this tick, Blackrock remains very bullish on Bitcoin.
But, maybe we can breathe a sigh of relief because AI also seems to be finding its way to Bitcoin. Lightning Labs is proud to unveil their latest breakthrough. They are developing tools with which AI can also deal with receiving and holding Bitcoin. However, they can not buy cryptocurrency since they are not a registered entity like we humans are. It is still very doubtful whether I will get really excited about this. However, it is becoming increasingly clear that AI already has the future, and will soon have Bitcoin too.
And then we have some XRP news to share. A so-called PRO-XRP attorney, John Deaton, recently shared his perspective on the ongoing legal battle between Ripple and the SEC. Although he claims to be Pro XRP, he shared some interesting points.
In his view, this legal saga will continue for years if Ripple loses to the SEC and appeals. He stressed that the process, with all appeals, will maintain the status quo for the next 2-5 years. It would make you despondent unless legal wrangling makes you happy.
Deaton also noted that if Ripple ultimately loses all appeals, the SEC will collect the money, not the individual plaintiffs. The SEC would then most likely set up a buyout fund, similar to what happened in the Veritaseum case, where XRP holders would be given the option to sell their tokens. That's some good news for investors because you wouldn't expect the SEC to make such a generous gesture after a victory.
So if it is proven that XRP is a security. Will there ever be light at the end of the tunnel for everyone who has invested in XRP? According to this Deaton, being on the "75K list" is also good. This is a list of over 75,000 XRP holders named as potential "middlemen".
Quite a story, which in a nutshell, Deaton believes this whole legal battle will eventually come to nothing. Whether Ripple wins or loses, he is convinced that everything will just "disappear anyway". What's left then is probably to look forward to more uncertainty, (hey it's crypto after all), and hope for a peaceful end to this whole spectacle. You could almost become an XRP investor with such bright prospects!
And then it's time for today's bouncer. The FBI seems to be getting into cryptocurrency! It took a while, but they finally made their appearance. Whether we should be happy about this? Well, rather, whether this made Jesse Powell happy is highly doubtful. For those who didn't know, Jesse Powell is the founder of Kraken! And as we know, Kraken is one of the largest exchanges. You might be asking yourself if we haven't had enough drama with exchanges already.
Now we don't know all the details yet, and there are rumors that this search had nothing to do with Kraken. But hey, it does send some shivers down my body. If it had nothing to do with Kraken, what have they been looking for? There are stories that it has to do with "Jesse's activities at a non-profit organization ... something like hacking". Of course, that's not so great if you're at the head of a major crypto exchange.
So whether or not it has to do with Kraken. There will still be the necessary shocks for the crypto world. What now?
I suggest you sit back, grab our popcorn and enjoy another episode of 'Exchange CEO Under Investigation'. Who knows what twists and turns await us? Anyway, take a deep breath and enjoy your weekend! After all, it's Friday!