Crypto Market Stagnant, XRP on the Rise

CoinDesk 20 Index: 1,892 +1.2% Bitcoin (BTC): $57,601 +0.8% Ether (ETC): $2,451 −1.3% S&P 500: 5,199.50 −0.8% Gold: $2,451 +2.5% Nikkei 225: 34,831.15 −0.74%

Bitcoin (BTC) was little changed in the morning, trading just above $57,000, up just 0.3% in the past 24 hours. The market leader was XRP, which jumped nearly 20% after Ripple reached a settlement in its long-running legal case with the SEC. A federal judge ordered Ripple to pay a $125 million fine and issued an injunction against future securities law violations. The case is said to be over, but the SEC is expected to appeal the decision.

Earlier this year, Japanese investment advisory firm Metaplanet, which adopted the leading cryptocurrency as a reserve asset, took out a 1 billion yen ($6.8 million) loan to buy more bitcoin (BTC). The Tokyo-based firm said in a statement on its website that it borrowed the money from shareholder MMXX Ventures “in full, in the amount allocated to buy bitcoin.” The six-month loan carries an annual interest rate of 0.1%. Metaplanet said in May that it would adopt bitcoin as a reserve asset to hedge against yen volatility. The company, which held 161.3 BTC ($9.2 million) at the beginning of July, is similar to that of software developer MicroStrategy, which has been buying bitcoin for more than four years and has more than 226,000 BTC.

The Brazilian Securities and Exchange Commission (CVM) has approved a Solana-based exchange-traded fund (ETF). The product, the first of its kind in Brazil, is among the first Solana-based ETPs worldwide. The first was launched by Switzerland-based investment product provider 21Shares on the SIX Swiss Exchange in June 2021. According to CVM’s database, the Solana ETF is still in a pre-listing stage and has therefore not yet been approved by Brazilian exchange B3. Local news outlet Exame reported that the product will be based on the CME CF Solana Dollar Reference Rate, created by CF Benchmarks with the support of the Chicago Mercantile Exchange (CME).

The chart shows daily trading volumes in the crypto spot market since the beginning of 2021. During Monday’s market rout, volume surged above $150 billion, the second-highest single-day figure since May 19, 2021. That day, China reinstated its ban on bitcoin mining. Investor confidence slowly recovers after a high-volume price crash. Source: CCData