Crypto Market This Week: Market Volatile Ahead FOMC, Telegram Saga, Ripple Lawsuit
Highlights
- Bitcoin and Altcoins turbulent ahead of FOMC, JOLTS data ignites concerns.
- Telegram continues to attract legal eagles, prompting a policy change.
- Ripple vs SEC lawsuit sees new development.
The crypto universe has closed another week, primarily stirring uncertain sentiments among market watchers. Bitcoin (BTC) and Altcoins witnessed turbulence ahead of the looming FOMC, while macroeconomic events further impacted investors’ sentiments. Telegram’s legal scrutiny saga saw new developments, while the Ripple XRP lawsuit continues to fuel speculations.
Crypto Market Faces Extreme Turbulence This Week
In an unprecedented turn of events, the U.S. stock market noted declines in tandem with the crypto market as this week kicked off, primarily due to rumors of Nvidia (NVDA) receiving a subpoena by the U.S. DoJ. However, the market saw some ease as the AI giant refuted claims of receiving a DoJ subpoena.
Nevertheless, U.S. JOLTS data sparked further volatility this week, coming in at 7.7 million, a 4.6% decrease from the market forecast of 8.1 million. Subsequently, market participants expect a Fed rate cut by 50 bps this month. However, broader impacts remain uncertain as September is probably the worst month for both stock and crypto markets.
Telegram Saga Continues
Meanwhile, in the aftermath of Telegram CEO Pavel Durov’s courtroom scrabble in France, the social messaging app continues to garner scrutiny. S. Korea started an investigation into Telegram over illicit activities this week, CoinGape reported. Simultaneously, the social messaging app recently issued a policy update on illegal content. These policy moderations have garnered significant attention as the firm continues to address legal concerns.
Ripple Lawsuit Advances
Furthermore, the XRP lawsuit witnessed Judge Analisa Torres and the U.S. SEC agreeing on Ripple’s stay order for a $125 million payment. XRP on-chain movements amid these developments added to speculations on the native crypto’s price ahead.
On the other hand, Ripple executive chairman Chris Larsen endorsed Democratic Kamala Harris this week, CoinGape reported. Ripple CEO Brad Garlinghouse shared insights on the RLUSD stablecoin launch this week. Nevertheless, regulatory uncertainty continues to spark speculations within the XRP community.
Other news from across the globe includes Japan’s Metaplanet partnership with Ripple partner SBI. Moreover, the BoJ (Bank of Japan) recently hinted that it is looking to hike interest rates. The current crypto market anticipates further price action shifts in light of key market events.
- Solana Price Rallies 5% as Nasdaq-listed VisionSys Launches $2B SOL Treasury Strategy
- XRP Ledger Rolls Out MPT Standard for Real-World Asset Tokenization
- SEC Puts Crypto ETF Approvals On Hold Following U.S. Government Shutdown
- Pi Network Adds DEX and AMM Features To Expand Pi Coin’s Utility
- October Fed Rate Cut Odds Rise After Weak U.S. Labor Data, Bitcoin Surges
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
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