XRP/BTC and Dfinity dropped as the markets dipped 5% and shed off some of their market capitalizations as we are seeing more in our latest crypto price news today.
Market leader Bitcoin is down 6.1% and trades at $35,723 at the time of writing which is almost half the price of the all-time high of $64.8 that was set during mid-April this year. Bitcoin got off optimistically this week after reclaiming the $40K price tag as on Monday it hit $41,117 after Tesla’s CEO Elon Musk tweeted that the company will reconsider accepting the currency once BTC is able to confirm reasonable clean energy usage with a positive future trend.
The green CEO was not the only one that flagged up Bitcoin’s controversial energy use this week as the Bank of England’s director of fintech Tom Mutton announced that the Central bank of the UK remains ambivalent about whether it will release its own CBDC. Mutton said if the UK released a go coin it will be a much more different technology to Bitcoin because of its performance shortcomings and energy inefficiency. The report by Goldman Sachs this week said BTC is still not an investable asset despite its growing support and adoption. The announcement came shortly after Wall Street said it plans to start trading Ethereum derivatives contracts and even offered Bitcoin futures contracts.
Finally, China’s crackdown on digital currencies just entered a new phase when the Ya’an municipal government of Sichuan ordered energy companies to cut the power on BTC mining operations. Both the country’s science and technology bureau and the energy bureau notified the miners that they have to shut down by Friday. XRP/BTC, and Dfinity crashed as a result and XRP even took the hardest hit by market cap as it fell by 6.3%. Ripple was winning the PR battle against the US SEC with the SEC filing a lawsuit alleging that Ripple was selling XRP as an unregistered security. Ripple even won a discovery motion that requested documents on the SEC’s internal policy approach to BTC and ETH but the lawyers demanded to know if the SEC was prejudiced in their allegations about XRP.
Later the same week, Ripple won another ruling that stopped the SEC from receiving eight years’ worth of records from Brad Garlinghouse and Chris Larsen. The SEC also requested two more months before the disclosure of internal documents and emails about BTC and ETH. Dfinity’s internet computer token dropped out of the top 20 by market cap last night and lost 8% overnight to land a price of $48 which is a huge drop from the previous spot.
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