Ripple Continues Its Ascent, Nasdaq Cancels Crypto Custody Service

Trending Tokens on BTSE:

(as of  2:30 AM UTC, July 20, 2023) 

At the beginning of the day today in Asia, crypto giants Bitcoin (BTH) and Ethereum (ETH) have continued to follow their recent pattern of stability, having both seen minor drops and recoveries overnight. Bitcoin has held strong at $30k, and Ethereum at around $1.9k. Ripple has also continued on its upward trend, seeing a boost of 6%, following regular uplifts in price in the days following positive sentiment around its legal battle with the SEC. As regulatory wheels continue to turn with major legal battles still ongoing in the U.S, analysts expect the next revelation in these cases to be a factor that could move these tokens out of their current ranges. 

In other news out of the US, the latest crypto-related bill has officially seen the light of day. Titled ‘Crypto-Asset National Security Enhancement Act of 2023’, it would require DeFi protocols to follow the same rules as banks – meaning more stringent controls and regulations on the users of such services. The goal of the bill is to target ‘crypto-facilitated crime’, and has thus far received bipartisan support. 

Nasdaq, a major U.S stock exchange, has officially announced the suspension of its plans for a crypto custody service. The company originally publicized plans for such a service in September 2022, and was originally planned to go online in Q2 of this year. However, CEO Adena Friedman cited the ‘shifting regulatory conditions’ in the country as the primary reason for the discontinuance of the planned service. 

Elon Musk has once again been cited as the main reason for a 4% gain seen on Dogecoin (DOGE) overnight, after posting a tweet mentioning the memecoin. Despite these short term gains, however, Dogecoin lost most of the ground it made following the tweet, currently only posting a just over 1% price increase compared to 24 hours earlier. 

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