Altcoins surge after Ripple’s court victory, Google allows NFTs in the PlayStore, and leaked documents reveal Europe’s masterplan on cryptos. These stories and more, this week in crypto.
Altcoins Rallied After Ripple Ruling
Altcoins outperformed Bitcoin this week after a federal court decision regarding Ripple’s XRP fueled a sharp, broad crypto market rally. Bitcoin’s dominance rate fell 2%, the biggest one-day decline since last June. Altcoins beyond XRP, like Solana, MATIC and Cardano’s ADA all jotted double-digit gains.
Ripple Scores Partial Court Victory
XRP rose 80% as a federal judge in New York ruled that the network’s token, XRP, was not a security when it was sold to the general public, marking a decisive turn in the three-year court battle between Ripple Labs and the SEC. Major crypto exchanges such as Coinbase and Gemini have already indicated that they will re-list the token.
Google Allows NFTs in Apps on PlayStore
Google will begin support for NFTs in apps on its PlayStore for Android devices. The change will allow users to earn and transact with digital collectibles. In an announcement, The tech giant said that Google Play already hosts a variety of blockchain related apps and expects NFTs to create more engaging and immersive digital experiences in the future.
Celsius Founder Arrested on Fraud Charges
Alex Mashinsky, the founder and former chief executive of the bankrupt cryptocurrency firm Celsius Network, has been arrested. The ex-CEO is charged with lying about his firm’s business model and misleading customers about the risks involved in investing using Celsius. The FTC also announced a $4.7 billion settlement against the exchange, which will be paid after the bankruptcy proceedings.
Binance Cuts 1000 Staff Amid US Investigations
Binance has cut 1000 positions from its workforce over the past number of weeks as the exchange faces lawsuits from the SEC and an investigation from the US Department of Justice. A Binance spokesperson said that it’s become clear to the company that it needs to focus on talent density to remain nimble and dynamic for the next major bull cycle.
Indonesia Launches National Crypto Exchange
The government of Indonesia is moving forward with its plans to launch a national cryptocurrency exchange, which would be the only platform allowing crypto transactions in the country. The financial regulatory agency plans to restrict cryptocurrency sales to local transactions only, while keeping them in line with international market developments, including crypto prices.
BlackRock: Crypto Transcends International Currencies
The world’s largest asset manager, BlackRock’s CEO Larry Fink pointed to the growing interest among clients towards crypto, saying that BlackRock has a responsibility to democratize investing. In regard to crypto, Fink said, “it has a differentiating value versus other asset classes, but more importantly, because it’s so international it’s going to transcend any one currency.”
EU’s Crypto Global Governance Plan Leaked
A leaked European Union document has shown that EU leaders want to create a system of global governance for cryptos. The leaked European Commission paper cites virtual assets’ benefits for healthcare, education and culture and says the new technological shift could involve new forms of global governance, perhaps including the use of decentralized autonomous organizations (DAOs). The EU calls for international engagement on the issues of technological standards, identity, censorship, and surveillance.
That’s what’s happened this week in crypto, see you next week.