Metaplanet increases its BTC holdings
Earlier this week, Metaplanet, known as the "MicroStrategy of Asia," purchased an additional 108,786 Bitcoin units for approximately $6.7 million. This increased its stash to 639.5 BTC, valued at $40.02 million. The increase reflects the company's firm commitment to its Bitcoin accumulation strategy, which appears to have been borrowed from MicroStrategy. The move demonstrates Metaplanet's confidence in the future value of Bitcoin and also brings certain positive signals to the crypto market.
Multiple companies submit XRP ETF applications
Earlier this month, Bitwise filed an S-1 registration for an XRP ETF with the SEC. Subsequently, investment management company Canary Capital also filed an S-1 to list and trade the XRP ETF in the United States. At present, the Commission has not yet recognized the applications of the two companies, but the crypto community is full of expectations that the SEC will consider the issuance. These documents mark the evolving landscape of the crypto investment industry and also reflect the potential market demand for an XRP ETF. If approved, this could bring more capital inflows and liquidity to the crypto market.
Crypto.com sues SEC
After receiving a Wells Notice from the U.S. Securities and Exchange Commission, cryptocurrency exchange Crypto.com chose to take legal action against the SEC. The company sued the SEC, questioning its regulatory scope for cryptocurrency trading, accusing the agency of failing to provide clear regulatory guidelines and instead taking an enforcement regulatory campaign. In addition, last week's cross-appeal by Ripple and the lawsuit filed by crypto derivatives exchange Bitnomial against the Commission over its XRP futures products showed the crypto industry's dissatisfaction with the SEC's regulatory approach. These lawsuits could have a significant impact on the future development of the crypto market and highlight the tensions between regulators and the crypto industry.
SHIB and XRP Price Prediction
Aaron Arnold, founder of Altcoin Daily, expressed doubts about the possibility of Shiba Inu (SHIB) price reaching $0.01 by 2025. His argument is based on the market capitalization of the token, arguing that SHIB's market capitalization must exceed $5.89 trillion to reach this goal, which is an unrealistic valuation. On the other hand, OpenAI's ChatGPT recently predicted that XRP will soon reach $2.5, but only if the SEC approves the XRP ETF and Ripple's resolution with the SEC is in favor of the blockchain payment company. Price predictions are often uncertain, but these predictions also reflect the market's attention and expectations for different cryptocurrencies.
Overall, the past week in the crypto market was full of dynamic changes. From Metaplanet's Bitcoin accumulation to multiple companies submitting XRP ETF applications, to Crypto.com's lawsuit against the SEC and SHIB and XRP price predictions, these events all demonstrate the complexity and uncertainty of the crypto market. Investors and market participants need to pay close attention to these developments in order to make informed decisions.
The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading or any other type of advice.
