Dear PointPay Family,

The week is coming to a close, and it's the perfect time to review its highlights! Discover the top 5 most interesting and important news stories from the world of crypto over the past few days!

Ripple Secures Major Win Against SEC, XRP Soars 30%

In a landmark decision, Ripple has emerged victorious in its three-year legal battle with the US Securities and Exchange Commission (SEC). The New York federal judge ruled that Ripple Labs must pay a $125 million civil penalty but is otherwise clear of major violations. This verdict has propelled XRP prices up by 30%, reaching $0.64. Ripple’s CEO Brad Garlinghouse hailed the decision as a triumph for both Ripple and the broader cryptocurrency community, signaling a potential end to regulatory crackdowns on XRP.

Bitcoin's Price Surges After July Slump, Showing Resilience Amid Market Volatility

After experiencing a significant decline in July, where Bitcoin's value dropped by nearly 29%, the cryptocurrency has made a remarkable recovery. August has seen Bitcoin rebound strongly, with a 44% increase, pushing the price above $57,000. This recovery is attributed to a combination of factors, including renewed investor confidence and positive developments in the broader cryptocurrency market. Despite facing substantial liquidation pressures and market volatility, Bitcoin's recent gains highlight its resilience and continued appeal as a digital asset​.

As Bitcoin continues to navigate the complexities of market dynamics, analysts remain cautiously optimistic, noting that while short-term fluctuations are inevitable, the long-term outlook remains strong, particularly with upcoming regulatory developments and technological advancements​.

Crypto Market Shows Signs of Recovery Amid Rate Cut Speculations

The cryptocurrency market is witnessing a recovery after Bitcoin (BTC) dropped below $50,000, triggering a decline across digital assets. Key players like Ethereum (ETH) have also started to regain their footing. Analysts suggest that the anticipated reduction in US interest rates could sustain this upward trend. With a 75.5% chance of the Federal Reserve cutting rates by 50 basis points in September, there’s a renewed sense of optimism in the market.

However, experts advise maintaining a long-term investment approach, especially given the current short-term volatility. Monitoring market trends, such as liquidation events and the health of companies within the crypto ecosystem, remains crucial for assessing overall market stability. The focus should remain on the broader outlook, rather than short-term fluctuations, to navigate the evolving landscape effectively.

EU’s MiCA Regulation Reshapes Stablecoin Landscape

The European Union's Markets in Crypto-Assets (MiCA) regulation, which will take effect on May 31, 2023, will transform the regulatory framework for stablecoins in the region. From December 30, 2024, MiCA will impose strict rules on stablecoins, including a ban on algorithmic models and stringent collateral requirements. In particular, stablecoins with a market capitalization of more than €5 billion will require a license from the European Banking Authority (EBA). In addition, the regulation requires that the collateral backing stablecoins be held in licensed institutions, a provision that has raised concerns among issuers. This shift marks a significant change from the previously more lenient approach to cryptocurrency regulation in Europe.

Binance is Listing Toncoin (TON) 

Binance has announced that it will list Toncoin (TON). This announcement has already driven an increase in the value of Toncoin by 6,5%.

Originally launched in 2018 as part of The Open Network (TON) blockchain, Toncoin has seen ongoing support from the TON Foundation since the project's re-launch. The coin is currently available on various exchanges, including PointPay!


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