The Crypto Market Is About To Go Crazy (Ripple, Binance, & Bitcoin News)

There are three big events happening That you should know if you hold crypto And before we get to bitcoin huge news Involving the SEC the SEC will appeal The xrp ruling in the case against Ripple and just as a reminder last month Ripple tweeted this xrp is not a Security this victory for ripple is a Win for the entire industry and a step Towards regulatory Clarity in the US Meaning Ripple 1 versus the SEC and Specifically last month a federal judge Ruled that while Ripple's direct sales Of xrp to institutional investors did Violate Securities laws its programmatic Sales to retail investors through Exchanges did not essentially meaning That any OTC deal Ripple did with Institutional investors that's probably A security but anything on exchanges to Average retail investors that's fine Thus Ripple had a win well in a court Filing yesterday the SEC is now on Record that they will file and enter Luxury appeal of the judge's ruling on Ripple's programmatic sales of xrp Meaning that the SEC is filing an appeal On one part of the ruling but not the Other meaning the SEC wants all xrp Sales to be considered a security the SEC said it was seeking leave to appeal Part of a recent decision while other Parts of the sec's case proceed to trial The regulator set approval of an

Interluctory appeal could prevent the SEC and government from needing two Trials so again they're just appealing Half of it and now what's the timeline You should expect in its filing the SEC Noted that Ripple will have to respond By August 16th a week from the letters Filing and then proposed filing an Opening brief laying out the appeal on August 18th then a ripple would have two Weeks then the SEC would have another Week essentially what this means for you Is this locks xrp holders back again in The vicious circle of litigation it took Two years last time for this to make its Way through the courts and for the judge To finally say no xrp for retail Investors not a security it looks like That may start again I will keep you Updated the minute I know more but for Bitcoin and today's latest CPI numbers This is what's really going to affect The market so plain and simple what was The CPI data breaking July CPI inflation Data shows U.S inflation rate Rises to 3.2 percent below expectations of 3.3 And core CPI inflation is now 4.7 Percent below expectations of 4.8 so Even though both cases were technically Slightly below expectations this is the First monthly increase in CPI inflation Since July 2022 meaning again inflation Is creeping back up which means the Fed's job just just got a lot harder now

Of course Bitcoin reacted on this news Bitcoin fumbles briefly post U.S CPI Inflation and news like this is Generally bad for crypto because this Increasing inflation tells the FED we Have to be even more aggressive meaning That the United States Federal Reserve Has time to stay hawkish in light of the Annual inflation data that is now hotter Than last month's only three percent now The next fed meeting is September 19th And 20th with results coming in on the 20th I would expect them to raise rates Again based off the latest data but Looking at actually what the market Thinks the CME watch tool currently the CME fed watch tool shows an 86.5 Probability of no hike and then a mere 13.5 percent probability of a 25 basis Point rate hike this may change over the Next month as more data comes in I'll be Watching I'll let you know epic news for Ethereum major nft project Utes to Return polygon's three million dollar Grant as a ditches polygon and moves to Ethereum so just as a reminder Utes Started on Solana they are again Switching blockchain networks only four Months after Bridging the majority of Its nfts from Solana to polygon so they Announced it in April and by March 30th Polygon announced over 11 600 of the Total 15 000 Utes nfts had been bridged So it looked like polygon was in the

Clear it looked like Utes was loving Their experience yet d-labs the company Behind Utes also behind the gods d-lab Said the move was to unite its Utes Community with its d-gods Community we Still love polygon it's just time to Unite the d-gods and youth communities Said Utes in a statement and the money Will be returned we are returning 100 of The grand event provided by polygon the Funds will be redeployed for nft Ecosystem growth in polygon to empower Builders and creators now polygon Holders were shook by this whole Announcement because why would you give Up three million dollars why would Somebody want ethereum over polygon and The answer I guess is Network effect Especially for nfts huge blow to the Polygon nft ecosystem but organic nft Demand on polygon seems non-existent I Support this Choice feels like a No-brainer to be honest happy for youth Holders BNB chain also has some ethereum Positive news BNB chain to hard Fork to Improve security and improve Compatibility with evm chains Specifically binance's BNB chain is set To undergo two hard Forks in August 2023 To reduce the possibility of a malicious Blockchain reorg as well as increase Compatibility with other ethereum Compatible blockchains and huge news for Binance defy defy on binance pancake

Swap expands to ethereum layer 2 Arbitrum 1. as a reminder pancake swap Is the second largest decentralized Exchange protocol second to uniswap and They have thus continued their Multi-chain expansion arbitrum 1 will Help users with lower gas fees and Faster transactions and if you're Wondering how arbitrum fits in to the Ecosystem as an eth layer 2 arbitrum 1 Processes transactions on its Network Before summarizing them on the main Ethereum blockchain which helps speed up Transactions and reduce fees so anyway If you like pancake swap you love this Because arbitrim1 is the sixth Blockchain that pancake swap has Expanded to as it continues to focus on Ethereum scaling networks initially Built on BNB chain pancake swap now also Supports ethereum Aptos polygon zika evm And zksync era and major litigation Update digital currency group files to Dismiss crypto exchange Gemini's fraud Claims so just as a reminder Gemini is Suing digital currency group for fraud As Gemini lost a lot of their customers Money in their earn program The Gemini Earned program was launched in February 2021 it allowed the exchange's retail Customers to earn yields up to 7.4 Percent by lending their crypto assets To Genesis which is owned by dcg and Then last month Gemini's July 7th

Lawsuit claims that dcg and Silber to Their founder misrepresented the Financial Health of lending subsidiary Genesis and induced Gemini earned Customers to continue in the lending Program even though dcg and silbert were Aware Genesis had a billion dollar hole In its balance sheet linked to last Year's collapse of three era's capital So Gemini called dcg a fraud and then Today the news is this dcg called Gemini's July complained a continuation Of their public relations campaign Carried out by the exchange's owners Cameron Tyler so essentially dcg is Saying that hey Gemini is just doing all Of this for publicity public relations We're not frauds but to me it's going to Be very interesting and how all this Turns out because to me I don't see how Barry silbert wasn't aware that Genesis Lost all this money with 3ac how they Weren't aware of this billion dollar Hole not that Gemini is the 100 innocent One in all this but for me it's now Going to be interesting to see how this All unfolds also by the way Edward Snowden is one of the headline speakers At Bitcoin Amsterdam link down below Grab your tickets use code altcoin daily For 10 off like always see you tomorrow