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Crypto Market Volatile Ahead FOMC: Here are some of the most significant crypto market updates that occurred during the week and they include the following major updates: BTC, Telegram, and Ripple. Bitcoin & Altcoins to remain volatile before FOMC: JOLTS data sparks worry. Telegram goes back to the trend of attracting legal minds which forces the company to act. There is a new development in the Ripple vs. SEC lawsuit.
The crypto universe has completed another trading week with the market mainly exhibiting mixed apprehensive emotions. The BTC as well as Altcoins forced oscillations in rates before FOMC and macroeconomic events influenced the investors’ sentiments. Telegram’s legal battle story progressed to a new level; further, Ripple and XRP litigation situation inspires more discussions.
Crypto Market Faces Extreme Turbulence This Week
To everyone’s dismay, the U. S. Stock market also recorded a downturn alongside the crypto market as this week commenced, especially owing to the rumor regarding Nvidia (NVDA) receiving a subpoena by the U. S. DoJ. However, the market observed a slight relief as the AI giant denied the allegations that it had received the subpoena from DoJ.
However, data from the United States Job Openings, Labor Turnover Survey or JOLTS resulted to add movement this week with a rating of 7. 7 million, a 4. It is below the market forecast of 8% and that marks a 6% decline. 1 million.
After that, market participants anticipated that the Fed would reduce the interest rate by 50 bps in the ongoing month. But, it is also hard to predict wider implications as September is most likely the worst month both for stocks and crypto.
Telegram Saga Continues
On the other hand, the social messaging application still attracts attention after Telegram’s CEO Pavel Durov’s courtroom writing in France. S. Korea began an investigation of Telegram this week for unlawful activities. At the same time, the social messaging recently declared a new policy concerning illegal content. All these policy moderations have received much attention as the firm goes on to adopt more legal issues.
Ripple Lawsuit Advances
Moreover, the XRP lawsuit saw some progress and Judge Analisa Torres as well as the U. S. SEC in one accord on Ripple’s stay order that involved a payment of $125 million. On-chain activities of XRP as more of these advancements happened boosted expectations on the native cryptocurrency’s price before.
On the other side of the spectrum, the Ripple executive chairman Chris Larsen supported Democrat Kamala Harris this week. This week, the company’s CEO Brad Garlinghouse spoke about the RLUSD stablecoin launch. However, the questions about the regulatory status remain a cause for speculation in the XRP community.
Other news around the world are for example Metaplanet in Japan which is a partner of Ripple’s SBI. Also, the BoJ (Bank of Japan) recently suggested that it planned to raise interest rates. Recent cryptocurrency markets suggest that there might be further fluctuations in the prices in coordination with the key events.
Crypto Market Volatile Ahead FOMC Realted Questions
Why is the crypto market volatile ahead of the FOMC meeting?
The market is experiencing volatility due to macroeconomic concerns, including the release of the U.S. Job Openings and Labor Turnover Survey (JOLTS) data, which fell below expectations. Investors are apprehensive about potential interest rate changes by the Federal Reserve, which could further impact both the stock and crypto markets.
What is the Telegram saga about?
Telegram has been under legal scrutiny, especially with new investigations in South Korea related to unlawful activities on the platform. The company has also implemented new policies concerning illegal content, which have drawn significant attention as it navigates the ongoing legal challenges.
What are the latest developments in the Ripple vs. SEC lawsuit?
Recent developments in the Ripple lawsuit include an agreement between Judge Analisa Torres and the U.S. SEC on Ripple’s stay order, which involves a $125 million payment. These developments have led to increased on-chain activity for XRP and have fueled further discussions about the regulatory future of Ripple.
