Weekly Roundup: BlackRock applies for spot Bitcoin ETF, France investigates Binance, XRP wipes out gains
- BlackRock applied for a spot Bitcoin ETF, joining the list of hopefuls awaiting approval from the Securities and Exchange Commission.
- Binance is under investigation in France for likely violation of anti-money laundering laws.
- XRP price declined 19% from its June 13 peak with the altcoin wiping out its gains from the Hinman documents release.
Bitcoin, Ethereum and altcoins witnessed steep declines in their prices throughout the week. Events of June 13, the Binance and Coinbase hearing and Hinman documents released put the spotlight on XRP and exchange tokens.
World’s largest asset manager, BlackRock, applied for a spot Bitcoin Exchange Traded Fund (ETF), joining a long list of hopefuls after the Securities and Exchange Commission (SEC) rejected every single spot Bitcoin application.
Also read: XRP price could reach $30 if Ripple wins SEC lawsuit, hedge fund manager says
BlackRock awaits spot Bitcoin ETF approval by the SEC
BlackRock, the largest asset manager in the world, has joined the list of spot Bitcoin ETF hopefuls. Interestingly, the US financial regulator has rejected every single spot Bitcoin ETF application to date.
If the case that BlackRock’s application is approved, it would be the first crypto spot ETF in the US. BlackRock’s filing reveals that the firm is engaging Coinbase’s Custody Trust Company for its Bitcoin holdings and Bank of New York Mellon for its fiat.
To find out more, check this out.
France investigates Binance for violation of anti-money laundering rules
After being slammed by the SEC’s lawsuit, Binance is now under investigation by local authorities in France over the alleged illegal provision of crypto services and “aggravated money laundering.”
Le Monde reported the investigation and stated that the financial judicial investigation service started the preliminary investigation in February 2022. Le Monde received confirmation of the investigation from Paris’s public prosecutor’s office.
Read about the SEC’s lawsuit against Binance here.
XRP price drop stuns holders, altcoin wipes all gains from Hinman documents release
The release of Hinman documents, a key element of Ripple’s defense against the US SEC, sent shockwaves through the crypto ecosystem. XRP price rallied to its June 13 peak of $0.5661. Since the June 13 high, XRP price has dropped 19% to $0.4562 at the time of writing.
The altcoin wiped out all gains from the Hinman documents release. The speculative narratives surrounding XRP gained prominence this week. Find out more about it here.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
