Crypto Market This Week: Market Volatile Ahead FOMC, Telegram Saga, Ripple Lawsuit
HIGHLIGHTS
- Bitcoin and Altcoins Face Volatility Ahead of FOMC, JOLTS Data Raises Concerns
- Telegram Draws Legal Attention, Leads to Policy Update
- New Developments in Ripple vs. SEC Lawsuit
The crypto market has wrapped up another week marked by uncertainty and volatility. Bitcoin (BTC) and various altcoins experienced turbulence as investors awaited the Federal Open Market Committee (FOMC) meeting, with macroeconomic events adding to market jitters. Telegram’s ongoing legal issues prompted a policy change, while the Ripple XRP lawsuit continues to generate speculation.
Crypto Market Faces Extreme Volatility
This week saw the U.S. stock market and crypto assets both facing declines, initially driven by rumors of Nvidia (NVDA) receiving a subpoena from the U.S. Department of Justice (DoJ). However, these fears were alleviated as Nvidia denied the subpoena claims.
Further volatility was triggered by the release of U.S. JOLTS data, which came in at 7.7 million, falling short of the expected 8.1 million. This has led to speculation that the Federal Reserve might cut rates by 50 basis points this month. September is historically a challenging month for both stock and crypto markets, contributing to the prevailing uncertainty.
Telegram’s Legal Challenges
In the wake of Telegram CEO Pavel Durov’s courtroom battle in France, the social messaging platform remains under legal scrutiny. South Korea has launched an investigation into Telegram over alleged illicit activities, as reported by CoinGape. Additionally, Telegram has updated its policies on illegal content, which has drawn significant attention as the company continues to navigate its legal challenges.
Ripple Lawsuit Developments
In the Ripple vs. SEC case, Judge Analisa Torres and the U.S. SEC have agreed to a stay order concerning Ripple’s $125 million payment. This development, coupled with XRP on-chain activity, has intensified speculation about the cryptocurrency’s future price movements.
In related news, Ripple’s executive chairman Chris Larsen endorsed Democratic candidate Kamala Harris this week, as noted by CoinGape. Ripple CEO Brad Garlinghouse also provided updates on the RLUSD stablecoin launch. Despite these advancements, regulatory uncertainty continues to stir speculation within the XRP community.
Global Updates
Internationally, Japan’s Metaplanet has partnered with Ripple associate SBI. Additionally, the Bank of Japan (BoJ) has hinted at a possible increase in interest rates. The crypto market is bracing for further price shifts in response to these and other key events.
