Crypto Market Braces For Impact As Middle East Tensions Rise & U.S. Jobs Data Spark Speculation
- Patricia ArquetteOriginal
- 2024-10-06 15:14:15535browse
The much anticipated ‘Uptober’ rally witnessed a halt as the Israel-Iran conflict started this week. Notably, Iran launched missile attacks
Top crypto headlines of the week: Middle East tensions, US jobs data, Ripple vs SEC updates
The crypto universe closed another week with remarkable events unfolding across the broader sector. Here’s a collection of some of the most buzzworthy headlines reported by CoinGape Media over the past seven days.
1. Crypto Market Braces For Impact As Middle East Tensions Rise & U.S. Jobs Data
The much anticipated ‘Uptober’ rally witnessed a halt as the Israel-Iran conflict started this week. Notably, Iran launched missile attacks against Israel in retaliation for the latter’s attack on Hezbollah forces in Lebanon. As expected, the crypto market mirrored a negative impact to this development. Coinglass data showcased over $351 million liquidated from the market in light of the conflict-birthed market uncertainty.
Meanwhile, it’s also worth mentioning that American businessman Robert Kiyosaki shared vital insights amid the ongoing Middle East conflict. The American businessman slammed the Biden administration and lauded Republican Donald Trump instead, demanding the need for strong and decisive leaders during such times.
Also, the U.S. jobs data this week indicated that the nonfarm payroll data figures came in at 254,000 and the unemployment rate comes in at 4.1%, shredding expectations of a larger rate cut by the Fed ahead. In light of this market event, BlackRock CIO Rick Rieder anticipated that the Federal Reserve will cut interest rates further, but only by 25-basis-point.
2. XRP Lawsuit Sees New Developments
This week saw American blockchain payments company Ripple and the SEC embark on new lawsuit-related developments. The SEC filed a notice of appeal against Judge Analisa Torres’ final judgment in the XRP lawsuit this week. This hinted that the regulatory body filed an appeal against the remedies ruling, which mandated a $125M penalty for Ripple.
Simultaneously, Ripple’s native crypto XRP price fell 13% in value over the past week, attributable to legal uncertainty. XRP price rested at the $0.53 level as the week came to an end. Also, XRP whales moved hundreds of millions of coins in the interim, adding a layer of intrigue among market participants.
Moreover, a renowned crypto market analyst was reported by CoinGape to be anticipating XRP to reach $5 despite regulatory scrutiny. Further, the SEC reportedly named Ripple CEO Brad Garlinghouse and Chris Larsen in its appeal this week.
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