Inflation Slows, XRP Surges, and Alex Mashinsky Arrested "Five Minute Friday with Doc" #15

In this week's Crypto Unplugged 5-minute Friday Show, Doc brings you the latest news and analysis from the cryptocurrency market. He discusses inflation data showed that price pressures were easing in June, which could lead to lower interest rates. Ripple scored a partial victory in its legal battle with the SEC, but the institutional sale of XRP tokens was found to violate federal securities laws. Alex Mashinsky, the founder of bankrupt crypto lender Celsius, has been charged with fraud.

Join Doc this week as he discusses these and other important developments in the cryptocurrency market.

Date of podcast recording: Friday 14th July '23

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Transcript

What’s going on Listeners? Welcome to Crypto Unplugged 5-minute Friday Show.

Doc here on Friday 14th July. I hope you’re all well, wherever you’re listening from.


So, what ‘s been happening this week in the Crypto Space:


Well, the latest consumer price index (CPI) report showed that inflation has slowed down. In June, it dropped to 3% from 4% in May, marking the lowest level since March 2021. 

This slowdown indicates that inflation may finally be coming under control. 

Factors such as eased supply chain disruptions and declining energy prices contribute to this positive trend. However, it's important to note that we're not sure yet if this is just a temporary change or a sign of long-term stability.


The slowdown in inflation is good news for us as crypto investors, as it suggests that inflation may be starting to come under control. This could lead to lower interest rates, which would be good for stocks and other risk assets such as Bitcoin and altcoins.


Despite the decrease in inflation, the Fed is still expected to raise interest rates later this month. 

The goal is to address the persistent inflationary pressures. 

However, the latest CPI data might offer the Fed some flexibility. 

While the anticipated rate hike is set at 0.50% during the upcoming meeting on July 26-27, if inflation continues to fall, the Fed might reconsider and opt for a smaller rate increase or even pause its rate-hiking cycle.


Let's shift gears now to the world of cryptocurrencies. 

Ripple, the company involved in a legal battle with the SEC, recently scored a partial victory.


A U.S. District Court judge ruled that Ripple's sale of XRP tokens on exchanges and through algorithms did not constitute investment contracts. 

However, the institutional sale of the tokens was found to violate federal securities laws. 

This ruling has sparked a surge in the price of XRP, with the token experiencing a remarkable 68% increase immediately after the announcement. As a result, XRP has now become the fourth largest cryptocurrency by market cap.


Speaking of XRP, it's worth noting that it has flipped BNB token to claim the fourth spot in terms of market cap. XRP's market cap has surged by more than 68% in the past 24 hours alone, reaching a staggering $41.44 billion. 

This surge follows the court ruling we just discussed. 

Furthermore, funding rates in the perpetual futures market have also soared, indicating a bullish bias and increased leverage among traders.


Finally, we have some news on a recent arrest in the crypto world. 

Alex Mashinsky, the founder of bankrupt crypto lender Celsius, has been charged with fraud. 

His bail has been set at $40 million by a U.S. District Judge. 

Mashinsky pleaded not guilty to seven counts, including misleading investors and manipulating the price of CEL token. 

As part of the deal, he is now restricted from traveling and opening new bank or crypto accounts. 

This coordinated action against Mashinsky and other executives was announced by the Department of Justice, Federal Trade Commission, and federal securities and commodities regulators.


Thanks for joining me and do tell your friends about crypto unplugged.

 Have a great Friday and a lovely weekend and see you guys’ next time!