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The jobs market remains strong, a concern for the U.S. central bank which seems intent on raising the Federal Funds rate 25 basis points.
Ripple's XRP, Solana's SOL and Lido Finance's LDO lost more than 4% in the last 24 hours.
Wall Street banks including J.P. Morgan also saw the ruling as a positive outcome for the crypto exchange.
A U.S. bankruptcy court previously granted the crypto lender permission to sell its altcoin holdings for bitcoin and ether starting in July.
The latest price moves in crypto markets in context for July 17, 2023.
Funding rates in perpetual futures tied to BNB are most negative in nearly three months.
The rising flows into Toronto-based Purpose’s spot bitcoin ETF, which received approval by Canadian regulators in 2021, reflect strong appetite among retail investors for these types of products and are a promising sign for U.S. companies who have recently filed spot BTC applications with the SEC.
Along with XRP’s strong week, 172 of 186 CoinDesk Indices assets finished in positive territory
Ripple's XRP was down 25% from its highest levels on Thursday.
The fight for regulatory clarity isn’t over yet, however, as the SEC will likely appeal the decision and continue to pursue similar cases in the future, analysts wrote.
- 20:30The Federal Reserve cuts interest rates as scheduled, Dow Jones is on its longest decline in 50 yearsOn December 19, the Federal Reserve cut interest rates by 25 basis points as expected, suggesting a slowdown in rate cuts. The US stock market fell, erasing earlier gains. The Dow Jones Index is expected to fall for the tenth consecutive trading day, which would be the longest single-day decline since an eleven-day drop in October 1974. All eleven major sectors of the S&P 500 index were down, with real estate leading the decline. Higher interest rates are typically seen as a drag on the stock market, increasing the appeal of lower-risk assets while suppressing companies' ability to increase earnings.
- 20:28Powell: Inflation above target can still further reduce interest ratesOn December 19, Federal Reserve Chairman Powell explained at a press conference why higher inflation than the Fed's target can be compatible with further rate cuts. He stated that even if next year's inflation rate only drops to 2.5%, the Fed may still cut rates as shown in the dot plot because inflation will be moving in the right direction. Powell further explained that if next year's core PCE inflation annual rate drops to 2.5%, what we see is meaningful progress in reducing inflation. According to FOMC's latest quarterly economic forecast summary, the Fed expects PCE and core PCE inflation to only drop to 2.5% by 2025, which is still above the Fed's target of 2%, while it anticipates two rate cuts by then.
- 20:27Analyst: Powell's stance is slightly more hawkish than the last meetingOn December 19, the natural language processing model's assessment of Powell's opening remarks was slightly more hawkish than the last meeting, jumping from 3.2 last month to 6.4. Analyst Jersey stated that Powell is not a true hawk, but he is also not so dovish. Since the meeting in September last year, dovish rhetoric has almost halved, while the number of hawkish terms has hardly changed.
