Friday News Round-Up: Inflation Slows Down, Ripple's Legal Battle, and Founder of Celsius Charged with Fraud

Introduction

Welcome to Crypto Weekly Roundup, where we bring you the latest updates from the world of cryptocurrencies. In this week's edition, we delve into the slowing inflation rates and its implications for crypto investors. We also explore the recent legal victory for Ripple in its battle with the SEC, as well as the surge in XRP's market cap. Lastly, we highlight the arrest and charges against Alex Mashinsky, the founder of Celsius, for fraud. Read on to stay informed and connected with the exciting happenings in the crypto world.

Slowing Inflation Offers Hope for Crypto Investors

The latest consumer price index (CPI) report reveals a significant drop in inflation, marking the lowest level since March 2021. This slowdown could indicate that inflation is finally coming under control. While it remains uncertain whether this is a temporary change or a sign of long-term stability, the implications for crypto investors are positive. Lower inflation rates may lead to reduced interest rates, benefiting stocks, Bitcoin, and altcoins.

Federal Reserve's Rate Hike Plans Amidst Decreasing Inflation: Despite the decline in inflation, the Federal Reserve still plans to raise interest rates later this month to address persistent inflationary pressures. However, the latest CPI data might offer the Fed some flexibility. If inflation continues to fall, the Fed might consider a smaller rate increase or even pause its rate-hiking cycle during the upcoming meeting on July 26-27. This decision could have significant implications for the crypto market.

Ripple Scores Partial Victory in Legal Battle with SEC

Ripple, the company engaged in a legal dispute with the Securities and Exchange Commission (SEC), recently received a favourable ruling. A U.S. District Court judge determined 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 led to a surge in XRP's price, propelling it to become the fourth largest cryptocurrency by market cap.

XRP Market Cap Surges Amidst Legal Victory

Following the court ruling, XRP experienced a remarkable 68% increase in its price. This surge enabled XRP to surpass BNB token, claiming the fourth spot in terms of market capitalization. With a market cap of $41.44 billion, XRP's momentum reflects investor confidence in the court ruling and highlights the bullish sentiment among traders, as funding rates in the perpetual futures market also surged.

Founder of Celsius Charged with Fraud

Alex Mashinsky, the founder of the bankrupt crypto lender Celsius, recently faced charges of fraud. A U.S. District Judge set his bail at $40 million, and Mashinsky pleaded not guilty to seven counts, including misleading investors and manipulating the price of CEL token. As part of the legal proceedings, he is now subjected to travel restrictions and prohibited from opening new bank or crypto accounts. The coordinated action against Mashinsky and other executives was announced by various regulatory bodies, including the Department of Justice, Federal Trade Commission, and federal securities and commodities regulators.

Conclusion

That concludes this week's Crypto Weekly Roundup. We've explored the slowdown in inflation and its potential impact on crypto investments. Additionally, we highlighted Ripple's legal victory and the subsequent surge in XRP's market cap. Finally, we shared the news of Alex Mashinsky's arrest and the charges brought against him for fraud. Stay tuned for more updates in the crypto space and share the excitement with your friends. Wishing you a fantastic Friday and a wonderful weekend ahead!

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