On Saturday, July 27, Mt. Gox had 80,128 BTC, equivalent to $5.43 billion, to transfer to exchanges.
US Presidential Election Race: Bitcoin Reserve Pledge
The 2024 US Presidential Election continued to influence BTC price trends.
Rumors of Donald Trump planning to announce a Bitcoin Reserve Policy if elected, drove BTC demand. Trump will speak at Bitcoin 2024 on Saturday, July 27. If Trump turns the US into a BTC buyer, BTC could reach new highs.
The crypto vote could be crucial in the 2024 race to the White House, with Democratic Party front-runner Kamala Harris aiming to woo crypto voters from the Trump camp.
This week, news emerged of Harris planning to attend Bitcoin 2024.
While bipartisan support for the US crypto space could boost BTC demand, a US Bitcoin Reserve Policy could be a game changer.
SEC vs. Ripple: Settlement Hopes Wane After SEC Closed Meeting
Speculation about a settlement in the SEC vs. Ripple case drove XRP to a July 17 high of $0.6378.
Investors reacted to the SEC announcing a closed meeting, speculating that Ripple could attend to discuss settlement terms.
However, there were no updates from the closed meeting to signal a settlement. XRP dropped below $0.60 as settlement hopes waned.
Former SEC lawyer Marc Fagel commented about the speculation of a settlement, stating,
“I’ve tried to patiently explain to people what closed meetings are, how they work, and why a settlement (if it existed) likely wouldn’st even be calendared at one (as presumably the sole person here who used to attend them).”
Pro-crypto lawyer Bill Morgan also poured cold water on the chances of a settlement, saying,
“This is unlikely to happen but if it does it is a compromise not a big win. It means both parties give up something.”
A settlement would end SEC plans to appeal against the Programmatic Sales of XRP ruling. In July 2023, Judge Analisa Torres ruled that programmatic sales of XRP do not satisfy the third prong of the Howey Test.
XRP could return to $1.00 on news of an SEC settlement. Conversely, an SEC appeal against the Programmatic Sales of XRP ruling could send XRP below the $0.40 level.
From Monday, July 22, to Saturday, July 27, XRP was up 0.17% to $0.5989.
