Roundup of the Most Essential News that Headlined the Market (July 17 to 23)

JPEX made several major announcements during the third week of July. Among them, JPEX and J-Store hosted the first offline event in Taiwan where a distribution of green tea to beat the summer heat took place on Wednesday, July 19.

After months of seeing a consistent reduction in liquidity (daily trading volume), the exchange announced the delisting of POOH, the novel token behind a decentralized community movement that has been extremely active in the crypto sector in recent times on Wednesday, July 19.

Aside from these, JPEX disclosed on Thursday, July 20, that it will be celebrating the JPC token’s journey as a tradable asset with a promotional event. The event is scheduled to end on August 8.

As JPEX informed its customers about the latest developments in its ecosystem, names such as Kuwait, Ripple, and Robert Fitzgerald Kennedy Junior trended online. 

Those who also believe that Vitalik Buterin’s native asset in the form of Ethereum will surpass Bitcoin one day also shared their views in a survey. Below, JPEX takes a look at the details of the news.  

Kuwait announced the ban on cryptocurrencies and transactions involving virtual assets 

During the week, it was reported that Kuwait, a high-income country in the Middle East has banned the use of all forms of cryptocurrencies in the country.

This came about as a joint decision was made by the Insurance Regulatory Unit, the Ministry of Commerce & Industry, and the Capital Markets Authority (CMA). 

Due to the use of crypto in several shady deals across the globe due to their private nature, authorities in Kuwait say this step will reduce the negative consequences and risks that come with dealing with or investing in digital assets. 

While certain Middle Eastern countries have been tagged crypto-friendly, Kuwait currently prohibits the granting of licenses to virtual asset service providers (VASPs) or individuals.

Ripple disclosed banks in the United States could start using XRP 

After coming out victorious in its case against the Securities and Exchange Commission (SEC) of the United States, Ripple says this could lead many financial institutions in the country to use XRP. 

In a conversation with CNBC, a news outlet, representatives of Ripple disclosed that the firm’s native cryptocurrency called XRP can be sourced as On-Demand Liquidity (ODL) for cross-border transactions.

Ripple has many partners across the globe that have tapped into its infrastructure to aid them in settling transactions within minutes. Among them are Santander Bank, Azimo, and Tranglo.

Having many well-established banks in the US join the firm as partners could positively reflect in the price of XRP which could brighten the investment portfolio of millions of traders across the globe. 

Bitcoin to back the United States Dollar if victorious

Bitcoin is not only the largest digital asset by market capitalization, but it is also the most popular. 

Due to inflation issues and the loss of faith in the dollar with currency wars on the horizon in large part due to the rumors of a BRICS currency, many experts have questioned the future of the USD. 

Aspiring presidential candidate Robert Fitzgerald Kennedy Jr. said that due to the secure nature of blockchain technology, he would back the USD with Satoshi Nakamoto’s innovation if he became the next president of the United States. Aside from that, he will exempt BTC from capital gains taxes.

He made this known at an event on Tuesday, July 18 where he reiterated his stance on the right to run blockchain nodes at home and self-custody. He also promised regulation on industry-neutral energy. 

The price of BTC has suffered over the past 20 months due to regulatory issues miring the sector but many analysts believe the coin could potentially exchange hands for $100,000 per piece in the future. 

Half of a survey’s respondents expect Ethereum to surpass Bitcoin 

According to a recent survey by CryptoVantage, almost half of respondents 470 (47%) out of 1,000 said the next cryptocurrency that can surpass the price of Bitcoin (BTC) is Ethereum (ETH). The respondents were North Americans.

Ethereum remains the second-largest digital asset by market capitalization and it’s widely considered as the most famous cryptocurrency after Bitcoin. 

The predictions were primarily based on investor interest (trading volume), and the potential future performance of the cryptocurrency looking at prices associated with futures trading. 

Other digital currencies that were featured aside from ETH were meme-inspired assets Dogecoin (DOGE), Binance Coin (BNB), and Cardano (ADA).


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