The cryptocurrency market saw a lot of important developments this week, with its total capitalization now hovering around $1.14 billion. Bitcoin’s price went through a rollercoaster, trading at around $27,000 last week and then soaring to around $28.5K on Monday. Unfortunately, the bulls were unable to maintain the pressure, and the bears took control, pushing the price back toward $27K in the following days. The story of the week, however, was the ongoing case between Ripple and the United States Securities and Exchange Commission. The presiding judge – Analisa Torres – decided to toss the request for an interlocutory appeal by the SEC against a ruling she had made earlier in July. This ruling determined that secondary sales of XRP do not constitute an investment contract, meaning the court doesn’t treat secondary XRP sales as securities. As a result, XRP’s price shot up, increasing by around 10%.Meanwhile, Arthur Hayes – the former CEO of BitMEX – predicted that Bitcoin will surge to $750,000 by 2026. Additionally, it was discovered that the secret backdoor for Alameda in the FTX platform was actually discovered months before the collapse.Finally, the popular decentralized social media platform Friend.Tech was targeted by hackers once again. This time, the perpetrator was able to steal 234 ETH in a day.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Global
Countries
Sentiment	neutral
Relevance Score	8
People	Arthur Hayes, BitMEX, Analisa Torres, CryptoPotato, SBF
Companies	Alameda., BitMEX, Bitfinex, United States Securities and Exchange Commission, Ripple
Currencies	Solana, Cardano, Ethereum, XRP, Shiba Inu
Securities	None