The New York Attorney General filed a lawsuit against Genesis, Gemini, and DCG earlier Thursday, accusing them of defrauding investors of $1 billion.XRP price on October 19thWhen the stock market fell, Bitcoin remained flexible and the yield of 10-year treasury bond bonds climbed
The New York Attorney General filed a lawsuit against Genesis, Gemini, and DCG earlier Thursday, accusing them of defrauding investors of $1 billion.
XRP price on October 19th
- When the stock market fell, Bitcoin remained flexible and the yield of 10-year treasury bond bonds climbed.
- With the SEC dropping its charges against RippleLabs executives, XRP surged by 6%.
On Thursday noon, although there were reports that Bitcoin (BTC) may have fallen significantly, it rose slightly to $28600. Earlier that day, New York State filed lawsuits against DigitalMoneyGroup and its subsidiary Genesis Global Capital, as well as Gemini, the cryptocurrency exchange, with charges exceeding $1 billion. At the same time, interest rates continued to rise sharply, and the 10-year US treasury bond bond began to rise by another 6 basis points to 4.97%, possibly exceeding 5% for the first time since the outbreak of the global financial crisis. This led to the second consecutive day of the stock market.
However, Bitcoin briefly rose to slightly below $29000 earlier in the day, but ultimately rose 1% to $28600. Most counterfeit currencies have remained stable in trading, with ETH, BNB, DOT, and DOGE expected to decline, while Solana (SOL) bucked the trend and rose 5%.
After the Securities and Exchange Commission (SEC) withdrew charges against RippleLabs founder Brad Garlinghouse and chairman Chris Larsen, the cryptocurrency XRP related to the Ripple network surged by over 6% on Thursday night. The institution stated that it will continue to pursue the company's losses.
The CoinDesk Market Index (CMI), tracking a basket of digital assets seized by BTC, rose slightly by 0.3%.
Federal Reserve Chairman Jerome Powell's speech at the New York Club also had an impact. He stated that inflation is still high, but the growth of long-term bonds may mean that economic growth may mean a decrease in the demand for further interest rate hikes. Powell's Federal Reserve schematic may maintain interest rates unchanged in November, but retains the possibility of a rate hike in December.
According to TradeView data, the lawsuit does not seem to have had an impact on the stock price of Grayscale Bitcoin Trust (GBTC), which rose nearly 2% on the same day. Another subsidiary of Digital Currency Group (DCG), Asset Management Company Grayscale, plans to convert its $15 billion Bitcoin investment vehicle into Exchange Traded Funds (ETFs). In August, the company was triggered in court due to the SEC's rejection of its conversion application. The US Securities and Exchange Commission did not appeal this decision last week.
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