Latest crypto news on Monero, Ripple and BNB

Latest crypto news on Monero, Ripple and BNB

Continuing our column with analysis of the crypto world, focusing on news and prices of digital assets, today we focus on Monero, Ripple and BNB. 

Prices and market statistics of crypto assets Monero (XRM), Ripple (XRP) and BNB

Let’s start with Monero, the current price is US$142.94, with a market capitalization of US$2.6 billion. 

Over the past 24 hours, the transaction volume was US$96.8 million, while the circulating supply of Monero is 18.3 million XMR. The all-time high recorded by Monero was US$517.62, nearly 5 times more than the current price. 

In the span of seven days, Monero recorded a positive change of +2.95%, we cannot call it a substantial increase, but it is still a positive figure. 

Let’s continue with Ripple, the current price of XRP is US$0.50, with a market capitalization of US$26.7 billion. Over the past seven days, XRP has seen a negative change of -1.52%.

Over the past 24 hours, the transaction volume was $1.1 billion, while the circulating supply of XRP is 53.0 billion XRP. The average holding time for XRP is 48 days, reflecting some stability in its distribution. 

Currently, Ripple (XRP) is ranked fourth in terms of popularity in the cryptocurrency market.

The all-time high recorded by Ripple was US$3.84.

Finally, BNB: The current price of Binance Coin (BNB) is US$214.82, with a market capitalization of US$33.1 billion. 

Over the past 24 hours, the transaction volume was US$463.5 million, while the circulating supply of BNB is 153.9 million. The all-time high recorded by Binance Coin was US$690.93.

In the seven-day period, Binance Coin recorded a minimal change of -0.03%. 

This data reflects the dynamics of the cryptocurrency market, which is characterized by significant price fluctuations. But now let us turn to the most important news that characterized the prices and statistics in question. 

The lawyer and CLO of Ripple celebrate SEC failure in court

In a recent twist in the cryptocurrency world, XRP lawyer John Deaton and Ripple’s Chief Legal Officer (CLO) Stuart Alderoty are celebrating what they consider a significant victory over the US Securities and Exchange Commission (SEC). 

Their jubilation stems from a recent court ruling that marked a substantial setback for the SEC in its case against Grayscale, and prompted Deaton to label the agency as “transient regulators.”

Deaton, a prominent XRP supporter and critic of the SEC’s actions, argues that the SEC’s recent court defeat highlights its changing and unpredictable regulatory posture. 

According to him, the agency’s approach has been far from consistent, generating confusion in the cryptocurrency industry.

The root of this legal battle can be traced back to the SEC’s lawsuit against Ripple Labs, which claimed that the company’s sale of XRP tokens constituted an unregistered securities offering. 

Ripple executives, including CEO Brad Garlinghouse and co-founder Chris Larsen, found themselves in the SEC’s crosshairs.

One of the key points in this ongoing saga has been the SEC’s expectation that Ripple would settle with regulators to resolve the issue. However, Ripple vehemently opposed this course of action, resulting in a lengthy legal battle.

Stuart Alderoty, Ripple’s CLO, commented on the situation, emphasizing the role of prosecutors in limiting the SEC’s reach. 

He argues that the court’s ruling that the SEC’s actions were “illegal” is a clear indication that the agency’s authority should not extend beyond reasonable limits.

The recent court ruling, which favored Grayscale, underscores the challenges the SEC faces in maintaining its regulatory dominance in the cryptocurrency space. 

The circuit judge of the US Court of Appeals Neomi Rao dealt a blow to the SEC, stating that the rejection of Grayscale’s claims was erroneous.

This court victory was celebrated not only by XRP supporters, but also by the broader cryptocurrency community, as it raises questions about the SEC’s approach to regulating digital assets. 

Deaton and Alderoty’s comments serve as a reminder that regulatory clarity and consistency are essential to the healthy development of the cryptocurrency industry.

BNB hacker loses $53 million

In a dramatic twist in the cryptocurrency sphere, a cryptocurrency wallet associated with the BNB Smart Chain exploit faced a substantial setback, with three of its positions liquidated in a sudden market crash that saw the price of Binance Coin (BNB) plummet below the $220 mark. 

This market crash triggered a cascade of liquidations among various traders. What makes this incident particularly noteworthy is its connection to the infamous BNB Smart Chain exploit, which had previously led to the theft of an astonishing sum of nearly $600 million in BNB tokens.

The exploit, which occurred on 6 October, resulted in the suspension of the crossbridge of the BNB Smart Chain blockchain network. This exploit allowed the cunning attackers to steal as many as 2 million BNB tokens, a sum that was equivalent to as much as $568 million at the time of the theft. 

The sheer audacity of this breach reverberated throughout the cryptocurrency community.

However, the story took another turn on 18 August, when a cryptocurrency wallet linked to the exploit found itself in a precarious position. 

With collateral assets exceeding $53 million, the wallet’s assets were ruthlessly liquidated on the cryptocurrency lending platform known as Venus Protocol, as revealed by blockchain security firm PeckShield. 

It appears that the hacker responsible for the exploit used these illicit tokens as collateral for a 30 million Tether (USDT) loan on the protocol, a bold move that ultimately led to a substantial loss in the ensuing market turmoil.

This incident serves as a reminder of the volatility and unpredictability that characterizes the cryptocurrency market. While the cryptocurrency landscape is rich in opportunity, it also presents significant risks. 

As the cryptocurrency community grapples with security challenges and strives to find more secure and transparent solutions, this incident is a testament to the ever-evolving nature of the digital asset ecosystem, where fortunes can change in the blink of an eye.

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About the Author: Daniel