The cryptocurrency market exhibits a bearish stance, with the Fear & Greed Index signaling fear at 36 as Bitcoin threatens potential declines beneath $60,000.
Meanwhile, various developments attracted the attention of crypto enthusiasts as bears flexed their muscles over the past day.
BitMEX co-founder Arthur Hayes has once again shifted his outlook on meme tokens within a week of joining the crypto-themed space.
The US Securities and Exchange Commission faces a backlash after its latest appeal on Ripple’s ruling. Meanwhile, Flare ignored all the noise to gain nearly 20% on its daily chart.
Arthur Hayes dumps MOG and PEPE at significant losses
Within a week of joining the meme crypto bandwagon, the BitMEX co-founder and American millionaire has dumped his MOG and PEPE holdings, losing $47,000.
Spot On Chain revealed that Hayes sent all his meme tokens to Bybit and Binance on Thursday.
The substantial loss came as his MOG and PEPE portfolios plummeted from $500,000 to $453,000.
The investor revealed his meme coin allocations on 27 September after spending approximately $252,000 to acquire 24.39 billion PepeCoin tokens.
Arthur Hayes currently holds Aither and Pendle, demonstrating his confidence in the RAW tokenization and decentralized physical infrastructure (DePIN).
Ripple CEO: ‘Something more behind this’ appeal
The United States SEC faces criticism over its latest move to appeal Ripple lawsuit rulings.
Prominent players in the crypto industry, including Ripple execs and lawyers, believe the regulator has hidden motives.
Ripple CEO Brad Garlinghouse questioned SEC’s decision, stating that there is “certainly” something more behind the latest appeal.
certainly feels like there is something more behind this than what is readily apparent. The truth – and the corruption – always comes to light eventually
Pro-XRP lawyer Jeremy Hogan shared skepticism about the events’ timing.
The agency’s Enforcement Director, Gurbir Grewal, announced his resignation hours before the appeal. Hogan said:
I refuse to believe that Attorney Grewal announcing he’s leaving the SEC the same day the appeal is filed is just chance. But I’m kooky like that.
Hogan believes Trump’s presidential win would be crucial in solving Ripple’s challenges soon, with the focus switched to protecting investors from frauds such as money laundering and terrorist finance.
Meanwhile, the appeal dented hopes for imminent surges in XRP price- which has remained subdued over the years due to the prolonged regulatory battle.
The altcoin lost over 10% of its value following the developments, currently trading at $0.5169. Hogan said:
The only hope of this all being over soon is if there’s new leadership at the SEC. If Trump becomes President again, I will humbly accept the role of Director of Enforcement and refocus the agency on protecting you from scams, frauds, and thieves.
Flare defies bearish trends
While bears dominated the crypto world, Flare maintained an upward stance in the past day, climbing from $0.0153 to hit daily peaks at $0.0178 – a 16.34% 24-hour uptick.
Source – Coinmarketcap
FLR’s stability amid market turmoil comes as Flare Network sees strategic growth amid state-of-the-art technological integrations.
The blockchain tapped Google Could early in 2024 to improve data processing and validation.
Here is a nice update I received.
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January round-up $FLR
January 2024 will remain a memorable month in Flare’s history, with the onboarding of Google Cloud as one of our 100 infrastructure providers, and the celebration of the first anniversary of the…
Moreover, the project reinvests 50% of the Flare asset sales into its ecosystem.
Also, the FLR network introduced a token burn initiative, recently destroying 66 million tokens to bolster scarcity.
Flare trades at $0.01563 after plummeting from its daily high.
The over 400% uptick in 24-hour trading volumes suggests more upside momentum.
However, broad market sentiments would be vital in determining FLR’s trajectory in the up-and-coming sessions.
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