Crypto Market This Week Volatile Amid FOMC, Telegram saga

Crypto Market This Week: Volatile Amid FOMC and Ripple Lawsuit

The crypto market has closed out another eventful week, stirring uncertainty among investors and traders alike. Both Bitcoin (BTC) and altcoins faced turbulence, especially with the looming Federal Open Market Committee (FOMC) meeting on the horizon. Meanwhile, macroeconomic factors further impacted market sentiment, while ongoing legal battles like Ripple’s XRP lawsuit and Telegram’s scrutiny kept the market on edge.

Crypto market volatile: Hit by Economic Data

This week, the U.S. stock market took a hit alongside the crypto market. Early in the week, rumors circulated about Nvidia (NVDA) potentially receiving a subpoena from the U.S. Department of Justice (DoJ), causing a dip in the market. However, those fears eased when Nvidia denied the claims of a DoJ subpoena.

Adding to the market volatility, the U.S. JOLTS (Job Openings and Labor Turnover Survey) data came in at 7.7 million, significantly lower than the forecasted 8.1 million, which pushed further uncertainty into the markets. Investors are now anticipating a potential Federal Reserve rate cut of 50 basis points, though the broader market implications remain unclear. Historically, September has been one of the worst-performing months for both the stock and crypto markets, adding more concerns as the month progresses.

Crypto market volatile: Telegram Under Legal Scrutiny

On the legal front, Telegram found itself at the center of attention as South Korea launched an investigation into the messaging platform, probing alleged illicit activities conducted through its service. This followed earlier courtroom battles involving Telegram’s CEO, Pavel Durov, who faced legal challenges in France. In response, Telegram has updated its policies regarding illegal content, which has attracted attention as the company tries to tackle its ongoing legal concerns.

Crypto market volatile: Ripple XRP Lawsuit Sees New Developments

The long-standing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) also saw new developments this week. Judge Analisa Torres and the SEC agreed on Ripple’s stay order for a $125 million payment. These updates have fueled speculations within the XRP community about how the lawsuit could impact the price of the token. Additionally, Ripple’s CEO, Brad Garlinghouse, shared more details on the launch of the RLUSD stablecoin, adding another layer of interest to Ripple’s movements.

Japan’s Metaplanet announced a partnership with Ripple’s partner SBI, and the Bank of Japan (BoJ) hinted at a possible interest rate hike. All these events are setting the stage for further price action in the crypto market, making the upcoming weeks crucial for investors.

Also Read: When did the polkadot testnet launch? Time Farm Daily Combo