Daily News | XRP Soared By over 70%, Europe's First BTC ETF Will Go Public This Month, Polygon to Upgrade MATIC to POL

2023-07-14, 04:15

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![](https://gimg2.gateimg.com/image/article/16893143370714.jpg)
## Crypto Daily Digest: XRP soared by over 70%, and Europe's first Bitcoin ETF is expected to be listed this month, Polygon proposes to upgrade the MATIC token to POL
Last night, a sentence from an American judge ignited a night of revelry in the crypto space.

On the evening of July 13, Ripple achieved "partial victory" in the struggle with the Securities and Exchange Commission (SEC). The decision of the District Court for the Southern District of New York brought a certain degree of regulatory clarity to the cryptocurrency industry.

After the List of courts in the United States ruled favorably on <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a>, several cryptocurrency exchanges announced XRP's re-listing plan. It is worth mentioning that the prices of three tokens that had been "named" by the SEC in the Coinbase and Binance litigation cases also rose sharply.

According to Coinsecko data, as of 2:00 am (UTC) on July 14, <a href="/price/cardano-ada" target="_blank" class="blog_inner_link">Cardano</a> (ADA) had a 24-hour increase of 24.3%, <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> (SOL) had a year-on-year increase of 33.3%, and <a href="/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a> (MATIC) had a year-on-year increase of 19.6%.

XRP once rose to nearly $0.9 with a growth rate of more than 70%, driving <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> up by more than 6%, breaking the $2,000 threshold. <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> rose by 3.5%, and other small cryptocurrencies and Altcoins rose in succession.

Meanwhile, the first Bitcoin ETF in Europe, postponed for 12 months, is expected to be listed this month.

It is reported that Jacobi Asset Management initially announced that its Bitcoin ETF will be listed on the Euronext in Amsterdam in July 2022, 12 months later than its planned launch. The reason for the delay is that last year we thought the "timing was wrong," because last May 2022, <a href="/price/terra-luna" target="_blank" class="blog_inner_link">Terra</a> Luna cryptocurrency collapsed. In November, cryptocurrency exchange FTX's bankruptcy and restructuring disaster was ushered in.

Polygon proposes to upgrade the MATIC token to POL. As part of the Polygon 2.0 roadmap, Ethereum scalability solution Polygon has proposed to upgrade its native token MATIC technology. During the process of waiting for community approval, MATIC will be converted to Polygon (POL), which is designed to run across all Polygon protocols, including Proof of Stake (PoS), zkEVM, and the Supernet. The overall goal of upgrading is to ensure the scalability of the ecosystem without affecting security.

In terms of industry giants, Musk's "X Universe" has added a new member - xAI, whose goal is to understand the true essence of the universe. Team members will have a Twitter Spaces chat on Friday, July 14th. X.AI company stated that they are separate from X company, but will work closely with X company and Tesla. After the news came out, AI-related tokens such as AGIX and FET all experienced varying degrees of increase.

Google Play announced a major policy shift yesterday, allowing developers to integrate digital assets like NFTs into applications and games. Companies allowed to purchase, sell, or earn tokenized assets need to disclose the presence of blockchain-based elements in their applications in the Play Console.

In terms of data, crimes related to cryptocurrency have declined significantly recently. Chainalysis pointed out in the latest report that from the beginning of this year to June, cryptocurrency flowing into illegal entities was worth $2.8 billion, down 65% from last year. The company said that although the decline in cryptocurrency price led to an overall decline in trading volume, the decline in legal services was much smaller, with capital inflows only falling by 28% year on year. On the other hand, in the first half of this year, the cryptocurrency payment obtained by ransomware attackers reached $449.1 million, an increase of $175.8 million over the same period last year.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1689314377BTC.png)
Yesterday, driven by positive news and increased volume, BTC broke through the historical high of the past year. In the short term, it may experience a pullback and find support around $30,888. The upward targets to watch for are $32,235 and $33,085. The top targets are $36,500 and $41,550.

### ETH
![](https://gimg2.gateimg.com/image/article/1689314394ETH.png)
ETH shows a bullish pattern with a head and shoulders bottom on the daily chart. For aggressive traders, a potential entry point is a pullback to the range of $1,974 to $1,963. For conservative traders, a breakout above the key resistance level of $2,036 is a confirmation for long positions. The medium-term target is around $2,358, and breaking above $2,036 signals a bullish trend.

### LTC
![](https://gimg2.gateimg.com/image/article/1689314414LTC.png)
LTC completed a bullish head and shoulders pattern, with a target resistance level at $104.02. Monitoring whether it holds above this level is crucial for further upward movement, with targets at $126.26 and $128.15.

### GT
![](https://gimg2.gateimg.com/image/article/1689314430GT.png)
After a short-term pullback, GT can break above the previous week's high of $4.4890 and the upper resistance level at $4.6420. Key levels to watch are $4.1882 as support and $3.6040 as medium-term support. The ultimate targets are $28.5658, $39.1555, and $45.05.

## Macro: Inflationary pressure increases and the frequency of interest rate hikes by the Fed may increase as well
Recently, Federal Reserve Governor Christopher J. Waller delivered his latest speech on the economic outlook, expressing support for raising interest rates at the July FOMC meeting. The Federal Reserve needs to raise interest rates twice this year (25 basis points each) to bring inflation down to its target level. The resilience of the job market and economy provides the Federal Reserve with room for further rate hikes, and tightening policies need to be maintained for a period of time.

A large part of the reason why inflation remains high and provides impetus for other economic sectors is the resilient labor market. Employers continue to add jobs at a strong pace, and wage growth remains strong, allowing Americans to continue spending.

Jennifer Lee, senior economist at BMO Capital Markets, stated that overall, the Federal Reserve has some "breathing space" in combating inflation. She stated that assuming more inflation reports from now to September also show a similar trend, this gives them a reason to stay on the sidelines.

And relying solely on a CPI report, even if it is better than expected, is unlikely to have a significant impact on Federal Reserve officials. After the latest data was released, Richmond Fed Chairman Barkin also reiterated the Fed's commitment to restoring price stability,

“Inflation is too high. Our target is 2%, and if we exit too early, inflation will rebound strongly, which requires the Federal Reserve to take more action.”

<div class="blog-details-info">
<div>Author:**Byron B.**, Gate.io Researcher
<div>Translator: Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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