Crypto Recap, June 29 – July 5: Dogecoin could be on the verge of a comeback? Ripple is taking steps towards gaining a US banking license, joining the surge of cryptocurrencies seeking credibility.
Ripple’s CEO, Brad Garlinghouse, confirmed on Wednesday that the firm is in the early stages of obtaining a license from the US Office of the Comptroller of the Currency (OCC), following previous reports from The Wall Street Journal. With its long history of compliance, Ripple is taking the initiative to apply for a national bank charter from the OCC, Garlinghouse said.
Standard Chartered, a global bank, is optimistic about Bitcoin for the rest of the year, citing a rise in corporate treasury purchases and robust inflows from exchange-traded funds. The bank’s digital asset research head, Geoff Kendrick, has predicted Bitcoin’s value to reach new heights of $135,000 by the end of the third quarter and eventually surpass $200,000 by the end of this year.
In other news, the FTX bankruptcy estate has expressed concerns about payouts to creditors in countries with unclear or restrictive cryptocurrency regulations. They have filed a motion with the US Bankruptcy Court for the District of Delaware, seeking authority for the FTX Recovery Trust to halt distributions to creditors in potentially restricted foreign jurisdictions.
Authorities in the United Arab Emirates (UAE) have reportedly arrested Ildar Ilham, the founder of the decentralized finance protocol WhiteRock Finance, following allegations of a $30-million scam through ZKasino.
On a lighter note, Dogecoin is trading near $0.17, staging a modest rebound after fluctuating between $0.13 and $0.25 since February. Investors continue to monitor whether the memecoin can reclaim the key psychological level of $0.25.
