Solana leads winners in top 10 cryptos – Crypto News

Bitcoin gained in Thursday afternoon trade in Asia. Ether and all other top 10 non-stablecoin cryptocurrencies rose with Solana leading gains. Toncoin was the only token to post a loss in the past 24 hours. Overall market sentiment was positive despite the U.S. consumer price index (CPI), released Wednesday, showing that U.S. inflation rose in August.

See related article: FTX gets green light to sell US$3.4 billion in crypto assets

Crypto market on positive note

Bitcoin rose 1.78% to US$26,364 in 24 hours to 4 p.m. in Hong Kong, according to CoinMarketCap data. The largest cryptocurrency in the world gained 2.37% in the past seven days. 

Ether strengthened 2.3% to US$1,623 but slipped 0.73% on the week.

“These positive sentiments came amid more regulatory battles in the United States between regulatory bodies and those working in the field of cryptocurrencies and their various applications,” said Samer Hasn, market analyst at multi-asset brokerage firm XS.com.

The Securities and Exchange Commission (SEC) imposed a fine of US$1 million on the makers of Stoner Cats 2 non-fungible tokens (NFT) and its accompanying web series on charges of offering and selling unregistered securities as NFTs.

Stoner Cats 2 has accepted the regulator’s cease-and-desist order and agreed to the US$1 million civil penalty.

“A settlement to avoid a crushing SEC process without ‘admitting or denying’ anything is binding on no one. A cynic would call it a PR stunt. What matters is that when seriously challenged in court, the SEC continues to lose,” Stuart Alderoty, chief legal officer of Ripple, said on X (formerly Twitter). 

Ripple is also fighting its own battle against the SEC. In July, a summary judgment by Judge Torres ruled that Ripple’s XRP sales to institutional investors violated securities laws, but sales on public exchanges to retail investors did not. However, the SEC submitted a filing last Friday that pushed the court of the Southern District of New York to appeal its ruling on the agency’s lawsuit against Ripple Labs.

The SEC requested the court review its prior ruling by Judge Analisa Torres, which posed “knotty legal problems,” according to the filing.

Another SEC filing, another hypocritical pivot…

After years of its chairman saying the “rules are clear and must be obeyed” the SEC now cries that an appeal is urgently needed to resolve these “knotty legal problems.” https://t.co/ige4neIWRD

— Stuart Alderoty (@s_alderoty) September 8, 2023

Ripple’s XRP token gained 1.23% to US$0.4816, but weakened 3.72% in the past seven days. 

Solana was the day’s biggest gainer, rising 5.02% to US$18.81, but lost 3.86% on the week. Global payments giant Visa wrote in a Tuesday research report that Solana blockchain “has attributes like high transaction throughput and scalability at low cost that help make it a good candidate for payments and Visa’s stablecoin settlement pilot.” It announced a partnership with Solana on Sept. 5 to expand its USDC stablecoin settlement pilot to Solana’s blockchain.

The total crypto market capitalization rose 1.56% to 1.05 trillion while market volume dropped 12.87% to US$27.96 billion.