Investors have once again focused on the possibility of a rate cut by the U.S. Federal Reserve. This development boosted interest in digital assets. Ethereum showed a strong recovery, climbing above the $2,590 level, while Dogecoin reached $0.171, regaining the ground it had lost over the past month. 

Meanwhile, Bitcoin traded at $109,200, recording a gain of over 3% on the day. It is now just 2% away from its all-time high of $111,814. 

Altcoin Rally Triggered by Ethereum and Dogecoin Surge 

The rise in the altcoin market wasn’t limited to prices alone. Zach Pandl, Head of Research at Grayscale, noted that investor interest is shifting towards Ethereum and other altcoins. According to Pandl, recently approved crypto exchange-traded products (ETPs) have facilitated institutional capital flowing into the altcoin market. 

Increasing regulatory clarity and interest from traditional financial institutions are boosting confidence in crypto. Pandl stated that many tokens could see new highs in the second half of the year. 

Meanwhile, Ripple has applied for a national banking license with the U.S. Office of the Comptroller of the Currency (OCC). The move is seen as an effort to expand crypto payment systems within a legal framework. 

Fed Rate Cut Expectations Revive Crypto Momentum 

Investors remain focused on potential moves from the central bank. Recent dovish remarks have raised hopes that the Fed may opt for rate cuts. This expectation has positively impacted not only crypto but also the stock markets. The Nasdaq and S&P 500 indexes closed the day with slight gains. 

However, global economic uncertainties persist. While the new trade agreement signed by U.S. President Trump with Vietnam was positively received, no progress was made in negotiations with China. Additionally, geopolitical risks in the Middle East and Ukraine continue to dominate headlines. 

Meanwhile, inflows into Bitcoin spot ETFs declined on Tuesday. The 15-day streak of positive inflows came to a halt, which analysts interpret as profit-taking. 

Joe DiPasquale, CEO of BitBull Capital, linked the rally to positive market sentiment. “Crypto typically gains strength through uncertainty and liquidity,” said DiPasquale, emphasizing that traders are ignoring macro risks and focusing on the possibility of looser monetary policy. 

In conclusion, investors continue to highlight the upward potential in the crypto market. 

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With the new Major Payments Institution (MPI) license that Ripple received, the company is allowed to offer regulated digital asset token services in the country. The acquired license is only valid for Ripple’s Singapore subsidiary Ripple Markets APAC Pte Ltd .

In a statement made by Ripple CEO Brad Garlinghouse,

In 2017, we established Singapore as our Asia Pacific headquarters, since then, the country has played a very important role in Ripple’s global business.

Also, “we hired extraordinary talents and local leadership, we doubled our staff last year, and we plan to continue to expand our presence in a progressive jurisdiction like Singapore,” he said.

Under the leadership of MAS, Singapore has become one of the leading fintech and digital asset centers that balance innovation, consumer protection, and responsible growth.

According to a company statement by Ripple, they plan to continue prioritizing crypto adoption in the Asia Pacific, because the region is one of the company’s fastest growing areas.

Also, Ripple is joining a number of high-profile web3 firms to get an MPI license from the Singapore Monetary Authority.

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Ripple and Sec Dispute

Ripple Labs, last month withdrew a new application regarding the Sec’s ongoing appeal request related to the dispute.

The SEC plans to appeal part of the critical decision made in July about whether someXRP sales by Ripple violated securities laws.

Lawyers representing Ripple said:

“The exceptional conditions required for interlocutory appeal are not present”.

“Firstly, the Court’s decision on the summary judgment does not raise an issue of law that is amenable to interlocutory appeal,” they continued.

“Secondly, the supposed significant reason for the dispute is only the SEC’s dissatisfaction with the Court’s application of Howey to most of the Defendants’ transactions in XRP.”

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