The cryptocurrency space has closed out another week with a number of major events across the industry. The conflict between Israel and Iran brought major turmoil to the entire market, while recent US jobs data sparked further speculation among investors. Meanwhile, new developments in Ripple's lawsuit against the US Securities and Exchange Commission have seen XRP experience considerable turmoil this week.

Crypto markets face shocks as tensions in the Middle East rise and U.S. jobs data is released

This week, the much-anticipated “Uptober” rally came to an abrupt end as the conflict between Israel and Iran erupted. Notably, Iran launched a missile attack on Israel in retaliation for an Israeli attack on Hezbollah forces in Lebanon. As expected, the cryptocurrency market was also negatively affected by this development. According to Coinglass data, more than $351 million in funds were liquidated in the market due to the market uncertainty caused by the conflict.

Meanwhile, it is worth mentioning that American businessman Robert Kiyosaki shared important insights as the conflict in the Middle East continues. The American businessman slammed the Biden administration and instead praised Republican Donald Trump, calling for strong and decisive leaders at a time like this.

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US non-farm payrolls data released, next rate cut expected to be 25 basis points

In addition, this week's US employment data showed non-farm payrolls of 254,000 and an unemployment rate of 4.1%, which shattered expectations of a sharp rate cut by the Federal Reserve in the future. In light of this market event, BlackRock expects the Federal Reserve to cut interest rates further, but only by 25 basis points.

XRP lawsuit reaches final judgment

Meanwhile, this week, U.S. blockchain payment company Ripple and the U.S. Securities and Exchange Commission (SEC) began to move forward with new litigation-related developments. The SEC this week appealed Judge Analisa Torres' final decision on the XRP lawsuit. This hints at the regulator's appeal of the relief ruling, which required a $125 million fine against Ripple.

Meanwhile, Ripple’s native cryptocurrency XRP has seen a 13% drop in price over the past week due to legal uncertainty. As of the end of the week, XRP prices were trading at $0.53. In addition, XRP whales have moved hundreds of millions of tokens during this period, which has made market participants more curious.

Separately, the SEC reportedly named Ripple CEO Brad Garlinghouse and Chris Larsen in its appeal this week.