SEC Denial of Bitcoin ETF Might Result in One of Biggest Rugpulls, Ripple Case No Longer Matters for XRP Holders, Justin Sun Withdraws 500 Billion SHIB from Binance: Crypto News Digest by U.Today

Read U.Today's top three news stories to learn what's happening in the world of crypto.

SEC denial of Bitcoin ETF might result in one of biggest crypto rugpulls, analyst predicts

The crypto community is holding its breath as the SEC is inching closer to making a crucial decision on the approval of a Bitcoin ETF. According to a recent opinion expressed by analyst Nate Geraci, if the ETF is not approved, it might be "one of bigger rug pulls in crypto history." However, Geraci still believes the chance of such a product being greenlit by the SEC is close to 100%. The impending decision, which is anticipated to take place next month, may mark a turning point in the integration of cryptocurrencies into traditional finance. Per Bloomberg Intelligence's estimations, the spot-Bitcoin ETF market has the potential to become a $100 billion behemoth.

Ripple case no longer matters for XRP holders, expert claims

In a recent X post, Panos Mekras, cofounder and CFO at Anodos, has shared his take on the shift in XRP holders' focus. In his opinion, the XRP community is now moving beyond Ripple's legal battles with the SEC, while the broader ecosystem associated with the fintech giant and its affiliated token is gaining more traction. One of the main objects of interest for XRP enthusiasts, claims Mekras, is XRPL and "hundreds of exciting apps and ideas" being built on it. According to the analyst, XRP has already been cleared of the allegations of being a security, and the XRPL ecosystem is advancing with numerous projects and developments.

Justin Sun withdraws half trillion SHIB from Binance

According to data provided by Lookonchain, Justin Sun, former CEO of Tron, was spotted withdrawing 500 billion SHIB tokens worth $5 million from Binance. This withdrawal fits into Sun's recent pattern of large transactions. Over the course of the past few days, he has withdrawn various other tokens from Binance, including 127,510 LINK ($1.85 million), 202,385 STORJ ($200,000), 53.68 billion PEPE ($76.7K), and 13,904 DYDX ($43K). The crypto community is keeping a close eye on Sun's actions, as they may have an impact on the price performance of the aforementioned cryptocurrencies. As a reminder, earlier this year, the former Tron CEO took to X to announce his intention to begin actively trading meme coins and other promising projects.