Crypto Damps On Fed FUD

Whelp that escalated. If you remember, last week, an arrest warrant was issued in South Korea for Do Kwon. The current situation for Kwon became a little bleaker after Singapore Police confirmed that they are helping South Korean police apprehend Kwon – but Con Kwon is no longer in the country.  

South Korean prosecutors allege that Kwon is “obviously on the run.” Kwon tweeted Saturday afternoon: 

Dear CT – I will tell you what i am doing and where i am if:

1) we are friends
2) we have plans to meet
3) we are involved in a gps based web3 game

Otherwise you have no business knowing my gps coordinates

— Do Kwon 🌕 (@stablekwon) September 17, 2022

South Korea is clearly interested in getting Kwon to their borders. Not only are South Korean authorities looking into canceling Kwon’s passport, but they are considering having Kwon added to Interpol’s ‘Red List’ – sort like the FBI’s Most Wanted. 

Where Kwon currently is, is unknown. Maybe he’s going to have a mini-reunion with the Three Arrows Capital execs that fled to Dubai? We’ll keep you updated as this story develops

A surprising development in the Ripple ($XRP.X) vs. SEC debacle occurred late Friday, with the SEC filing a Motion For Summary Judgement. The SEC filed a few days after Ripple’s Motion For Summary Judgement on September 13, 2022. 

So what does all of that mean? Without getting into the legal speak – and we’re not attorneys – what both of these Motions essentially say is this, ‘Hey, let’s not waste time with the trial thingy; it’s clear the other side doesn’t have enough evidence to persuade a jury, so let’s have the judge make a decision.’

Whether the courts rule in Ripple’s favor or not, analysts believe that any resolution to the case with Ripple could positively affect Ripple’s price action. And the reduction of the immediate FUD would be welcome to the broader crypto community. 

There’s lots of FUD in all markets this week – a good chunk of it related to an anticipated rate hike of 0.75 basis points from the US Federal Reserve. And that FUD transfers into crypto too, which has already been beaten down this year. 

The choppiness will likely continue until the Fed data is finally dumped. Already the market has seen Bitcoin ($BTC.X) trade -by 3% today, only to recover almost all of those losses. Cardano ($ADA.X) traded almost -3.5% lower this morning and is now up +0.50%. Similar behavior exists across the crypto market. 

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