Rise in Crypto Scams, Brazilian CBDC, Elon Musk Launches xAI | Crypto Weekly – July 9-15

The overall market was mixed, with Bitcoin and Ethereum both up slightly. Shiba Inu was the top performer, rising by over 20%. The crypto market is still growing rapidly. There are a lot of innovative projects happening in the space, and there is a lot of growth potential. It will be interesting to see how the market evolves in the coming years.

Alarming Rise of Crypto Scams in India

Investors in India are increasingly falling victim to crypto scams, with losses totaling an estimated Rs. 70 crore in 2022. The most common types of crypto scams in India include Ponzi schemes, investment scams, and phishing scams. 

Beware of crypto scams in India, as investors have lost millions of rupees in recent months. The crypto market in India is booming, but so are the scams. Investors need to be aware of the risks before they invest.

Brazil to Launch Digital Real

Brazil is moving forward with plans to launch its digital currency, the digital Real, in 2024. This CBDC will be a government-backed digital version of the Brazilian real.

The digital Real is a new form of digital currency that is backed by cash in people’s bank accounts. This makes it a secure and reliable way to pay for goods and services, and it has the potential to make our financial lives easier and more convenient.

Elon Musk Launches xAI to Revolutionize AI Exploration

Elon Musk is once again making waves in the AI world with the launch of his new company, xAI. The company’s goal is to understand the true nature of the universe, and Musk has assembled a team of top AI experts to help him achieve this goal.

The company has assembled a dream team of AI experts who are passionate about understanding the true nature of the universe. They are working on developing AI that can help us answer some of the biggest questions about our existence.

Ripple Labs Scores Major Win

Ripple Labs has won a major legal battle against the SEC, as Judge Torres has ruled that XRP is not an unregistered security. This is a major win for the cryptocurrency industry, as it could lead to other cryptocurrencies being classified as commodities.

Ripple Labs scored a partial victory in its legal battle with the SEC, as Judge Torres ruled that programmatic sales to the general public and XRP dividends to employees did not qualify as unregistered securities sales. However, the court did rule that institutional sales of $728 million did qualify as unregistered securities sales.

SEC’s Regulatory Review Kicks Off on BlackRock’s Bitcoin ETF

The SEC has taken the first step towards approving a spot Bitcoin ETF, as it has officially received and begun reviewing an application from BlackRock.

The SEC’s acknowledgment is a step in the right direction for the Bitcoin community, but it’s not the final hurdle. The SEC will need to be satisfied with the proposal before approving it.

I am Vishal. I post articles about the cryptocurrency markets. I'm pursuing a BBA degree. My home is in Navi Mumbai, Maharashtra.I'm constantly interested in new advancements in this industry and I learn something new about it every day. I would love to share such information with you all.

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