When the US Securities and Exchange Commission (SEC) dropped its accusations against Ripple (XRP) executives, the rise in an altcoin attracted attention.
The SEC announced in a court filing on October 19 that it had dropped the accusations against Ripple executives. While the price of XRP increased with this news, Stacks (STX) It attracted attention.
From the regulatory body The first and only altcoin to receive approval With this partial victory of Ripple against the SEC, STX more than 20% rose. With the sudden increase, STX surpassed XRP 8% increase even overshadowed it.
Stacks received SEC approval 2019 and for this approval process 10 months of effort while being spent $20 million expenditure had been made.
In the past period, STX has Grayscale’s It experienced an increase after its victory against the SEC and Ripple’s partial victories.
On the other hand, the Stacks team via social media multisig mainnet (multi-signature mainnet) may be released soon signals It may also have affected the price positively. However, market analysts Bitcoin (BTC) In anticipation of a possible spot Bitcoin exchange-traded fund (ETF) approval by Stacks, which operates based on Buyer side demand He thinks it might have made him stronger.
What is Stacks?
Stacks (STX) using the Bitcoin blockchain smart contracts to create and decentralized applications It is a cryptocurrency project that allows development. Stacks, users’ data And their digital identities It supports a blockchain ecosystem that helps keep them safe. At the core of this ecosystem decentralized computing network lies.
According to CoinGecko data, in the last 24 hours 24% up STX exhibiting $0.549 from level to $0.671 reached. STX at the time of writing from $0.652 is being traded.