Welcome to another edition of XEROF's weekly newsletter. Our European research desk has compiled this week's biggest news and developments in cryptoassets and luxury real estate.
Our top digital currency news stories this week are as follows:
Ripple emerges triumphant against SEC
BlackRock's Bitcoin ETF application advances with a surveillance-sharing clause
Bitcoin approaches yearly peak; Ethereum records its strongest session since March
We also feature the latest developments in luxury real estate, including:
Tokyo's allure grows for overseas HNWIs with luxury property demand
The Caribbean luxury real estate market continues to surge
A millennial-driven boom in luxury housing demands smart homes and resort-style living
Ripple Emerges Triumphant Against SEC
Ripple won its high-stakes legal battle with the Securities Exchange Commission (SEC), with its price soaring 87% post-verdict. On July 13, the court ruled in favour of Ripple, dismissing the SEC's case and acknowledging that the XRP token should not be classified as a security. XEROF believes this ruling marks a new era for XRP, clarifying its regulatory status.
BlackRock's Bitcoin ETF Application Advances with Surveillance Sharing Clause
BlackRock's spot Bitcoin exchange-traded fund (ETF) application has been added to the official docket of the Securities and Exchange Commission as part of the proposed rule change process. After the SEC indicated last month that the initial application lacked certain elements, BlackRock submitted a revised application, introducing a “surveillance sharing” clause. XEROF acknowledges that application recognition does not guarantee success but marks a significant step in the official review process.
Bitcoin Approaches Yearly Peak; Ether Records Strongest Session Since March
On July 14, Bitcoin neared its highest value of the year, surging to $31,818, the highest price since June 2022, before retreating to $30,091. The second-largest cryptoasset, Ether, experienced its most impressive session since March on July 13, reaching a peak of $2,009 (although it has retraced slightly since then). Notably, this surge marks a 14% increase in ETH over the past month. XEROF attributes the sudden price rally to Ripple's case win.
Luxury Real Estate News
Tokyo's Allure Grows for Overseas HNWIs with Luxury Property Demand
Tokyo's appeal to wealthy international investors is on the rise. Recently, Japan witnessed a significant milestone in the property market as a flat in the prestigious 64-story tower, The Kita, was sold for approximately $50 million, marking it as the country's most expensive flat sale this year. Real estate brokers have observed that international HNWIs consider Japan an attractive destination for acquiring secondary properties.
The Caribbean Luxury Real Estate Market Continues to Surge
The Caribbean is experiencing a remarkable surge in luxury real estate sales since the pandemic. In the Turks and Caicos Islands, there have been over 324 transactions, amounting to a sales volume exceeding $335 million, as real estate company The Agency reported. Demand for Turks and Caicos real estate remains higher than pre-pandemic levels, with a staggering 71% increase in sales during the first-through-third quarter of 2022 compared to the same period in 2019.
Millennial-Driven Boom in Luxury Housing Demands Smart Homes and Resort-Style Living
Due to millennials actively shaping the market, luxury housing is experiencing a significant upswing. Developers respond to this generation's needs by swiftly constructing residential houses that align with their lifestyles and values. Smart homes, resort-style amenities (pools, gyms, and spas), concierge services, and gated communities have become crucial for millennials, resulting in a surge in demand for such properties.
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