Top Weekly Crypto News: Big XRP Day This Monday, Bitcoin Drops to October Lows, Ripple Advances XRPL Privacy Features

Bitcoin fell to $81,300, a 4% drop, due to rising oil prices after Houthi attacks on Saudi Arabia. Other cryptocurrencies like Zcash and Cardano also declined, while Monero gained. U.S. spot Bitcoin ETFs saw $1.07 billion in inflows over three days. The Fed's rate hike probability dropped to 8%. Analysts note Bitcoin remains in a bull market despite the pullback.

Chinese prosecutors seek 61,800 Bitcoin and other assets linked to a $5.7B fraud case. The assets are held in the UK, creating a jurisdictional dispute. The fraud involved Tianjin Lantian Gerui Electronic Technology, which sold unlicensed wealth products. The case involves 102,000 investors and is ongoing in both China and the UK.

Chinese prosecutors seek to seize 61,896 Bitcoin held by UK authorities, linked to a fraud case involving Tianjin Lantian Gerui Electronic Technology. The court has opened a six-month window for victims to join the proceedings. The case involves Qian Zhimin, who was sentenced in the UK for acquiring criminal property. The UK High Court ruled Chinese law governs the case. The US, China, and UK hold significant Bitcoin reserves from seizures.

Ripple (XRP) partnered with Arf to offer short-term working capital on the XRP Ledger using RLUSD for cross-border payment companies. The collaboration aims to provide liquidity between transfer initiation and final settlement, addressing capital inefficiencies. Ripple emphasized the solution is for licensed payment companies, not individual investors.

Bitcoin fell below $82,000 on October 22, driven by a tech selloff and rising oil prices. Ethereum, Solana, and XRP also declined. Investors sold tech shares after earnings reports from Meta and Tesla, impacting riskier assets like cryptocurrencies. Oil prices surged above $110, increasing inflation concerns and Fed rate expectations. Institutional Bitcoin ETF flows have been volatile, adding to market uncertainty.

Bitcoin's mining difficulty rose 5.92% on Oct. 16, with another 5.16% increase projected, as hashrate hit a seven-month high. BlocksBridge Consulting reports that smaller miners may be absorbing equipment from larger operators shifting to AI, intensifying competition. The hashrate recovery is seen by some as a bullish signal for Bitcoin's security and fundamentals.