Notable ripple v. SEC Case Developments, Bitcoin (BTC) Volatility and More: Bit Summary
TL;DR
- Bitcoin (BTC) rose significantly after the halving, reaching $67,000, but recently fell to $64,000. Future estimates show the potential increase to $150,000 by the end of 2024.
- Ripple is currently in a trial phase with the SEC over XRP’s security classification, resisting a $2 billion fine and seeking a maximum of $10 million. One popular lawyer predicted a potential settlement of around $100 million this summer.
- Despite the recent 8% price drop, market indicators such as SHIB’s low foreign exchange reserves and a major upgrade to Shibarium point to a possible price increase coming.
The price of the primary cryptocurrency has been in an uptrend since the halving on April 20. Its value has gradually increased over the past few days and on April 24, it exceeded $67 thousand.
However, the crypto market flashed in the red today (April 25) with Bitcoin (BTC) falling by 4%. on a daily scale reached nearly $64,000.
BTC Price, Source: CoinGecko
Many analysts and industry experts expect the coming months quite a few It was successful for the asset and predicted all-time high prices. Finally, Geoff Kendrick, head of digital asset research at Standard Chartered, said: guess It is predicted that BTC could rise to $150,000 by the end of 2024.
What’s New in Ripple v.1? SEC front?
The legal battle between Ripple and the US Securities and Exchange Commission (SEC) has recently entered the trial phase. The dispute centers on alleged XRP sales violations; The company argues that its native token should not be classified as a security, so it should not fall under the jurisdiction of the regulator.
SEC last month wanted A huge $2 billion fine for Ripple. The company objected to the request earlier this month, arguing that the penalty should not exceed $10 for several important reasons.
IT requested There is no allegation that Ripple deceived or misled individuals and organizations that purchased XRP years ago. He also insisted that most transactions involving the local cryptocurrency are legal, adding that they do not cause significant financial loss to investors.
Even though the trial has started, it continues uncertain when the case will be officially closed. popular lawyer Jeremy Hogan recently argument He said the solution, which envisages a $100 million deal, could happen this summer.
If you want to learn more about the lawsuit and its impact on the XRP price, feel free to check out our exclusive video below:
SHIB’s potential
While the latest market correction resulted in an 8% daily price drop for meme coin, the situation still persists in green on a weekly scale. Additionally, some fundamental factors indicate that the token has not yet experienced a significant rise.
Like CryptoPotato reportedSHIB foreign exchange reserves fell this week to a two-year low of around 150 trillion in assets. a decrease This metric means fewer Shiba Inu coins are available for trading; this leads to increased scarcity and a possible price increase in the future (assuming demand remains the same or rises).
The development of Shibarium, Memecoin’s layer-2 scaling solution, could also trigger a bull run. network at the beginning of this month carried out A. mother The team has rolled out a new user interface (UI) update, describing it as “faster, smoother, and more accessible than ever before.” Developers have also expanded compatibility with popular self-storage wallets such as Coinbase Wallet, MetaMask, Trust Walletand others.
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