Important Ripple v. SEC Lawsuit Developments, Bitcoin (BTC) Volatility, and More: Bits Recap April 25
TL;DR
Bitcoin (BTC) rose significantly post-halving, hitting $67K, but recently dropped to $64,000. Future projections suggest a potential rise to $150,000 by end of 2024.
Ripple is currently in a trial phase with the SEC over XRP’s security classification, resisting a $2 billion fine and arguing for a maximum of $10 million. One popular attorney envisioned a potential settlement around $100 million to be reached this summer.
Despite a recent 8% price drop, SHIB’s market indicators, like low exchange reserves and a major upgrade to Shibarium, hint at a possible upcoming price rally.
BTC’s Price Swings
The price of the primary cryptocurrency has been on an uptrend since the halving took place on April 20. Its value gradually rose over the past several days, surpassing the $67K mark on April 24.
However, the crypto market flashed red today (April 25), with Bitcoin (BTC) nosediving by 4% on a daily scale to approximately $64,000.
Many analysts and industry experts believe the following months will be quite successful for the asset, predicting new all-time high prices. Most recently, Geoff Kendrick – head of digital assets research at Standard Chartered – forecasted that BTC may ascend to $150,000 by the end of 2024.
What’s New on the Ripple v. SEC Front?
The legal battle between Ripple and the US Securities and Exchange Commission (SEC) recently entered its trial phase. The dispute is centered on allegations of XRP sales violations, while the company argues that its native token should not be classified as a security, thus not falling under the regulator’s jurisdiction.
Last month, the SEC sought a whopping $2 billion fine on Ripple. The company filed its opposition to the request earlier this month, suggesting the penalty should not exceed $10 due to numerous important reasons.
It claimed there is no allegation that Ripple deceived or misled individuals and entities who purchased XRP years ago. It also insisted that most of its transactions involving its native cryptocurrency were lawful, adding they caused no substantial financial losses to investors.
Despite the start of the trial, it remains unclear when the case will be officially closed. The popular lawyer Jeremy Hogan recently argued that the resolution may occur sometime this summer, envisioning a $100 million settlement.
If you are curious to learn more about the lawsuit and its impact on XRP’s price, feel free to take a look at our dedicated video below:
SHIB’s Potential
While the latest market correction resulted in an 8% daily price decrease for the meme coin, it remains well in the green on a weekly scale. Moreover, some essential factors indicate that the token is yet to experience another significant rally.
As CryptoPotato reported, SHIB exchange reserves have sunk to a two-year low of approximately 150 trillion assets this week. A reduction in that metric means fewer Shiba Inu coins are available for trading, leading to enhanced scarcity and a possible price spike in the future (assuming demand stays the same or rises).
The development of the meme coin’s layer-2 scaling solution – Shibarium – may also trigger a bull run. Earlier this month, the network underwent a major upgrade, with the team introducing a new user interface (UI) update, describing it as “faster, smoother, and more accessible than ever.” The developers also expanded compatibility with popular self-custody wallets such as Coinbase Wallet, MetaMask, Trust Wallet, and others.
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Filed under: Bitcoin - @ April 25, 2024 8:22 am