Ripple Counters SEC Once Again
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With Bitcoin Halving done and dusted, we have been witnessing slight turbulence in crypto markets. Bitcoin struggles to hold the $65k price level, and Ethereum barely holds above $3100.?
Altcoin markets are also feeling the pressure. Many of these occurrences can be attributed to macroeconomic policies, Bitcoin halving, and overbought altcoins. Latest developments in the markets include a new chapter of Ripple vs SEC, the decline in inflows into Bitcoin ETFs, and the introduction of a few new technologies
Capturing the Crypto Market Pulse?
Even though the bullishness in Bitcoin has come to a halt, it still dominates 53.55% of the crypto market cap. Surprisingly, Ethereum has not made significant gains.?
The overall crypto market cap remains at $2.37 trillion despite high selling pressure. However, the situation might soon worsen as miners prepare to sell their Bitcoins
Global Market Overview
The market sentiment seems to have turned a bit positive as the fear and greed index has gone up to 70 from 66 last week.?
While the overall crypto markets are still in an uncertain zone, all the negative news seem to have been factored in
Market Watch
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XRP has shown a bullish pattern in its charts. According to analysts, the cryptocurrency is at the cusp of a huge rally that could propel prices 180% upwards, i.e., $1.4. Analysts attribute the expectation of such a huge rally to the substantial increase in the number of wallets holding more than 1 million XRP.
Shiba Inu's charts have shown a bullish pattern, suggesting a significant rally ahead. Coincodex, an AI-based crypto platform, suggests that by the end of the year, investors might get a 345% potential return on their investments. Shiba Inu is the second-largest memecoin with a market cap of $15 billion. The cryptocurrency has already given a 400% rally this year.
Worldcoin might see a deep plunge in its price as 19% more tokens are about to enter the markets. Worldcoin has scheduled a private sale that could dilute the current token price ($4.75). Despite this, analysts believe Worldcoin might enter a rally if its price crosses $6, and that rally could take Worldcoin prices to $14.23
Top Crypto News
The infamous North Korean hackers, nicknamed the Lazarus Group, have now devised a new way to steal cryptocurrencies. They initially pose as highly capable developers on LinkedIn and get jobs that grant them access to projects. Once they are in, they easily manage to steal the project funds.
The SEC has imposed a huge penalty of $2 billion on Ripple on charges of selling “unregistered securities”. What’s concerning is that the fine amount exceeds the same amount by at least 300%. Ripple executives and the team have already filed a response with the courts, but the matter is far from being over
Bitcoin Runes, a new token standard on the Bitcoin blockchain, have generated significant interest from network participants. These new cryptocurrencies can be generated by “etching” a UTXO on the network. The interest has been so high that lately, these runes have contributed to as much as 70% of the network fee.
That’s a wrap for today!