Category: Cryptocurrency News

The United States Securities and Exchange Commission (SEC) recently filed an interlocutory appeal following Judge Analisa Torres’ ruling in favor of Ripple. However, an attorney and crypto enthusiast Greg Beuke believes the SEC made a mistake in appealing the decision.  SEC Misunderstood Judge Torres’ Ruling  Reacting to the news that the SEC had filed a motion to certify an interlocutory appeal, Beuke stated that the regulator “fundamentally misunderstands” the ruling. According to him, the Judge didn’t rule programmatic sales cannot constitute investment contracts.   Related Reading: Ethereum Whale Avoids Market Crash, Do They Know Something You Don’t? He explained that Judge Torres only ruled that programmatic sales didn’t constitute investment contracts in this particular case because the SEC failed to establish that XRP investors who bought over exchanges did so, hoping they would profit from Ripple’s efforts. The SEC also failed to adduce any significant evidence to bolster its case. Beuke highlighted that the agency didn’t provide any “single XRP holder” who said he expected to profit from Ripple’s venture despite that being the basis of the SEC’s argument. Instead, it relied on “cherry picked statements from Ripple & select employees,” which the attorney believes was inadequate to discharge the burden of proof placed on the SEC. Beuke further called the SEC’s move of an interlocutory appeal a “huge strategic mistake.” Usually, a party appealing a final ruling can interpret it in a way that bolsters its argument without the Judge who gave the ruling being able to clarify why it made such a judgment.  However, in this case, the SEC filed an interlocutory appeal (an appeal before a final order is made) which allows Judge Torres to clarify her ruling and probably put a dent in the SEC’s case, as Beuke argues. He believes that the Judge will make it clear that the SEC failed to discharge its burden of proof.  XRP price continues to decline | Source: XRPUSD on Tradingview.com SEC To Lose Its Appeal In Ripple Case? Beuke pointed out that no new evidence can be adduced upon appeal, and neither can the SEC make new arguments. As such, the 2nd circuit will only have the records to work with, and going by it, the regulator provided little or no evidence to prove its case.  Related Reading: The $200 Million BNB Bridge Exploiter Just Got Liquidated On Venus While the appeal court might be inclined to accept the SEC’s underlying argument that XRP’s programmatic sales did indeed constitute an investment contract, Beuke has stated the court will avert its mind to Judge Torres’ ruling, which was based “on the undisputed factual record,” which shows that the SEC failed to prove its case. The SEC is likely to lose as it was expected to prove that a “reasonable retail XRP purchaser was aware of Ripple and relied on Ripple’s efforts for profits.” Furthermore, Ripple seems to have a more solid case as the SEC had no reply to affidavits of XRP holders, which prominent XRP lawyer John Deaton brought forward. Featured image from iStock, chart from Tradingview.com

submitted by /u/Nutcase420 [link] [comments]

Hey, Base is getting traction and more meme coins will pop up there. Some of them will be obvious scams/honeypots. So, I made a simple honeypot checker to help you check if the token is sellable/transferable. https://hackers.tools/honeypot The tool is free, feel free to check any token and share any feedback with me. Stay safe!…
Read more

Bitcoin traders are truly “spooked” and sentiment crashes harder than BTC price as the shake-up from last week’s losses continues.

Binance Coin (BNB) faced a weekend of market indecision, leading the altcoin into a range-trading scenario. The coin, which had dropped below the $220 mark on August 18, experienced fluctuations between the narrow range of $213 to $220 over the course of the weekend.  As of the latest update, CoinGecko reported the current BNB price at $216, marking a 0.3% decline over the past 24 hours and a significant seven-day slump of 10%. Related Reading: Hedera (HBAR) Rises As Weekend’s Top 50 Sole Gainer With 14% Rally Binance Coin (BNB) price action today. Source: Coingecko The past year has been marked by significant challenges for BNB, largely attributed to the regulatory uncertainties surrounding its parent company, Binance. The situation escalated in June when the US Securities and Exchange Commission categorized BNB and its sibling token, Binance USD (BUSD) stablecoin, as securities within the context of its lawsuit against the cryptocurrency exchange.  Despite vehement opposition from Binance and the exchange’s chief, the impact on BNB’s demand has been evident, with cautious investors steering clear of assets entangled in regulatory ambiguities. Binance Coin Market Dynamics And CEO’s Stance Binance CEO Changpeng “CZ” Zhao recently took to the social media platform X (formerly Twitter) to address growing speculation that Binance was proactively shoring up BNB’s price to prevent it from dipping below $212.  CZ refuted these claims, asserting that BNB’s price was, in fact, shaped by market forces. He challenged the notion of artificial price support and emphasized that the coin’s valuation was ultimately determined by its interaction with the open market. This declaration marked an attempt to alleviate concerns that the exchange was manipulating the token’s price. And where did the $212 magic number come from? #BNB price is determined by the market. A $30m re-buy is less than 4% of a single day’s volume. 🤷‍♂️ — CZ 🔶 Binance (@cz_binance) August 19, 2023 On-Chain Activity And DeFi’s Influence The decline in BNB’s price can also be attributed to diminished on-chain activity on the Binance Smart Chain, a prominent layer1 smart contract blockchain. Decentralized Finance (DeFi) activities have experienced a significant contraction, with the weekly exchange volume plummeting from its peak of $24.70 billion to a mere $2.34 billion, as per DeFillama data.  Source: Defillama Moreover, the total value of assets within the Binance Smart Chain ecosystem has dwindled by a staggering 87%, now resting at $2.84 billion, according to DeFillama’s statistics. Related Reading: Ordinals Sales In Freefall: 97% Decrease Sparks Worries About Bitcoin NFT’s Extinction Binance Coin: Navigating The Crossroads As BNB navigates these uncertain waters, traders and investors remain at a crossroads, carefully assessing the potential for regulatory clarity, market dynamics, and the revitalization of on-chain activities to influence the coin’s trajectory.  BNB market cap currently at $33 billion. Chart: TradingView.com The weekend’s range trading and the response from Binance’s CEO underscore the complexities of BNB’s journey, as it strives to regain its footing amidst a landscape marked by challenges and opportunities. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Siam Blockchain

A step-by-step guide to buying Bitcoin on Cash App, including guidance on fees, the auto invest feature and security tips to empower your cryptocurrency investment journey.

The exchange operator is instituting new KYC requirements for users from September 2023 to comply with developing global regulatory guidelines.

In the wake of the recent crash in Bitcoin’s price, analysts have been rife with speculation about the market’s next steps. The BTC price briefly dipped to a low of $24,800 last week, and with the Bitcoin fear and greed index plunging from neutral to 38 (indicating fear), market sentiment is palpable. Renowned analyst Rekt Capital weighed in on the situation, offering a thorough technical breakdown. “BTC is officially at the base of the double top. The double top has completed,” states Rekt Capital. Highlighting the market’s current vulnerability, the analyst continues, “Downside wicking below ~$26,000 like in mid-June will occur. But a Weekly Close below ~$260,00 is what would validate the double top and start breakdown continuation.” Related Reading: Bitcoin Faces A Weekly Double Top; This Needs To Happen Though the double top’s completion has ratcheted up bearish sentiment, there’s no definitive breakdown yet. “BTC has completed the double top but still no breakdown confirmation as BTC holds ~$26k support,” Rekt Capital adds. The scenario becomes even more intriguing as “seller volume has increased in recent days.” The analysis reveals that the “seller volume would need to increase by about +30%” to match the sell-side volume Bitcoin saw during previous price reversals. Drawing attention to Bitcoin’s volume dynamics, Rekt Capital elucidates, “BTC formed its higher high at ~$31,000 on inclining volume. But price formed the second half of its double top on declining volume.” Even though there was a spike in selling volume during the recent crash, it remains far from the seller exhaustion volume levels seen during previous BTC reversals. As the analyst starkly puts it, the current “seller volume would need to probably double” to mirror the levels that triggered price turnarounds in March and June. Remarkably, yesterday’s weekly close saw Bitcoin failing to retain support above key bull market moving averages, including the 21-week EMA, 50-week EMA, and 200-week MA. “All of these bullish momentum indicators were confirmed as lost support with the weekly close yesterday,” the analysis points out. How Low Will Bitcoin Price Drop? In terms of future projections, Rekt Capital speculates that if the double top’s base at $26,000 is lost, it could propel a move towards $22,000. The analyst elucidates that “if we see a weekly close below $26,000, followed by a rejection from $26,000, then we probably see a confirmed breakdown from this double top.” Related Reading: Bitcoin Bulls Beware: Sub $20,000 Nightmare Looms, Analyst Foresees Extended Downturn However, every bearish note comes with a caveat. Rekt Capital adds, “It’s really easy to get caught up in bearish euphoria… So it’s really important not to get caught in these downside wicks (below $26,000).” And for those seeking potential bullish scenarios, the analyst has one in mind: “Even if we break down from this double top… one of the main areas is this inverse head and shoulders formation that we saw play out earlier this year.” A retest of this pattern’s neckline, roughly around $24,000, could spell bullish prospects for the premier cryptocurrency. Historical data also lends a hand in making sense of Bitcoin’s trajectory. “A drawdown of 18% to $24,000 would be totally normal for an August month,” the analyst shares, reminding investors that Bitcoin has often underperformed in August. Drawing parallels with 2015, Rekt Capital argues that Bitcoin also approached a halving and lost 18% in August, suggesting that history might repeat, especially with the next halving anticipated in April of the coming year. At press time, the BTC price was at $26,069. Featured image from iStock, chart from TradingView.com