Category: Cryptocurrency News

Central bank digital currencies have turned out to be a popular talking point among the American public, garnering takes from comedians, rappers and presidential candidates alike.

In a meticulously detailed letter to Judge Analisa Torres of the Southern District of New York, the US Securities and Exchange Commission (SEC) has delineated its grounds for seeking an interlocutory appeal against Ripple Labs Inc. This move, which has sent ripples (pun intended) through the XRP community, focuses on the intricate legalities surrounding Ripple’s sales and distributions of XRP. Ripple Vs. SEC: Interlocutory Appeal Incoming The SEC’s primary contention revolves around Ripple’s “programmatic” sales to XRP buyers over crypto asset trading platforms and Ripple’s “other distributions” in exchange for labor and services. The regulatory body asserts that these transactions should be classified as offers or sales of securities, drawing upon the precedent set by the Howey case. Related Reading: Pro-XRP Lawyer John Deaton Says He Is Willing To Bet That Ripple Will Win SEC Appeal The SEC’s letter states, “Specifically, the SEC seeks to certify the Court’s holding that Defendants’ ‘Programmatic’ offers and sales to XRP buyers over crypto asset trading platforms and Ripple’s ‘Other Distributions’ in exchange for labor and services did not involve the offer or sale of securities under SEC v. W.J. Howey Co., 328 U.S. 293 (1946).” Delving deeper into the document, the SEC underscores the existence of an intra-district split (Judge Jed Rakoff’s ruling in the SEC vs. Terra case) indicating that there are substantial grounds for differences in legal opinion. The letter points out, “Interlocutory review is warranted here. These two issues involve controlling questions of law on which there is substantial ground for differences of opinion, as reflected by an intra-district split that has already developed.” The SEC further draws attention to the potential implications of the court’s previous order, suggesting that it could influence a multitude of pending litigations. The document reads, “The Programmatic Sales and Other Distributions rulings concern issues that may arise in various pending cases, including many in this Circuit where the alleged investment contracts were offered and sold by issuers – like Ripple – on crypto asset trading platforms or for non-cash consideration.” Related Reading: XRP Price: Breaking This Key Resistance Could Propel Crypto To $21 By 2025 – Analyst Jeremy Hogan, a legal luminary in the XRP community, weighed in, noting, “AND… the SEC continues making questionable decisions, requesting an interlocutory appeal. Note that it is NOT appealing whether XRP itself is a security – just its losses on the programmatic and individual sales issues.” Stuart Alderoty, Ripple’s Chief Legal Officer (CLO), clarified the SEC’s intent, emphasizing that the regulatory body is in the preliminary stages of seeking the court’s permission for the appeal. He stated, “The SEC does not have the right to appeal just yet which is why they are asking permission to file an interlocutory appeal. Ripple will file its response with the Court next week.” XRP Price Despite the intricate legal maneuvers and the potential ramifications, XRP’s market price has remained notably stable, suggesting a mature market response to the ongoing legal developments. At press time, XRP actually saw a slight uptick, trading at $0.6378. Featured image from Fox Business, chart from TradingView.com

DeLabs has promised to return the $3 million grant initially provided by Polygon Labs to support y00ts from Solana to Polygon.

Bitcoin price started a downside correction from $30,200. BTC is now trading near the previous breakout resistance at $29,400. Bitcoin is correcting gains and trading below the $29,800 level. The price is trading above $29,400 and the 100 hourly Simple moving average. There was a break below a key bullish trend line with support near $29,840 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it stays above the $29,400 support zone. Bitcoin Price Holds Support Bitcoin price started a decent increase above the $29,400 and $29,500 resistance levels. BTC even broke the $30,000 level but there was no daily close. A high was formed near $30,190 and the price started a downside correction. There was a move below the $30,000 and $29,800 levels. The price dipped below the 23.6% Fib retracement level of the upward move from the $28,628 swing low to the $30,190 high. Besides, there was a break below a key bullish trend line with support near $29,840 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $29,400 and the 100 hourly Simple moving average. It is also holding the key pivot zone at $29,400. It is close to the 50% Fib retracement level of the upward move from the $28,628 swing low to the $30,190 high. Immediate resistance is near the $29,680 level. The first major resistance is near the $29,800 level. The next major resistance is near the $30,000 level, above which the price could revisit $30,200. Source: BTCUSD on TradingView.com A close above the $30,200 resistance might start another steady increase. In the stated case, the price could test $31,200 or even $32,000 in the coming days. More Losses In BTC? If Bitcoin fails to clear the $29,800 resistance, it could start a fresh decline. Immediate support on the downside is near the $29,400 level. The next major support is near the $29,300 level or the 100 hourly SMA. A downside break below the $29,300 level might spark bearish moves. In the stated case, the price could revisit $29,000. Any more losses might call for a move toward the $28,680 level in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $29,400, followed by $29,300. Major Resistance Levels – $29,800, $30,000, and $30,200.

A Supreme Court judge has rejected a request from Epic Games that would’ve immediately loosened Apple’s App Store payment rules, to the potential benefit of crypto and NFT apps.

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One week after the highly anticipated Litecoin halving event on August 2, on-chain data reveals that the network’s hash rate, a key measure of computing power channeled to the network, is steady but erratic. As of August 9, trackers indicate that the Litecoin network’s hash rate is hovering around 760 TH/s, a notable decrease from the all-time peak of 816 TH/s recorded in late July 2023. Litecoin Prices Steady But Lower, Rally Incoming? Litecoin prices, on the other hand, are firm but down in the previous week of trading. CoinMarketCap data on August 9 shows that LTC is changing hands at $83, down 5% over the past week. What’s clear is that prices are moving tightly inside a consolidation range. Despite this dip, LTC is relatively resilient, up 17% from June 2023 lows. However, from a top-down preview, the coin is down 26% from the 2023 highs. In the medium term, LTC remains bullish since bears have failed to unwind gains posted from mid-June to mid-July 2023. Whether bulls will maintain control after halving, however, is also unclear. If past performance guides, there is a glimmer of hope for bulls. The previous Litecoin halving in August 2019 was several months before LTC ripped to $400 in 2021. Even so, before this spike, LTC prices nearly halved from $66 to $35 in December 2019. Related Reading: Cardano-Native MuesliSwap To Refund Users After “Slippage” Misunderstanding Unlike previous halvings, the crypto space has matured, and regulatory clarity has improved, particularly concerning Bitcoin—the foundational protocol from which Litecoin emerged. For instance, while most US regulators consider Bitcoin a commodity, the Securities and Exchange Commission (SEC) is cautious toward other altcoins. Tracking On-Chain Metrics To Gauge Interest Considering the above challenges and regulatory uncertainty, the interconnection between hash rate and spot prices is actively monitored. Litecoin relies on decentralized miners for security and transaction confirmation.  The network’s security is evaluated via the hash rate metric, which risks crashing since miners must allocate more resources after the network halved rewards to 6.25 LTC. A potential price decline could trigger a corresponding reduction in hash rate, forcing the network to adjust the difficulty.  Related Reading: MakerDAO Debates New EDSR Optimization Plan As MKR Bears Retain Market Control How this evolves remains to be seen, and the network remains stable at spot rates. Besides the hash rate near all-time highs, the network’s activity seems unaffected. According to IntoTheBlock data, the network’s average growth is steady despite sentiment on LTC being generally negative. Feature image from Canva, chart from TradingView

XRP has halted its decline by rising above the $0.60 price level. In the past 24 hours, its value increased by nearly 6%. However, XRP hasn’t yet shown significant gains on the weekly chart. Related Reading: Ethereum Crosses $1,800, But How Long Will Bullish Revival Last? The technical analysis suggests a positive trend for XRP, but there’s a chance that the coin could face more downward movement in the upcoming trading sessions. If buyers push the price higher, XRP might maintain its position above the current price level. Moreover, breaking through two crucial resistance levels could lead to a potential surge of over 9%. For XRP to keep rising, the broader market must provide support, particularly Bitcoin’s movement beyond the $30,000 zone. If buying momentum doesn’t recover, XRP might experience a decline and drop below its local support line. The increasing market capitalization of XRP indicates active buyer participation at the present moment. XRP Price Analysis: One-Day Chart At the time of writing, the altcoin was priced at $0.65. This value has presented significant resistance for the altcoin in recent weeks. The upcoming trading sessions hold critical importance as XRP must effectively surpass this level. Failing to achieve this could trigger a subsequent decline in the price. Furthermore, overhead resistance levels are $0.67, followed by $0.69. Should XRP successfully breach the $0.69 mark, the altcoin might trade around the $0.72 range. Conversely, a local support level is positioned at $0.63. Should the price dip below this threshold, it could potentially descend to $0.60, ultimately pausing the overall bullish sentiment. Technical Analysis For demand, XRP’s chart indicates its current state as overbought. The Relative Strength Index has reached 70, indicating buyers currently influence the price direction. This could imply the potential for a price correction in the upcoming trading sessions. While such a correction might not be prolonged, any drop in XRP’s value below $0.63 might reduce buyer activity. The asset’s price remained positioned above the 20-Simple Moving Average line. This observation signifies an increasing demand and emphasizes buyers’ role in steering the market’s price dynamics. Furthermore, the altcoin has generated buy signals in response to the rising demand. These buy signals are represented by the emergence of green histograms in the Moving Average Convergence Divergence indicator, signaling a bullish sentiment. Additionally, the Directional Movement Index presents a positive outlook, with the +DI (blue) line positioned above the -DI (orange) line, indicating a favorable price trajectory. Related Reading: Bitcoin Price Losses Steam Above $30K But The Bulls Are Not Done Yet Moreover, the Average Directional Index (Red) has crossed the 40 mark, implying an increase in the strength of the price trend. This development suggests XRP could yield additional gains in the near-term trading sessions. Featured image from Finbold, charts from TradingView.com

APT pumped 17.6% within the first 50 minutes before cooling off to $7.51 — still 11.6% above pre-announcement levels.

Fireblocks said the vulnerabilities affecting Coinbase, Binance, and Zengo have since been fixed and has reached out to more than 12 others still at risk.