Connect with us

Featured

Reasons why Ripple wants to halt SEC’s new objectives

Published

on

Reasons why Ripple wants to halt SEC’s new objectives

After a series of back and forth over the years, the U.S. Securities and Exchange (SEC) only wants to put Ripple down. This was the opinion of Ripple’s legal counsel and the team at large.

Recently, Ripple’s legal representatives sent a letter to the Judge in charge of the case, Sarah Netburn. In the letter, Ripple claimed that the SEC aims to take the case backward by reopening the discovery part. 

Rip it apart

According to the letter, Ripple requested that Judge Netburn grant permission to the defendants to grant two non-party subpoenas as opposed to Plaintiff’s wish.

Beforehand Ripple claimed that the SEC wanted to obtain downloaded copies of the videos related to the case without following the Judge’s initial order. The letter had said,

Advertisement

“Defendants Ripple Labs Inc. Brad Garlinghoee and Christain  A. Larsen, respectfully request permission to serve two non-party subpoena for the limited purpose of obtaining copies of seven video readings for authentication consistent with the court’s July 19, 2022 order. The SEC has not consented to this request.”

In addition, Ripple mentioned that the platform which hosted the video barred end-users from accessing copies of the content without consent.

The company also insisted that the SEC’s aim to reopen the discovery videos was inappropriate as it only contributed to time wasting.  

Nonstop persecution because…

Recall that a new third party was introduced to the case a few days back, drawing a new twist to the matter. Besides that, Ripple’s general counsel, Stuart Alderoty, had accused the regulatory commission of “regulation by enforcement.”

In his tweets, he said the SEC was after calling every digital asset a security as it happened with the Binance and Coinbase investigation.

Alderoty also mentioned that the objectives of the SEC were beyond regular regulation.

Advertisement

He added that their actions reflect that of an agency which wants to prove that they are the government.

The SEC keeps relegating the CFTC to the kids’ table. That’s their regulation by enforcement strategy – attack projects w/ varying resources so they can expand their jurisdiction beyond “securities” by telling judges w/a straight face we’re the government so we must be right. 2/3

— Stuart Alderoty (@s_alderoty) August 3, 2022

Alderoty’s comments may not be surprising as it was not the first time he held such an opinion.

Like Alderoty, Ripple CEO Brad Garlinghouse had repeatedly stated that crypto firms were willing to work with the SEC for a regulatory environment void of a witch hunt.

However, the recent action of the commission may have portrayed otherwise.

Advertisement

At press time, the SEC had not publicly responded to Ripple’s claims.

As time goes on, the verdict of the lengthy dispute lies with the jury’s perception.

Ripple hopes to bring the case to an end while SEC seems bent on indicting the crypto firm.

Advertisement

Manisha is a News Editor at AMBCrypto. With a Master’s degree focused on Mass Communication, Manisha is good at multitasking with an eye for detail. She is fascinated by new, emerging technologies and her interests lie in the regulatory implications of such tech.

Advertisement

Altcoins

Investors, look at ‘Burning’ SHIB’s latest buying spree on Coinbase

Published

on

Investors, look at ‘Burning’ SHIB’s latest buying spree on Coinbase

The crypto-market’s latest recovery efforts have pushed many of the industry’s top cryptocurrencies to monthly highs. However, the case of popular memecoin Shiba Inu [SHIB] seems a little different. Not only has SHIB found it hard to register a double-digit uptick over the last seven days, but it has also struggled to hike by single digits. 

Interestingly, SHIB investors were welcomed with a long-awaited price incline recently. In fact, according to CoinMarketCap, SHIB gained by 3.12% over the last 24 hours, totaling a 4.50% uptick over the last seven days.

The other side of the spectrum

Previously, it was reported that SHIB’s burn rate had dramatically declined. Furthermore, the growing whale accumulation trend seemed to be insufficient to drive SHIB to a significant price hike on the charts. However, the burn rate now looks to have surrendered to the demands of SHIB investors.

At press time, the SHIB burn rate was up by 24.20% over the last 24 hours, with the total number of SHIB tokens burned at 34.84 million. Similarly, the positive change on SHIB’s end could be linked to the activities of retail traders. This, because buying activity on the crypto-exchange Coinbase has been increasing in a corresponding fashion. 

Advertisement

In fact, popular SHIB advocate Alexander reported that 96% of all SHIB-related activity on Coinbase was buying activity. On the contrary, selling constituted just 4%. 

#SHIB Trading activity over the past 24h on @coinbase is:

96% buy🟢
&
4% sell🔴

— $SHIB ALEXANDER🇺🇦 (@ShibAlexander) August 13, 2022

Such a buying spree may not surprise many, however, as SHIB remains one of the market’s top cryptocurrencies with interest from retail traders. The aforementioned reason has also helped push the community’s numbers higher. 

Whales behind but…

Alas, despite the said uptick, SHIB whales seem to have taken a back seat. According to WhaleStats, SHIB now ranks second across the holdings of the top-200 Ethereum [ETH] whales.

Advertisement

At the time of writing, the whale data platform was reporting that SHIB’s worth among these whales was $179.34 million.

🐳 The top 2000 #ETH whales are hodling

$183,386,016 $LOCUS
$179,344,952 $SHIB
$125,917,189 $BIT
$99,059,870 $MKR
$86,701,924 $LINK
$73,805,349 $UNI
$70,267,000 $BEST
$67,516,831 $MANA

Whale leaderboard 👇https://t.co/R19lKnPlsK pic.twitter.com/TUe97NPMBb

— WhaleStats (free data on crypto whales) (@WhaleStats) August 13, 2022

However, it may be premature for SHIB short-term traders to expect a more significant hike on the charts. This, due to the fact that SHIB’s volume fell over the last three days.

Advertisement

Based on Santiment‘s records, SHIB’s volume was $483.75 million on August. However, 13 August recorded a figure of $421.09 million – A 5.69% decline from 12 August’s figures.

Source: Santiment

Also, 24-hour active addresses across SHIB’s ecosystem dwindled, suggesting that interest in the crypto may not have skyrocketed to drive a rally. Ergo, investors might need to rely on increasing market cap, which has gone up to $6.96 billion, if the green trend is to be sustained.

Advertisement

Jibin is a news editor at AMBCrypto. With over three years of experience as a political writer, he primarily focuses on the political impact of crypto developments. A graduate in Law and International Relations, his writing is by and large focused on cryptocurrencies from the political and financial perspective. A Liverpool FC fan. YNWA

Advertisement

Continue Reading

Bitcoin

BTC futures market liquidation has these tips for BTC long-term holders

Published

on

BTC futures market liquidation has these tips for BTC long-term holders

Recently, Bitcoin’s [BTC] fight to reach $24,000 has been met with defeat. This was the case when it reached $24,800 on 11 August after an almost 10% uptick from Wednesday (10 August).

It was a similar case on 30 July when it hit $24,500 with investors hoping $25,000 was unavoidable. However, BTC investors may likely need to wait before the supply succumbs to investors’ expectations. 

According to a CryptoQuant analysis, the current market cycle could be far off attaining a long bullish momentum.

Notably, at press time, BTC declined 2.87% and was trading at $23,805 as per CoinMarketCap.

Advertisement

But why?

The CryptoQuant analysis noted that it may not yet be time for investors to jubilate. The analysis used the Bitcoin futures market to maintain its position of a cautious take.  

Additionally, as of yesterday (11 August), BTC recorded its highest liquidation volume since late July. Reportedly, the exchange inflow spent output volume bands revealed that many Bitcoin addresses moved their holdings to exchanges. In this regard, the analysis stated,

“Exchange Inflow Spent Output Value Bands (%), which shows the percentage value of the coins moving into exchanges, indicate 1K to 10K BTC holders moved their coins to exchanges more than usual.”

Looking at CoinGlass data, BTC futures market liquidation amounted to $15.49 billion on the Binance exchange alone over the last 24 hours.

Long position liquidated was 48,72%, while shorts were 51.28%. On the other hand, the BTC futures open interest rate has increased since July, meaning that traders have been actively trading the BTC market.

Source: CoinGlass

Advertisement

There has been a total of $13.81 billion in futures trades at press time. So does this interest uptick mean traders were shorting Bitcoin in line with the CryptoQuant projections?

$25,000? Not so fast

With BTC closing in on $25,000 for a while, investors may expect it to hit the milestone soon. However, the sentiment revealed by the Awesome Oscillator (AO) may be otherwise.

Although the AO remained above the histogram midpoint with a bullish edge, the current state also shows bearish twin peaks.

Source: TradingView

Interestingly, investors may need to halt BTC from reaching $25,000 optimism as the Bollinger Bands (BB) showed high volatility.

Advertisement

With Bitcoin not entirely all over the bears, it may be time for investors in the overall crypto market to watch where the market movement resides next. 

Manisha is a News Editor at AMBCrypto. With a Master’s degree focused on Mass Communication, Manisha is good at multitasking with an eye for detail. She is fascinated by new, emerging technologies and her interests lie in the regulatory implications of such tech.

Advertisement

Advertisement
Continue Reading

Altcoins

Shiba Inu accumulation at this price level could be beneficial

Published

on

Shiba Inu accumulation at this price level could be beneficial

Shiba Inu [SHIB]’s journey over the last month has entailed a robust buying spree, as evidenced by its higher troughs. The meme coin rose saw a gradual rise but seemingly hit a plateau in the $0.01239-$0.0126 range. (For brevity, SHIB prices are multiplied by 1000 from here on).

While the price action established itself above the 20 EMA (red) and the 50 EMA (cyan), the bulls took charge of the immediate trend.

Should the buyers gather enough thrust to keep retesting the $0.0126-mark, the alt could see a bullish volatile break after the sluggish phase. At press time, SHIB traded at $0.0125.

SHIB 4-hour Chart

Source: TradingView, SHIB/USD

Advertisement

Over the past two weeks, the buyers faced recovery barriers in the immediate supply zone. Meanwhile, the bulls kept building up on their underlying pressure that came to fruition in the form of higher lows over the last few weeks.

The north looking 20 EMA (red) and the 50 (cyan) assumed immediate support post their recent bullish crossover. Also, with the price action sailing near the EMAs for a while, SHIB would aim to break its squeeze phase and break into high volatility in the coming times.

Over the last few days, SHIB formed an ascending triangle on the four-hour chart and reflected a visible bullish edge. Further, the volumes have been receding. Generally, the volumes are on a downtrend before a likely breakout in the case of ascending triangles.

An immediate close above the $0.0126-mark can affirm breakout chances. In this case, SHIB could witness an extended recovery toward the $0.0131-$0.0133 range. An inability to find a close above this mark would encourage the current slow-moving tendencies near the EMAs.

Rationale

Advertisement

The RSI has been gradually moving north over the last two days. The buyers must strive to breach the limits of the 59-level resistance to heighten the chances of continued recovery.

Also, the Accumulation/Distribution indicator’s lower troughs bullishly diverged with the price action over the past three days. To top it up, the DMI too resonated with the bull power. However, the altcoin’s directional trend [ADX] seemed substantially weak.

Conclusion

Given the bullish setup near the $0.0126 resistance, the buyers would aim to expedite their rally in the coming sessions. Any reversals from this resistance could hint at a continued dull phase. The targets would remain the same as discussed.

But the alt shares a whopping 88% 30-day correlation with Bitcoin. Hence, keeping an eye on Bitcoin’s movement with the overall market sentiment could be essential to identify any bullish invalidations.

Advertisement

With a background in financial analysis and reporting, Yash is a full-time journalist at AMBCrypto. He has a keen interest in blockchain technology, with a primary focus on technical analysis of cryptocurrencies.

Advertisement

Continue Reading

Top posts

․bit Raises $13M To Build Cross-Chain Decentralized Identity Protocol ․bit Raises $13M To Build Cross-Chain Decentralized Identity Protocol
BIT3 hours ago

․bit Raises $13M To Build Cross-Chain Decentralized Identity Protocol

sponsored .bit (did.id) has raised $13 million to build a cross-chain decentralized identity protocol. The Series A round, completed one...

What a complete yolk! Comparing Bitcoin to Eggs and why it matters What a complete yolk! Comparing Bitcoin to Eggs and why it matters
adoption3 hours ago

What a complete yolk! Comparing Bitcoin to Eggs and why it matters

What a complete yolk! Comparing Bitcoin to Eggs and why it matters Liam ‘Akiba’ Wright · 4 seconds ago ·...

Biggest Movers: SHIB Remains Near 3-Month High, Whilst LEO Hits 2-Week High  Biggest Movers: SHIB Remains Near 3-Month High, Whilst LEO Hits 2-Week High 
Analysis4 hours ago

Biggest Movers: SHIB Remains Near 3-Month High, Whilst LEO Hits 2-Week High 

Shiba inu remained close to a three-month high to start the week, after breaking out of a key resistance level...

Why Hashing Is Critical In Ensuring Sage Encryption In Cyber Security Why Hashing Is Critical In Ensuring Sage Encryption In Cyber Security
Cyber Security4 hours ago

Why Hashing Is Critical In Ensuring Sage Encryption In Cyber Security

Hashing is really important for integrated encryption in cyber security Assuming you work in the innovation or cyber security industry,...

Bitgert (BRISE) Marketcap To Explode Past Baby Doge And Safemoon (SFM) This Month Bitgert (BRISE) Marketcap To Explode Past Baby Doge And Safemoon (SFM) This Month
SafeMoon4 hours ago

Bitgert (BRISE) Marketcap To Explode Past Baby Doge And Safemoon (SFM) This Month

Bitgert’s massive developments that include adding disruptive products and projects to the Brise ecosystem are key skyrocketing Bitgert marketcap. The...

New Brazil bill wants to tokenize mined gold on blockchain New Brazil bill wants to tokenize mined gold on blockchain
adoption4 hours ago

New Brazil bill wants to tokenize mined gold on blockchain

New Brazil bill wants to tokenize mined gold on blockchain Oluwapelumi Adejumo · 60 mins ago · 1 min read...

Solana Price Climbs To $47 As SOL Bulls Outshine Pesky Bears Solana Price Climbs To $47 As SOL Bulls Outshine Pesky Bears
btcusd5 hours ago

Solana Price Climbs To $47 As SOL Bulls Outshine Pesky Bears

Solana (SOL) price has locked its sights on the goal from day one. Solana’s price is extremely bullish Price spiked...

President Of Central Bank Of Brazil Disagrees With ‘Heavy Hand’ Regulations For Cryptocurrencies President Of Central Bank Of Brazil Disagrees With ‘Heavy Hand’ Regulations For Cryptocurrencies
Brazil6 hours ago

President Of Central Bank Of Brazil Disagrees With ‘Heavy Hand’ Regulations For Cryptocurrencies

The president of the Central Bank of Brazil, Roberto Campos Neto, has defended the use of more moderate regulations in...

Interlay launches Bitcoin-backed stablecoin iBTC on Polkadot network Interlay launches Bitcoin-backed stablecoin iBTC on Polkadot network
adoption6 hours ago

Interlay launches Bitcoin-backed stablecoin iBTC on Polkadot network

Interlay launches Bitcoin-backed stablecoin iBTC on Polkadot network Samuel Wan · 1 hour ago · 2 min read The new...

TA: Top 5 Crypto You Should Watch This Week – BTC, ETH, BNB, GMT TA: Top 5 Crypto You Should Watch This Week – BTC, ETH, BNB, GMT
Bitcoin6 hours ago

TA: Top 5 Crypto You Should Watch This Week – BTC, ETH, BNB, GMT

Top 5 Crypto You Should Watch This Week, with many crypto altcoins producing price gains of two or more digits....

Bitcoin, Ethereum Technical Analysis: BTC Lower, Following Brief Rally Above $25,000 Bitcoin, Ethereum Technical Analysis: BTC Lower, Following Brief Rally Above $25,000
Analysis6 hours ago

Bitcoin, Ethereum Technical Analysis: BTC Lower, Following Brief Rally Above $25,000

Bitcoin was trading lower to start the week, after the token briefly rose above $25,000 during Sunday’s session. As of...

Monero enhances privacy, security features with new upgrade Monero enhances privacy, security features with new upgrade
Monero8 hours ago

Monero enhances privacy, security features with new upgrade

Monero enhances privacy, security features with new upgrade Oluwapelumi Adejumo · 2 hours ago · 2 min read The Monero...

Report Shows Crypto Assets Record Steady Growth As Inflation Lowers Report Shows Crypto Assets Record Steady Growth As Inflation Lowers
BTC8 hours ago

Report Shows Crypto Assets Record Steady Growth As Inflation Lowers

The United States’ newest release on its inflation rate for July has created a celebration reason for many, especially the...

MANA’s network activity could bring forth a shorting opportunity here MANA’s network activity could bring forth a shorting opportunity here
Altcoins9 hours ago

MANA’s network activity could bring forth a shorting opportunity here

Every once in a while, cryptocurrencies go through a phase where volumes contract and prices are restricted within a narrow...

Monero (XMR) Climbs Over 7% Before Weekend Hard Fork Monero (XMR) Climbs Over 7% Before Weekend Hard Fork
btcusd10 hours ago

Monero (XMR) Climbs Over 7% Before Weekend Hard Fork

Monero (XMR) price has surged by as much as 7% in a matter of 24 hours before network upgrade or...

USDT supply up almost $2B over 30 days, USDC supply falls after blocking Tornado Cash linked wallets USDT supply up almost $2B over 30 days, USDC supply falls after blocking Tornado Cash linked wallets
MIM10 hours ago

USDT supply up almost $2B over 30 days, USDC supply falls after blocking Tornado Cash linked wallets

USDT supply up almost $2B over 30 days, USDC supply falls after blocking Tornado Cash linked wallets Oluwapelumi Adejumo ·...

GameFi as a major achievement of the Korean Wave (Hallyu) movement GameFi as a major achievement of the Korean Wave (Hallyu) movement
Company News11 hours ago

GameFi as a major achievement of the Korean Wave (Hallyu) movement

July 15th was a music milestone. Ten years ago in Summer 2012, the release of “Gangnam Style,” catapulted South Korean...

Ripple lawsuit: SEC receives another shock after latest court ruling Ripple lawsuit: SEC receives another shock after latest court ruling
News11 hours ago

Ripple lawsuit: SEC receives another shock after latest court ruling

American watchdog SEC took a recent hit as the battle against Ripple moved into an interesting phase this week. There...

Trending

Daily Bitcoin MiningEarn At least $50 daily with just your phone