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SEC vs. Ripple: The ‘amici curiae’ brawl came to life just because…

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SEC vs. Ripple: The ‘amici curiae’ brawl came to life just because…

The U.S. Securities and Exchange Commission (SEC) played its cards to revoke the amici curiae status granted to XRP holders. Different filings against it depicted the said narrative. Nevertheless, Defendant came back relentlessly to counter Plaintiff’s filings on several occasions.

Catch me if you can

Attorney John Deaton led a group of XRP holders by filing a motion to intervene in the case back in March 2021. Although their attempt got rejected by the court last October, they did manage to obtain amici status. Thereby aiding XRP holders incorporate “friends of the court” briefs.

And, now they might be after SEC as depicted by James K. Filan, a fellow famed attorney. The defendant had filed their response to SEC’s motion. Herein, the SEC requested the court to deny amici’s motion to participate in the lawsuit. And, to even deny attorney John Deaton’s involvement for ‘gross misconduct.’

https://t.co/5eaewyNhhrhttps://t.co/r6kElVVmPOhttps://t.co/F0YfpRNSJg

— James K. Filan 🇺🇸🇮🇪 106k (beware of imposters) (@FilanLaw) July 25, 2022

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Firstly, the filing targeted the SEC’s unlawful expansion of the Howey test as the token represented a “security per se”. This theory (by the SEC) has been an issue since the very beginning, as per Deaton. Ergo, the SEC itself is to blame because of its ‘unprecedented allegations.’

According to attorney Deaton, before he disclosed the SEC’s expert’s name, the parties in the lawsuit (Ripple and SEC) – had previously identified another SEC witness (Dr. Albert Metz) before it filed its motion. In this context, Deaton added,

“I never anticipated the issues with the second SEC expert, nor should I have been expected to, particularly given the release of the other expert’s identity by the parties.” 

In addition, the said attorney blasted the SEC for taking the opposite stance regarding the Expert’s reports. Thus, asserting,

“The SEC’s diametrically opposed legal positions are consistent with Judge Netburn’s harsh but accurate observation that the SEC is adopting its litigation positions to further its desired goal, and not out of a faithful allegiance to the law.”

Overall, Plaintiff remains hellbent on revoking Amici’s rights in the lawsuit because the summary judgment filing date approached nearby.

Your choice led to

Indeed, the SEC aimed to remove Deaton from the case- there’s no denying it. Different enthusiasts asked the same question to the attorney on Twitter. For instance, consider this tweet.

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Would love for the SEC to Reply to @JohnEDeaton1 and say:

“There’s no reason for you to be in this case, sales of #XRP on the secondary market are not Securities.”

— Mr. Intuitive – Trumors Only. (@BlackberryXRP) July 25, 2022

The key attorney figure responded:

“Had the SEC said this after I filed the writ of mandamus on 1 January, 2021, I wouldn’t be tweeting this and I wouldn’t be amicus counsel. I would have said ‘if you can prove Ripple sold a security in 2013 or yesterday, so be it.’ But the SEC chose to go with ALL XRP are illegal.”

As expected, attorney Deaton’s response to the SEC attracted a lot of reactions from the Ripple community. Attorney Jeremy Hogan commended Deaton’s response.

Att’y Deaton’s response might be my FAVORITE brief in the Ripple case so far.

It defends his position in the case, defends his own actions, attacks the SEC, attacks the SEC expert, all in four pages.

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AND, also happens to spill on Hinman and his “relation” to Ethereum.

BRAVO! https://t.co/O7YcnPpRJC pic.twitter.com/BjWsokGaHV

— Jeremy Hogan (@attorneyjeremy1) July 25, 2022

Shubham is a full-time journalist at AMBCrypto. A Master’s graduate in Accounting and Finance, Shubham’s writings mainly focus on crypto-regulations across the United States and Europe. Also, a die-hard Chelsea fan #KTBFFH.

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

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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 range. Well, MANA has been stuck in this phase since June. As a consequence, it has struggled to exit its bottom range.

The altcoin has experienced very low whale and institutional activity during the contraction phase. This is often the case when cryptocurrency volumes shrink, and it is a key reason why price movements are quite limited.

Decentraland’s network

MANA’s muted performance was also exasperated by its native platform’s performance. Its transaction volumes dropped substantially in the last four weeks, peaking at 59.57 million on 27 July.

In contrast, it registered its lowest 4-week transaction volume at 3.24 million on 13 August.

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Source: Santiment

The low network activity also reflected in the form of a drop in active addresses.

The latter peaked at 2,611 active addresses on 21 July and dropped to as low as 854 active addresses on 13 August.

Decentraland has been hard at work trying to boost engagement within its network.

The drop in network activity highlighted the need to boost its attractiveness as a metaverse project. Despite its shortfalls, Decentraland’s market cap is currently above $2 billion.

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Quite a number of MANA investors are still holding on to their coins. The 180-day mean dollar invested age achieved steady growth in the last four weeks, peaking at 977.23.

There was some profit taking towards the end of June, leading to a drop in the 180-day mean coin age. However, its recovery to its press time level at 72.25 confirms that retail investors have been accumulating, and HODLing.

Source: Santiment

Why are these observations important?

It is normal for a cryptocurrency to have low volumes when network growth and organic demand are negatively affected.

That may explain the low whales and institutional demand in the last four weeks. However, most of the top coins by market cap have already experienced substantial upside, and no longer have maximum growth potential.

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This means MANA will soon end up on the radar of whales and institutions looking for the next best opportunity.

Well, the token is still relatively closer to its bottom than most top coins courtesy of its limited upside.

This means it has a higher growth potential to tap into. Its 90-day MVRV ratio, at press time, was at 14.22% which means some MANA holders who bought at the bottom are already in profit.

Source: Santiment

However, the numbers are still low compared to some of the best-performing top cryptocurrencies in the last month.

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MANA’s heavily discounted price is still a healthy opportunity for long-term holders since metaverse development is still in its early stages.

Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael’s writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.

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Ethereum’s metrics that could determine your portfolio value this week

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Ethereum’s metrics that could determine your portfolio value this week

It is not usual for the crypto markets to be dominated by an altcoin. But this seems to be the crypto climate at the moment with Ethereum tearing it apart on the price charts.

The number one altcoin has racked up a slow day in the office but still managed over 12% of profits over the week. On top of that, the 30-day gains have crossed more than 60% for ETH as things stand.

Well, undeniably, the $2K breakout this week raised many eyebrows in the crypto community after the final testnet was accomplished.

The beginning edges closer

However, the ETH storm has calmed down. And, at press time, ETH was hovering below the $2k resistance.

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Notably, this has not stopped the social channels from being flooded with talks about Ethereum and especially the Merge.

According to Lunar Crush, Ethereum topped the social activity charts among top cryptocurrencies.

The rapid surge in social activity is visible in the social volume metric of Ethereum. As per the chart below, we can see how Ethereum has regularly maintained a high index value in the past few weeks.

Source: Santiment

Meanwhile, the interest in the Proof-of-Stake transition continues to attract investors.

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According to the analytic firm Glassnode, the total value in the ETH 2.0 contracts reached an all-time high of 13,302,229 ETH on 14 August. This echoes the increasing confidence of the crypto community in Ethereum’s most high-profile upgrade of all time.

Source: Glassnode

Glassnode also claimed that profitability on ETH trading has increased of late.

This is of no surprise since the prices have been on a swing as they rebounded from June’s bottom.

In fact, the MVRV (1d MA) reached a 3-month high of 1.226 on 14 August with the previous similar high observed at 1.225 on 13 August.

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Source: Glassnode

Not all is changing

That being said, a group of Ethereum miners will continue to run on the proof of work mechanism. As per IntoTheBlock, the implied valuation of ETHPow at a price of $114 is well over $10 billion.

This group is bound to face some challenges as Chainlink oracles and Circle’s USDC has vowed to support ETHPoW.

However, they have convinced exchanges such as Huobi, Poloniex, and BitMEX to support their ETHPoW token- which is expected to be 6% of the ETH’s value.

Source: IntoTheBlock

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ETH looks set to consolidate near the $2,000 resistance at least until the Merge.

Undeniably, it will be under the monitor of the majority of crypto analysts because of the magnitude of the changes promised.

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‘Exhausted’ AVAX may not follow the general trend; Instead, here’s what’s up

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‘Exhausted’ AVAX may not follow the general trend; Instead, here’s what’s up

The first half of August brought good tidings for AVAX holders, as has been the case for most cryptocurrencies. However, the market is now about to enter the second half of the month, with AVAX already showing signs of a potential pullback.

AVAX’s bulls demonstrated strong momentum in the first week of August. However, the second week just concluded with a notable decline in momentum. Any upside over the last few days was also met with some resistance, especially near the $30-price range.

Exhausted bulls?

AVAX’s latest performance is not surprising. Especially since this is because the resistance level seemed to be manifesting after it recently retested its ascending support line.

The latter is part of the ascending channel in which AVAX has been trading, after bottoming out near mid-June.

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Source: TradingView

The trend line is not the only sign of a potential retracement. It also turns out that AVAX’s rally briefly pushed it into overbought territory, according to the RSI. In fact, it has been hovering near the overbought zone since, with the bulls attempting to push up further.

These bearish expectations can be backed by a drop in volume ever since AVAX entered its press time resistance zone. This observation seemed to align with the weaker bullish momentum seen over the aforementioned period.

Source: Santiment

In addition, investor sentiment registered a notable change this past week. This change was picked up by the FTX funding rate, which dropped substantially after hitting a monthly peak last week. This confirmed that investors in the derivatives market are currently less optimistic about the bulls.

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AVAX’s weighted sentiment has also dropped slightly since 9 August. A confirmation that the sentiment is no longer predominantly bullish. In fact, at press time, it was in the negative zone, confirming that many investors expect a reversal.

Source: Santiment

Exploring all possible outcomes?

If the market can maintain its upside, chances are that AVAX might retain its press time range. However, the prevailing sentiment means it might not manage more upside without encountering significant sell pressure.

On the other hand, this is the third time that AVAX is retesting the resistance line. This is confirmation that the press time northbound price channel is growing stronger. In other words, investors should watch out for a potential breakout, especially if the next bullish wave returns with more momentum.

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Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael’s writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.

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