TL;DR
- Bitcoin (BTC) rose significantly post-halving, hitting $67K, but recently dropped to $64,000. Future projections suggest a potential rise to $150,000 by end of 2024.
Ripple is currently in a trial phase with the SEC over XRP’s security classification, resisting a $2 billion fine and arguing for a maximum of $10 million. One popular attorney envisioned a potential settlement around $100 million to be reached this summer.
Despite a recent 8% price drop, SHIB’s market indicators, like low exchange reserves and a major upgrade to Shibarium, hint at a possible upcoming price rally.
BTC’s Price Swings
Since the cryptocurrency’s halving on April 20, its price has been steadily increasing. It broke through the $67K threshold on April 24.
Today (April 25), the crypto market saw a downturn, as Bitcoin (BTC) dropped around 4% and settled at roughly $64,000.
According to numerous analysts and industry professionals, the upcoming months are anticipated to be quite profitable for the asset. The latest prediction comes from Geoff Kendrick, who heads digital assets research at Standard Chartered. He forecasts that Bitcoin’s price could reach $150,000 by the close of 2024.
What’s New on the Ripple v. SEC Front?
The legal battle between Ripple and the US Securities and Exchange Commission (SEC) recently entered its trial phase. The dispute is centered on allegations of XRP sales violations, while the company argues that its native token should not be classified as a security, thus not falling under the regulator’s jurisdiction.
Last month, the SEC proposed a massive $2 billion penalty against Ripple. In response, Ripple submitted an opposition this month, arguing that the fine should be no more than $10 for various significant reasons.
According to Ripple, no one was deceived or misled when they bought XRP several years ago. Moreover, the majority of Ripple’s transactions dealing with XRP were legal, and these transactions didn’t result in significant financial harm for investors.
In spite of the trial’s commencement, the exact timeline for its conclusion remains uncertain. Lawyer Jeremy Hogan, who is well-known, has suggested that a resolution could take place this summer, potentially leading to a $100 million settlement.
If you’re intrigued to discover more about the lawsuit affecting XRP‘s price, check out the video we’ve prepared specifically for that topic below.
SHIB’s Potential
Despite the 8% daily drop in price caused by the recent market correction for the meme coin, it has continued to thrive on a weekly basis. Furthermore, there are several key reasons suggesting that the token could still see a substantial price surge in the near future.
According to CryptoPotato’s latest report, SHIB exchange reserves have reached a two-year low of around 150 trillion assets this week. This decrease indicates that fewer Shiba Inu coins are circulating for trading. Consequently, scarcity may increase and potentially cause the price to surge if demand remains stable or rises.
The development of the meme coin’s layer-2 scaling solution – Shibarium – may also trigger a bull run. Earlier this month, the network underwent a major upgrade, with the team introducing a new user interface (UI) update, describing it as “faster, smoother, and more accessible than ever.” The developers also expanded compatibility with popular self-custody wallets such as Coinbase Wallet, MetaMask, Trust Wallet, and others.
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2024-04-25 11:28