TL;DR
- After hitting a record high of around $73,800, Bitcoin (BTC) experienced a sharp correction to nearly $60,000. Despite the downturn, the upcoming halving on April 19 might trigger a bull run.
Ripple is gearing up for a trial against the US SEC set for April 23. This legal battle continues to capture attention, with significant updates expected soon.
Despite a recent 22% drop in its market value, Shiba Inu (SHIB) shows signs of potential recovery. Factors such as an increased burn rate and advancements in its layer-2 solution – Shibarium – may trigger a future rally.
BTC’s Stubborn Correction
In March, the main cryptocurrency took center stage, reaching a brand-new peak price of around $73,800 and staying above $70,000 for some time. But the beginning of this month brought a significant correction, which became more intense in recent days.
According to CryptoPotato’s report, the asset’s value dropped to almost $60,000 on April 17, resulting in approximately $200 million worth of liquidations.
Some factors that might stand behind BTC’s downfall lately could be reports hinting that the US Fed may raise interest rates in the world’s largest economy instead of pivoting from its aggressive anti-inflationary policy. The escalating tension between Israel and Iran and fears of another war might also have contributed to the decline, which affected traditional finance, too.
Despite some setbacks, several positive indicators suggest that Bitcoin’s decline may soon give way to a bull market, with the upcoming halving being the most notable sign. Following this event, which is planned for April 19, miners will receive only half the usual rewards for verifying transactions on the Bitcoin network.
Fewer coins are being introduced into circulation, resulting in fewer coins available and possibly increasing their value over time if demand remains steady or rises.
In the past, every time Bitcoin underwent a halving, it was followed by a strong rally in the entire cryptocurrency market. For those who want to understand this phenomenon better and get ready for the next one, check out the informative video we’ve prepared below.
Ripple vs. SEC
Perhaps the most important news circulating around Ripple lately are the updates related to the lawsuit against the United States Securities and Exchange Commission (SEC).
Previously in the past week, some X users had speculated that a settlement was imminent between the involved parties. This optimism arose following a final pretrial conference presided over by Judge Netburn on the 16th of April.
Despite this, Stuart Alderoty, Ripple’s Chief Legal Officer, stated that Ripple and the SEC are looking forward to the upcoming trial on April 23. They have ruled out reaching an agreement prior to that date. Additionally, Alderoty confirmed that Ripple will submit its response to the SEC’s request for penalties by April 22. The SEC is expected to respond with their reply by May 6.
Is SHIB Poised for a Rally?
The meme coin with the second largest market value, Shiba Inu, is particularly hard hit during this market downturn, experiencing a 22% decrease in value over the past week.
Indicators of significance suggest that the asset could reenter the green zone imminently. Factors contributing to this possibility are:
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2024-04-18 11:56