Deaton highlights the events that will prove this week as Crypto’s biggest week.
Following Bitcoin’s rally to $30,000 and upcoming Etherum’s Shanghai upgrade, attorney John Deaton has highlighted the next important event that could make this week the biggest week ever for crypto.
For Deaton, this week has been remarkable for cryptocurrency. Bitcoin rallied above $30,000, and the cryptocurrency community eagerly anticipates Ethereum’s Shanghai upgrade scheduled to launch today.
While Deaton acknowledges the significance of both events, he asserts that this week will prove to be crypto’s most significant when Judge Analisa Torres issues a ruling in Ripple’s favor.
“[…] A great and fantastic ruling from Judge Torres in the @Ripple case next could prove to be Crypto’s biggest week ever,” said Deaton.
Bitcoin Rallies to $30K and Ethereum’s Upcoming Shanghai Upgrade
Notably, Bitcoin broke the $30K resistance yesterday for the first time since June 2022. Bitcoin made a move after enduring a brutal bear market that saw its price plunge to $16K in November. However, Bitcoin surpassed $30K yesterday after rallying over 50% in the last 30 days.
On the other hand, the Ethereum Shanghai upgrade is another significant cryptocurrency event scheduled today. One of the most notable features the Shanghai upgrade is expected to roll out is the finalization of Ethereum’s shift from proof-of-work (PoW) to the proof-of-stake (PoS) algorithm. The latter offers a more energy-efficient way of verifying transactions on the blockchain.
Another interesting feature the Shanghai upgrade will offer is to enable users to withdraw their staked ETH tokens for the first time. Some enthusiasts have expressed concerns over the development, believing the move could wreak havoc on the price.
However, cryptocurrency intelligence platform Glassnode has speculated that only 170K ETH of the 18.1M ETH will be unlocked within the first week of the Shanghai upgrade.
The highly anticipated Shanghai/Capella hard fork is scheduled to take place on 12-April-2023, enabling the withdrawal of staked #Ethereum.
In this extended edition of the Week On-Chain, we shall evaluate the overall Ethereum staking landscape, develop a framework to establish… pic.twitter.com/EVgsz3s6GG
— glassnode (@glassnode) April 11, 2023
A Win for Ripple Against SEC
Although both events are significant, the CryptoLaw founder speculates that a favorable ruling for Ripple in its case against the SEC could crown this week as the biggest ever. It bears mentioning that the Ripple v. SEC lawsuit ranks among the most followed cases in the industry.
Crypto community members have followed the case closely because of the impact the ruling will have on the industry.
Notably, a win for Ripple could set the industry on the path of getting regulatory clarity. However, a victory for the SEC could justify the regulator’s adverse enforcement actions against crypto projects.
For context, the Judge has yet to issue a ruling, with the crypto community left to only guess when the case may likely end. Deaton believes that the Judge’s ruling may come at any time.
However, based on her previous ruling timeline, the lawyer, representing thousands of XRP holders in the lawsuit as a friend of the court, speculates that the ruling might happen “somewhere around March 6 and May 6.”
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