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SEC Exec Who Signed off on Ripple Case Appeal Facing Bar Complaint

Elendu Benedict
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SEC Exec Who Signed off on Ripple Case Appeal Facing Bar Complaint

Jorge G. Tenreiro, the SEC’s Enforcement Chief for Crypto Assets and Cyber Unit, is facing a bar complaint after signing off the appeal against Ripple and its founders.

The SEC’s chief enforcer could face termination from the bar after a misconduct complaint was filed against him. According to an X article, holders of the VERI token have submitted an Amicus Brief to Judge Analissa Torres, who presides over the SEC vs. Ripple case.

Tenreiro Faces Allegations of Overreach

Tenreiro was one of the SEC’s executives who signed off on the appeal of the case against fintech giant Ripple. The October 2 notice of appeal was in contention with the court ruling from Judge Torres.

Notably, Tenreiro was also involved in several other cases involving crypto projects, including lawsuits against Debt Box and Veritaseum. On October 4, holders of VERI, Veritaseum’s native token, started filing a bar complaint against the SEC’s chief enforcer.

For context, a bar complaint is a civil accusation filed against a lawyer. If the bar deems the grievances fit, cases handled by the legal practitioner will be reviewed, and the lawyer will face debarment if the association finds any misconduct.

SEC vs. Veritaseum Case Etymology

The legal battle between the Wall Street regulator and the crypto project started on August 12, 2019, when the SEC sued Veritaseum’s owner, Reggie Middleton, for crypto fraud. Per the filing, the SEC alleged that Middleton raised $15 million by selling unregistered securities through its initial coin offering (ICO) and called for the court to freeze his assets.

Notably, Middleton fought back, accusing the SEC of twisting facts about the VERI token. The CEO also argued that selling VERI to investors does not constitute an investment contract. However, he later reached a settlement with the regulator.

Despite this, holders of the VERI token began filing a bar complaint against Tenreiro, who was the SEC’s senior trial counsel in the case against the Veritaseum project. The complaint alleged that Tenreiro and the SEC wrongfully prosecuted the project, leading to substantial losses for VERI holders.

The complaint also cited the wrongful accusation against Debt Box, in which they claim the SEC used manipulative and false evidence to prosecute the project. For context, the SEC dropped its lawsuit against Debt Box in May after admitting it submitted wrong evidence. The regulator paid a $1.8 million fine for damages.

Meanwhile, the complaint was a part of the wider crypto sector’s fightback following the SEC appeal of the Ripple case. Leading exchange Coinbase also asked the judge presiding over its case with the SEC to approve its interlocutory appeal, citing the SEC’s October 2 filing.

Market Expert Says It’s Literally Impossible for Shiba Inu to Hit $0.01

Abdulkarim Abdulwahab
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Market Expert Says It’s Literally Impossible for Shiba Inu to Hit $0.01

Aaron Arnold, the founder of Altcoin Daily, has asserted that hoping for a one-cent Shiba Inu price as early as next year is a pipe dream.

Arnold expressed this perspective on X over the weekend. In his post, he cautioned crypto market participants to temper their expectations for various crypto assets with reality.

Specifically, Arnold highlighted that the foremost mistake beginners make in the crypto market is poorly estimating price forecasts without the asset’s market cap. He stressed that this miscalculation could derail their crypto endeavors.

He reinforced his point by citing an example involving Shiba Inu. Arnold mentioned that he had heard members of the crypto community discussing their purchases of SHIB, believing that if the price reached $0.01 next year, they would become millionaires.

Notably, aside from beginners in the crypto space, several prominent market watchers have argued for Shiba Inu’s potential to surge even beyond $0.01. For instance, in June, Jason Williams, a widely followed Bitcoin author, argued that SHIB could attain $0.05 by next year.

However, according to Arnold, this is an overestimation of Shiba Inu’s prospects for this bull season. He emphasized that it is “literally” impossible for Shiba Inu to reach $0.01 next year, citing market cap implications.

“Learn how to value coins in market cap versus price,” he cautioned.

Shiba Inu Market Cap at $0.01

Currently, Shiba Inu has a market value of $0.00001845 and a circulating supply of approximately 589.5 trillion tokens. At a price of $0.01, its market cap would soar to $5.895 trillion.

For context, this resulting valuation at the $0.01 price point is 541 times larger than Shiba Inu’s current market cap of $10.876 billion. In other words, the meme coin would need to experience astronomical growth of 54,100% from its current price of $0.00001845 to reach $0.01 by next year.

Essentially, Arnold aims to stress that anticipating this level of growth for a crypto asset already valued above $10 billion within a one-year timeframe is an unrealistic expectation.

Notably, in the post-halving run of the last cycle, Shiba Inu rallied by 884,400%. Despite this significant surge, Shiba Inu’s market cap peaked at around $45 billion in October 2021.

Currently, the meme coin holds a valuation in the billions, and climbing higher in rank will be more challenging compared to when it had a market cap of only a few thousand dollars and fewer holders.

Shiba Inu Team Says $0.01 Possible

Some members of the Shiba Inu development team, like its content specialist Lucie, have predicted that SHIB could reach $0.01. However, Lucie did not specify a timeline for next year; she believes it is an attainable goal for Shiba Inu in the future.

Will SUI Breakout Fuel a 50% Rally to $3 This October?

Albert Brown
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Will SUI Breakout Fuel a 50% Rally to $3 This October?

Will a rounding bottom breakout rally in SUI result in a 50% hike to the $3 mark this October?

As the crypto market sustains above the $2.15T mark, Bitcoin gradually inches closer to the $65k mark. Amid the high tensions of global cross-border politics, SUI remains in a clear uptrend despite the altcoin market jitters. 

Will the bullish trend in SUI continue to soar higher as the market anticipates an October bull run? Let’s find out where the SUI price is headed beyond the potential $2 breakout. 

SUI Price Analysis

SUI reveals a massive trend reversal rally in the daily chart, aiming to skyrocket above the $2 psychological mark. Starting the bullish trend with a falling channel breakout, the altcoin quickly breaks the short-term barriers. 

The recovery run in SUI started in early August from a year-to-date low of $0.4623. Further, the ongoing bullish rally now accounts for a 327% surge, trading at $1.9757. 

SUI price chart
SUI price chart

The intraday gain of 7.48% following the 4.94% surge on Sunday accounts for two consecutive bullish engulfing candles. If the intraday candle holds the current price till the end of the day, it will mark the highest closing price since April 2024. 

Rising Channel in the 4-hour Chart 

In the 4-hour chart, a deeper price analysis on a magnified scale reveals a positive cycle in the rising channel pattern. Six consecutive bullish candles in the 4-hour chart deem the ongoing bull cycle accounts for a 15.50% surge from $1.6550. 

SUI price chart
SUI price chart

The recovery rally surpasses the neckline at $1.9468, with an engulfing candle heading towards the overhead trend line. A bullish breakout will extend the recovery run. 

With the growing demand for the SUI token, the 50, 100, and 200-day EMA regain bullish alignment with positive crossovers. Meanwhile, the daily RSI line takes a quick hike back into the overbought boundary after a minor drop.

SUI Headed Beyond $2

The rising trend in SUI is approaching the neckline of the rounding bottom reversal near the 100% Fibonacci level at the $2 psychological mark. A bullish breakout from this rounding bottom pattern is likely to challenge the 1.618 Fibonacci level at $3, representing a potential 50% increase.

In case of an extended rally amid the October season, the 2.618 Fibonacci level at $4.58 is an optimistic price target. 

Investor Nets $334,000 Profit as NEIRO Rallies 48%: Here’s the Strategy Behind It

Albert Brown
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Investor Nets $334,000 Profit as NEIRO Rallies 48%: Here’s the Strategy Behind It

NEIRO experienced a remarkable rally over the past 24 hours, fueled by whale accumulation and significant market activity.

The token, which is gaining traction on the Ethereum network, surged by over 48% today. The massive growth coincided with a substantial purchase by the whale known as Rekt Dolphin.eth, which acquired 1.466 billion NEIRO for $1.8 million, swapping 190.5 billion PEPE and 6 ETH.

This strategic acquisition has resulted in a gain of over $334,000, reflecting a 19% increase in value.

Whale Activity And Market Movements

Whale activity continues to play a pivotal role in NEIRO’s price fluctuations. Between mid-August and late September, Rekt Dolphin.eth executed three trades. He earned a net profit of $824,000 from the trades, marking a 30% increase with a win rate of 66.7%.

However, earlier trading in August saw a significant loss, with $37,200 lost in just one day on August 11. Despite this setback, the whale made a strong recovery. He earned $704,000 in just two days in September, followed by an additional gain of $157,000 over a seven-day period later that month. Most recently, the wallet gained another $334,000 on October 7.

The whale’s recent activity is underscored by its inflow of 7.308 billion NEIRO tokens at an average price of $0.0006, translating to a total purchase of $4.532 million.

Conversely, the whale sold 5.842 billion tokens for $3.564 million. Despite realizing a loss of $58,975, the wallet’s unrealized gains stand at $1.217 million, representing a 133.9% increase.

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Analysis by Spot On Chain

Recent Activity Around NEIRO

The recent accumulation of whales has brought renewed attention to other variants of NEIRO. Specifically, “Neiro on Ethereum” also surged by over 17% in the past 24 hours, though its market cap remains only one-tenth of the larger NEIRO.

This surge follows a period of steady accumulation by large holders, contributing to recent price fluctuations. Data from Spot On Chain highlights consistent whale purchases during market dips, reinforcing the growing interest in NEIRO.

For example, Whale 0x6ab acquired 17.7 million NEIRO tokens at an average price of $0.086. Another whale, 0x9Ba, purchased 17.5 million tokens at $0.154 on September 6.

Additionally, Whale 0xAB5 has been dollar-cost averaging, acquiring 6 million NEIRO tokens at $0.128. While some whales continue to accumulate, others, like 0x1ED, have sold portions of their holdings after purchasing 8.6 million tokens at $0.116.

Solana Meme Coin PopCat Skyrockets to New All-Time High: Is $2 Over Horizon?

Albert Brown
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Solana Meme Coin PopCat Skyrockets to New All-Time High: Is $2 Over Horizon?

With a new all-time high formation, PopCat prices skyrocket with the increasing chances of a crypto market bull run. Will this rally surpass $2?

PopCat has established a new all-time high, sustaining dominance above the $1.40 mark and heading toward the psychological barrier of $1.50. Amid the broader market recovery, the meme coin has surged by 18.60% in the last 24 hours.

The sudden boost in buying pressure has led to a 50% surge over the past seven days. Currently, the PopCat token is trading at $1.44, while the meme coin has a market cap of $1.413 billion. Will this bull run in PopCat prices hit the $2 mark?

PopCat Breakout Rally Speeds Up

In the daily chart, PopCat reveals a cup and handle pattern breakout. Furthermore, the bullish breakout comes with a massive engulfing candle of 21.61% surge made on October 4. 

POPCAT Price Chart
POPCAT Price Chart

Beginning a streak of four consecutive bullish candles, the meme coin continues to climb following the cup and handle breakout. This rally has pushed the daily RSI into the overbought zone. Meanwhile, both the 50-day and 20-day EMAs are displaying a positive trend in bullish alignment.

In addition to the cup and handle breakout, the daily price action of PopCat shows a failed attempt at a rising wedge pattern. The reversal pattern falters as the overhead resistance trend line quickly loses strength. Furthermore, the breakout from the consolidation range below the $1.00 psychological mark has fueled the bullish rally.

This reveals the massive surge in demand for the meme coin over the past few days.

Where’s PopCat Price Headed? 

Applying the trend-based Fibonacci levels from the previous week, the PopCat token is currently challenging the 100% Fibonacci level at $1.4423. The retracement tool indicates that the next price targets for the meme coin are $1.7757 and $2.3155 at the 1.6180% and 2.6180% Fibonacci levels, respectively.

On the flip side, the crucial support for the meme coin are present at 78.60% and 61.80% Fibonacci level at $1.3269 and $1.2363 respectively.

Bitget’s BGB Token Suffers 56% Crash Amid Unclear Trigger

Albert Brown
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Bitget’s BGB Token Suffers 56% Crash Amid Unclear Trigger

Bitget’s token BGB saw a sudden 56% drop on Oct 7, with the exchange pledging compensation and announcing a new partnership with LALIGA.

On October 7, the Bitget exchange platform experienced a notable disruption when its token, BGB, saw an abrupt price plunge. The token’s value dropped sharply from $1.14 to a low of $0.53, marking a sudden decline of over 56%. 

This dramatic dip occurred unexpectedly, and Bitget quickly took steps to stabilize the token’s price, which began to recover shortly after the initial drop. 

The cause of this price fluctuation remains unknown, but the incident mirrors similar events seen earlier in 2024 with the OKB token, which experienced a comparable sharp decline on two occasions.

As the broader market struggles to recover from its weekly declines, the Bitget Token (BGB) was priced at $1.07 during this press, reflecting a modest 0.60% increase over the last 24 hours and a stronger 3.48% rise over the past week.

The 24-hour trading volume of $5.88 million, while modest in comparison to larger cryptos, suggests stable trading activity and interest from investors.

Bitget’s Response and Compensation Plan

In light of the October 7 event, Bitget issued an official statement to address the concerns of affected users. The company acknowledged the abrupt price movement and committed to compensating those who incurred losses during the drop.

Bitget announced that it would finalize a compensation plan within 24 hours and complete the reimbursement process in 72 hours. The platform further emphasized its commitment to improving user experience, pledging to optimize risk management tools and implement stronger safeguards to prevent future incidents.

As part of its broader risk management strategy, the company outlined plans to enhance margin position levels and liquidation mechanisms to better control volatile market behavior.

Bitget’s Strategic Partnership 

Meanwhile, this event occurred at a time when Bitget recently expanded its presence in the sports sector through a multi-million-dollar partnership with the renowned football league, LALIGA. This collaboration is seen as a significant step in the exchange’s strategy to integrate Web3 technologies into mainstream industries.

LALIGA’s global prominence and its roster of elite players, including Kylian Mbappé and Vinícius Jr, align with Bitget’s goal of bridging the gap between digital innovation and sports. LALIGA plans to leverage Bitget’s expertise in blockchain and Web3 integration to enhance its digital operations.

Market Analyst Expects Bitcoin to Surge 84% to $116,600

Elendu Benedict
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Market Analyst Expects Bitcoin to Surge 84% to $116,600

Crypto analyst Javon Marks has maintained that he sees Bitcoin surging 84% to a six-figure price point, citing a breakout from its range.

In today’s Bitcoin news, Marks noted that the largest cryptocurrency by market cap is gearing up for an 84% uptick from its current price of $63,500. The analyst stated that the premier crypto asset would break past key resistance at $67,556 before moving to the $116,600 target.

Analyst Maintains Bullish Stance on Bitcoin

Notably, Marks has been speculating an impeding Bitcoin surge to $116,600 for a while now. On September 22, the seasoned analyst asserted that Bitcoin seemed ready for the push to his price target.

Per analysis, Bitcoin did move from its price of around $64,000 but failed to break the crucial resistance at $67,556. The firstborn crypto asset peaked at $66,520 on September 27 before the recent price downturn to retest $60,000.

However, Bitcoin has shown resilience amid growing geopolitical tension, and Marks expects the asset to finally break the $67,556 resistance. It bears mentioning that the analyst didn’t give a timeline for this impending surge to materialize.

Meanwhile, Javon Marks based his call on a possible breakout from a price range that Bitcoin has formed since its peak at $73,949 in March. According to the chart accompanying his analysis, Bitcoin has been in a falling wedge price pattern, and he expects a breakout soon.

Bitcoin Analysis per Javon Marks
Bitcoin Analysis per Javon Marks

Notably, Marks cited a similar breakout last year, pushing Bitcoin to an all-time high in March. The price range looks synonymous with the latest pattern, and the market commentator expects a similar price action for Bitcoin when it finally breaks out.

Other Analysts Expect Similar Price Action

Interestingly, Marks is not the only market observer expecting Bitcoin to trade at six figures. Many other analysts have predicted that the premier asset would trade above $100,000 soon enough.

Analyst Mikybull expects Bitcoin to surge to the 1.618 and 2.272 Fibonacci extension levels, respectively pushing its price to $90,000 and $110,000. However, the seasoned analyst stated that Bitcoin would trade at those levels after completing the Elliot Wave price pattern.

Furthermore, an insight and commentary provider predicted that Bitcoin would trade at $106,713 by December. The analysis hinged on historical performances of the largest crypto asset when the month of September closes in profit.

Meanwhile, Bitcoin is up 2.3% in the past 24 hours, with its market trending at $1.25 trillion. The wider crypto market cap also saw a 2.49% uptick in the past day to $2.21 trillion.

Here is How High XRP Can Rise if XRPL Captures 10% of the Derivatives Market at $100T

Sam Wisdom Raphael
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Here is How High XRP Can Rise if XRPL Captures 10% of the Derivatives Market at $100T

Assessments suggest the price of XRP could reach a four-digit figure if XRP can capture 10% of the global derivatives market, but there’s a catch.

XRP has been the focal point of multiple bullish predictions in recent times. One of the primary factors contributing to this trend is the untapped potential of the altcoin and its associated blockchain, the XRP Ledger (XRPL).

XRP Undervalued

Notably, XRP started off well years back, with its price rallying by over 60,000% from 2017 to January 2018 to hit the $3.31 all-time high. Within this period, XRP dominated over 30% of the entire crypto market, as its growing utility in cross-border payments became clearer. 

However, XRP has since lost its market dominance, with this utility largely undermined. The SEC’s lawsuit, which ran from December 2020 to this August, contributed to XRP’s setbacks. Now, with XRP trading over 80% below its six-year-old ATH, most analysts believe it is one of the most oversold crypto tokens.

A few commentaries suggest its fair market value could range from $4,813 to $13,386. Others believe XRP’s price could hit greater levels if the financial scene fully recognized its potential and completely adopted it for its attractive utility in payments.

XRP Price with 10% of Global Derivatives Market 

One area some analysts suggest XRP could dominate is the derivatives market. For the uninitiated, the derivatives market is a financial market where contracts (derivatives) derive their value from underlying assets like stocks, bonds, commodities, currencies, or even cryptocurrencies.

Several estimations have put the global derivatives market at a national value of $1 quadrillion, making it by far one of the largest financial markets in existence. If the XRP Ledger hosted about 10% of this value, this would put it at a figure of $100 trillion, far greater than the entire crypto market.

Notably, supposing this $100 trillion market is captured by XRP, being the native token of the XRPL, its price could skyrocket to $1,000, considering its total supply of 100 billion tokens. 

However, while this estimation sees an ambitious XRP price, most of its assumptions are questionable. Notably, some financial commentators have dismissed the $1 quadrillion notional value of the derivatives market, suggesting it is grossly overstated. 

In addition, the estimation suggests that XRP would capture the entire value of the XRPL, which is highly improbable. The XRPL also hosts multiple other assets despite having XRP as its gas token. As a result, whatever notional value the network has would be shared among these tokens, inasmuch as XRP could capture a large chunk of it. 

Expert Says XRP Surging 8,387% to $44 is Conservative, Backs Claim with Fibonacci Analysis

Abdulkarim Abdulwahab
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Expert Says XRP Surging 8,387% to $44 is Conservative, Backs Claim with Fibonacci Analysis

Famous market analyst Egrag has asserted that price targets between $27 and $44 are conservative outlooks for XRP.

The seasoned market observer shared this striking perspective in a post on X on Wednesday, referencing Fibonacci channel analysis.

The accompanying chart illustrates XRP’s historical performance since its inception, showcasing upward movements aligned with key Fibonacci levels. Egrag pointed out that the chart indicates XRP could experience rallies to reach the Fibonacci channel levels of 0.5, 0.618, and 0.702.

These levels are marked with green circles on the chart and correspond to the peak points XRP achieved during its bull runs in various market cycles, specifically in 2014, 2017, and 2021.

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XRP chart by Egrag

XRP Targets of $27 and $44 Likely

Egrag is now applying the Fibonacci levels from previous cycles to forecast the peak XRP might reach in the current cycle. According to this analysis, the Fibonacci channel levels of 0.5, 0.618, and 0.702 correspond to significant price targets of $13, $27, and $44 for XRP in this cycle.

He stressed that the price points suggested by the Fibonacci levels are a “conservative” target for XRP this season.

At the time of reporting, XRP is trading at $0.5184, down over 11.2%. While XRP is dangerously close to breaching the psychological $0.5 region, Egrag believes the seventh-largest cryptocurrency could still surge by 2,407% in the near term. His upper target of $44 would require a more formidable upswing of 8,387%.

Notably, Egrag is not forecasting such ambitious price growth for XRP for the first time. In numerous analyses in the past, he has stressed that prices above $27 are achievable for XRP in this ongoing cycle, citing various technical formations. However, these projections have yet to materialize.

For instance, in March, he mentioned that XRP’s candlestick patterns reflect those of 2017, which led him to advocate for a $27 outlook. Over six months later, XRP’s market position has not improved.

In response to his latest analysis projecting $44 as “conservative,” a commenter highlighted that such a price might materialize only in the distant future. Egrag maintained that the outlook aligns with what historical charts suggest.

Here’s How Much Shiba Inu Needed to Make $100K, $500K and $1M if SHIB Hits $0.00008, $0.00014 and $0.001

Sam Wisdom Raphael
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Here’s How Much Shiba Inu Needed to Make $100K, $500K and $1M if SHIB Hits $0.00008, $0.00014 and $0.001

Shiba Inu investors would need to augment their bags to secure substantial returns should SHIB clinch some of its bullish targets.

Amid the ongoing uncertainty in the broader crypto market, Shiba Inu has witnessed unique battles at important support and resistance levels. The recent market crash pushed SHIB to $0.00001548, marking an eight-day low.

Shiba Inu Accumulation Steadies 

Interestingly, Shiba Inu has since recovered with the rest of the market, spiking by a massive 8.15% yesterday and recording an extra 1.55% on Oct. 5. Amid the rebound, investors have continued to retain their holdings. In addition, accumulation from key addresses has been on the high side. 

According to data from IntoTheBlock, investors holding at least $100,000 worth of SHIB have increased in number in recent times. Notably, addresses holding between $100,000 and $1 million worth of Shiba Inu have increased to 1,690, representing up to 0.12% of the total SHIB addresses.

For context, these addresses collectively hold 36.67 trillion SHIB tokens worth $638.19 million. This figure is about 3.67% of the total Shiba Inu supply, making this tier address some of the biggest SHIB holders in the market.

Shiba Inu Holdings Distribution IntoTheBlock
Shiba Inu Holdings Distribution | IntoTheBlock

Notably, several market participants currently holding fewer SHIB tokens could also enter this tier of addresses with balances worth $100,000 to $1 million. For instance, an address holding 2.826 billion SHIB has a worth of $50,000 at Shiba Inu’s current price of $0.00001769 if SHIB’s price doubles, this holding will be worth $100,000.

Amid growing investor interest in reaching this cohort of addresses, The Crypto Basic recently assessed how much a market participant must hold to see their tokens grow to $100,000, $500,000, or $1 million if Shiba Inu reaches varying price targets.

SHIB Needed to Make $100K, $500K, and $1M at $0.00008, $0.00014, and $0.001

Last month, market analyst Javon Marks predicted Shiba Inu to hit the $0.00008 price target. If this target materializes, an investor holding 1.25 billion SHIB ($22,112) would be sitting on $100,000, while anyone holding 6.25 billion tokens ($110,562) would see their investment surge to $500,000. Meanwhile, at the $0.00008 price, market participants with 12.5 billion Shiba Inu tokens would witness an increase in their holdings to $1 million. The 12.5 billion tokens are currently worth $221,125 at the prevailing price.

Notably, in June, a Bitcoin analyst argued that the ongoing downtrend was the last chance to procure SHIB at low levels, suggesting an imminent rally to $0.00014. If SHIB reaches this level, an investor looking to hold $100,000 would need to procure 714.2 million SHIB, currently valued at $12,635.  However, those seeking to sit on $500,000 at the $0.00014 price per SHIB would need to hold 3.57 billion tokens. These tokens are currently worth $63,178. Further, investors looking to secure $1 million would need to purchase 7.142 billion SHIB, now worth $126,357.

Lastly, market commentator LuckSide asserted in September that Shiba Inu’s signs point to a rally to $0.001. Should Shiba Inu clinch this ambitious target, a market participant would only need to hold 100 million tokens to sit on a $100,000 investment. The 100 million tokens are worth $1,769 today. Meanwhile, investors with an appetite to reach the $500,000 goal could hit this level by procuring 500 million SHIB, currently worth $8,845. Nonetheless, those eyeing larger gains such as $1 million would have to purchase 1 billion tokens, which are currently valued at $17,690.

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