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Attorney John Deaton On SEC V. Ripple: “Ripple Can’t Lose At All. Not True. It’s Possible That Both Sides Win”

Mark Brennan
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Attorney John Deaton On SEC V. Ripple: “Ripple Can’t Lose At All. Not True. It’s Possible That Both Sides Win”

Attorney John Deaton says that both Ripple and SEC Can Become Winners In the Lawsuit.



The lawsuit filed against popular blockchain company Ripple by the Securities and Exchange Commission (SEC) has had its own fair share of twists and intriguing moments over its more than one year of existence.  

The developments in the case have prompted several analysts and the entire cryptocurrency community, especially XRP holders, to forecast a possible outcome in the lawsuit. 

Many analysts have predicted an outcome in Ripple’s favor because the blockchain company has seen the majority of the court’s rulings swing in its favor. 

A Win for Both Parties

However, attorney John Deaton, who is representing over 65,000 XRP holders in the case, believes both Ripple and the Securities and Exchange Commission can become winners in the lawsuit. 

“RIPPLE AND THE SEC CAN BOTH WIN. Now that we have arrived at summary judgment time, I see a lot of comments on how @Ripple can’t lose at all. Not true. It is possible that both sides win – technically and legally speaking,” attorney Deaton said.

 

Deaton suggested that both Ripple and the SEC can win legally and technically if the duo agree on “a list of stipulated indisputable facts.”  

With the parties reaching an agreement on a list of things considered to be indisputable facts, this will remove such cases from being decided by the court, attorney Deaton said. 

More Insights

Citing a few instances, attorney Deaton noted that the blockchain company and the SEC could agree that Ripple sold 1 billion units of the XRP coins to an investor, with each valued at $0.05 and the total offering valued at $25 million. 

He stated that if such an agreement is reached, the court can use the Howey test to decide that the investor bought the XRP with an expectation of making a profit, which makes the entire offering to be considered an investment contract and it will be a win for the SEC. 

 

Attorney Deaton added that Ripple could also become a winner in the case if the court uses the same factors to decide that the ongoing sales by Ripples are not securities.

“Ripple could still win b/c the judge applying those same factors decides ongoing sales of XRP by Ripple are NOT securities. Ripple wins.”

“The judge should find that secondary market sales of XRP independent of Ripple are also not securities. XRPHolders win,” attorney Deaton added. 

 

Terra Overthrows Cardano Again to Become 8th-Largest Crypto As LUNA Eyes New All-Time High

Mark Brennan
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Terra Overthrows Cardano Again to Become 8th-Largest Crypto As LUNA Eyes New All-Time High

 

LUNA resumes uptrend movement as the coin eyes new ATH.



In what is now being considered a close contest, Terra (LUNA) has once again overthrown Cardano (ADA) to become the eighth-largest cryptocurrency by market capitalization. 

LUNA achieved the milestone by soaring over 18% in the last 24 hours, moving from a low of $76.06 to $91.80. At press time, LUNA is changing hands at $90.17 and the cryptocurrency looks set to surpass its previous all-time high of $119. 

With $LUNA soaring above 18% in 24 hours, the cryptocurrency market capitalization also recorded an uptrend, as it is currently around $32 billion, representing a market dominance of 1.61%. 

Terra all-time high according to Coinmarketcap is $119.18, Terra needs to add 25% more to its value to cross $119.18, which according to Luna’s strong ongoing fundamentals is quite possible. 

Meanwhile, Cardano did not make a massive comeback like LUNA after the cryptocurrency market crashed in the early hours of yesterday. 

Cardano’s native cryptocurrency ADA is up over 5.7% in the last 24 hours, moving from a low of $0.87 to $0.94. At the time of writing, ADA is trading at $0.93 across major exchanges, including Binance. 

It is worth noting that this is not the first time Terra will be surpassing Cardano, as a similar development was reported last month.  

Terra has become one of the most adopted cryptocurrencies in the market following the project’s team’s decision to purchase $10 billion worth of Bitcoin (BTC) as a reserve for its native stablecoin named TerraUSD (UST). 

Since Terra began purchasing Bitcoin, it has so far accumulated over $1.5 billion worth of BTC, with the company still expected to make more purchases in the near future. The current balance of the LFG Foundation address is 42,406.92BTC, making it the 19th largest BTC holding address.

Interestingly, TerraUSD has also grown significantly in terms of adoption and valuation. 

At the time of writing, UST is the third-biggest stable coin in the cryptocurrency market, a move that came after the crypto asset usurped Binance USD (BUSD) to become the 13th-largest cryptocurrency.

ETH Whale Just Buys 193B Shiba Inu Making Shib Top Holding Of Whales, In Total Whales Bought 243B Shib in 24 Hours

Zabi
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ETH Whale Just Buys 193B Shiba Inu Making Shib Top Holding Of Whales, In Total Whales Bought 243B Shib in 24 Hours

 

Two Top ETH Whale Accumulate 243.93 Billion Shiba Inu (SHIB), Worth $6.06 Million Within 24 Hours: Details.



Since Shiba Inu (SHIB) has been listed on one of the leading exchanges, Robinhood, the craving for Shiba Inu (SHIB) seems to increase within Ethereum (ETH) Whales.

Robinhood, a leading exchange with more than 22 million registered users, announced the listing of SHIB on 12th April 2022. Since then, the major ETH whales seem to become active and are seen aggressively accumulating the popular dog-themed cryptocurrency, especially the two whale wallets named “Bombur” and “BlueWhale0073”.

The recent report from WhaleStats revealed that the 5th biggest ETH whale named “BlueWhale0073” purchased a whopping 193,419,098,244 (193.4 Billion) SHIB, worth $4,821,938 ($4.82M).

The same ETH whale has made three massive transactions before. The first transaction from “BlueWhale0073” came into notice on 13th April 2022, when she added 775,473,150,952 (775.47B) SHIB, worth around $20,697,378 ($20.6M) to her portfolio.

Following this, the whale reportedly performed her second transaction on 14th April 2022 and gobbled up another chunk of 169,975,386,848 (169.97B) SHIB, worth $4,361,568 ($4.31M).

Her third transaction was reported on 15th April 2022. This transaction accumulated a further big chunk of 223,761,580,609 (223.76B) SHIB, worth $5,781,999 ($5.78M), as per the report.

In this way, the 5th biggest ETH whale has reportedly added 1.35 Trillion Shiba Inu, worth around $35,662,883 ($35.66M) to her portfolio, through 4 separate transactions, since 13th April 2022.

As TheCryptoBasic Reported, a few hours before, the 20th largest Ethereum Whale Wallet named “Bombur” filled up her bag with 50,520,317,707 (50.52B) SHIB for $1,241,789 ($1.24M) through one massive transaction. SHIB is the 24th biggest holding position by dollar value for the 20th largest Ethereum Wallet, as per data provided by WhaleStats. At the time of writing, her wallet contains 698 Billion Shiba Inu, worth $17,453,132 ($17.45M).

Within the last 24 hours, the top 500 ETH wallets now hold $1,492,796,243 ($1.49T) worth of Shiba Inu. This massive accumulation led SHIB to become one of the top purchased tokens among the 500 most giant ETH whales in the last 24 hours.

Such massive whale buying made shib price up 5% in 24 hours and 11% in seven days, currently trading at $0.00002508.

U.S. House of Reps Financial Committee Raises Concern Over SEC’s Rule Proposals on Cryptocurrencies

Mark Brennan
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U.S. House of Reps Financial Committee Raises Concern Over SEC’s Rule Proposals on Cryptocurrencies

 

U.S. House of Reps Financial Committee Raises Concern Over SEC’s Rule Proposals on Cryptocurrencies.



The United States House of Reps’ Financial Services Committee GOP has expressed concern over two proposals made by the Securities and Exchange Commission (SEC) regarding crypto assets. 

According to a letter today addressed to the Chairman of the SEC, the committee is concerned about two rulemaking changes the SEC proposed and the implication of such rules to the cryptocurrency industry. 

Per the letter, the SEC, on January 26, 2022, and March 22, 2022, requested to adjust the definitions of “exchange” and “dealer,” respectively. 

The committee noted that if the SEC’s proposals are left unchecked, it could prompt the Securities and Exchange Commission to expand its jurisdiction “beyond its statutory authority to regulate market participants in the digital assets ecosystem.” 

The Financial Services Committee called on the U.S. Congress and SEC to approach the nascent technology from a balanced perspective that could enable the industry to meet its full potential while protecting investors, adding: 

“We do not need more regulatory ambiguity in the digital asset ecosystem.” 

Following concerns raised by the committee, the SEC has been mandated to provide a cost-benefit analysis of the proposed rulemaking on crypto investors and the specific harm the rule proposals want to address. 

The move comes as the SEC engages Ripple in a heated legal battle that has lasted for over a year. 

The SEC has seen several decisions go against the agency since the beginning of the lawsuit. The rules proposals are considered part of plots by the regulator to better equip themselves for future charges carried out against crypto-related entities. 

SingularityNET ERC-20 Converter Bridge Now Live On Cardano Mainnet

Lele Jima
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SingularityNET ERC-20 Converter Bridge Now Live On Cardano Mainnet

 

SingularityNET ERC-20 Converter Bridge Now Live On Cardano Mainnet.


 

SingularityNET has finally launched the long-anticipated AGIX ERC-20 converter bridge on the Cardano mainnet. 

“We’re live: The AGIX ERC-20 Converter Bridge can be found on http://bridge.singularitynet.io,” SingularityNET announced in a Twitter post. 

 

With the launch of the converter bridge, users can conveniently convert their AGIX-ETH from their Ethereum wallet into AGIX-ADA to their Cardano wallet. 

This comes less than two weeks after SingularityNET announced that it had completed all intensive testing that lasted for more than three weeks. 

TheCryptoBasic previously reported SingularityNET ERC-20 Converter conducted relevant security audits on the project and the results came out positive. 

“Exciting news! The security audit for the ERC-20 Converter for Cardano [is complete] and no critical or major issues have been detected. We are good to go live on the mainnet on April 18!,” SingularityNET said in the announcement. 

The AGIX ERC-20 converter bridge launch is a major win for Cardano users looking to transfer their SingularityNET token from the Ethereum blockchain to the Cardano network. 

With this solution, users will not have to pay the outrageous fees associated with using Ethereum, as an insignificant fee will be required to transfer the tokens. 

Meanwhile, the news did not have any significance on the token’s price as its value is down over 8% in the last 24 hours. At press time, AGIX is trading around $0.144. 

20th-Largest Ethereum Address Just Scoops Over 50 Billion Shiba Inu For $1.24 Million Amid Price Dip

Mark Brennan
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20th-Largest Ethereum Address Just Scoops Over 50 Billion Shiba Inu For $1.24 Million Amid Price Dip

One of the Largest Ethereum Addresses ‘Bombur’ Just Bought Above 52B Shiba Inu.



Popular Ethereum whale Bombur has continued its accumulation spree of Shiba Inu (SHIB), as WhaleStats reports another groundbreaking purchase of the dog-themed cryptocurrency from the user. 

WhaleStats, a crypto data tracking service that monitors the activities in the top 5,000 Ethereum addresses, reports today that Bombur bought a total of 50,520,317,707 for $1.24 million. 

Bombur is currently in the number 20th spot in the WhaleStats ranking of the top Ethereum largest addresses. 

The transaction, which took place at around 10:19 UTC, saw the user pay a total of $7 in fees to purchase the Shiba Inu tokens. 

While the development is sensational as it suggests the growing adoption of Shiba Inu, it is worth noting that this is not the first time Bombur will be making a massive purchase of SHIB. 

Just this month, the popular Shiba Inu whale investor has scooped up over 500 billion SHIB tokens, suggesting the confidence the user has in the dog-themed cryptocurrency. 

Meanwhile, Bombur’s latest purchase came after the price of the cryptocurrency was dealt a massive blow in the early hours of today, as crypto traders prepare for the publication of the firms’ Q1 2022 earnings report this week. 

According to Coingecko, Shiba Inu reached a high of $0.00002601 before slumping to a low of $0.00002388. At the time of writing, the cryptocurrency is changing hands at around $0.00002443, down 6% for the day.

Former Twitter CEO & Bitcoin Proponent Jack Dorsey Slams Twitter Board

Lele Jima
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Former Twitter CEO & Bitcoin Proponent Jack Dorsey Slams Twitter Board

 

Former Twitter CEO & Bitcoin Proponent Jack Dorsey Slams Twitter Board.



Jack Dorsey, former CEO and co-founder of Twitter, has slammed the board behind the popular microblogging platform, following the recent move by Elon Musk to acquire a 100% stake in the company. 

A Twitter user, with the username @trengriffin, made reference to the current situation of the platform by citing a so-called Silicon Valley proverb made by venture capitalist Fred Dustin’s, which reads: 

“Good boards don’t create good companies, but a bad board will kill a company every time.” 

Responding to the quote, Dorsey, who resigned from his position as Twitter CEO to focus on his Bitcoin-related company Square Inc., wrote “big facts,” in the comment section. 

In the same thread, Dorsey also reacted to comments made by another user, @iHadrami_, describing the “plots and coups” that occurred in the early days of the social media company, which mostly occurred among the founding members of the company. 

Reacting to @iHadrami’s comment, Dorsey noted that the plots and coups that mired the history of Twitter, especially among founding members, have “consistently been the dysfunction of the company.” 

Musk’s Plans to Acquire Twitter

The world has been talking about Musk’s plan to take over Twitter by offering to buy the company for $43 billion, a move that would see the Tesla boss take the firm private. 

Musk took advantage of the poison pill strategy adopted by the Twitter board on Friday. The newly-adopted strategy allows shareholders to buy a company’s stock at a discounted price if anyone acquires at least 15% of the outstanding common share without the board’s prior approval. 

It is worth noting that prior to this move, Musk had initially disclosed that he has a 9% stake in the company before announcing his bid. 

He noted that he is willing to buy a unit of Twitter share for $54.20, adding that if his bid is rejected, he would be forced to reconsider his investment. 

Dorsey Stints as Twitter CEO  

Meanwhile, before the intriguing development, Dorsey, who also co-founded Twitter, was CEO of the company in the early days. However, he was fired from the position in 2008 and later returned in 2015. 

Dorsey resigned as CEO last year and plans on leaving the board by the end of May. With Dorsey finally leaving the Twitter board, “the Twitter board collectively owns almost no shares” and “their economic interests are not aligned with that of shareholders,” Musk tweeted. 

Financial Experts Fear “Disaster in Financial Markets” Could Slump Bitcoin Price Further

Albert Brown
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Financial Experts Fear “Disaster in Financial Markets” Could Slump Bitcoin Price Further

 

Bitcoin slumps below $40,000 again.



The cryptocurrency market was dealt a major blow in the early hours of today after prices of all digital currencies slumped.  Aside from USDC and USDT, all crypto assets in the top 10 cryptocurrency rankings shredded a huge percentage of their prices. 

Prices of Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Terra (LUNA), Binance Coin (BNB), Cardano (ADA), and Solana (SOL) fell sharply. 

Crypto Market Down 3.8% In 24 Hours 

The world’s largest cryptocurrency by market capitalization Bitcoin slumped below $40,000 in the early hours of today. BTC saw its price dip from around $40,400 to a low of $38,770, while the second-largest cryptocurrency Ethereum fell below $3,000 to a low of $2,898 in the last 24 hours. 

This week’s upcoming events could largely affect the prices of Bitcoin and other cryptocurrencies, and as such investors are trying to stay safe, which has resulted in massive sell-offs.

Aside from retail investors, investment firms are also exercising caution as they expect massive price swings in cryptocurrencies and other financial instruments like stocks.

Eric Anderson, Chief Strategic Officer at Standard Chartered, expressed concern about the expected volatility over the summer after firms published their first-quarter earnings and Feds’ inflation measures.

Although both cryptocurrencies have gained stability in the last few hours, the slight boost is not enough to recover the losses suffered. Analysts warn a “disaster in the financial markets” could push bitcoin under $30,000.

In the last 24 hours, Bitcoin and Ethereum are down 2.7% and 4.1%, respectively. Similarly, BNB, XRP, SOL, and ADA, have also slumped 2.3%, 4.0%, 4.5%, and 5.9%, respectively. 

At the time of writing this line, the global cryptocurrency market is down 3.8% and it is currently worth below $2 trillion. 

This year has ushered in a lot of drama in the crypto space, with the bulls and bears battling out who would take control of the market. 

Will BTC Slump Below $30,000? 

According to Forbes, the massive dip in the cryptocurrency market comes as investors prepare for the publication of several investment firms’ earning reports. 

On the other hand, investors are also eager to get opinions from the Federal Reserve about its move to curtail rising inflation. 

With investors eager to know the outcomes of numerous events, several crypto analysts have shared their concerns. Eric Andersen, Chief Strategic at Standard Chartered told Forbes that his firm is worried about “a summer of turbulence and volatility.”  

While many traders believe the financial crisis could worsen to the point that the apex cryptocurrency by market cap would plunge further below $30,000, Alex Kuptsikevich, FxPro senior market analyst said that would only happen when there is a major financial crisis, adding:  

“If the bulls capitulate, the first cryptocurrency could be pushed into the $32,000 to $35,000 range without much resistance.” 

We are increasingly concerned about a summer of turbulence and volatility, A consolidation scenario below $30,000 would require an absolute disaster in the financial markets,” added Kuptsikevich

The hallmark of Bitcoin’s dip this year was when the asset class saw its price crash to around $32,000 on January 24, 2022. 

Meanwhile, Mike Novogratz, founder of Galaxy Digital, is confident that BTC would trade above $30,000 by year-end, as he made a $1 million bet with Bitcoin critic Peter Schiff. 

Top Ethereum Whales Bought Over 1.71 Trillion Shiba Inu, Worth $44 Million In Past 7 Days

Zabi
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Top Ethereum Whales Bought Over 1.71 Trillion Shiba Inu, Worth $44 Million In Past 7 Days

 

Top Ethereum (ETH) Whales Gobbled Up Over 1.71 Trillion Shiba Inu (SHIB), Worth 44.39 Million USD within Past 7 Days.



Top Ethereum (ETH) Whale Wallets showed their special love for Shiba Inu in past week. At the time of writing, the price of Shiba Inu tanks 6% over the last day and is trading at $0.00002404, with a 24-hour trading volume of $607,951,000 ($607.95M). Usually the biggest ETHwallets’ activity increase during the massive dip as they accumulate more of the supply at a discounted price.

The top ETH whales have accumulated Shiba Inu heavily during the last week.

12th April 2022:  The biggest ETH whale named “Light”  accumulated a whopping 331,907,311,956 (331.90B) SHIB, worth $7,597,358 ($7.59M) through two separate back to back transactions.

This is the same day when the Robinhood exchange officially announced the listing of SHIB. Following this news, whale accumulation got more aggressive.

13th April 2022: 12th biggest Ethereum (ETH) whale wallet named “Bombur” added a whopping 217,398,365,968 (217.39B) SHIB, worth $5,958,887 ($5.95M) to her portfolio through three separate transactions.

On the same day, 5th biggest whale named “BlueWhale0073” bought a massive 775,473,150,952 (775.47B) SHIB, worth around $20,697,378 ($20.6M) through one gigantic transaction.

14th April 2022: “BlueWhale0073” performed second transaction and added 169,975,386,848 (169.97B) more SHIB to her portfolio, for the exchange of $4,361,568 ($4.31M).

15th April 2022: However, the accumulation of SHIB for “BlueWhale0073” doesn’t end here and she accumulated a further big chunk of 223,761,580,609 (223.76B) SHIB, worth $5,781,999 ($5.78M) while performing her third transaction in a row.

In this way, she alone gobbled up over 1.16 trillion SHIB, worth $30,840,945 ($30.84M) through three separate transactions in the past week.

Overall, 1.71 trillion SHIB, worth $44,397,190 ($44.39M) have been eaten up by top ETH whales through 5 separate transactions within the last 7 days.

Currently, SHIB is the biggest position (dollar value) held by top ETH whales, as per data provided by WhaleStats. In total, the top 1000 ETH Whale Wallets on average are holding $1,602,881,412 worth of the popular dog-themed cryptocurrency.

As per recent data provided by the blockchain data tracking website, WhaleStats, SHIB appears to be one of the most traded and the top purchased tokens among the 1000 biggest ETH whales. Moreover, ETH whales have made SHIB one of the top most used smart contracts in the past 24 hours.

 

Is Bitcoin Going All The Way Down To $30K?

Albert Brown
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Is Bitcoin Going All The Way Down To $30K?

 

$120 Million Liquidation Hits Crypto Market as BTC, ETH Fall Over 2.5%.



The crypto market experienced a major correction in April, mainly influenced by a period in Bitcoin’s cycle known as the mid-halving event, which happened on 11 April. There has been a relief rally where some cryptocurrencies like Shiba Inu went up close to 20% in 24 hours.

Following the relief rally, another dip has hit the market, dragging prices down as much as 10% for some cryptocurrencies. BTC and ETH have gone down more than 2.5% within the last 24 hours of writing this report. This has caused Bitcoin to drop below $39,000 for the first time since March 15 and ETH under $3,000 for the first time since March 22. 

Capitulation due to “Miner Surrender”

At the same time, the correction was ongoing; a liquidation of over $120 million happened within one hour. While many factors contributed to this, the immediate cause was long liquidations which accounted for 95% of the liquidations, according to data from Coinglass.

This is usually the case when in a halving cycle, miners give up mining due to the high cost of mining that makes it unprofitable as difficulty skyrockets. This results in liquidations such as we are witnessing. In other words, there was a capitulation, a situation in which traders decide to close long trades at a loss to avoid further losses as the market correction eats up gains. 

 

Further capitulation is expected as Bitcoin is likely to go to lower levels. This does not come as a surprise, as according to analyst Jesse Olson, the Bitcoin cycle in the past shows that a drop of the RSI below 50 usually leads to capitulation. When writing this piece, Bitcoin’s RSI is at 36.72, which means a further decline can be on the horizon.

Recently TheCryptoBasic published a detailed analysis on how higher hash prices are affecting weak miners and causing them to unplug.

Bitcoin could drop to $30k

Looking at Bitcoin’s history, the RSI dropping to 36 opens the door to many unpleasant possibilities, one of which is that the price may drop to as low as $30,000. Another analyst, Roman, says more capitulation is underway, and the $30k level should be anticipated.

btc to 30K

Image source: Twitter

“Our bear flag has broken. We’ve been discussing bearish PA, weekly death cross, and much more, so this is no surprise. Ultimately I have said capitulation is coming. The level to watch is 30k. Things are getting ugly,” he wrote on Twitter.

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