Bitcoin
Important Ripple v. Process Update SEC, Bitcoin (BTC) Price Swings, and More: Bits Recap, June 3
DR
- The price of Bitcoin fluctuated between US$67,000 and US$70,000, settling at the upper mark. It rose 8% per month, but below its historical maximum, with the potential for a substantial recovery.
- Ripple’s current trial phase against the SEC over the sealing of financial documents continues following a new request from the company.
- Shibarium, Shiba Inu’s layer 2 solution, has surpassed five million blocks and 417 million transactions, aiming to fuel the development of the meme coin.
BTC ups and downs
The leading cryptocurrency in terms of market capitalization has witnessed slight volatility in recent days, fluctuating from $67,000 to around $69,100. It consolidated around $67,700 over the weekend before rising to its current level of over $69,000 (according to CoinGecko data).
BTC is up 8% monthly, but is still well below the all-time high of over $73,500 recorded in mid-March. Several analysts believe that the asset is gearing up for another substantial rally, citing a few key factors as catalysts.
User X Quinten stated that the asset’s price could start to rise after the US presidential elections (scheduled for November this year). He based his prediction about BTC’s historic rises following previous campaigns.
KALEO – a crypto analyst with over 600,000 followers on X – was also bullish, predicting a price jump above the $100,000 mark sometime this summer.
Ripple v. SEC
The legal battle between the entities climbed last week after Ripple filed a response letter in further support of its motion to seal data related to the regulator’s motion for judgment and remedies. The company attempted to seal and redact some evidence and financial documents a few months ago, but the SEC opposed the move.
“The Court should deny Ripple’s request to withhold financial and securities sales information because such information constitutes “judicial documents” as it is at the heart of the arguments the parties presented in support of their motion for relief and could, therefore tend to influence the court’s remedy decision,” the agency stated in May.
The watchdog insisted that such information could provide more clarity about Ripple’s years-old XRP sales and contribute to the outcome of the legal case. According to the company, however, the historical contracts “have no ongoing relevance” because it has applied certain changes to its XRP sales procedures.
The potential resolution of the case could significantly impact the price of Ripple’s native token. Those who want to know why, feel free to check out our dedicated video below:
Shiba Inu Advancements
The popular meme coin has also made headlines recently, with its layer 2 scaling solution – Shibarium – reaching another major milestone. Like CryptoPotato reportedthe total number of blocks processed on the network has surpassed the five million mark.
The total number of transactions on Shibarium currently exceeds 417 million, while wallet addresses have exceeded 1.8 million.
The blockchain solution aims to promote the development of the Shiba Inu ecosystem by improving speed, reducing transaction fees and increasing scalability. Last month, it was suffered two updates to enable compatibility with popular self-custodial wallets and improve the overall user experience.
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Bitcoin
Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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