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Ripple has secured another win against the SEC in court, with Judge Analisa Torres denying the SEC's motion to appeal the case due to lack of evidence. However, the legal battle continues, with a trial set for April 23, 2024, and the SEC may appeal post-trial. The outcome of this case could redefine regulatory guidelines on what is considered a security, significantly impacting the crypto industry. In other Ripple news, the controversial Clawback feature has been introduced, allowing asset issuers to reclaim tokens in cases of suspected fraud or lost account access. Additionally, Ripple was recognized in the Fintech 100 list for modernizing cross-border payments, and Chase Bank has enabled XRP payments through a new partnership with blockchain settlement system FCF Pay.

Ripple has secured another win against the SEC in court, with Judge Analisa Torres denying the SEC's motion to appeal the case due to lack of evidence. However, the legal battle continues, with a trial set for April 23, 2024, and the SEC may appeal post-trial. The outcome of this case could redefine regulatory guidelines on what is considered a security, significantly impacting the crypto industry.

In other Ripple news, the controversial Clawback feature has been introduced, allowing asset issuers to reclaim tokens in cases of suspected fraud or lost account access. Additionally, Ripple was recognized in the Fintech 100 list for modernizing cross-border payments, and Chase Bank has enabled XRP payments through a new partnership with blockchain settlement system FCF Pay.

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American broadcaster and Bitcoin advocate Max Keiser predicts that the declining US dollar, coupled with the influence of Tether and El Salvador, will drive Bitcoin's price to $220,000 soon. Keiser asserts that Tether's stablecoin business is bolstering Bitcoin while undermining the USD, compelling the US government to continually increase interest rates. Keiser further explains that countries in the BRICS union, including China and Russia, are abandoning the USD as the world reserve currency due to the US's debt trap, which could lead to hyperinflation. BRICS is also reportedly launching a gold-backed digital currency later this year, further threatening the dollar and NATO. Keiser also highlights Tether's role in the dollar's decline. As crypto users exchange fiat money for Tether, the stablecoin company swaps the fiat for US treasuries, using the interest to buy more Bitcoin. This, coupled with the increasing interest rates in the US, is leading to a rise in Tether's profits and Bitcoin purchases. Keiser concludes that the accelerated Bitcoin purchases from entities like Tether, MicroStrategy, and El Salvador will eventually cause the dollar to implode, pushing Bitcoin's value to $220,000. By the time the US launches their central bank digital currency, Keiser believes it will be too late, as the BRICS currency will be the world reserve currency, Bitcoin will be the world's reserve asset, and Tether will replace the SWIFT network globally.
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Bitcoin's price is showing signs of recovery, with potential for a new all-time high, according to a recent analysis by TradingRage. The cryptocurrency has rebounded from the $60K level and broken above the midline of a descending channel pattern, with the next resistance level at $68K. If this is broken to the upside, a new Bitcoin rally could be imminent. On the 4-hour chart, the $60K support level has held up several times, preventing a deeper correction. The market is gradually approaching the $68K resistance level, and with the Relative Strength Index showing values above 50%, a breakout above this level seems probable in the short term. In terms of on-chain analysis, Bitcoin's open interest is recovering with the price, following a dip during the correction. If the open interest does not rise rapidly as the price increases, a sustainable rally could be expected, especially with enough demand from the spot market. This suggests a bullish sentiment in the futures market, which could have a significant influence on Bitcoin's price.
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Grayscale, the world's largest Bitcoin ETF, announced the stepping down of its CEO, Michael Sonnhenshein, to be replaced by Peter Mintzberg, the Global Head of Strategy at Goldman Sachs' Wealth Management Division, effective August 15, 2024. Edward McGee, Grayscale's CFO, will serve as interim leader. Sonnhenshein's departure follows Grayscale's transformation into a Bitcoin spot ETF, a move he championed against federal regulators. Despite initial success, Grayscale has seen a decline in assets under management, nearly surpassed by BlackRock's fund. Under Sonnhenshein's leadership, Grayscale maintained a high annual management fee of 1.5%, which drove investors to cheaper alternatives. Despite recent challenges, the market remains optimistic about Grayscale's future. The company's transition and leadership change may bring fresh perspectives and strategies, potentially revitalizing its position in the market.
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Polkadot (DOT) continues its sideways consolidation phase, with its price confined between the significant resistance region of $7.4 and the crucial support zone of $6.4. A valid breakout from this range is crucial for determining DOT’s future trajectory. Recently, DOT found support near the lower boundary of this range and rebounded significantly, reaching the upper threshold. If buyers can push the price above the $7.4 resistance and the 200-day MA, a sustained bullish trend could follow. In the 4-hour timeframe, Polkadot fluctuated within an ascending wedge pattern for an extended period. If buyers manage to breach the resistance, the next target will be the wedge’s upper boundary in the mid-term. A valid breakout from this pattern is required to determine the price’s upcoming direction. Amid uncertainty surrounding Polkadot’s price trajectory, it is crucial for market participants to analyze futures market sentiment to assess the cryptocurrency’s future potential. A significant amount of liquidity has formed above the range’s high of $7.5, consisting of numerous buy-stop orders. Polkadot buyers may target this potential level of liquidity in the short term, possibly triggering a notable short-squeeze event. However, closely examining the price action around this crucial juncture is essential for determining the cryptocurrency’s forthcoming direction.
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Bitcoin's price has shown resilience, bouncing back to the $67,000 mark after a few dips below this line in the past 24 hours. Despite minor retractions by altcoins such as TON, ADA, and SHIB, the overall market sentiment remains optimistic. BTC's price had fallen to just over $61,000 last Tuesday due to some issues with Coinbase. However, it quickly rebounded and began a significant rally on Wednesday following the announcement of the US CPI numbers. Despite a brief correction on Thursday, BTC's price trajectory has remained positive, peaking at over $67,500 on Sunday. The cryptocurrency's market cap stands at around $1.320 trillion, with its dominance over altcoins close to 52%. Most altcoins have mirrored BTC's performance, posting minor losses. ETH is nearing the $3,100 mark after a 0.4% daily decline, while Binance Coin has decreased by a similar percentage to $576. However, Solana's native token has risen by 2.5% and is now close to $180. The total crypto market cap is just under $2.550 trillion. Despite the minor losses, the market's overall resilience and the swift recovery of BTC's price indicate a robust and optimistic market. The anticipation for the SEC's decision on Ethereum ETFs adds an exciting element to the market's future trajectory.
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