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DeFiDynamo
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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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Shiba Inu's burn rate has surged by 579% in the past 24 hours, resulting in nearly 10 million tokens being destroyed. This strategic approach aims to manage SHIB's supply and stimulate potential value appreciation through scarcity. Over 40% of the maximum supply of 999,982,363,413,352 tokens have already been sent to a null address. The burning process involves both automatic and manual burns. Shiba Inu's price is slightly down daily but shows a positive trend on a weekly scale, trading at approximately $0.00002401, a 9% increase compared to last Monday. Shiba Inu is not the only crypto project using a burning mechanism. Binance Coin (BNB) and Floki Inu (FLOKI) are notable examples. BNB conducts quarterly burns to reduce the total supply to 100 million BNB. The latest action resulted in 1,944,452.51 tokens being burned. Floki DAO recently decided to destroy over 15 billion assets, coinciding with a significant price increase for the meme coin. FLOKI's market capitalization is nearing the $2 billion mark.
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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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