Ripple Vs SEC Lawsuit Update: Pro XRP Lawyer Expects Summary Judgement Before June 13
The final ruling on the Ripple vs. SEC lawsuit is just around the corner, and it has the entire crypto industry on the edge of its seat. This lawsuit holds high significance as it is expected to provide regulatory clarity in the USA, which currently struggles without a comprehensive regulatory framework for the sector.
As anticipation runs high, there have been several predictions on what to expect. However, here’s one that’s sure to interest you: XRP enthusiast and attorney Jeremy Hogan has revealed his expectations regarding the summary judgment ruling in the Ripple-SEC lawsuit.
Jeremy Hogan Shares Insights on Summary Judgment
Jeremy Hogan, a partner at the law firm Hogan & Hogan and an XRP enthusiast, recently shared his expectations regarding the summary judgment ruling in a tweet. In response to a Twitter user’s query about whether Judge Torres could make a summary judgment decision before the release of redacted documents, Hogan stated that the judge is not required to wait for the documents but it is more likely that she might choose to do so. He further mentioned that he would not hold his breath until after June 13.
Judge Torres Denies SEC’s Motion To Seal Hinman Documents
On May 16, Judge Torres made a significant ruling by rejecting the SEC’s request to seal the Hinman documents. This means that the court intends to make these documents available to the public. Since then, the countdown has begun with June 6 in mind, as the anticipated date for the public release of these much-discussed documents.
Recently, both Ripple and the SEC filed a joint letter together, asking for an extension of one week. This means that the deadline for filing public versions of the summary judgment motions, along with supporting exhibits, including the Hinman materials, has been pushed back to June 13, 2023.
XRP Does Not Satisfy Howey’s Test
In a noteworthy discovery, John Deaton, the founder of CryptoLaw, found some interesting information in the footnotes of Ripple’s Opposition and Reply Briefs. These footnotes made reference to internal emails within the SEC, suggesting that there are internal discussions acknowledging that XRP may not meet all the criteria of the Howey Test, a legal test used to determine whether an asset is a security.
Deaton expressed his eagerness to review the redacted documents, which he believes largely contain personal opinions. He highlighted the existence of 63 emails and 52 unique drafts of the Hinman Speech, indicating a substantial amount of revisions and input for what is purportedly a personal opinion.
Final Ruling On The Lawsuit
In the recent Dubai Fintech Summit Garlinghouse shared his predictions for the resolution of the lawsuit. He expects the case to conclude within the next two to six months. He acknowledged that the Judge may operate on her own timeline but remains optimistic that the ruling will be made before the end of Q3 2023.
Crypto Market Outlook: Analyst Expects New Lows for Bitcoin and Altcoins
Capo, a renowned crypto analyst, and trader, is sounding the alarm once again, this time for Bitcoin and the overall market. Known for his accurate anticipation of market swings, Capo has predicted fresh lows in the market cycle for BTC and altcoins on his Telegram account. Contrary to the prevailing crypto optimism, Capo firmly believes that the bear market is far from over and asserts that Bitcoin’s recent rebound from $15,700 to $30,000 was merely a short-lived correction.
Capo highlights the parabolic surge of meme coins as a clear indication of a local top in the crypto markets, suggesting an imminent downfall. He argues that this trend signifies a bear market rally or a retracement, using terms like internal retracement, wave B/X, and the feared bull trap.
While some may challenge his viewpoint, Capo insists that if ideal conditions are created to fuel bullish sentiment and high expectations among investors, any subsequent price drops would confirm the existence of a colossal bull trap, surpassing anything witnessed before.
The analyst exposes the sinister objective behind this market movement – to deceive and entice unsuspecting investors into a bullish frenzy. The ultimate goal is to allow smart sellers to offload their assets at inflated prices, thereby regaining liquidity. This revelation sheds light on the manipulative tactics at play in the market.
Capo predicts a catastrophic decline in the market, with Bitcoin potentially crashing to $12,000 and Ethereum (ETH) facing a drop of over 70%. Altcoins, on the other hand, may experience plummeting prices ranging from 60% to 80%, with some faring considerably worse.
In light of this grim forecast, the analyst advises caution and recommends investors steer clear of the market while building short positions in altcoins with modest leverage, considering the fresh market cycle lows for Bitcoin and altcoins. He urges investors to remain focused on their goals based on knowledge and experience, ignoring distractions along the way.
While Capo’s predictions have been remarkably accurate in the past, it’s important to note that his anticipation of new lows arrived later than expected. Nonetheless, the gravity of his latest warning cannot be dismissed, given the volatile and unpredictable nature of the crypto markets.
Top Analyst Expects Ethereum Staking Surge After Shanghai De-Risking
A mainnet deployment date for the eagerly awaited Shanghai upgrade, also known as Shapella, was decided during the network’s All Core Developers Call. Given that it will make it possible for ETH holders to withdraw their tokens that have been staked on Ethereum’s new proof-of-stake (PoS) network, the Shanghai hard split is a much-awaited upgrade.
Chris Burniske, co-founder of Placeholder is a blockchain veteran who offers his perspective on Shanghai’s upgrading. Burniske recently highlighted a different perspective on the Shanghai upgrade. Taking to Twitter, he claimed that the possibility of “unstaking” Ether (ETH) is a de-risking issue.
“Shanghai de-risks Ethereum staking, expect the % of $ETH staked to 2-4x in the quarters following it. Those are bullish flows, not bearish. Expect volatility, but don’t get faked out,” he wrote.
The Ethereum staking ecosystem will likely include more enthusiasts with a variety of deposits and the share of Ethereum trapped in staking contracts may increase by 100–300% over the course of a few quarters. Shanghai will therefore be activated, causing volatility but not panic selling.
Burniske further noted that only 15% of Ether is currently staked, indicating that the Ethereum staking process is still in its infancy. For perspective, this figure is about 70% for “Ethereum killers” Cardano (ADA) and Solana (SOL).
On April 12, 2023, at around 10:27 p.m. UTC, Shapella (Shanghai + Capella), the first significant post-Merge Ethereum update, will be launched on the mainnet. Tim Beiko, a core developer for Ethereum, posted this information. More stakers are anticipated to join the Ethereum network as a result of the update, which may eventually increase the value of ETH.
Top Expert Expects Bitcoin to hit $30,000 This Month – Here is His Outlook
In light of Bitcoin’s enormous increase over the previous twenty-four hours, market analysts are making bold forecasts about the king coin’s value by the end of the month and 2023 in general. The on-chain signs are now exceedingly bullish, and Bitcoin (BTC) even broke over the lauded $25,000 level yesterday. The signs on BTC’s chart have been rather bullish since the beginning of the year, so the increase didn’t come as much of a surprise to technical observers. But when will Bitcoin cross over to $30k?
Pentoshi, a pseudonymous market analyst, has made the audacious forecast that Bitcoin’s price would surge by thirty percent and reach thirty thousand dollars over the next two weeks. According to the expert, the robustness of Bitcoin’s daily candle has led him to forecast a surge to as high as $32,000. At the time of this writing, one Bitcoin is equivalent to $23,768.
His exact words were:
“This candle for BTC is just: Wow. As stated on January 1st, I think the high range for this year is $28,000-$32,000. Have a feeling if we get there that’s going to be a super tough spot. This thing is truly wild lol. Looking at it in complete awe.”
The latest price increase indicates that investors continue to believe in the potential of cryptocurrencies, despite the fact that the sector may face obstacles due to regulatory restrictions implemented by the US government.
Bitcoin has lost almost 3% of its value during the last day. With a current market worth of $458 billion, it is now the most valuable cryptocurrency, according to CoinGecko. Bitcoin’s price has dropped precipitously to the 38.2% Fibonacci retracement level at $23,700 and has been unable to break above $25,300 from a technical standpoint.
Continued trading below $23,700 might signal a negative breakthrough, exposing the $23,300 level, which coincides with the 50% Fibonacci retracement level, as the next potential support for Bitcoin.
Greenidge Bitcoin Miner Expects $20-$22M Losses in Q3 After CEO Departure
The post Greenidge Bitcoin Miner Expects $20-$22M Losses in Q3 After CEO Departure appeared first on Coinpedia Fintech News
Bitcoin Miner, Greenidge Generation Holdings (GREE) anticipates a GAAP net loss of $20 to $22 million in the 3rd quarter.
Greenidge projected estimated revenue of roughly $29 million in its early financial and operating results for the third quarter, compared to $35.8 million in the same period last year.
Following the resignation of Jeffrey Kirt on October 7, the mining company also announced the hiring of David Anderson as its new CEO. Anderson was most recently the chief executive officer of Millar Western Forest Products, an integrated forest products firm situated in Alberta, Canada.