An important case of Ripple v. SEC Rule Reforms and Bitcoin (BTC) Strengthening Following ETF Approval: Bits Recap Jan 15

TL; DR

BTC ETF Approval: The SEC's approval of the Bitcoin ETF sparked significant price volatility for BTC, with rapid volatility and eventual consolidation between $42,000 and $43,000. Ripple v. SEC: Ripple faces an ongoing legal battle with the SEC, with a hearing scheduled for April 2024. The outcome of the case remains uncertain. Shiba Inu Token Burn: Since the beginning of the year, Shiba Inu has seen an increase in token burn rates that have resulted in billions in assets being removed from circulation.

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Historical week of BTC

After years of delaying or denying multiple applications, the United States Securities and Exchange Commission (SEC) has finally approved Find the Bitcoin ETF on January 10, the products will reach the markets the next day. Although the historical event did not go without a hitch, it caused significant volatility for BTC.

First, the regulator's X account was hacked on January 9 when the wrong person tweeted that the ETF should be greenlit. Community enthusiasm ran high, but the jollity was short-lived, as SEC Confirmation Security breach. BTC He was elevated. Following the tweet, the market fell to nearly $48,000 and below $45,500 as the market digested the data.

There was also the official approval of Bitcoin ETFs by several places, including the BlackRock app. Surrounded Confused. The SEC website saw the order published on January 10, but the link was removed soon after, leaving many to wonder about the legality of the arrangement. A few hours later, the confirmation came back on the SEC website, but BTC jumped to $46K.

The cryptocurrency experienced more volatility the next day as its value rose to $49,000 (the price peak was seen in early 2022) and then fell to $46,000. The rollercoaster hurt overextended traders. causing Many millions liquid.

BTC's decline continued over the weekend, eventually consolidating between $42,000 and $43,000. Many believe 2024 has a lot more to offer, considering the upcoming halving and other reasons for a big rally for the asset. Those who are curious to know if BTC can reach a new ATH in the next 12 months can watch the video we determined below.

Ripple v. SEC

The long legal battle between the two parties is heading to trial. Scheduled For April 23, 2024, the parties are required to comply with the necessary procedures in advance. The commission should File the remedies by March 13, 2024, while Ripple has until April 12, 2024 to file its opposition.

Like CryptoPotato reported, the SEC recently requested an order requiring the company to submit two types of important documents. These 2022-2023 financial statements and post-complaint terms govern “institutional sales.” Recall that Federal Judge Torres previously ruled that those transactions constituted an unregistered securities offering.

However, Ripple seems to have the upper hand on the charge. securing They won three majors (yet partial) in 2023.

Shiba Inu burn method

The second largest meme coin by market capitalization It is a witness. A few days ago, the burn rate increased by 400%, resulting in over 16.5 million tokens being removed from circulation.

Since the beginning of 2024, over 9 billion properties have been destroyed.This burning program was very successful until the end. It burned Throughout 2023.

Permanently removing SHIB tokens from circulation could create a shortage for Mem Coin and a potential price spike. The value of the asset has been improving lately, growing by 9% on a weekly basis (per CoinGecko).