Important Ripple v SEC developments, Bitcoin (BTC) price swings and more: Bits Recap June 17

TL; DR

Bitcoin's price has been declining recently, but indicators such as negative exchange net flows and a declining MVRV ratio indicate a potential bullish turn. In the ongoing legal battle with Ripple, the SEC has reduced its request for a fine from $2 billion to $102.6 million, while the company is arguing for a maximum fine of $10 million. Analysts are predicting a significant reset for Dogecoin, which could see price rise to $0.22 and above $12, driven by bullish patterns and key resistance levels.

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The calm before the storm for BTC?

The main cryptocurrency It has passed Last week there was a lot of turmoil following the US CPI report and the Fed's decision to leave interest rates unchanged. The price of BTC initially rose to $70,000 (per CoinGecko data) later. Inflation in the US It came low More than expected in May. However, he Baptized About $66,000 after the FOMC meeting.

The downward trend continued in the following days, along with BTC Drowning It dropped to $65,000 on June 15. It later returned to the $66,000-$66,500 range, which has recently strengthened.

Even if it is reduced by 5% Weekly balanceseveral indicators suggest that the property may see better days ahead. For starters, BTC exchange Net flow The last seven days have been mostly negative. The movement It suggests The transition from central platforms to self-sustaining methods, which It is considered Bullying because it immediately reduces sales pressure.

Another thing to look at is the BTC Market Value to Real Value (MVRV). The metric helps traders determine whether an asset is undervalued or overvalued based on its total market capitalization and total cost of supply.

A high ratio indicates that a price correction is imminent, while the opposite indicates a buying opportunity. Data It shows That MVRV was on the decline last month, currently at 2.18.

Ripple v. SEC

The legal battle between the entities has been going on for more than three years, with both sides recently clashing over the size of Ripple's fines.

Initially SEC wanted 2 billion dollar fine against the company, selling the XRP token and conducting unregistered securities offerings. Ripple He disagreed. with the idea, Strongly speaking The fine shall not exceed $10 million. He took the case to the SEC. with Allegations of fraud between the agency and Terraform Labs are contained only in the second indictment, he said.

Remember that the recently discontinued crypto firm agreed To pay $4.47 billion in fines for fraud. The amount includes $3.6 billion in disgorgement, $466 million in prejudgment interest and $420 million in civil penalties.

The controller They responded by saying For Ripple's claim, a $102.6 million fine is more appropriate. The analogy with Terraform Labs is “not an apples-to-apples comparison,” he said.

“Ripple avoids comparing the terraform settlement penalty to the gross profit of the offending behavior. That ratio ($420 million/$3.587 billion) is too high: applying 11.7% to a total profit of $876.3 million, the SEC asked the court to dismiss it here, resulting in a much larger figure, $102.6 million, than Ripple's $10 million cap.

For those willing to learn more about the lawsuit between the US securities regulator and Ripple and its impact on the price of XRP, please watch the video below.

DOGE forecasts

last one But at leastWe will touch on Dogecoin (the largest meme coin in terms of market capitalization). Same as most Properties in the marketDOGE is deep in the red on weekly scales. However, some analysts expect a rebirth coming soon.

X user CryptoJack He thinks The value of the property can increase by 70 percent to $0.22; Certain Descending design.

Merchant Tardigrade It is estimatedAlso, DOGE has been tracking a bullish parallel channel, which could push the price above $12. The analyst highlighted the resistance level of $1.40, he suggests It can be reached sometime next year.