Overview
- Ripple looks to end the case with the SEC.
- Markets: BTC clings to major support.
- British pound crashes.
- Hoskinson calls next bull market catalyst.
- Complications in the Celsius litigation.
- The UK passes a crypto enforcement bill.
Good morning Banter Fam,
The Ripple versus the Security Exchange Commission is nearing its end after recent developments.
Both the Securities Exchange Commission (SEC) and Ripple have filed for an immediate ruling to a federal judge on Saturday in the case concerning whether or not Ripple’s XRP token is a security or not.
According to Ripple’s CEO, Brad Garlinghouse, “The SEC isn’t interested in applying the law. Instead, they want to remake it all in an impermissible effort to expand their jurisdiction beyond the authority granted to them by Congress.” The case motion argues that Ripple has established that XRP token holders could not reasonably expect profits and that no contractual obligations existed between the two.
Investors took notice and pushed XRP’s price up 35.50% this week, finally breaking a year-long downturn that began in May 2021.
High-resolution chart
XRP token holders should remain vigilant for a court ruling soon. The verdict could hold positive implications for XRP price and crypto in general. Court rulings typically incur important significance when creating laws and regulations. If the Judge rules against the SEC, crypto stands a better chance of being regulated by a different entity, one that is not so harsh on cryptocurrencies as Gary Gensler’s and his apparent attempts to overreach.
Market update 🌍
BTC/USDT 1W
The global market turmoil continues, and crypto investors feel its effects. BTC continues to show weakness on the weekly chart and hints at a further downside as the price flirts with the lower bounds of the significant $19k support level. The volume on the weekly chart continues to increase, highlighting the importance the level holds for investors and traders alike. BTC completed the week down -3.14% to $18,807, its lowest weekly close since November 2020.
High-resolution chart
ETH/USD 1W
Ether fared slightly better than BTC for the week but not by much. The bulls continue to hold ETH’s price above the $1,200 support level, while the RSI looks to have broken out of a downtrend for the first time since the trend began in May 2021. However, with macro still in the driver’s seat for crypto market price action, it’s unclear whether ETH can rebound off support and show signs of strength. ETH completed the week down -2.97% to $1,295.
High-resolution chart
| US markets close | Gain/Loss |
| S&P 500 | *closed weekend |
| Nasdaq | |
| Dow | |
| VIX |
Notable Gainers (24h):
| Protocol (Coin) | Price ($) | Gain (%) |
| Tokenize Xchange (TKX) | 7.54 | +8.3 |
| ApeCoin (APE) | 5.70 | +5.2 |
| Maker (MKR) | 712.15 | +4.7 |
| Cosmos Hub (ATOM) | 14.22 | +3.7 |
| Injective (INJ) | 1.82 | +11 |
| Tenset (10SET) | 1.26 | +9.1 |
| Voyager VGX (VGX) | 0.67 | +8.0 |
| Bitcoin Fear and Greed Index | 21 Extreme Fear |
| “Crypto” Google Trends 90d | 62 |
| “Bitcoin” Google Trends 90d | 57 |
Newswatch 📰
British pound falls to record low against the US Dollar. The British pound has fallen to a record low against the US Dollar. The drop comes after the UK government recently announced their plans for extensive tax cuts, as the country heads into a potential recession. At the time of writing, the pound has fallen to as low as $1.03.
The Celsius case just became more complicated. Investors who funded $750m into a Series B with Celsius before its collapse, have filed a motion in the bankruptcy case to stake their claim to available equity. The motion claims the lawsuit is too focused on Celsius customers while placing equity holders in the backseat. The move puts pressure on the creditor body and adds another entity to the circle of claimants in the case.
The UK introduces a bill to upgrade crypto enforcement. The Economic Crime and Corporate Transparency bill was passed to grant law enforcement agencies the power to freeze, recover and seize cryptocurrencies being utilized for criminal activities, including money laundering and drug trafficking. The bill builds on a referendum the UK passed concerning Russian oligarchs that used crypto to bypass sanctions.
GitHub recedes Tornado Cash ban. After the US Treasury Department announced sanctions on Tornado Cash last month, GitHub pulled the platform’s code from its website. However, Ethereum developers discovered the code was again available on the website late last week.
News tidbits:
- Hoskinson believes regulation catalysts could spark a bull run.
- Harmony One updates the community on the Horizon bridge asset recovery plan.
- Thesis for Cosmos thread.
- Explanation of frxETH.
- Tether introduces USDT on Polkadot.
NFT & metaverse update 🐵
- Disney looks to hire a transaction lawyer for “aggressive” NFT and DeFi plans.
- NFT firm Chain, entered a four-year deal with the New England Patriots to become the official “blockchain and Web3 sponsor” of the organization.
Banter’s take
This Bitcoin analysis was too interesting not to share!
On-chain analyst Will Clemente discovered that BTC’s short-term holder cost basis has fallen below its long-term holder basis. In the past, it indicated market bottoms. Moreover, when the metrics flip, it typically means the beginning of a new bull cycle.
Albeit, crypto has never been in such a bad macro situation as now. In 2015, it took nearly a year for the metric to flip. So again, the metric may prove true, but there’s no saying the price has bottomed or calling the duration for the process to unfold.
Fingers crossed, it’s not too long!
Gabri
Follow me on Twitter for daily updates!
Disclaimer
Good Morning crypto (issued by Crypto Banter) is a newsletter for entertainment purposes only.
All opinions expressed by the publisher, writers, and chartists should not be construed as financial advice and do not necessarily reflect the views of Crypto Banter. The publisher, writers, and chartists may hold positions in the tokens and assets discussed. Readers are encouraged to do their own research.
Bant: Cardano founder calls NEXT BULL run!
Title: British pound CRASHES amid UK recession FEAR!
Overview
- Ripple looks to end the case with the SEC.
- Markets: BTC clings to major support.
- British pound crashes.
- Hoskinson calls next bull market catalyst.
- Complications in the Celsius litigation.
- The UK passes a crypto enforcement bill.
Good morning Banter Fam,
The Ripple versus the Security Exchange Commission is nearing its end after recent developments.
Both the Securities Exchange Commission (SEC) and Ripple have filed for an immediate ruling to a federal judge on Saturday in the case concerning whether or not Ripple’s XRP token is a security or not.
According to Ripple’s CEO, Brad Garlinghouse, “The SEC isn’t interested in applying the law. Instead, they want to remake it all in an impermissible effort to expand their jurisdiction beyond the authority granted to them by Congress.” The case motion argues that Ripple has established that XRP token holders could not reasonably expect profits and that no contractual obligations existed between the two.
Investors took notice and pushed XRP’s price up 35.50% this week, finally breaking a year-long downturn that began in May 2021.
High-resolution chart
XRP token holders should remain vigilant for a court ruling soon. The verdict could hold positive implications for XRP price and crypto in general. Court rulings typically incur important significance when creating laws and regulations. If the Judge rules against the SEC, crypto stands a better chance of being regulated by a different entity, one that is not so harsh on cryptocurrencies as Gary Gensler’s and his apparent attempts to overreach.
Market update 🌍
BTC/USDT 1W
The global market turmoil continues, and crypto investors feel its effects. BTC continues to show weakness on the weekly chart and hints at a further downside as the price flirts with the lower bounds of the significant $19k support level. The volume on the weekly chart continues to increase, highlighting the importance the level holds for investors and traders alike. BTC completed the week down -3.14% to $18,807, its lowest weekly close since November 2020.
High-resolution chart
ETH/USD 1W
Ether fared slightly better than BTC for the week but not by much. The bulls continue to hold ETH’s price above the $1,200 support level, while the RSI looks to have broken out of a downtrend for the first time since the trend began in May 2021. However, with macro still in the driver’s seat for crypto market price action, it’s unclear whether ETH can rebound off support and show signs of strength. ETH completed the week down -2.97% to $1,295.
High-resolution chart
| US markets close | Gain/Loss |
| S&P 500 | *closed weekend |
| Nasdaq | |
| Dow | |
| VIX |
Notable Gainers (24h):
| Protocol (Coin) | Price ($) | Gain (%) |
| Tokenize Xchange (TKX) | 7.54 | +8.3 |
| ApeCoin (APE) | 5.70 | +5.2 |
| Maker (MKR) | 712.15 | +4.7 |
| Cosmos Hub (ATOM) | 14.22 | +3.7 |
| Injective (INJ) | 1.82 | +11 |
| Tenset (10SET) | 1.26 | +9.1 |
| Voyager VGX (VGX) | 0.67 | +8.0 |
| Bitcoin Fear and Greed Index | 21 Extreme Fear |
| “Crypto” Google Trends 90d | 62 |
| “Bitcoin” Google Trends 90d | 57 |
Newswatch 📰
British pound falls to record low against the US Dollar. The British pound has fallen to a record low against the US Dollar. The drop comes after the UK government recently announced their plans for extensive tax cuts, as the country heads into a potential recession. At the time of writing, the pound has fallen to as low as $1.03.
The Celsius case just became more complicated. Investors who funded $750m into a Series B with Celsius before its collapse, have filed a motion in the bankruptcy case to stake their claim to available equity. The motion claims the lawsuit is too focused on Celsius customers while placing equity holders in the backseat. The move puts pressure on the creditor body and adds another entity to the circle of claimants in the case.
The UK introduces a bill to upgrade crypto enforcement. The Economic Crime and Corporate Transparency bill was passed to grant law enforcement agencies the power to freeze, recover and seize cryptocurrencies being utilized for criminal activities, including money laundering and drug trafficking. The bill builds on a referendum the UK passed concerning Russian oligarchs that used crypto to bypass sanctions.
GitHub recedes Tornado Cash ban. After the US Treasury Department announced sanctions on Tornado Cash last month, GitHub pulled the platform’s code from its website. However, Ethereum developers discovered the code was again available on the website late last week.
News tidbits:
- Hoskinson believes regulation catalysts could spark a bull run.
- Harmony One updates the community on the Horizon bridge asset recovery plan.
- Thesis for Cosmos thread.
- Explanation of frxETH.
- Tether introduces USDT on Polkadot.
NFT & metaverse update 🐵
- Disney looks to hire a transaction lawyer for “aggressive” NFT and DeFi plans.
- NFT firm Chain, entered a four-year deal with the New England Patriots to become the official “blockchain and Web3 sponsor” of the organization.
Banter’s take
This Bitcoin analysis was too interesting not to share!
On-chain analyst Will Clemente discovered that BTC’s short-term holder cost basis has fallen below its long-term holder basis. In the past, it indicated market bottoms. Moreover, when the metrics flip, it typically means the beginning of a new bull cycle.
Albeit, crypto has never been in such a bad macro situation as now. In 2015, it took nearly a year for the metric to flip. So again, the metric may prove true, but there’s no saying the price has bottomed or calling the duration for the process to unfold.
Fingers crossed, it’s not too long!
Gabri
Follow me on Twitter for daily updates!
Disclaimer
Good Morning crypto (issued by Crypto Banter) is a newsletter for entertainment purposes only.
All opinions expressed by the publisher, writers, and chartists should not be construed as financial advice and do not necessarily reflect the views of Crypto Banter. The publisher, writers, and chartists may hold positions in the tokens and assets discussed. Readers are encouraged to do their own research.
