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ChatGPT Analyzes if the Ripple v. SEC Lawsuit Will be Over in 2024

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TL;DR

  • The lawsuit between Ripple and the SEC is approaching a crucial trial in April 2023, with potential long-term impacts on the cryptocurrency sector and possibilities of extended legal battles through appeals.
  • Ripple has gained key partial legal victories, but the final outcome and its implications are still uncertain.

Could We See the Conclusion This Year?

The lawsuit between Ripple and the United States Securities and Exchange Commission has been among the trendiest topics in the cryptocurrency industry for years. It dates back to December 2020, when the agency accused the company of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP. 

For its part, Ripple argues that its native token is a currency rather than a security and thus does not fall under the SEC’s jurisdiction.

The case is reaching its last chapter – a grand trial scheduled for April 2023, whose outcome might significantly impact the entire cryptocurrency sector. However, the beginning of the courtroom battle does not necessarily mean that the end of the dispute is around the corner. As such, we decided to ask ChatGPT if a resolution is likely to be observed before the end of the year.

The AI-powered chatbot estimated that a final judgment is expected in the summer of 2024. On the other hand, it is important to note that appeals could delay the outcome potentially until 2026:

“This means that while a decision might be reached this year, the overall legal battle could extend further due to the appeals process.”

In addition, the case has been adjourned “sine die,” which translated from Latin means “without a date.” Another factor hinting that the battle might be nowhere near its end is the SEC’s determination to win at all costs and appeal each unfavorable (for its part) ruling. Earlier this week, the popular X (Twitter) user Mr. Huber presented a flippant scenario in which the Commission drags the lawsuit for an additional decade.

ChatGPT claimed that a resolution is still possible this year, assuming both parties shake hands on a mutual agreement:

“Like many legal disputes, there’s always a possibility of settlement before a final verdict, which could be seen as a victory for Ripple if the terms are favorable.”

Who has the Better Chance?

Ripple seemingly enters the upcoming trial as the top dog, securing three vital (yet partial) court wins last year. The first occurred in July when Judge Analisa Torres ruled that the firm’s programmatic sales to secondary trading platforms did not constitute offers of investment contracts.

The magistrates later dismissed the SEC’s wish to appeal and cleared Ripple’s CEO – Brad Garlinghouse – and Executive Chairman – Chris Larsen – of all charges brought by the watchdog.

The regulator achieved a small victory earlier this year when Judge Sarah Netburn ruled that Ripple should disclose important financial records for 2022 and 2023 (as insisted by the Commission). 

 

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Over $500M Ethereum (ETH) Left CEXs as Market Prepares for Impulsive Move: Data

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Data from IntoTheBlock revealed that investors withdrew approximately half a billion ETH from centralized exchanges last week, the highest the asset has seen since February.

$500M ETH Leaves CEXs

The withdrawal of large amounts of ETH from centralized exchanges signals investor confidence in the long-term price trajectory of the asset. Market participants usually withdraw their cryptocurrencies from centralized trading platforms to hold the assets in their private wallets or cold storage in anticipation of higher prices.

Such large withdrawals have been considered an indicator of bullish sentiment and holding attitude among investors. Most of the time, ETH has recorded substantial gains in the weeks following large withdrawals from exchanges.

Anticipation for higher ETH prices could be attributed to the approval of spot Ethereum exchange-traded funds (ETFs) in Hong Kong and the just-completed Bitcoin halving event, which has historically triggered bull rallies across the market.

With huge amounts of ETH leaving exchanges, supply could decline on such trading platforms and high demand from large entities like the spot ETF issuers could propel the digital asset’s price upwards, per the laws of economics.

Futures Market Poised for Impulsive Move

While investors reduce their ETH holdings on centralized exchanges, the Ethereum Futures market shows that it is on the brink of a resurgence of long or short positions. A CryptoQuant Quicktake by pseudonymous analyst Shayan disclosed that the Ethereum market may be on the verge of a fresh and impulsive move either northwards or southwards.

Shayan explained that futures market sentiment significantly impacts price movements because the intensity of long and short positions, as well as the possibility of large liquidations, acts as a catalyst for volatility. This sentiment can be determined by the state of open interest, which indicates the number of open perpetual futures contracts across several cryptocurrency exchanges.

Notably, open interest in Ethereum declined during ether’s recent plunge to $2,900 amid escalated tensions in the Middle East. The fall suggested a pipedown of activities in the futures market.

“Consequently, the market appears poised for the resurgence of either long or short positions, potentially initiating a fresh and decisive market movement in either direction,” Shayan said.

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ChatGPT Gives Post-Halving Bitcoin Price Outlook, What About 99Bitcoins Token?

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The Bitcoin halving event has come and gone, leaving investors wondering what’s next for the world’s largest cryptocurrency.

However, in an exciting twist, the AI model ChatGPT has weighed in with its analysis – and provided a post-halving price prediction for BTC.

Bitcoin Shows Signs of Life After Halving Event

Bitcoin is showing signs of life after a bearish period last week.

The coin is now trading at $65,860, up over 4% since the halving and 10% from Friday’s lows.

This price point marks Bitcoin’s highest value in over a week as it tests dynamic resistance at the 20-day exponential moving average (EMA) on the daily chart.

Some technical analysts are also eyeing the potential formation of a huge bull flag pattern that could lead to further upside.

Bitcoin’s upswing has been accompanied by a surge in trading activity, with spot volumes up around 14% over the past 24 hours.

The increase in activity has also resulted in over $51 million worth of short positions being liquidated.

All in all, with Bitcoin’s price action heating up following the halving, traders and investors are watching to see if this could be the start of the next bull run.

ChatGPT Paints Bullish Picture on Bitcoin’s Future

According to ChatGPT’s analysis, Bitcoin’s post-halving price prospects look decidedly bullish.

ChatGPT believes several key factors could come together to fuel significant upside for the flagship crypto in the weeks ahead.

Chief among them is the potential for even more institutional adoption as big-money players continue to embrace Bitcoin as a legitimate asset class.

The AI model also cited Bitcoin’s growing status as a hedge against economic uncertainty in traditional markets.

With heightened geopolitical tensions and inflation concerns, everyday investors may flock to decentralized assets like BTC throughout 2024.

Finally, ChatGPT pointed to the role that ongoing technological advancements within Bitcoin’s ecosystem could play.

Improvements to scalability, and even new ideas like Runes, could enhance the network’s utility going forward.

Considering this potential convergence of positive forces, ChatGPT sees Bitcoin hitting the $100,000 mark in the near to medium-term.

While just a hypothetical forecast, this bullish target does align with Bitcoin’s historical pattern of setting new all-time highs after previous halvings.

Which Other Coins Does ChatGPT Think Could Surge?

While ChatGPT appears optimistic about Bitcoin’s upside potential, the AI model also offered insights on under-the-radar cryptos that could surge.

One project that seems to have caught ChatGPT’s attention is 99Bitcoins Token (99BTC) – which has raised over $650,000 since its presale kicked off.

ChatGPT Believes “Learn-to-Earn” Premise Could Lead to Gains for 99BTC

99Bitcoins Token represents 99Bitcoins’ ambitious move to integrate crypto learning with blockchain-based rewards.

Through interactive modules, quizzes, and tutorials, users can earn 99BTC tokens simply by engaging with educational content.

According to 99Bitcoins Token’s whitepaper, it will also enable access to premium courses, expert trading signals, community channels, and more – creating an entire ecosystem focused on crypto education.

But what does ChatGPT think about 99Bitcoins Token’s prospects once it lists on exchanges?

According to ChatGPT’s analysis, 99BTC could be poised for significant price appreciation given its groundbreaking “Learn-to-Earn” premise and well-designed tokenomics.

ChatGPT highlighted the token’s unique value proposition of rewarding users for learning as a major bullish catalyst.

This novel concept could attract a “broad user base” eager to enhance their crypto knowledge.

The AI model was also optimistic about 99BTC’s integration with Bitcoin’s new BRC-20 token standard.

This standard unlocks new utility through NFTs and other digital assets built on the Bitcoin blockchain – and ChatGPT believes 99Bitcoins Token’s adoption of BRC-20 could further boost its price potential.

Considering these factors and the sustainable tokenomics setup, ChatGPT offered up some lofty price targets.

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Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

Readers are also advised to read CryptoPotato’s full disclaimer.

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Bitcoin Layer 2 Tokens Outperform BTC Post-Halving

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Bitcoin layer 2 solution tokens have demonstrated superior performance to BTC following the highly anticipated halving of the mining reward on the blockchain.

Since the event, these tokens have surged by 5% to 20%, outpacing the top crypto by market cap.

Stacks (STX) Takes Center Stage

According to CoinGecko data, the market cap for Bitcoin layer 2 solutions is $4.3 billion, marking a 5.6% increase in the past 24 hours. Meanwhile, the trading volume is $184 million.

Stacks (STX), a Bitcoin layer 2 solution, has been among the top-performing cryptocurrencies in the past 24 hours, according to CoinGecko data. The STX token has surged almost 20% to $2.87 since the halving event.

Bitcoin, on the other hand, has not experienced significant growth. The token is up slightly over 4.5% to $66,046 since the halving event, 1.7% over the last 24 hours, and down 0.8% over the last 7 days.

Bitcoin’s price saw significant volatility last week, dropping from over $66,800 to below $60,000. However, it has since recovered.

Other layer 2 tokens, such as Elastos’ ELA token and SatoshiVM’s SAVM, have also experienced gains of 11% and 5%, respectively, since the halving.

Other altcoins have observed slight daily gains, except for TON, which has experienced a significant double-digit decline despite Tether’s announcement of expanding to the TON blockchain.

Notably, Bitcoin layer 2 solutions address blockchain scalability and transaction speed limitations. These projects operate on the Bitcoin blockchain, offering scalability by processing transactions off the main chain.

Bitcoin Fees Surge

On April 20, when the halving occurred and the Runes protocol launched, Bitcoin transaction fees reached an average of $128.45, according to ycharts data. This figure is over six times higher than the average fee rate the day prior and approximately double the previous record set three years ago.

The fee surge can be attributed to the launch of the Runes protocol, which enables users to “etch” and mint tokens on the Bitcoin blockchain. The introduction of Runes prompted speculators to rush into minting tokens and trading meme coins, leading to increased transaction activity and, subsequently, higher transaction costs.

Notably, the fees have since come down, and the transaction fees dropped to $34.8 on April 21. Meanwhile, according to data from Ord.io, the total number of Runes inscriptions on the Bitcoin blockchain has already reached 3,700.

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