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Ripple v. SEC Lawsuit Updates, BTC Price Volatility Ahead of US Election, and More: Bits Recap Nov 4

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TL;DR

  • Ripple-SEC lawsuit continues, with the next key filing due by January 2025.
  • Bitcoin’s price recently surged to nearly $73,600 before dropping to around $67,400, potentially influenced by political factors.
  • Ethereum plunged from $2,700 to $2,400, with analysts watching key support levels.

The Prolonged Lawsuit

The legal battle between Ripple and the US Securities and Exchange Commission (SEC) remains ongoing approximately four years after its start. It all began in 2020 when the agency accused the company of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP.

Last year, the case reached a pivotal moment after Federal Judge Analisa Torres ruled that the firm’s XRP sales to retail investors on crypto exchanges did not violate US securities laws. The regulator officially appealed the decision a month ago, triggering a fresh doze of uncertainty. The action means that the lawsuit entered a new phase comprised of filings and a briefing process, with its final resolution most likely delayed for another few years.

It is worth mentioning that Ripple responded to the SEC with a cross-appeal, outlining some fundamental points for the magistrates to consider. The first question is whether an “investment contract” under the 1933 Securities Act requires a formal agreement, post-sale duties, and buyer profit rights. This could potentially redefine the interpretation of digital asset transactions.

The second point disputes the lower court’s ruling that the company’s XRP transfers meet the SEC v. W.J. Howey Co. case criteria, which established the Howey Test to determine what qualifies as an investment contract. Ripple claims that its transactions did not resemble an investment of money in a common enterprise, with profits dependent entirely on the firm’s efforts.

Third, the company focused on “fair notice” (a term referring to the legal principle that a person or entity must be given clear and adequate details about the laws or regulations that apply to their actions). It insists that it provided potential XRP buyers with sufficient information about the uncertainty related to cryptocurrencies

Lastly, Ripple questioned the clarity of the injunction from Judge Torres (who ordered the company to pay a $125 million fine for violating certain securities laws), claiming it only instructs the company to follow the law without enough specifications.

Most recently, James K. Filan (a US attorney who closely observes the legal tussle) said the Second Circuit Court of Appeals has ordered that the Commission’s brief must be filed on or before January 15, 2025. Failure to act by the deadline may result in dismissal of the appeal. 

How’s BTC Doing?

The primary digital asset has been one of the hottest topics in the crypto space due to its rapid price swings in the past week. Its valuation soared from $68,000 (per CoinGecko’s data) on October 28 to $73,600 (almost a new all-time high) 24 hours later.

It consolidated at around $72K in the next two days, plunging sharply toward the end of the month. The bulls attempted to push the price on November 1, but the rally was short-lived, and BTC kept losing ground. It dropped under $68,000 on November 3, currently worth approximately $68,500.

BTC Price
BTC Price, Source: CoinGecko

One factor potentially contributing to the asset’s poor performance recently is Donald Trump’s declining odds of winning the US presidential elections. Last week, the Republican had a massive lead on Polymarket: 66.9% versus 33.1% for his opponent, Kamala Harris. The picture looks much different now, with Trump’s figure standing at 57.5%, while the Democratic candidate follows with 42.6%.

According to many industry participants, the former president is the better choice for the digital asset market, considering his pro-crypto stance indicated throughout his campaign. Recall that Trump promised to make America a leader in bitcoin mining and hinted at establishing a strategic BTC reserve. 

We have yet to see whether the Republican can enter the White House as a winner again and if he will stand by his commitment.

What About ETH?

The second-largest cryptocurrency spiked above $2,700 on October 30. Like BTC, though, it headed south and is currently hovering at around $2,460. 

ETH Price
ETH Price, Source: CoinGecko

According to some analysts, ETH remains on a bullish path as long as it trades above certain resistance zones. The X user Ali Martinez believes it can skyrocket to a new ATH of $6,000 if it doesn’t plunge below $2,400. ETH dropped to as low as $2,417 on November 3, still holding the depicted level. 

Poseidon, on the other hand, promised to cash out their holdings if Ethereum’s price tumbled below $2,450. 

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Cryptocurrency

Bitcoin’s $120K Rally in Jeopardy as Miners Flood Binance With $2B BTC

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Bitcoin’s recent attempt to reclaim the $120,000 mark is facing new headwinds after Binance witnessed one of the largest single-day miner deposit spikes in months.

According to a report by CryptoQuant analyst Amr Taha, on July 25, miners sent over 18,000 BTC, worth more than $2 billion, to the exchange. The move coincided with a $650 million USDC withdrawal event, raising concerns over short-term liquidity pressure despite an otherwise bullish market backdrop.

Miner Behavior Flips

The uptick in miner deposits marks a sharp shift from their previously cautious stance. As recently as June 29, CryptoQuant data showed miners were holding onto their reserves, despite declining revenues and a slight 3.5% drop in Bitcoin’s hashrate. Analysts attributed this “HODL” behavior to strong unrealized profits and expectations of further upside.

However, Bitcoin’s July rally toward $120,000, just a few grand shy of its July 14 all-time high, appears to have triggered profit-taking. Taha suggested that rising operational costs and mining difficulty may also be compelling miners to liquidate some holdings to manage expenses.

He stated that such large inflows to exchanges have historically preceded periods of consolidation, as selling pressure temporarily outweighs new demand:

“While long-term sentiment remains bullish, this sharp inflow and capital movement may precede a period of consolidation or a local correction.”

The expert also noted that Binance had recorded its largest USDC net outflow in more than two months, with $650 million exiting the platform on the same day as the BTC inflow. This stablecoin drain suggests that some traders could be shifting funds to cold storage or alternative venues, potentially reducing immediate buy-side liquidity on the exchange.

Meanwhile, Binance has taken steps to adapt to shifting liquidity conditions. It recently launched Discount Buy, a feature allowing users to purchase crypto at below-market rates, potentially incentivizing accumulation during dips.

Taha suggested in his analysis that the platform is once again “becoming a focal point for short-term supply and liquidity shifts.”

Market Outlook

At the time of this writing, BTC was trading at $117,981, down slightly by 0.7% over the past 24 hours and 0.6% over the past week, while holding an 8.8% monthly gain.

The asset remains within a tight seven-day range of $115,184 to $119,568, perhaps indicating market indecision near key resistance.

Despite the sell-off, Bitcoin’s long-term fundamentals remain strong. Miner reserves had been climbing since March, with addresses holding 100 to 1,000 BTC accumulating 65,000 BTC, their highest level since November 2024, per CryptoQuant.

For now, traders are waiting to see if the flagship cryptocurrency can hold support above $115,000. If it does, analysts expect another attempt at breaking $120,000, potentially setting the stage for a retest of the all-time high.

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GalaChain, Through Landmark Shrapnel Partnership, Secures Access to China’s Trusted Copyright Chain

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[PRESS RELEASE – San Francisco, USA / CA, July 30th, 2025]

600 M-Gamer On-Ramp: GalaChain Secures TCC Access, Expands Gala Utility, and Welcomes Shrapnel

Gala today announced GalaChain’s position as the first foreign blockchain to collaborate with China’s Trusted Copyright Chain (TCC), a breakthrough that gives roughly 600 million gamers a cross-border path to NFTs in the world’s largest gaming market. Development of the cross-border bridge starts immediately, with full public launch targeted in Q1 2026.

“We are delighted to announce that Shrapnel has signed a cooperation agreement with Gala Games, a globally leading blockchain platform focused on the gaming sector, to establish a strategic partnership. Together, they will jointly invest in developing a large-scale FPS game targeting over 600 million Chinese gamers. This signing formally marks the beginning of a collaboration between the Gala Games Blockchain Platform and the Trusted Copyright Chain. This initiative will bridge the two major digital ecosystems, providing trusted digital infrastructure and professional services for the authentication, distribution, trading, and protection of digital assets in the global gaming industry,” said Xuan Hongliang, Director, National Operation Center of the Trusted Copyright Chain (TCC).

Key Highlights

  • Regulatory first: The bridge will be compliant with Chinese laws and regulations, including registration of NFTs inside China, unlocking a compliant path to ≈ 600 million gamers.
  • Economic flywheel: Shrapnel assets moving between China and the rest of the world consume $GALA, with an on-chain dashboard to display usage.
  • Shrapnel may use up to 10 percent of China’s revenue for periodic $SHRAP repurchases on GalaChain to support ecosystem health, subject to market and regulatory conditions.
  • Scaling GalaChain: Shrapnel network fees are powered by $GALA, materially expanding GalaChain ecosystem activity.
  • Influencer alignment: Built-in invitation links (邀请链接) and invitation NFTs (邀请凭证) let Chinese content creators verify every wallet activation, badge claim, or play-test entry they facilitate. Each qualifying action consumes GALA, updates a public on-chain counter, and lets contributors pick up rewards.
  • Developer momentum: AAA extraction shooter Shrapnel is migrating its entire economy from Avalanche to GalaChain. By moving its economy to GalaChain, Shrapnel gains faster finality, gas-efficient infrastructure with instant China compliance.
  • Community participation: Community participation: A free commemorative Bridge Badge NFT will be dropped to all Gala wallets and Neon players, and a 72-hour public claim window welcomes newcomers. The badge guarantees first-wave Shrapnel play-test slots and becomes the first NFT mirrored on TCC.

Executive Quotes

Eric Schiermeyer, Founder & CEO, Gala Games

“We are honored to connect GalaChain to the Trusted Copyright Chain through our partnership with Shrapnel. Every cross‐chain transfer will consume GALA, reinforcing the network for players on both sides of the Pacific. Thanks to Shrapnel, we can now serve China’s vast gaming community through a platform built for performance and regulatory readiness.”

Ken Rossman, CEO, Neon Machine

Through our groundbreaking partnership with GalaChain and the China Trusted Copyright Chain, we’re empowering hundreds of millions of players in China and beyond with true ownership of their in-game assets. This collaboration unlocks player-driven economies that are regulated and compliant, ensuring seamless cross-market access. Shrapnel players around the world can now own, trade, and monetize their gear, creating a unified, transparent, and innovative gaming ecosystem without borders.” 

Resources & Press Kit: https://gogames.gala.com/uiGFM

About GalaChain

GalaChain is Gala’s high-throughput Layer 1, purpose-built for entertainment, gaming, and DeFi. Secured by a global node network with 1 $GALA gas fees, the chain powers Gala’s portfolio of AAA games, music drops, film premieres, DeFi apps, and other projects while offering developers turnkey APIs for wallets, royalties, and bridging, now including the new link to China’s Trusted Copyright Chain.

For more information, users can visit https://games.gala.com/ or follow Gala on X, Telegram, or Discord. 

About the Trusted Copyright Chain (TCC)

The Trusted Copyright Chain is China’s national blockchain for registering and trading licensed digital assets. Operated under the National Press and Publication Administration, TCC timestamps copyrights, enforces royalty splits, and settles transactions in renminbi, giving rights-holders a compliant pathway to reach China’s 600-million-player market with digital asset ownership.

About Neon Machine

Neon Machine is an independent game studio behind Shrapnel, the first moddable premium shooter. Powered by GalaChain, Shrapnel pairs blockbuster visuals with true, on‐chain ownership of player‐generated gear and maps—delivering an open, creator‐driven economy.

Source

iResearch “2024 China Gaming Market Report”

DISCLAIMER: The purchase or sale of any token or digital asset involves risk. The information in this press release is provided for informational purposes only, and we urge you to read this material carefully and ask us any follow-up questions that you may have before joining the GalaChain platform. You should also consult with your legal, accounting, or tax advisors regarding any applicable laws, rules, or regulations that might govern your purchase of the digital assets discussed in this press release or your participation in the GalaChain platform, and regarding the tax or other financial implications of any purchase or sale. By your purchase or sale of any digital assets or tokens offered by GalaChain, you agree to assume the risks of such participation, and GalaChain disclaims any liability thereof. Digital assets are unregulated in many jurisdictions and may be subject to price volatility. You should conduct your own due diligence. Nothing in this release constitutes financial advice or an offer to sell in any jurisdiction where such activity is prohibited.

Media Contact: Press@gala.com  

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Cryptocurrency

XRP to Flip ETH? ETF News Sparks 2017 Flashbacks

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TL;DR

  • XRP/BTC breaks 7-year range, signaling potential shift toward historical runs last observed in 2017.
  • Ripple is close to settling with the SEC; ETF talks intensify as the market closely watches August developments.
  • Whale wallets buy 60M XRP in 24 hours, adding $180M in buying pressure across exchanges.
  • XRP trades at $3.10, which is close to its recent ATH; an analyst suggests a true breakout above $26.

XRP/BTC Breakout Ends 7 Years of Consolidation

XRP has broken out of a price range it held against Bitcoin for nearly seven years. According to crypto analyst Cas Abbé, XRP/BTC had been consolidating since 2018, with price movement largely sideways during that period. The pair has now moved above a long-term resistance level around 0.000035 BTC, a level that held for most of the consolidation phase.

Interestingly, this breakout is drawing comparisons to XRP’s 2017 performance, when the token surged to the number two spot by market cap. XRP/BTC is currently testing a zone last visited during that cycle, between 0.00019 and 0.00023 BTC.

The analyst even hinted that XRP’s potential rise could take it to the number 2 spot in terms of market cap, meaning that it could flip ETH.

Legal Developments and ETF Speculation Fuel Momentum

Ripple’s legal case with the US SEC has reached a new stage. The two parties agreed to reduce the originally proposed $125 million fine to $50 million. 

In addition, the injunction blocking Ripple from institutional XRP sales has been removed. A previous 60-day negotiation window ended in June, and a final extension is expected to close in August.

While some in the community expect a key update by August 15, legal analyst Bill Morgan clarified that the SEC has no formal deadline to drop its appeal by that date. Despite this, market participants continue to monitor legal progress closely, especially as talk of a spot XRP ETF gains attention.

An approved ETF could expand access to XRP and possibly trigger further capital inflows, similar to what was seen with Bitcoin and Ethereum ETFs earlier in the year.

Market Activity, Whale Buying, and Network Signals

XRP was trading at $3.10 at press time, with a 24-hour trading volume of $5.6 billion. The token has seen a minor decline in the past 24 hours and an 11% drop over the last week. Its market cap currently stands at $183.5 billion, ranking it as the third-largest crypto asset.

On-chain analyst Ali Martinez reported that large holders bought 60 million XRP in the past 24 hours, a total worth over $180 million. This follows a steady rise in whale accumulation, with large investors increasing exposure over the last month.

In addition to price action and volume, on-chain indicators are signaling a possible continuation. Analyst Captain Redbeard reported that XRP’s NVT ratio, used to measure network value versus transaction volume, has dropped to multi-month lows while the price has continued to climb. This pattern last appeared before a strong XRP rally, suggesting a potential breakout setup.

XRP NVT ratio
Source: X

Price Gaps and Criminal Case

Analyst Amonyx pointed out that XRP’s previous all-time high against Bitcoin would place its current USD value near $26.6. With XRP still priced at $3.10, the difference between current levels and historical peaks remains wide.

Separately, a criminal report involving XRP has emerged. Nancy Jones, the widow of country music artist George Jones, filed a report claiming $17 million worth of XRP was stolen. Her ex-boyfriend, Kirk West, was arrested at Nashville International Airport on July 24 in connection with the case.

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