Pro-XRP lawyer Jeremy Hogan has given the United States Securities and Exchange Commission (SEC) a slim 2.3% chance of winning its case against Ripple after it announced it will dismiss a lawsuit against two Ripple executives. Hogan believes that “for all intents and purposes”, the Ripple v. SEC case is over, as the SEC has dismissed the rest of the case and no trial will take place next year. Hogan expects a final judgment to be delivered in 2024, with a settlement or appeal also possible. If the SEC appeals, it would have a 14.2% chance of winning, according to Hogan.
This article originally appeared on cointelegraph.com
Over the weekend, the cryptocurrency market witnessed several notable developments and events, which have left enthusiasts and traders buzzing with excitement. From record-breaking price surges to regulatory crackdowns, the crypto space has seen it all. Let’s dive into what happened in the world of cryptocurrencies this weekend.
One of the most significant occurrences was the remarkable rally of Bitcoin, the world’s largest cryptocurrency. On Saturday, Bitcoin skyrocketed to an all-time high of over $64,000, continuing its impressive bull run. This surge was fueled by positive news, such as PayPal’s announcement that it would enable its US customers to pay with cryptocurrencies at millions of merchants globally, significantly boosting the mainstream adoption of digital currencies.
The altcoin market also experienced substantial gains. Ether, the second-largest cryptocurrency, reached an unprecedented price of around $2,400 over the weekend. This surge was attributed to the anticipation surrounding Ethereum 2.0, a major upgrade to the Ethereum network that aims to improve scalability, security, and energy consumption.
Moreover, other altcoins made headlines with their explosive growth. Binance Coin (BNB), the native cryptocurrency of the Binance exchange, smashed through the $500 price barrier, marking an all-time high. BNB’s impressive performance can be attributed to the platform’s successful launch of its blockchain, Binance Smart Chain, and the increasing popularity of decentralized finance (DeFi) applications built on top of it.
However, the crypto market was not all about gains this weekend. The industry received a blow when Turkey’s central bank announced that it would ban the use of cryptocurrencies for payments starting from April 30. This decision sparked concerns about potential regulatory crackdowns in other countries, leading to a slight dip in the overall market sentiment.
In addition to Turkey, India is also considering imposing strict regulations on cryptocurrencies. Reports emerged over the weekend that the Indian government is planning to introduce a law banning all private cryptocurrencies and introducing a digital currency issued by the central bank. This news heightened fears among crypto enthusiasts, uncertain about the future of cryptocurrencies in one of the world’s largest economies.
Apart from market movements and regulatory news, there were other noteworthy events related to cryptocurrencies. Visa, a global payment giant, announced its first settlement transaction using the cryptocurrency USD Coin (USDC) on the Ethereum blockchain, demonstrating its commitment to embracing the digital asset landscape.
Furthermore, the global demand for non-fungible tokens (NFTs) continued to surge over the weekend. NFTs, which are unique digital assets representing ownership or proof of authenticity of a specific item, have gained significant popularity in recent months. Various artists, musicians, and sports personalities launched NFT collections and held auctions, further pushing the boundaries of this emerging market.
Crypto enthusiasts certainly had a lot to digest this weekend, with Bitcoin hitting new highs, altcoins surging, regulatory concerns mounting, and innovation flourishing in the form of NFTs. As the cryptocurrency market matures, it remains essential for both traders and regulators to navigate this evolving landscape carefully. Only time will tell how these recent developments will shape the future of cryptocurrencies.
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