U.S. judge denied the SEC’s requests for attorney-client privilege.
In a recent interview, Brad Garlinghouse, the Chief Executive Officer (CEO) of Ripple (XRP), stated that the company’s involvement in the case against the Securities and Exchange Commission (SEC) financial expense, they will spend over $100 million on legal fees.
The facts and Law are on the side…When this is all set and done, we will have spent over $100 million on legal fees fighting the SEC… This fight is not just for Ripple; it’s for the whole Industry.
Also, Brad claims that the SEC focuses on the fact that the bulk of crypto-related companies does not have the financial ability to sue the agency, as a result, these crypto firms have been repeatedly bullied into accepting a settlement.
And the CEO argues that the SEC has always benefited from the prohibitive expenses involved in a judicial battle. Also, he provided insight into the company’s decision to file a lawsuit rather than settle, and Garlinghouse believes that the current legal dispute is important for all crypto companies, not just Ripple.
On June 13, Ripple claims the first winning sign that U.S. judge Sarah Netburn denied the SEC’s requests for the attorney-client privilege related to internal documents pertaining to the Hinman statement.
The price of the Shiba Inu (SHIB) could be set for a major run as it holds its support against Tether (USDT).
Bitcoin’s (BTC) price saw a bounce from $23,000 to $24,800 as the favorable news from the consumer price Index (CPI) saw a good response across the boards in the crypto market as the price of Shiba Inu eyes $0.00001700.
Related Reading: AVAX Holds Steady And Sets Sights On $50 Barrier Breach
The consumer price Index measures inflation in the economy, due to market sentiments this affects the prices of assets. (Data feeds from Binance)
Shiba Inu Price Analysis On The Weekly Chart
Weekly Price Analysis For SHIB | Source: SHIBUSDT On Tradingview.com
From the chart, the price of SHIB saw a weekly low of around $0.00000740, which bounced from that area and rallied to a price of $0.00001240.
The price has built more momentum as it faces resistance at $0.00001400.
If the price of SHIB on the weekly chart continues with this bullish structure, it could quickly revisit $0.00001732.
Weekly resistance for the price of SHIB – $0.00001400.
Weekly support for the price of SHIB – $0.00000995.
Price Analysis Of SHIB On The Daily (1D) Chart
Daily Price Analysis For SHIB | Source: SHIBUSDT On Tradingview.com
The price of SHIB found strong support at around $0.00001, with what seems to be an area of interest on the daily chart.
SHIB bounced from its support and rallied as it faced resistance to breaking above the 50 Exponential Moving Average (EMA) which corresponds to $0.00001154.
At the point of writing, the price of SHIB is at $0.00001265, trying to break above a ranging channel to the upside.
SHIB is facing a resistance of $0.00001400 to break the channel, If the price of SHIB breaks above the $0.00001400 resistance with good volume the price of SHIB could rally to a high of $0.00001720.
The Relative Strength Index (RSI) for the price of SHIB on the daily chart is above 60, indicating healthy buy bids for SHIB.
The volume for SHIB indicates buy bids, this shows bulls would want to push the price higher.
Daily (1D) resistance for SHIB price – $0.000014.
Daily (1D) support for SHIB price – $0.0000115, $0.00001.
Shiba Inu Price Analysis On The Four-Hourly (4H) Chart
Four-Hourly Price Analysis For SHIB | Source: SHIBUSDT On Tradingview.com
The price of SHIB has continued to maintain its bullish structure despite retracing to its support that corresponds to its 50 EMA at $0.00001226 on the 4H chart, as the price faces resistance at $0.000013.
SHIB price is $0.00001266, trading above the 50 and 200 EMA with prices of $0.0000120 and $0.00001154 on the 4H chart. These prices would act as support areas for SHIB on the 4H chart.
Four-Hourly (4H) resistance for SHIB price – $0.000013, $0.000014.
Four-Hourly (4H) support for SHIB price – $0.00001210, $0.00001154.
A break in the resistance would send SHIB’s prices higher.
Featured image from Bitcoinist, Charts from TradingView.com
The crypto market sentiment had taken a beating when the price of bitcoin fell to a new cycle low of $17,600. With this, investor sentiment had plummeted to new yearly lows. But slowly, the market sentiment had recovered and made its way out of the extreme fear territory. That is until now when the market sentiment has recorded an enormous push upward off the back of another market rally.
Sentiment Turning Green
The crypto market sentiment has been on an uptrend since the recovery started back in July. When the price of bitcoin first hit $24,000 for the first time since the market trend, the market sentiment had quickly moved out of the extreme fear territory.
Despite the recovery in the market, the market sentiment was still mainly in the red, and the score on the Fear & Greed Index remained low. However, the Wednesday market recovery saw one of the largest jumps for the year 2022. After trending around 31 on the index for most of Wednesday, the score had seen a sharp upward reversal to 41.
This level puts the market sentiment the closest to greed that it has ever been since the crash. It is also a sharp contrast to the score for last week, as well as the overall score for the month of July, which put the market at a 16, deep in extreme fear.
The reversal also shows that investors are beginning to return to the market. Accumulation trends are usually started and strengthened during times such as this, contributing to the uptick in cryptocurrency prices all across the space.
BTC recovers above $24,000 | Source: BTCUSD on TradingView.com
Bitcoin Wants $25,000
Bitcoin’s recovery has been leading it towards one of the most coveted positions in the current market. The $25,000 mark is an important technical level because it was a position which high support that has now turned to a significant resistance point. As such, beating this level is important for bitcoin bulls going forward.
The recent run-up had actually seen bitcoin come dangerously close to reaching $25,000, but the resistance just below it was enough to beat back the bulls. This saw a retracement of about $200 from this point as the bulls continued to regroup.
Bitcoin is still looking incredibly strong on the 4-hour chart, suggesting that there would be another test of $25,000. The accumulation trend going on has been enough to provide good support and bounce-off point for the digital asset, so this retest will likely see bitcoin break $25,000. Although holding the position is another story.
Bitcoin is now trending at $24,500 at the time of this writing. Currently, its price is up 6.29% in the last 24 hours and has remained green for the last two daily closes. A green close for Thursday will signal a top-off point of $28,000.
Featured image from Unsplash, chart from TradingView.com
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The price of Fantom (FTM) shows strength and could be set for a major run against Tether (USDT) with eyes set on $0.7.
Bitcoin’s (BTC) price saw a bounce from $23,000 to $24,800 as the favorable news from the consumer price Index (CPI) saw a good response across the boards in the crypto market. As a consequence, the price of Fantom was able to try and break out of its range.
The consumer price Index provides a gauge with regard to inflation in the economy while instigating BTC prices and other altcoins. (Data feeds from Binance)
Price Analysis Of FTM On The Weekly Chart
Weekly FTM Price Chart | Source: FTMUSDT On Tradingview.com
From the chart, the price of FTM saw a weekly low of around $0.2, which bounced from that area and rallied to a price of $0.4.
The price has built more momentum as it faces resistance at $0.4.
If the price of FTM on the weekly chart continues with this bullish structure, it could quickly revisit $0.7.
Weekly resistance for the price of FTM – $0.4.
Weekly support for the price of FTM – $0.2.
Price Analysis Of FTM On The Daily (1D) Chart
Daily FTM Price Chart | Source: FTMUSDT On Tradingview.com
The price of FTM found strong support at around $0.2, with what seems to be an area of interest on the daily chart.
FTM bounced from its support and rallied as it faces resistance to break above a ranging channel and has continued to move in range.
At the time of writing, the price of FTM is at $0.39, above the 50 exponential moving average with a price at $0.33 trying to break above a ranging channel to the upside.
FTM is facing a resistance of $0.4 to break the channel, If the price of FTM breaks above the $0.4 resistance with good volume the price of FTM could rally to a high of $0.7.
The RSI for the price of FTM on the daily chart is above 65, indicating healthy buy bids for FTM.
The volume for FTM indicates buy bids, this shows bulls would want to push the price higher.
Daily (1D) resistance for FTM price – $0.4.
Daily (1D) support for FTM price – $0.33, $0.3.
Price Analysis OF FTM On The Four-Hourly (4H) Chart
Four-Hourly FTM Price Chart | Source: FTMUSDT On Tradingview.com
The price of FTM has continued to maintain its bullish structure despite facing resistance at $0.4 trying to break out of a ranging channel.
FTM is trading above the 50 and 200 EMA with prices of $0.372 and $0.33 acting as its support on the 4H chart, as the price faces resistance at $0.4.
If the price of FTM breaks above the channel with a good volume we could see prices trending to $0.7, In case FTM is unable to break and experience a sell-off, 50 and 200 EMA prices would act as support for FTM prices.
Four-Hourly (4H) resistance for FTM price – $0.4.
Four-Hourly (4h) support for FTM price – $0.372, $0.33.
Featured image from zipmex, Charts from TradingView.com
Ethereum is moving higher over today’s trading session and seems to be targeting previous levels about the $2,000 mark. The cryptocurrency soars as “The Merge” becomes imminent and backs the bullish sentiment across the market.
At the time of writing, ETH’s price trades at $1,900 with a 3% profit in the last 24 hours and a 17% profit over the past week. Ethereum is the best performing asset in the crypto top 10 by market cap recording bigger gains than Solana (14%), Polkadot (16%), and Bitcoin (7%).
ETH’s price with important gains on the 4-hour chart. Source: ETHUSDT Tradingview
The bullish momentum for Ethereum seems poised to extend. In a recent ETH core developers calls, “The Merge” mainnet release was tentatively scheduled for September 15 to 16 at epoch 144896.
This announcement comes at the heels of a successful implementation of “The Merge” on another main Ethereum testnet, Goerli. Called the final “dress rehearsal” for this major upcoming event that will combine Ethereum’s execution layer with its consensus layer.
In other words, Ethereum will finally complete its transition from a Proof-of-Work consensus to a Proof-of-Stake. This process will provide the blockchain will better performance, much lower transaction fees, scalability, and less energy consumption.
The potential for “The Merge” to attract new users and capital into the Ethereum ecosystem is one of the reasons why it’s perceived as bullish by the market. Data from Material Indicators (MI) indicates that almost every investor class has been buying into ETH’s price current price action.
This buying pressure is trending upwards and appears to be picking up momentum, over the past 12 hours as news about the tentative date for the mainnet release broke.
ETH’s price has been bought by almost every investor class on low timeframes. Source: Material Indicators
Further data from Material Indicators records important ask liquidity above ETH’s price current levels. There are over $40 million in selling orders stack from $1,920 to $2,000. These orders will operate as critical resistance.
What “The Merge” Could Spell For The Price Of Ethereum
If Ethereum is able to break above those levels, the orderbook record almost no resistance to the upside. Thus, ETH’s price could reclaim previously lost territory and extend its climb.
However, MI records low buying pressure for ETH’s price on higher timeframes from large investors. Over the past two months, retail investors appear to be jumping into Ethereum’s price action.
Additional data provided by Jarvis Labs coincides that retail investors having been accumulating ETH. Larger investors need to begin accumulating to provide ETH’s price with an extended trend.
Jarvis Labs believes that this sustainable bullish price action might only be triggered if Bitcoin picks up momentum and follows the bullish trend. The price of the number one cryptocurrency has also been supported mainly by retail, but the research “would like to see a Q4 2020 repeat”.
At that time, retail was buying BTC and ETH and in Q4, whales took over and prices were able to reach new highs.
In Q4 2020 whales (red dots on the chart) took over retail (green dots) and push BTC’s price into new highs, will history repeat? Source: Jarvis Labs via Twitter
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The duo has been accused of continuously exaggerating the capabilities of their service.
Voyager Digital filed for chapter 11 bankruptcy in early July.
Mark Cuban, the owner of the NBA’s Dallas Mavericks, is being sued by both Voyager Digital investors and Mavericks supporters. Moskowitz Law Firm has initiated the class action case in the US District Court for the Southern District of Florida.
The lawsuit claims the billionaire targeted Dallas Mavericks fans with advertisements for Voyager Digital. The complaint claims Cuban and Voyager Digital CEO Stephen Ehrlich systematically recruited young, naive followers to invest their life savings in what they now claim was a Ponzi scam.
Cuban and Voyager have also been accused of continuously exaggerating the capabilities of their service. They allegedly advertised the platform as being free of charge and cheaper than its competitors. According to the lawsuit, however, investors were charged excessively high costs and surcharges. And that seems to have occurred without the investor even realizing it.
Investors Waiting For Funds
Voyager Digital filed for chapter 11 bankruptcy in early July. The company temporarily stopped accepting new users and processing withdrawals. The bankruptcy petition also revealed that there were more than 100,000 unsecured creditors. Assets were believed to be between $1 billion and $10 billion.
In addition, Voyager Digital issued a statement on the 5th of August, 2022, indicating that they will reopen cash withdrawals on the 11th of August. Following the court’s approval of the company’s request, consumers were informed that they would once again have access to funds at the Metropolitan Commercial Bank. The court ordered $270M in deposits to be made available. Users should expect their requests to be processed and their money to be transferred within 5-10 business days.
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