Connect with us

Blockchain

Court Denies SEC’s Motion To Revoke Amici Status and Bar John Deaton

Avatar Of Rajesh Khanna

Published

on

Ripple Ceo Discloses The Expenses For Its Lawsuit Against Sec
  • Judge Torres had ordered the SEC to provide Hinman’s speech draft from 2018.
  • According to the defendants, the Hinman speech is the subject of all three orders.

After the SEC’s latest appeal, it seems that the legal war between Ripple and the SEC has entered a critical point. In response to Judge Torres’ order on the speech draft, the regulatory authority has requested a 30-page brief and a 10-page reply. Judge Torres had ordered the SEC to provide Hinman’s speech draft from 2018, as previously reported.

Hinman Speech Could End the Case?

As a result of the SEC’s desire to launch an appeal against the Hinman decision, both parties in the Ripple case filed filings in response. It was Ripple’s opinion that the SEC’s request for the 30-page opening brief and 10-page reply brief in response to the Hinman judgement was unreasonable and unwarranted.

Ripple’s defence counsel, James K Filan, notified the community:

“In connection with the SEC’s Objection to Judge Netburn’s Ruling on the Hinman Speech documents, the SEC’s motion to file a 30-page opening brief was denied (limited to 20 pages), but its request to file a 10-page reply brief was granted.”

The newest SEC motion was partially allowed by Judge Torres in the SEC vs. Ripple fight. Only 20 pages of the briefing were required, but she allowed the SEC to submit a 10-page response in the following sessions. In order to oppose three distinct directives in a single briefing, the regulatory body had hoped for a 30-page letter. According to court filings, Ripple has objected to both of these demands. According to the defendants, the Hinman speech is the subject of all three orders.

This case has just seen another big development. The SEC requested that Judge Torres revoke the amici designation given to XRP holders and ban John Deaton from participating in the lawsuit. However, the motion was rejected yesterday.

Recommended For You:

‘Final Fantasy’ Game Series NFT and Physical Collectibles Launched

Advertisement

Blockchain

Why Bitcoin Miner Sell-Offs May Continue

Avatar Of Rajesh Khanna

Published

on

Bitcoin Bear

Bitcoin miners have borne the brunt of the bear trend since it began. They watched cash flow plummet on their machines, forcing them to look to other ways to finance their operations. The natural response to this was for public miners to dip into their bitcoin reserves and begin selling off BTC to keep their operations going. For a time, it seemed miners would stop selling due to the recovery in price, but this is proving not to be the case.

Miners Offload More BTC

Bitcoin miners had sold off more bitcoin than they had mined for the first time in May. The same trend then continued into June, when miners had sold thousands of BTC to cover operational and other costs. It seems this trend did not end in the month of June either, as the miners continued to sell off coins.

Data shows that bitcoin miners had actually sold 5,700 BTC in the month of July alone, the largest sale so far. These bitcoin miners had once again sold more BTC than they had actually produced. In total, it was reported that 3,470 BTC was produced for the month, meaning they sold 50% more bitcoin than they mined.

These bitcoin miners had sold more during a month when some had to shut off operations due to rising temperatures. However, one of those miners had been able to turn it around by making more money from selling energy credits to the Texas government than they would mining. The largest sellers were ousted to be CoreScientific with 1,970 BTC and BitFarms with 1,600 BTC.

BTC recovers above $24,000 | Source: BTCUSD on TradingView.com

Bear Trend For Bitcoin

Bitcoin miners are often among the largest whales in the market. This means that whatever actions they take in regards to their portfolios can often have an impact on the market. It is evident when miners are not forced to sell their BTC that the price of the digital asset continues to rise, and the reverse is the case when they dump their coins.

The sell-offs have all come due to the reduced revenue realized on a daily basis, and with no significant rise in miner revenues, it is expected that miners are going to have to keep selling. Daily miner revenues for the last week were muted with only a 1.58% growth, seeing them bring in $21.89 million.

If there is to be any reversal in this selling trend, bitcoin miners would have to see more cash flow from their mining activities. However, as the price remains low, these miners are realizing less, dollar-wise, compared to a few months ago, while expenses such as electricity and machines remain the same or even higher in some cases.

Featured image from Analytics Insight, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Continue Reading

Blockchain

Bitcoin Surge Towards $24k As CPI Report Show Inflation Cooling

Avatar Of Rajesh Khanna

Published

on

Bitcoin

Bitcoin surged after July’s CPI data showed that inflation has started to decline after several months of record-breaking rates.

Similar to earlier instances, the price of bitcoin climbed close to $24,000.

CPI Report Boost Bitcoin Price

According to the Consumer Price Index report (CPI) that the U.S. Bureau of Labor and Statistics released on Wednesday, consumer costs remained unchanged, putting inflation at 8.5%.

Prior to this, analysts anticipated that the index, which analyzes price changes across a wide range of products and services, would increase by 0.2% to reveal inflation to be 8.7% on an annual basis.

After the U.S. Bureau of Labor Statistics released its data on inflation for July, the value of the Dow Jones Industrial Average, Nasdaq, S&P 500, and NYSE indexes all sharply increased. Moreover, the value of precious metals and cryptocurrencies rose on Wednesday. The value of bitcoin surged by nearly 4%, that of gold by 0.35%, and that of silver by 1.43% in relation to the dollar.

BTC/USD trades close to $24k. Source: TradingView

 

According to the Consumer Price Index (CPI) report for July 2022, the Consumer Price Index for All Urban Consumers (CPI-U) increased by 1.3 percent in June but remained steady in July. Before seasonal adjustment, the all items index rose 8.5 percent over the previous 12 months. The report on inflation adds:

“The gasoline index fell 7.7 percent in July and offset increases in the food and shelter indexes, resulting in the all items index being unchanged over the month.”

President of the United States Joe Biden talked about the CPI figures as well and said that new legislation and domestic semiconductor production had increased the nation’s economic activity. According to Biden, the lack of semiconductors resulted in high pricing for autos last year, which accounted for one-third of core inflation. “America is back leading the way with the CHIPS and Science Law boosting our efforts to make semiconductors right here at home.”

Focus Turns To FOMC Meeting In September

Analysts anticipate that core inflation will rise from 5.9% to 6.1%, pushing the Fed to raise interest rates further in September. The CPI data, however, indicates that recent rate hikes are having a cooling effect on the economy.

Nevertheless, Citigroup economists predicted another 75 basis point increase, fueled by strong job data and faster pay growth than anticipated. But if core inflation comes in higher than anticipated, there is also a chance for a 100 basis point rise.

Bitcoin

Federal Funds Effective Rate (Source: FRED)

The current CPI rate is 9%, and investor Stanley Druckenmiller said that “Inflation has never come down from above 5% without Fed funds rising above CPI.”

The Fed won’t need to raise rates as much as they have thus far this year if inflation has peaked.

In response to rising interest rates that slow growth, institutional investors have moved away from more speculative assets like tech stocks and cryptocurrencies and toward investments that are more comparatively stable, such corporate bonds and U.S. Treasuries.

Featured image from Getty Image, charts from FRED and TradingView.com

Continue Reading

Blockchain

Crypto Traders Accumulate Highest Buying Power In Two Years

Avatar Of Rajesh Khanna

Published

on

Crypto Bitcoin Btc Btcusdt

The crypto market has been trading in the green over today’s session as it sees some relief from macro-economic factors. Today, the U.S. published July’s Consumer Price Index (CPI) print which hinted at a slowdown in inflation and allow Bitcoin, Ethereum, and others to experience some relief.

CPI has been a key metric over the past months as the U.S. Federal Reserve (Fed) attempts to mitigate it by hiking interest rates and reducing its balance sheet. Thus, global markets have seen less liquidity which has negatively impacted risk-on assets, such as equities and cryptocurrencies.

At the time of writing, Bitcoin (BTC) trades at $23,900 with a 4% profit in the last 24 hours while Ethereum (ETH) trades at $1,800 with a 9% profit over the same period. The second crypto continues to outperform BTC as investors seem to be migrating into the altcoin sector.

BTC’s price moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview

July’s CPI print see a decline on the back of commodities trending downwards, particularly the energy sector saw falling prices. However, Rick Rieder, CIO at investment firm BlackRock, believes inflation it’s “still running at a worryingly high rate”.

This might continue to operate as a headwind for digital assets and risk-on assets over the long run but might allowed the Fed to be less aggressive with their monetary policy. Rieder said the following on the potential long-term bullish effect of less inflation:

Over time, we think the slowdown in economic growth, the continuation of the Federal Reserve’s assertive Hiking Cycle and the possibility of resolution with several persistent supply chain issues should influence broad inflation lower.

Rieder claims inflation might continue to trend lower or moderate in the coming months. This might remove uncertainty across the crypto market and provide these assets with enough support to reclaim previous highs.

Bitcoin And Crypto Could Extend Bullish Momentum?

The biggest headwinds for crypto will be the Fed’s Federal Open Market Committee (FOMC), BlackRock’s CIO said. At that time, the financial institution might announce another “substantial” interest rate hike, but there’s “still a lot more data to come between now and the meeting”.

In this environment, data from crypto research firm Santiment records a spike in the supply of Tether (USDT) on exchange platforms. This hints at the potential buying pressure from market participants waiting for more clarity around macro-economic factors.

The recent CPI print might provide that clarity, at the time of writing, USDT’s supply on exchanges stands at 42% for the first time since April 2022. At that time, the market was about to enter a massive bull run into new all-time highs.

Crypto Bitcoin Btc Btcusdt
Source: Santiment via Twitter

Continue Reading

Blockchain

Ripple Labs Interested in Buying Assets of Celsius Network

Avatar Of Rajesh Khanna

Published

on

Celsius Makes Strong Comeback, Total Debt Stands At Only $59 Million