The Ripple vs Securities and Exchange Commission (SEC) lawsuit is one of the long running cases.The lawsuit against XRP began in December 2020.Now, the crypto community is eagerly awaiting the results as the lawsuit is very close to the conclusion.To add on to this Ripple vs SEC case, John Deaton who is closely following the case had claimed that the hearing in the LBRY case will play an important role for the crypto market.The lawsuit against LBRY by SEC had its last hearing on January 30, 2022 where the Judge concluded that LBC secondary market transactions are not security.Here, John Deaton, who is also a founder of Crypto Law played an important role during the hearing.
LBRY Case To Influence Ripple vs SEC Case After referring to an article written by commercial contract lawyer Lewis Cohen, Deaton argued that as per the article there is no mention of LBC as a security.
This gave rise to discussion in the court after which the judge stated that he cannot stop LBRY users to trade LBC as it’s not a security.This statement will now act in favor of other crypto-related cases like Ripple vs SEC.John Deaton gained appreciation for his commendable action where SEC claimed that LBC is a token and not security.One such appreciation came from Hogan & Hogan law firm partner, attorney Jeremy Hogan and Eleanor Terrett, Journalist at Fox Business through a twitter post.Hence, this win against the SEC is now expected to impact Ripple’s XRP lawsuit on a positive note.
Currently, XRP is valued at $0.395 after a fall of 3.97% over the last 24hrs.Was this writing helpful? No Yes Elena R Elena is an expert in technical analysis and risk management in cryptocurrency market.She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.Back to top button Crypto news Jump Trading Transfers Lido: LDO Price Dips As Sell Pressure Increases After holding Lido DAO (LDO) tokens for nearly six months without selling, investment company Jump Trading has engaged in a series of LDO token transfers to the Binance cryptocurrency exchange.The Jump Trading LDO transfers have coincided with price dips due to an increase in sell pressure.The ERC 20 token which grants holders governance rights in the Lido DAO, has attracted crypto investors’ attention as Ethereum staking grows exponentially.
Already, 5,017,116.132 ETH has been staked via Lido infrastructure by 157,104 users.As such, the LDO token has attracted over 27,763 since its market launch.Nonetheless, the Jump Trading subsequent sales could trigger fear on the LDO holders and lead to a significant price crash.Moreover, LDO holders could interpret the subsequent sales as a long term holder taking profits after a relief crypto rally.According to aggregate market data provided by Coinglass, approximately $548k has been liquidated from the LDO market in the past 24 hours.Lido DAO (LDO) Price Outlook As a fresher altcoin with immense potential backed by real world utility, LDO token is significantly affected by whale trading.
Following the recent Jump Trading sales, short term LDO traders will be keen on future sales to identify price action.
The LDO token has received massive support from both CEX and DEXes in terms of listing.Today, centralized crypto exchange Bitpanda announced the listing of Lido DAO (LDO) tokens.However, with the upcoming Ethereum Shanghai upgrade, which will oversee the withdrawal of staked Ethers, the overall demand for LDO is expected to decline.
As such, more LDO whales are expected to offload the token in the coming weeks which could induce further decline.Crypto news Top Reasons Why Crypto Market is Down Today The four-week crypto relief rally has lacked upward momentum in the past two days.
According to our latest crypto price oracles, Bitcoin and Ethereum have dropped approximately 4 percent in the past 24 hours to trade around $22,803 and $1,566 respectively.As major stock indexes edged lower in the past 24 hours – Dow, S & P 500, and Nasdaq down 1 percent today – Morgan Stanley analysts are convinced the new year rally will end this week.“We think the recent price action is more a reflection of the seasonal January effect and short covering after a tough end to December and a brutal year,” wrote a team of strategists led by Wilson, Morgan Stanley’s chief equity strategist.“The reality is that earnings are proving to be even worse than feared based on the data, especially as it relates to margins.” The selling pressure emanating from short-term holders and crypto miners seems to have outdone the buy squeeze from long-term holders and whales.Furthermore, a crypto correction had been predicted by most analysts in the past few weeks citing minimal buy momentum as observed with prior bull markets.
What Next for Crypto Market? The crypto market has experienced heightened volatility amid the upcoming FOMC statement, which economists believe will encompass an interest rate hike.
While the crypto market has previously shown a high correlation with macroeconomic factors, analysts anticipate more volatility in the next few days, in all directions.Notably, over $160 million has been liquidated in the crypto market in the past 24 hours.Bitcoin, Ethereum, and Aptos have led in total liquidations with approximately $49M, $47M, and $9M respectively according to aggregate data provided by Coinglass.Crypto news Voyager Digital Slammed with $446M Lawsuit by Alameda Research Alameda Research, the sister company of bankrupt crypto exchange FTX, is suing Voyager Digital in a bid to recover loan repayments made prior to FTX’s own bankruptcy in November 2022.Alleged Loan Repayments to Voyager Lawyers representing FTX and Alameda have filed a lawsuit in a Delaware court for $445.8 million against Voyager.This comes after Voyager filed for Chapter 11 bankruptcy in July 2022 and demanded the repayment of outstanding loans from FTX and Alameda.
FTX claims that these loan repayments are eligible to be recovered as they were made shortly before FTX’s own bankruptcy in November.The crypto exchange alleges that it paid Voyager $248.8 million in September, $193.9 million in October, and a $3.2 million interest payment in August.The filing notes that the total amount being sought could go higher if evidence of more payments from Alameda Research to Voyager Digital is found.The lawyers are also seeking the repayment of legal fees.The filing also alleges that Voyager played a role in the collapse of FTX and Alameda, calling Voyager a “feeder fund” that did “little or no due diligence” before investing money from retail clients.The exchange hopes to use any recovered funds to repay its creditors.
Exclusion of Turkish Subsidiaries In a separate motion, FTX has requested the exclusion of two of its Turkish subsidiaries, FTX Turkey and SNG Investments, from the bankruptcy proceedings.The company believes that U.S.courts have no jurisdiction in Turkey and that customers have already started private claims against the company.FTX had previously planned to buy Voyager out of bankruptcy before its own collapse in November 2022.The Backstory of FTX Bankruptcy The top crypto exchange FTX filed for bankruptcy in November 2022, when the crypto giant collapsed after a run on its utility token.It affected millions of customers and investors.Indicted on fraud charges, FTX’s founder Sam Bankman-Fried denies wrongdoing and will stand trial in October.Meanwhile, Alameda Research CEO Caroline Ellison has pleaded guilty to fraud.
What does this mean to the crypto industry? The outcome of this lawsuit will have significant implications for the future of both Alameda and Voyager, as well as the broader crypto industry.With the increasing number of crypto-related lawsuits and bankruptcies, it is crucial for companies to ensure that they are following proper regulations and investing customer funds responsibly.Was this writing helpful? No Yes Top posts $16002 hours ago Ethereum To Reach Peak Of $2,474 Per Token In 2023, Finder’s Survey Of Crypto And Fintech Experts Reveals Seven days ago, finder.com, a product comparison website, published a forecast report based on predictions from several crypto and fintech…Amesbury4 hours ago Massachusetts-Based Bankprov To End Loan Offerings Secured By Cryptocurrency Mining Rigs The Amesbury, Massachusetts-based Bankprov, a subsidiary of Provident Bancorp, has announced that it will no longer provide loans secured by…
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