Bitcoin
Important Ripple v. Process Update SEC, Bitcoin (BTC) Price Swings, and More: Bits Recap, June 3
DR
- The price of Bitcoin fluctuated between US$67,000 and US$70,000, settling at the upper mark. It rose 8% per month, but below its historical maximum, with the potential for a substantial recovery.
- Ripple’s current trial phase against the SEC over the sealing of financial documents continues following a new request from the company.
- Shibarium, Shiba Inu’s layer 2 solution, has surpassed five million blocks and 417 million transactions, aiming to fuel the development of the meme coin.
BTC ups and downs
The leading cryptocurrency in terms of market capitalization has witnessed slight volatility in recent days, fluctuating from $67,000 to around $69,100. It consolidated around $67,700 over the weekend before rising to its current level of over $69,000 (according to CoinGecko data).
BTC is up 8% monthly, but is still well below the all-time high of over $73,500 recorded in mid-March. Several analysts believe that the asset is gearing up for another substantial rally, citing a few key factors as catalysts.
User X Quinten stated that the asset’s price could start to rise after the US presidential elections (scheduled for November this year). He based his prediction about BTC’s historic rises following previous campaigns.
KALEO – a crypto analyst with over 600,000 followers on X – was also bullish, predicting a price jump above the $100,000 mark sometime this summer.
Ripple v. SEC
The legal battle between the entities climbed last week after Ripple filed a response letter in further support of its motion to seal data related to the regulator’s motion for judgment and remedies. The company attempted to seal and redact some evidence and financial documents a few months ago, but the SEC opposed the move.
“The Court should deny Ripple’s request to withhold financial and securities sales information because such information constitutes “judicial documents” as it is at the heart of the arguments the parties presented in support of their motion for relief and could, therefore tend to influence the court’s remedy decision,” the agency stated in May.
The watchdog insisted that such information could provide more clarity about Ripple’s years-old XRP sales and contribute to the outcome of the legal case. According to the company, however, the historical contracts “have no ongoing relevance” because it has applied certain changes to its XRP sales procedures.
The potential resolution of the case could significantly impact the price of Ripple’s native token. Those who want to know why, feel free to check out our dedicated video below:
Shiba Inu Advancements
The popular meme coin has also made headlines recently, with its layer 2 scaling solution – Shibarium – reaching another major milestone. Like CryptoPotato reportedthe total number of blocks processed on the network has surpassed the five million mark.
The total number of transactions on Shibarium currently exceeds 417 million, while wallet addresses have exceeded 1.8 million.
The blockchain solution aims to promote the development of the Shiba Inu ecosystem by improving speed, reducing transaction fees and increasing scalability. Last month, it was suffered two updates to enable compatibility with popular self-custodial wallets and improve the overall user experience.