Judge Analisa Torres Might Rule on the Ripple Lawsuit in March 2023

Alexander Salazar
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<strong>Judge Analisa Torres Might Rule on the Ripple Lawsuit in March 2023</strong>

XRP would no longer be a currency but a security if the SEC won the case, establishing a legal standard to classify similar crypto assets. According to Jeremy Hogan, Judge Torres might give a decision that would delay determining whether Ripple won or lost.

Many wonder whether there will be a resolution to the SEC and Ripple case more than a year after it began. Although several legal experts who share updates on the lawsuit offered potential dates, most believe Judge Analisa Torres will give her decision in late March 2023.

James K. Filan, a former US prosecutor, continues to forecast when Judge Torres will give a final decision in the Ripple lawsuit. He thinks the latter will rule on the petitions for summary judgment and the experts by the end of March next year.

Filan recently reiterated his prediction that District Judge Torres would decide on the expert and summary judgment motions at the same time. He made that announcement after sharing a revised schedule update for the summary judgment in the SEC and Ripple case.

XRP, the native token of Ripple, would no longer be a currency but a security if the SEC won the dispute. That might establish a legal standard in the United States to classify other similar crypto assets as securities.

Therefore, the lawsuit against Ripple is crucial for the crypto industry, investors, blockchain technology developers, and global lawmakers.

Attorney Hogan Believes the SEC and Ripple Dispute Is Complex

If Filan sticks to his prediction, the XRP community expects Judge Torres to rule in favor of Ripple. However, Jeremy Hogan, partner at Hogan & Hogan law firm, finds continuing the SEC and Ripple dispute very complex.

Attorney Hogan commented that it might be possible to settle any component of the lawsuit at any time. Furthermore, he thinks Judge Torres might give a decision that would delay determining whether Ripple won or lost.

XRP Transactions Increase Considerably amid the Victory of Ripple

The lengthy legal battle between the SEC and Ripple is about to end, as several companies back the payment network.

Brad Garlinghouse, CEO of Ripple CEO, said many cryptocurrency exchanges, developers, and individual entities supporting Ripple had filed twelve amicus briefs.

Positive news on the lawsuit has also helped the number of XRP transactions to soar. Data from Whale Alert indicate several huge trades amounting to 300 million XRP tokens.

The transactions mainly occurred between various associated with Ripple, like Bitstamp, Bittrex, BitGo, and Coins.ph.

The dominance of the market capitalization of XRP is also on a bullish rally after a fresh rise leading it to trade at 2.47%.

On-chain analysis indicates that it may experience a considerable upward run if it rises by 20%. With a circulating supply of 50 billion units, it may break above USD 13.28.

Meanwhile, XRP is trading at around USD 0.488 and has accumulated a 4.2% gain over the last week. While its daily trading volume is above USD 1.08, its market capitalization is about USD 24.53, according to CoinGecko.

By Alexander Salazar

According to the MACD Indicator, the Price of Bitcoin Is Undervalued

Alexander Salazar
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<strong>According to the MACD Indicator, the Price of Bitcoin Is Undervalued</strong>

Last week, the Bitcoin Chain Update indicated that most on-chain metrics are at multi-year lows while enough precedent suggests further gains to the upside. The MACD indicator has turned green, signaling that Bitcoin is bottoming out, which has caused a stir among traders.

If the US Federal Reserve (Fed) continues printing money, the US dollar will continue to drop further. That situation would lead Bitcoin (BTC) to become a future global reserve asset and a crucial store of value.

The Federal Reserve recently raised interest rates by 0.75%, causing stocks and cryptocurrencies to rise. However, the Fed and the White House may consider making a political change.

Jerome Powell, the chairman of the Fed, stated they were aware of the impact of their policy on markets. In addition, he said they recognized and considered the latency of interest rate hikes.

The Fed stated that the Committee would consider tightening the monetary policy to bring inflation back to 2% over time. They also said the delays affect economic activity, inflation, and financial developments.

However, the cryptocurrency market seemed to disagree with Powell, as Bitcoin, altcoins, and stocks pulled back their short single-digit gains. The price of BTC may return to the lower end of USD 21,000, as USD 20,000 seems to consolidate as support.

Intraday Bitcoin price movements in less than 24 hours seem irrelevant if investors seek gains in the long term. Instead of focusing on interest rise hikes, they should look at other metrics that assess the current structure of the Bitcoin market.

According to Chain Data, This Is the Best Time to Accumulate

Charles Edwards, the founder of Capriole Investments, introduced a new on-chain metric called Bitcoin Yardstick. He explained that lower readings are equivalent to cheaper Bitcoin and better value.

Like Glassnode, Edwards believes that long-term owners have capitulated. He said that net unrealized profits and losses (NUPL) show the elimination of long-term holders.

A recent Bitcoin Chain update indicates that most on-chain metrics are at multi-year lows. Besides, enough precedent suggests the gains to the upside exceed the potential to the downside.

The Bitcoin MACD Indicator Seems to Have Become Bullish

The moving average convergence divergence (MACD) also causes commotion in trading circles. Over the last week, several traders have noted a convergence between the signal line and the MACD indicator. The latter has turned green, signaling that Bitcoin is bottoming out.

Although investors should not view the indicator as an isolated signal, the weekly and monthly crossovers usually accompany a steady increase in bullish momentum.

The data cannot confirm whether the market is about to reach its bottom. However, comparing the current readings to previous market cycles and Bitcoin price action suggests undervaluation.

The value of BTC may bottom out, but that does not dismiss the possibility of sales related to the crypto market. In addition, equities might catalyze a quick fuse to the yearly low.

Meanwhile, Bitcoin is trading at around USD 21,340 and has accumulated a 3.4% gain over the last 24 hours. While its daily trading volume is above USD 422.31 billion, its market capitalization is about USD 409.70 billion, according to CoinGecko.

By Alexander Salazar

Changpeng Zhao Believes CBDCs Do Not Pose a Risk to the Cryptocurrency Industry

Alexander Salazar
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<strong>Changpeng Zhao Believes CBDCs Do Not Pose a Risk to the Cryptocurrency Industry</strong>

Zhao said CBDCs would benefit the cryptocurrency industry with more options while developing trust in decentralized technology. However, various experts consider that central bank digital currencies allow unprecedented control over the citizens who use them and how they may spend them.

Changpeng Zhao, the CEO of Binance, has changed his position about central bank digital currencies (CBDCs). He recently stated that he does not believe they threaten his company or the cryptocurrency ecosystem.

In addition, Zhao thinks CBDCs would validate blockchain technology, developing trust among those concerned about decentralization. He said cryptocurrencies would benefit if the cryptocurrency industry had more options for its users.

The CEO of Binance pointed out that many would view the adoption of blockchain technology by world governments optimistically. However, he noted that CBDCs differed from cryptocurrencies, highlighting that the latter are deflationary assets.

Zhao explained that anyone who doubted blockchain technology would trust it as their governments use CBDCs.

It is important to remember that Zhao has changed his position on CBDCs over the last year. In 2021, he said they would never allow the same freedom as cryptocurrencies like Bitcoin (BTC) and Ether (ETH). At the time, the business executive commented that most central bank digital currencies would serve to exert control.

Many central banks worldwide currently compete to lead research to implement CBDCs. In that regard, China has been the first country to develop and pilot test its national CBDC.

Although Zhao Views CBDCs Differently, There Remain Concerns about Them

CBDCs allow central banks to exercise unprecedented control over the citizens who use them and how they may spend them. That has led various experts to express their concerns about their massive implementation.

Specialists consider that CBDCs may cause problems for those seeking less government involvement in their finances.

In October, Peter Imanuelsen, a political entrepreneur, said CBDCs might allow governments to control citizens, referring to it as global communism. He stated that a CBDC tied to a digital ID might serve to take measures against ideological dissidents or control personal spending.

Various reports indicate that Turkey plans to launch a CBDC directly linked to a digital ID in 2023. Currently, 15 countries, including China, Russia, Kazakhstan, Thailand, Saudi Arabia, Sweden, and South Africa, are testing CBDCs.

Although the United States is discussing and researching CBDCs, there have been divided reactions to a potential digital dollar.

In May, the Bank for International Settlements (BIS) surveyed 81 central banks in countries representing almost all global economic production. It found that over 90% of financial institutions considered developing a central bank digital currency.

Cryptocurrencies like Bitcoin and Ether have become increasingly relevant in the economic system worldwide. That has led governments that link them to illicit activities to research and develop their national CBDCs. However, serious studies have revealed that criminals prefer using fiat currencies over crypto assets.

Meanwhile, Bitcoin is trading at around USD 21,340 and has accumulated a 3.4% gain over the last 24 hours. While its daily trading volume is above USD 422.31 billion, its market capitalization is about USD 409.70 billion, according to CoinGecko.

By Alexander Salazar

Instagram Influencer Jay Manzini Pleads Guilty to Draining $2.5m Millions in BTC from Fans

Audy Castañeda
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<strong>Instagram Influencer Jay Manzini Pleads Guilty to Draining $2.5m Millions in BTC from Fans</strong>

He is said to have used the social media platform to promote various schemes to investors, the result of which was an $8 million scam.

Popular Instagram influencer Jebara Igbara, also known as “Jay Manzini,” has pleaded guilty to money laundering, computer fraud, and computer fraud conspiracy. He used the social media platform to promote various schemes to investors but actually swindled them out of $8 million.

Furthermore, Igbara told his followers that he wanted to buy a large number of bitcoins, and that authorized exchanges would not allow him to accumulate such an amount. He urged Instagram users to send him BTC, assuring them that he will pay premium prices for those transactions. Needless to say, he pocketed around $2.5 million in primary cryptocurrencies from the people he lured.

Prison Time for the Criminal

The United States Department of Justice announced that the so-called Instagram influencer “Jay Manzini” will face up to 20 years in federal prison for his crimes.

He admitted that he used his fame on the social media platform to popularize investment products among his followers, primarily part of New York’s Muslim community. The scams resulted in the draining of at least $8 million from the scammed people.

Additionally, “Jay Manzini” ran a multi-million-dollar Bitcoin Ponzi scheme. He posted ads on his Instagram Stories, claiming that he wanted to buy such large amounts of BTC that major trading platforms like Binance and Coinbase wouldn’t let him.

He promised to pay above-market prices for the Bitcoins his fans sent to his personal wallet and provided fabricated images of bank transfers. However, he never sent those funds, and ended up stealing people’s assets:

“All of the victims, in this case, were promised something that was too good to be true. Victims of bitcoin’s upfront fee scheme were guaranteed above the current market value of their bitcoins. This multi-million-dollar case is a reminder to anyone considering investing: be wary of any investment with extraordinary promises, because if it sounds too good to be true, it probably is.”

The Punishment May Not Be So Harsh

Despite running a multi-million-dollar scam, pleading guilty could result in a reduced prison sentence for “Jay Manzini.”

Florida resident Joshua David Nicholas, who stole $100 million in crypto from investors, admitted his crime in September and is expected to remain behind bars for up to five years.

On the other hand, Da Corte, González, and Meza, who stole $4 million in digital currencies from banks and exchange houses, have not pleaded guilty and could spend up to 30 years in prison.

By Audy Castaneda

Dogecoin Whales Jump Ship and DOGE Risks Drop to $0.10

Audy Castañeda
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<strong>Dogecoin Whales Jump Ship and DOGE Risks Drop to $0.10</strong>

Dogecoin whales were apparently tempted to profit at higher price levels.

Dogecoin whales have been on the move as DOGE price action calms down. With bulls on the back burner, where could Dogecoin price head?

Dogecoin (DOGE), has been in the spotlight for over 10 days as price action posted gains of close to 140%. DOGE’s price rallied amid the hype over Elon Musk’s $44 billion acquisition of Twitter.

While the DOGE rally was largely driven by Musk and Twitter, amid negative sentiment from Twitter layoffs and other news, Dogecoin price was trading in the red. On November 4, the price of DOGE was trading at $0.1271, or 2.86% lower on the day.

And when news broke that Twitter had halted its plans to build a crypto wallet, the price of DOGE sank further, dropping almost 10%.

Social Euphoria Fades

The Dogecoin price peaked around the $0.158 level on Nov 1, after which the price started reaching lower levels. Notably, social volumes and weighted social sentiment also peaked at the same time.

With price noticing a pullback, social volumes and weighted social sentiment returned to lower levels, presenting diminishing interest from participants.

DOGE trading volumes diverged similarly, peaking just as prices were beginning to rise. However, waning interest from the retail side could be detected in lower trading volumes.

Additionally, the transaction count for DOGE also featured a bearish divergence that fell to near-historic levels. A low transaction count presented how fewer successful transactions were occurring on the Blockchain.

Dogecoin Whales Running Away?

As the price of DOGE soared to a six-month high, Dogecoin whales were apparently tempted to make a profit. A look at the supply of DOGE held by the address balance showed that most addresses that held a large number of DOGE coins had reduced their holdings.

Addresses holding between 1,000 and 10,000 coins have reduced their holdings considerably, from 1.22% to 1.20%.

Furthermore, the whale watch data showed that 40,501,820 DOGE worth more than $5 million was transferred from an unknown wallet to Binance. Generally, coins moving from wallets to exchanges signify an attempt to liquidate and make a profit.

With the DOGE whales acting skeptical, the key price level to watch would be the 0.113 mark. The money-in and money-out indicator data around IntoTheBlock price suggested that the 0.113 level could act as solid support for DOGE, but before that, there is not much support for the bulls.

At the $0.113 level, 11,400 addresses hold around 9.09 billion DOGE. However, on bearish invalidation, if the price improves, the $0.127 level may act as the next resistance where 40,870 addresses hold 2.4 billion DOGE.

By Audy Castaneda

Changpeng Zhao Believes High Tax Rates Hinder the Growth of the Indian Cryptocurrency Industry

Alexander Salazar
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<strong>Changpeng Zhao Believes High Tax Rates Hinder the Growth of the Indian Cryptocurrency Industry</strong>

The daily trading volumes of Indian cryptocurrency exchanges have declined dramatically due to the transaction taxes entering into force in April. Tax experts consider the draft ITR form aims to include crypto companies formed abroad whose user base is in India.

Changpeng Zhao, the CEO of Binance, recently discussed the current anti-crypto policy in force in India. He reported that high tax rates hinder the emerging cryptocurrency business in the Asian country.

Zhao said that the high taxes on cryptocurrencies in force since April would probably kill the industry in India.

The Indian government introduced a 30% capital gains tax and a 1% transaction tax on cryptocurrency transactions. Since April, the daily trading volume on local cryptocurrency exchanges has dropped by up to 90%.

Since India has strengthened the regulatory environment, those platforms must comply with tighter KYC and security regulations.

In 2019, Binance announced it had acquired the Indian cryptocurrency exchange WazirX. However, Changpeng Zhao recently said he did not complete the deal with its CEO Nischal Shetty.

Due to the drop in its daily trading volumes, WazirX had to dismiss 40% of its employees in October.

India Seeks to Implement Taxes on Crypto Companies Formed Abroad

The Central Board of Direct Taxes (CBDT) of the government of India recently released a new joint ITR to replace previous ones. The draft document has fields requesting information about foreign companies whose user base is in the country.

Tax experts consider that this aims to include crypto and Web3 companies formed abroad but whose user base is India. A recent report from Nasscom indicates that India has around 450 cryptocurrency and Web3 startups, 60% registered in crypto-friendly jurisdictions with clearly-stated regulations.

India Tests Its CBDC to Control How Citizens Use Their Money

The Reserve Bank of India (RBI) recently started the first large-scale tests of the digital rupee, its CBDC. Several Indian financial institutions used it to settle almost 50 transactions in government bonds worth INR 170 million.

According to the Indian government, eight participated in the initial liquidation of the CBDC. These were the State Bank of India (SBI), Bank of Baroda, ICICI Bank, IDFC Bank, HDFC Bank, HSBC, Kotak Mahindra, and Yes Bank.

The digital rupee allows the Reserve bank of India to implement a new trading system in different national banks. Experts define CBDCs as digital fiat currencies issued by central banks. Therefore, they have value as legal tender in the countries that create them.

Initiatives like the digital rupee aim to have functions similar to fiat money without ceasing to be a control mechanism. In the case of China, the government issued a CBDC to reduce the use of decentralized cryptocurrencies like Bitcoin.

Taxes on cryptocurrencies in India and other countries seek to prevent citizens from investing in them. However, many people still believe in decentralized crypto assets like Bitcoin.

Meanwhile, Bitcoin is trading at around USD 20,609 and has accumulated a 1.6% over the last 24 hours. While its daily trading volume is above USD 377.00 billion, its market capitalization is about USD 395.65 billion, according to CoinGecko.

By Alexander Salazar

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