SEC Denies H๐lding Bitc๐in and Ethereum D๐cuments in XRP Case

The lawsuit between the Securities and Exchange C๐mmissi๐n (SEC) and Ripple c๐ntinues t๐ unf๐ld.

In the latest twist ๐f events, the Securities and Exchange C๐mmissi๐n has appealed t๐ the c๐urt denying that it has any d๐cuments in its p๐ssessi๐ns pertaining t๐ Bitc๐in, Ethereum, and Ripple (XRP). Previ๐usly, Ripple firm was granted partial access by the c๐urt t๐ d๐cuments relating t๐ Bitc๐in and Ether that the SEC may have under its p๐ssessi๐n, as it may help pinp๐int h๐w the t๐p tw๐ crypt๐currencies differ in definiti๐n t๐ Ripple’s XRP. The fintech firm is being pursued by the US regulat๐r in a $1.3 billi๐n lawsuit f๐r allegedly vi๐lating securities laws with XRP, which it deems t๐ be a security. H๐wever, the SEC has addressed this and said that they had n๐ d๐cument ๐n their p๐ssessi๐n relating t๐ Bitc๐in, Ether, and XRP. The legal team f๐r the SEC added as an argument:

“The C๐urt’s April 6 ๐rder did n๐t require the SEC t๐ pr๐duce any internal d๐cuments, but rather required the parties t๐ meet and c๐nfer ab๐ut ‘whether’ the SEC sh๐uld pr๐duce ๐r enter ๐nt๐ a privilege l๐g, ‘t๐ the extent there are relevant minutes ๐r m๐re ๐fficial internal mem๐s, any d๐cuments expressing the agency’s interpretati๐n ๐f views as t๐ XRP, Bitc๐in and ether.’

The Judge granted permissi๐n t๐ Ripple t๐ access SEC’s d๐cuments ๐n crypt๐, “in large part.” She said:

“I am g๐ing t๐ grant, in large part, the defendant’s m๐ti๐n, I think that the disc๐very related t๐ Bitc๐in and Ether is relevant.”

Judge Netburn did n๐t grant Ripple permissi๐n t๐ view SEC’s internal emails, h๐wever. Att๐rney Jeremy H๐gan, wh๐ has been f๐ll๐wing the case cl๐sely alth๐ugh he is n๐t directly inv๐lved in it, explained:

“The Judge made a very nuanced ruling and n๐w the SEC is trying t๐ say the Judge said “n๐ne” and Ripple is saying she said ‘m๐stly all.’ The truth is, she said ‘s๐me.’ I think she will rule ๐n this s๐๐n with๐ut ๐ral argument and smash s๐me heads t๐gether (in a p๐lite way).”

It will definitely be awhile bef๐re the case between Ripple and the SEC is res๐lved. It remains ๐ne ๐f the m๐st crucial rulings in the crypt๐ sect๐r, as it may serve t๐ determine h๐w digital assets are classified and regulated in the United States in the future.

Currently, there is an ๐pen m๐ti๐n t๐ intervene that XRP h๐lders have filed, in ๐rder t๐ participate in the lawsuit as third-party defendants. While the SEC has ๐pp๐sed the case and filed an ๐pp๐siti๐n t๐ the m๐ti๐n, Ripple ๐n the ๐ther hand has welc๐med the m๐ti๐n with ๐pen arms.

The ๐pen m๐ti๐n filed by J๐hn Deat๐n ๐n behalf ๐f ๐ver 10,000 XRP h๐lders accuse the SEC ๐f harming invest๐rs with its lawsuit against Ripple f๐r XRP, as the crypt๐currency subsequently plunged in price, erasing milli๐ns in market cap.

The data shows a large gap between rich and poor in the Dogecoin market

DOGE continued its attack on the crypto market cap yesterday. This coin meme surpassed XRP to become the fourth largest cryptocurrency by potential market cap after climbing to a valuation of $ 0.69 – a target that was specifically set by traders on the media. social media.

Relatively few people are moving large amounts of DOGE.

DOGE / USD 1 day | Source: Tradingview

But this latest crypto media wave may not be as sane as one might think. For all the hype surrounding Dogecoin (and its guru Elon Musk), publicly available data shows that relatively few people are actually using the blockchain, and those who use it take up a bit of the pole. Great period in overall performance.

According to statistics, the dollar value of coins deposited via the Dogecoin blockchain on Tuesday exceeded $ 58 billion. That is 70% higher than the amount transferred on Bitcoin ($ 34 billion) and 260% higher than ETH ($ 16 billion).

Going deeper into on-chain data, even though DOGE moves coin value higher than the two largest cryptocurrencies in the world, it has achieved this with only a fraction of the transactions.

According to data from Bitinfocharts, more than 1.4 million transactions were counted on the Ethereum blockchain on May 4, while nearly 300,000 transactions were counted on Bitcoin. Compare this to just 76,000 transactions recorded on the Dogecoin blockchain and a clear gap between rich and poor is starting to emerge.

Indeed, considering the average transaction value of DOGE on May 4, it was almost twice as high as the value recorded on Bitcoin. The average DOGE transaction value is $ 800,000, compared to $ 420,000 on BTC. Statistics related to ETH paint an even more dire picture – DOGE’s average transaction value is 8,000% more than ETH, despite only processing 5% of the number of transactions.

Combined with the long-standing fact that a single address holds 28% of all coins in existence, while only 12 accounts for 67%, it is clear DOGE is not the champion that everyone can. completely put your faith in.

A recently published report by Galaxy Digital outlined inadequacies regarding DOGE’s overall lack of authenticity as a true cryptocurrency project. Titled “Dogecoin: The Most Honest Sh * tcoin,” the report stressed Dogecoin’s GitHub repository (where developers recorded updates to the blockchain’s code) had not been touched since. 2017. Furthermore, the number of fully synchronized nodes (the computer running a copy of the Dogecoin blockchain) only accounts for 26% of the total number of nodes, indicating very few people are willing to attempt to maintain the network security of the blockchain. .

But even when the DOGE community may seem like a ghost town, it is clear that DOGE is still the best performing digital asset in the crypto space. The coin has recorded 14,000% growth since January 1, when it was undervalued.

Both DOGE’s seemingly absurd merit and responsibility for promoting promotion seems to be attributed to “DOGE’s Godfather” Elon Musk, who was delighted to post DOGE memes to his 52 million followers. Twitter throughout most of 2021.

However, it’s also worth noting that the recent high of $ 0.69 is the same price target set by Reddit traders that aim to artificially boost DOGE value. The price was originally intended to be reached on April 20. But DOGE only hit $ 0.42 at the time. Now, more than 2 weeks later, it finally reaches its target. The latest price level that traders pursue is $ 1.

If more evidence is needed that markets aren’t always plausible, look no further than this year’s GameStop price boost, with the share price of a dying brand rising more than 9,000%.

The Galaxy Digital report states:

“Dogecoin is always a joke and the joke is becoming more and more humorous.”

The report’s author and head of company-wide research at Galaxy Digital Alex Thorn praised DOGE and stated that it has not been “polished up”, noting that the coin’s fortunes are not tied to announcements. developer platform or promise and its sole goal is to induce reactions.

Thorn concluded:

“Dogecoin’s longevity is guaranteed as long as there is one obvious fact: people love a good joke.”

LINK breakout, what’s next?

ChainLink (LINK) has risen since April 18th. It continues to hit a new all-time high (ATH) on May 5.

LINK is close to reaching a critical Fib resistance level, which could trigger a rejection in the short term. Even so, the trend is considered bullish as long as the token is traded above the $ 42.70 support zone.

LINK hit a new all-time high

LINK has risen since April 18th. On April 27th, it broke through the previous resistance zone at $ 35 and confirmed this area as support for the next few days (green arrow) .

The rate of increase accelerated on May 4 and LINK hit a new all-time high of $ 51.20 the next day.

Technical indicators are on the rise. This is especially clear when the Stochastic Oscillator produces a bullish cross and the RSI line crosses above 70. In addition, the MACD is in the positive zone and rising.

Further resistance zones are found at $ 53.30 and $ 67.80. These are the 1.61 and 2.61 Fib retracement levels of the most recent decline.

Daily LINK / USDT Chart | Source: TradingView

Short-term movements

The shorter six-hour chart shows a break above the descending resistance line, leading to the current all-time high.

Neither the MACD nor the RSI is showing any signs of weakness, although the latter is in the overbought zone.

If LINK pulls back in the short term, the $ 42.70 zone is expected to act as support. This is the all-time high before that. The trend is considered bullish as long as the token is traded above this level.

6-hour frame LINK / USDT chart | Source: TradingView

LINK / BTC

Similar to the USD pair, LINK / BTC broke above the descending resistance line. However, it has yet to reach an all-time high. In fact, it is just approaching the 0.5-0.618 Fib resistance levels at 102,000-118,000 satoshi.

Though the technical indicators are bullish, rejection is probable at these levels, before the uptrend resumes. If so, the nearest support is found at 70,000 satoshi.

Daily LINK / BTC chart | Source: TradingView

Conclude

LINK is expected to continue rising to new all-time highs. While it may be rejected shortly, the token is unlikely to drop below the $ 42.70 zone.

Token Chainlink oracle, Band Protocol explodes and hits new highs

Chainlink’s market cap has risen almost 74% over the past month, from $ 29.50 to a new all-time high of $ 51.30. Such an impressive rally seems to have started after LINK broke above the symmetrical triangle on March 31.

Based on the height of the triangle, Chainlink is poised to rise 79% towards the outer Fib retracement level 2 at $ 53.50 – measured from the Feb. 20 high of $ 37 to the entry low. February 23 is $ 20.70.

Daily LINK / USDT Schedule | Source: TradingView

Now the target of the symmetrical triangle is almost reached, and Market Value to Realized Value (MVRV) is pointing to the pressure from potential sellers in the future. This basic indicator measures the average profit or loss of all addresses that bought LINK tokens over a specific time frame.

Chainlink’s 30-day MVRV rate currently stands at close to 30%, suggesting that most of the market participants who bought LINK in the past 30 days had an average return of 30% on their initial investment.

Every time the 30-day MVRV is up over 48% in the past three months, a sharp pullback has occurred as most of the tokens in circulation are profitable. The higher the MVRV ratio, the higher the selling pressure.

With that in mind, some caution will be recommended in the coming days. Although LINK’s 30-day MVRV may have plenty of room to go up, the fact that it is currently facing stiff resistance could cause a short-term reversal.

Chainlink MVRV 30 days | Source: Santiment

IntoTheBlock’s Global In / Out of the Money (GIOM) model reveals that Chainlink sits on top of a large demand wall that could hold back downward momentum in the event of a retreat.

Based on this on-chain metric, more than 76,400 addresses have previously purchased more than 64 million LINKs from $ 32.80 to $ 43.70. Holders of this price range can try to do anything to prevent their investments from “losing money”. They can even buy more tokens to allow the price to recover.

IntoTheBlock’s Global In / Out of the Money

With the lack of supply hurdles above, it’s a bit more likely that Chainlink will reject sell signals and continue to climb higher.

Traders must pay attention to a candlestick closing above the recent high of $ 51.30 as it will invalidate the pessimistic outlook and lead to a rally to $ 60 or higher.

Whales are buying BAND

Band Protocol has had a substantial correction after making a new all-time high of $ 23.40 on April 15. Its market value has dropped more than 50%, falling by more than $ 12 in three rounds. day.

Despite the catastrophic decline, it seems that large investors (whales) have capitalized on the uncertainty to buy BAND at discounted prices.

Band Protocol’s supply distribution chart shows that the number of addresses with 1,000 to 100,000 BAND has increased 4.90 percent in the past week. About 16 whales joined the network during that time.

The spike in the number of whales online at first glance seems insignificant. However, when considering these high net worth individuals holding up to $ 2 million in BAND, the increase in buying pressure could translate into millions of dollars.

Source: Santiment

IntoTheBlock’s GIOM model shows that most of the tokens bought by whales recently were bought for an average price of $ 16.90. Here, transaction history shows that 1,300 addresses hold more than 6.30 million BAND.

Therefore, the demand zone of $ 16.90 could be considered a suitable area for adding position in the event of a sell-off.

IntoTheBlock’s Global In / Out of the Money

While Band Protocol’s bearish potential appears capped by $ 16.90 support, technical indicators suggest that it has plenty of room to move up. BAND appears to be making a break up on the handle cup pattern that has been developing in the weekly chart since mid-August 2020.

If buy orders continue to pile up, this oracle token could rise 370% to an external FIb pullback of 1,786 or 2 – measured from a high of $ 20.80 on November 4, 2020 to as low as $ 3.80 on February 13, 2021.

These potential targets are $ 79 and $ 113.50 respectively.

Weekly BAND / USDT chart | Source: TradingView

Such an optimistic target is determined by projecting the cup’s height onto the breakout point.

QuantumScape Ticks Up After Diving on Short-Seller Report

QuantumScape says its stands by its data following a scathing report from activist short-seller Scorpion Capital.

QuantumScape (QS) – Get Report rose Friday after the electric vehicle battery maker’s shares nosedived on the heels of scathing report from activist short-seller Scorpion Capital that branded the company as a “pump and dump SPAC” scam.

Shares of the company, based in San Jose, Calif., were up 2.12% to $36.61 at last check after tumbling in the previous session.

In addition to the “pump and dump” allegation, the Scorpion Capital report lambasted the company for claiming “to have a ‘magic material’ that’s led to a breakthrough solid-state battery for electric vehicles.”

QuantumScape said it stood by its data, describing Scorpion as “a financially-incentivized short seller” that was looking to “short a stock, follow with a negative ‘report,’ make money on their short position, and quickly cover to lock in their gains.”

The company also noted some of the disclosures in the Scorpion report, including one that states, “the quotations of experts used in this article do not reflect all information they have shared with us, including, without limitation, certain positive comments and experiences with respect to QuantumScape.”

Another disclosure, the company said, states that Scorpion spoke with former QuantumScape employees, who “are by definition separated from the company and thus the information they have provided may be outdated.”

“As our public filings have clearly stated,” QuantumScape said in an email, “we have work to do, so this will be our last comment on this topic. We will now get back to work and continue to let our execution speak for itself.”

Separately, QuantumScape said that Celina Mikolajczak, vice-president of engineering and battery technology at Panasonic Energy of North America, was named to the company’s board as an independent director.

Mikolajczak also worked at Uber (UBER) – Get Report and Tesla (TSLA) – Get Report.

“We’re going to use her beyond a director. We’re going to have her looking at our tool decisions, process decisions,” CEO Jagdeep Singh told Bloomberg in an interview.

QuantumScape has said its batteries could offer about 50% more range than current commercial battery technology.

Its subsidiary, QuantumScape Battery, recently leased 196,600 square feet in San Jose, according to a filing with the Securities and Exchange Commission.

Volkswagen has invested in QuantumScape and Bill Gates, Microsoft’s (MSFT) – Get Report co-founder, is another major backer.

Elon Musk wants Coinbase to list DOGE

Yesterday, Twitterverse raised a question that caught the attention of Tesla CEO, crypto investor and Coinbase user Elon Musk: “Do you think Coinbase should activate Dogecoin on their platform? ” Musk replied: “Yes!”

Musk is no longer a stranger in the crypto world. In early February, US Securities and Exchange Commission filings revealed Tesla bought $ 1.5 billion in Bitcoin. Before that, Elon routinely pushed DOGE prices to the point where a single Dogecoin meme tweet was nearly 40% profitable in just half an hour.

What is Dogecoin?

Dogecoin was created by software programmers Billy Markus and Jackson Palmer in 2013. Two programmers created this coin in response to all Bitcoin advertisements. Their thoughts: if someone can create a coin, why can’t they?

The coin’s avatar is the chubby Shiba Inu dog, whose face stands out like a meme accompanied by cute English phrases, like “A lot” and “Very impressive”. This coin grew shortly after launch and was revered.

After the Bitcoin bull run in winter, celebrities like Musk pushed Dogecoin, which at its peak last month had a market cap of $ 17 billion.

Musk is not alone – celebrities are optimistic about DOGE. Earlier this year, rapper Lil Yachty announced he was investing one third of his savings into DOGE. The following month, he joined KISS bassist Gene Simmons and hip hop legend Snoop Dogg.

Subsequent analysis of Twitter metrics even revealed that Dogecoin is 1 point more popular than Bitcoin. In February, it accounted for 10.4% of all crypto mentions on the platform, while Bitcoin lagged behind with 10.1%.

All attention has resulted in some high price performance charts. On Jan. 27, DOGE was priced at $ 0.0078. By Feb. 8, that number nearly tripled to $ 0.074. A sharp correction ensued that pushed the price down to $ 0.047 on Feb. 23 – still 6 times more than where it was originally positioned.

Great, so why not on Coinbase?

Coinbase has always been slow to adapt to new coins. While Coinbase’s Asian rival Binance focuses on adding as many coins as possible at the cost of operating in the US, Coinbase has listed fewer coins to appease regulators at its home turf and doubling the ability to offer only a handful of currencies.

Executive editor Jeff John Roberts writes in his book Kings of Crypto that Coinbase considered adding more coins, including DOGE, after being overtaken by Binance as the most popular exchange in the world. gender in mid-2018, forcing Coinbase to revisit.

At this point, Coinbase is no longer a startup, they have a way of responding whenever they attempt to make changes. Noticing that there were no profits coming from memecoin, Coinbase executives quickly forgot about the plan to allow DOGE transactions on the platform.

Coinbase only started adding more coins after hiring tech entrepreneur Balaji Srinivasan in 2018 – but DOGE has never met their request.

The coin that started off as an elaborate joke about Bitcoin has now grown into the 15th largest cryptocurrency by market cap, with a dedicated team of developers behind it, and many new upgrades to the software.

Coinbase lost billions of dollars for not storing DOGE. But with its volatility, the exchange can defend its reputation as the white knight of the crypto space.

These tokens have achieved three-digit returns as the global economy recovers

Supply chain projects such as OriginTrail, Waltonchain, and Wabi have increased by more than 250% as blockchain interoperability is focused.

Over the past few weeks, blockchain projects focused on logistics and supply chains have seen tremendous growth as the economic slowdown caused by Covid-19 begins to show signs of recovery and concerns. concerns related to the global pandemic diminishing.

Three logistics projects that have benefited from an improved economic outlook are OriginTrail (TRAC), Waltonchain (WTC) and Wabi (WABI). Since the beginning of February, each token has seen an increase of 300%.

Daily chart of TRAC – WTC and WABI | Source: TradingView

TRAC / USD

OriginTrail describes itself as “the ecosystem that makes global supply chains work together by enabling global, collaborative and trustworthy data exchange”.

The project was founded in 2011 with the goal of providing business users with the ability to streamline their supply chains with added item tracking and data protection features.

Currently, OriginTrail has partnerships with big name companies like Microsoft, Walmart and Oracle.

Since Feb. 1, the TRAC price has risen more than 475% from $ 0.151 to a new all-time high of $ 0.867 on March 12 thanks to several major protocol developments, including the introduction stake on February 9.

TRAC / USDT 4-hour chart | Source: TradingView

On March 7, buyers joined again as OriginTrail prepared to launch the world’s first “Multi-Group Decentralized Knowledge Graph,” which will allow the TRAC platform to interact with multiple blockchains including Polkadot. (DOT), xDai (STAKE) and Oracle.

WTC / USD

Waltonchain is another supply chain focused protocol that has seen significant gains since the beginning of February. WTC price rose 436% from a low of $ 0.343 on Feb. 1 to a high of $ 1.64 on March 11 as trading volume increased from a daily average of $ 4 million to over 300 million. dollars.

WTC / USD 4-hour chart | Source: TradingView

Waltonchain focuses on creating an ecosystem that combines blockchain technology, radio frequency identification (RFID) and Internet of Things (IoT) to improve the performance of supply chain use cases. .

A major recent development that may have kicked off the current WTC rally is the successful upgrade of the protocol’s cross-chain hub, allowing for interoperability between data on other blockchains. each other, including Ethereum (ETH) and Fabric.

The update also introduces a host of new features that will be enabled by Waltonchain’s parent-child chain architecture, including the creation of the NFT product platform as well as the DeFi suite of products such as a decentralized exchange. middle, liquidity aggregator and insurance pool platform.

These developments show the need for projects to expand functionality to attract more crypto investors. The addition of NFT and DeFi capabilities has helped bring new energy to the community and add value to the WTC.

WABI / USD

Wabi is a supply chain ecosystem that connects brands and consumers by allowing for a seamless, fair and confidential exchange of information.

During the previous month, the WABI price rose more than 320% as it rose from $ 0.95 on Feb. 1 to a high of $ 0.404 on March 15.

WABI / USD 4-hour chart | Source: TradingView

Currently, Wabi is preparing to launch a new B2B marketing solution focusing on markets based in Asia.

Supply chain reopening after a year of hiatus caused by the Covid-19 pandemic appears to be the most important factor connecting WABI’s future success and supply chain and post-focused need another.

At an industry-wide level, interoperability with other blockchain platforms is one of the main drivers of rally in supply chain projects in 2021. As the global economy begins to reopen and supply chains reestablished, global trade facilitation platforms could further increase.