Crypto Market Updates: Ripple vs. SEC, Bitcoin Deleveraging, Cardano Overtakes Dogecoin
Ripple vs. SEC Nears Conclusion
The legal battle between Ripple and the SEC may soon conclude, with three potential outcomes: XRP reclassification as a commodity, a significantly reduced fine for Ripple, and a precedent-setting ruling for the crypto industry. Prominent lawyer John Deaton is closely monitoring developments.
Bitcoin Market Deleveraging
Bitcoin's 90-day open interest has dropped 31.2%, indicating a deleveraging phase. Historically, this has preceded favorable opportunities for investors. Bitcoin currently trades at $81,759, with the market in the "Fear" zone ahead of the FOMC meeting.
Cardano Gains on Dogecoin
Cardano (ADA) is nearing Dogecoin (DOGE) in market capitalization. ADA's resilience contrasts with DOGE's decline, with ADA's market cap at $24.39 billion and DOGE's at $24.42 billion. This positions ADA to potentially overtake DOGE soon.
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