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XRP Price Rockets 15% To $1 As Ripple Stops SEC From Accessing Its Legal Communications

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Ripple Stays Winning_ Court Rejects SEC’s Request To Subpoena Personal Financial Information

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Bitcoin price might be struggling below $40,000, but that’s not stopping XRP from chasing after new highs. The cryptocurrency has bounced back above the $1 mark following a recent legal victory scored by San Francisco-based blockchain payments firm Ripple in the ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC).

Judge Rules In Ripple’s Favor… Again

Sarah Netburn, the judge presiding over the legal battle between Ripple and the SEC, has rejected the agency’s motion to access any legal records of Ripple. Previously, the SEC had made a request to access legal advice that Ripple sought or received regarding the security status of XRP, arguing that these documents would assist in proving that Ripple was aware of XRP’s security status even before conducting its ICO sale in 2013.

Fortunately for Ripple, Judge Netburn has denied SEC’s motion, according to a verdict published by the United States District Court of the Southern District of New York on May 30. In the public filing, she stated: “Ripple asserts that the SEC’s requested communications are protected by the attorney-client privilege, which has not been waived.

The latest court ruling will benefit Ripple’s “fair notice” defense. This defense argues that the SEC failed to warn Ripple that its actions breached any securities laws before filing a lawsuit.

Attorney Jeremy Hogan, who is observing the case with great interest, noted that the judge’s decision is “very important because the judge states Ripple’s subjective beliefs are XRP are NOT relevant to the Fair Notice defense, blocking the road the SEC wanted to use to fight the Defense.”

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Ripple is now intent on showing that the SEC was silent for eight years and suddenly filed its legal complaint in December 2020. Nonetheless, Magistrate Judge Netburn is not taking any position on whether Ripple’s defense is judicially identifiable.

“The Court takes no position about whether Ripple’s plea defense is cognizable or if it will prove meritorious. I reach only the limited question of whether Ripple put its subjective state of mind or advice of counsel at issue merely by raising the defense, thus waiving its privilege.”

The SEC filed a motion to dismiss Ripple’s fair notice defense on April 22, citing that it’s “legally insufficient.” According to the ruling on Sunday, the agency can renew its application to the court if Ripple will raise its good faith beliefs and rely on its privileged communications to support its fair notice defense.

Judge Netburn has also previously granted Ripple’s motion to access the regulatory agency’s internal memos.

XRPUSD Chart By TradingView

XRP is changing hands at $1.02 at press time, representing a 15.40% gain over the last 24 hours. With a market value of $46.57 billion, XRP is currently the sixth-largest cryptocurrency. The coin first touched $1 for the very first time since March 2018 on April 6.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/xrp-price-rockets-15-to-1-as-ripple-stops-sec-from-accessing-its-legal-communications/

Blockchain

PERL Token Price Rallies to 140% Following PERL.eco Launch

PERL Token Price Rallies to 140% Following PERL.eco Launch

PERL’s 24-hour trading volume surged from $3 million to $122 million.Following the PERL.eco launch and Listing BSC, the price soared.Listing on Binance Smart Chain leads to low transaction fees. Perlin (PERL) bills itself as a leaderless, scalable, PoS smart contract platform. It intends to supply the future of decentralized technologies while accelerating the transformation of …

The post has appeared first on thenewscrypto.com

Republished by Plato

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  • PERL’s 24-hour trading volume surged from $3 million to $122 million.
  • Following the PERL.eco launch and Listing BSC, the price soared.
  • Listing on Binance Smart Chain leads to low transaction fees.

Perlin (PERL) bills itself as a leaderless, scalable, PoS smart contract platform. It intends to supply the future of decentralized technologies while accelerating the transformation of international trade.

For the past few months, the crypto market has been experiencing a collapse which made investors struggle in trading.  Besides,even in downtime of the crypto market, PERL maintained a stability supporting the investors.   

PERL has rallied 140% from $0.052 to $0.134 in just 10 days. The average 24-hour trading volume of PERL has surged from $3 million to $122 million. 

Moreover, it is discovered the reason for the price hike includes the release of PERL.eco Registration ledger, listing on Binance Smart Chain (BSC), and fascinating staking option. This option enables token holders to earn a yield on cryptocurrencies.

The launch of PERL.eco (Planetary Ecosystem Registration Ledger) took place on June 5th,2021. In regards to the launch, the price of the token rallies on June 6 and June 14. 

Besides, Perl.eco stated that, 

“PERL.eco is an attempt to democratize the biosphere economy by utilizing liquidity pools and tokenizing ecosystems and carbon credits for decentralized finance”.

Moreover, PERL token holders can participate in voting for the important decisions which affect the ecosystem.

Listing on BSC Leads to a Low Transaction Fee

The other main reason for the surge in price is the launch of a token on Binance Smart Chain in mid-April for low transaction fees.

Following the launch of the protocols Defi interface platform PerlinX on BSC, PerlinX’s liquidity pools were also available on PancakeSwap. Furthermore, it helped the community in getting farming opportunities and users can earn a yield on PancakeSwap with its native token CAKE.

Significantly, blockchain projects that provide working solutions for the green energy concerns of increased carbon-dioxide will definitely gain traction.

Source: https://thenewscrypto.com/perl-token-price-rallies-to-140-following-perl-eco-launch/

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Blockchain

What these Ethereum, Chainlink, Binance Coin market players are up to

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The cryptocurrency market is evidently going through yet another free-fall period. In fact, the price of a major asset like Bitcoin has dropped below $35,000. With Ethereum, the situation was a little worse as its valuation dropped below $2,150 for the 1st time since 24 May.

However, while price action screamed bearish on the charts, whales have been pretty active over this volatile period. Here, it is also important to note that we are still amidst strong uncertainty, meaning bulls have a chance to recover in strength.

Keeping tabs on whale activity might allow us to approach particular altcoins with more confidence, or keep away from the ones with possible red flags.

Ethereum Whales are on fire!

Source: Santiment

Ethereum’s value may have collapsed quickly from its ATH levels but since the aforementioned correction, the supply held by top addresses has steadily gone up. The percentage of the total circulating supply held by top ETH addresses had dropped down to 18.4% too, but it was 19.8% at press time. In quantifiable numbers, more than 1.3 million ETH has been accumulated by these whale addresses post the May 19th crash.

It is quite a contrary sight considering ETH’s price has been deflating, failing to break above $3,000. But, it can also be inferred that Ethereum’s future is what investors are concerned with. Ethereum is heading towards its largest Options Expiry on June 25th and it may have a strong impact on its price.

Additionally, it is largely anticipated that the London Hard fork is also going down in July, which will be introducing the EIP-1559 protocol. Ethereum also announced that on 24th June, the testnet for the hard fork will be going live.

Source: Santiment

For Binance Coin, the number of whale addresses increased as well and from a fundamental point of view, it made clear sense too. BNB runs everything related to Binance and the exchange’s position in the market is fairly strong, regardless of bullish/bearish conditions.

On a long-term basis, market recovery would always fall in line with a bullish recovery for BNB. The asset being 50% under its ATH levels can therefore be considered to be an ideal accumulation range.

Chainlink – No more strength in Hodlers?

Source: Santiment

Surprisingly, Chainlink is one of the assets that has seen a consistent decline in supply held by top addresses. Here, it is also important to note that the decreasing whale activity has been ongoing since the beginning of 2021. Curiously, earlier last year, whale activity had dominated LINK’s network, so it is a complete change from its previous level of engagement.

From a development point of view, Chainlink continues to develop partnerships and collaborate with multiple organizations for DeFi improvements, so a decrease in whale addresses may also mean higher distribution. And yet, a lack of higher hodling addresses might be indicative of falling trust in its long-term valuation.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/what-these-ethereum-chainlink-binance-coin-market-players-are-up-to

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Blockchain

How Many Bitcoin U-Turns? Goldman Sachs Now Says Bitcoin Is Not a Viable Investment

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The US multinational investment bank Goldman Sachs continues with its 180-turns on the cryptocurrency industry. After its recent interest that included filing for a Bitcoin ETF and exploring crypto as an asset class, the institutions’ latest report said virtual currencies are not a “viable investment.”

Crypto Is Not a Viable Investment: Goldman

It’s safe to say that Goldman Sachs has displayed a controversial approach to the cryptocurrency space. The latest report coming from the Wall Street giant takes it back a notch by going to its hostile policy from previous years.

Titled “Digital Assets: Beauty Is Not in the Eye of the Beholder,” it touched upon some of the most recent concerns, including high energy consumption required in the process of mining. This topic was raised in May by Tesla’s Elon Musk, who criticized BTC for using too much coal fuel.

Despite numerous reports claiming otherwise, Tesla disabled bitcoin payments citing environmental issues.

The paper also touched upon cryptocurrencies’ usage in ransomware attacks after numerous hacks transpired on US soil in recent months. After each, the perpetrators indeed requested the payments to be sent in bitcoin.


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Furthermore, the document named impending regulations as the “biggest risk to the speculative aspects of this ecosystem.” Keeping in mind all of these concerns, the bank concluded:

“After analyzing various valuation methodologies and applying our multi-factor strategic asset allocation model, we have concluded that cryptocurrencies are no a viable investment for our clients’ diversified portfolios.”

How Many U-Turns?

The mentioned-above word ‘controversial’ might not be strong enough to describe Goldman’s ever-changing views on the industry.

The institution was among the first regulated entity to launch a crypto trading desk all the way back in 2017. Yet, that came amid the parabolic price increases, and when the year-long bear market followed, Goldman halted the initiative.

In the meantime, Goldman held a conference call in which it said bitcoin is not an asset class. Bank executives repeatedly questioned BTC’s ability to serve as a reliable store of value and blasted its volatility.

Yet again, Goldman restarted the trading desk this year when, once again, prices were skyrocketing to new highs. It also filed for a Bitcoin ETF with the SEC, explored launching custody services, added BTC to its year-to-date returns report, participated in investment rounds in crypto projects, and enabled clients to trade bitcoin derivatives.

With all of that in mind, it’s not such a surprise that Alex Kruger and other crypto community members viewed Goldman’s latest U-turn as nothing out of the ordinary.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/how-many-bitcoin-u-turns-goldman-sachs-now-says-bitcoin-is-not-a-viable-investment/

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