BTC May Not Recover Until 2025, Ripple and SEC Face “Biggest Decision” in Case, Ancient ETH Whale Awakens: Crypto News Digest by U.Today
Here are the top four news stories over the past day, presented to you by U.Today.
Bitcoin may not recover until 2025, says Huobi co-founder
In a recent interview with CNBC, Du Jun, one of Huobi’s co-founders, shared that he does not expect Bitcoin to recover anytime soon, adding that the flagship crypto’s rally might only start in 2024, the year the reward for mining Bitcoins is cut in half. According to Du, Bitcoin could be in the early innings of another bear market.
Bitcoin is changing hands at $38,088 at the moment of writing.
Alex DovbnyaRipple-SEC lawsuit: this might be the biggest decision for XRP
Even though it has been one year since the Ripple-SEC case started, the notorious lawsuit still remains the talk of the town. The latest update on the case concerns an SEC motion to reconsider 63 emails with drafts and comments about Director Hinman's lecture on ETH not being a security. According to John Deaton, founder of Cryptolaw, if Judge Sarah Netburn grants this motion, it might be the ''biggest decision'' for XRP, since XRP could be found mentioned in one of the emails, or other evidence within could be exculpatory enough to close the case.
Ancient Ethereum whale awakens
Whale Alert tracking service reported that, after remaining dormant for seven years, an Ethereum wallet containing $5.1 million worth of ETH has been activated. The address has made a staggering 220,799% profit, with only $2,336 as the original investment. The reason behind the sudden activity might be either someone discovering a dusty old wallet or the owner finally unlocking his or her Ether after losing access to the crypto holdings.
Cardano outpaces Litecoin and Ethereum in on-chain activity as ADA blockchain expands
According to data provided by Messari yesterday, Cardano topped Litecoin and Ethereum in terms of on-chain activity, with a transaction volume of $17.04 billion. Apart from that, Cardano outperformed both Litecoin and Ethereum in adjusted volumes, with a 24-hour volume of $16.71 billion, compared to Litecoin's $97.81 million and Ethereum's $3.84 billion.
Since the start of 2022, the Cardano blockchain has demonstrated massive chain activity, growing by nearly 13 GB.
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