Ripple Can’t Win Against SEC, Says General Counsel, $320 Million in SOL to Hit Market, Here’s Who Pushed BTC to $17,000: Crypto News Digest by U.Today

U.Today has prepared a summary of the top four news stories over the past day.

SEC v. XRP: Andreessen Horowitz general counsel does not think Ripple can win

As stated by Miles Jennings, general counsel at Andreessen Horowitz (a16z), in a recent tweet, he does not believe that Ripple has a chance to win against the SEC. He explained his opinion by saying that the fintech giant was selling XRP tokens to retail in the U.S., which  means that the value of the cryptocurrency was determined by the company's actions, as opposed to decentralized ecosystems. Jennings then added that even though he supports Ripple and worked on CCI’s brief, he does not have his hopes up. This statement comes after Jennings’ thesis that all the major crashes of crypto projects happened because they were not decentralized, with the most recent example being the fall of the FTX exchange, which became insolvent.

$320 million in Solana will hit market in 24 hours, get ready

Unlike such major assets as Ethereum and Bitcoin, which handled the disaster caused by the FTX exchange and Alameda fund relatively well, assets like Solana might have more troubles than expected. Today, more than 18 million SOL worth approximately $320 million will hit the crypto market after they are released from staking. FTX and Alameda fund purchased SOL back in 2018-2019 with an average entry at approximately one-tenth of a dollar. This leaves the company with enormous gains, even if its actions push SOL's price below the $10 threshold. However, FTX and other related parties pushed Solana to catastrophic price levels, even without the coins that will be unlocked soon. In the last three days, SOL saw a 54% plunge and is currently trading at $15.38.

Here's who pushed Bitcoin to $17,000

Yesterday, the price of Bitcoin dropped below $17,500, marking its multi-year low, and here’s who pushed the digital gold to this level: per Santiment data, “overzealous” traders attempted to short Bitcoin as prices were showing a mild recovery, expecting further drops. Instead, they lost a significant amount of funds during BTC’s unexpected recovery. At least 26% of all liquidated positions were short, which means that bears were also victims. When such a strong plunge happens on the market, the usual liquidations composition is at around 90% in bulls’ favor. Neither bulls nor bears were able to handle the unusual state of the market and its enormous volatility. With the liquidation volume hitting $850 million, it was one of the largest outflows of funds from the industry in the last year.

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