The post Ripple vs. SEC Lawsuit Update: Potential Supreme Court Showdown and $2 Billion Penalty Battle appeared first on Coinpedia Fintech News The Ripple vs. SEC lawsuit might go to the Supreme Court. In fact, Ladan Stewart, the former SEC litigator has suggested this possibility. Hence, Ripple is getting ready for a major legal battle on April 22nd. The key debate is whether crypto tokens like XRP are securities. The SEC plans to appeal the ruling of 2023 in Ripple’s favour. Now, it has made a crucial demand against Ripple Labs as a penalty. Ripple’s Legal Response to SEC and SEC Panellists’ Request Ripple Labs is getting prepared to file its opposition against the SEC’s proposed penalties. The SEC is seeking a total of nearly $2 billion from Ripple for alleged violations of the Securities Act of 1933. It specifically focuses on unregistered XRP offerings. The SEC’s proposed penalty includes disgorgement, prejudgment interest, and civil penalties, totaling almost $2 billion. Ripple executives have expressed disbelief at these penalties, especially without allegations of fraud or discussion on viable contracts. Previous settlement talks in March have failed to resolve disputes. Ripple’s Defense Strategy On April 22, Ripple will be submitting a redacted version of its opposition brief to the SEC. They will include documents and evidence, supporting their cause. Some parts will stay private based on SEC rules, but a public version will come later. Ripple’s defence is likely to challenge the SEC’s penalty request. It would possibly refer to a court decision from the Aron Govil case and Coinbase’s clarity on secondary market sales Currently, Attorney John E. Deaton wants to help 4,700 Coinbase customers in a case against the SEC. Coinbase is challenging a key rule about digital assets. If Coinbase wins, it could help Ripple in its own case against the SEC. Read more: Ripple’s John Deaton Rallies Thousands of Coinbase Customers in Battle Against SEC XRP’s Price and Legal Uncertainties Amid SEC vs XRP Case Ripple’s legal battle with the SEC continues to impact XRP’s market. Bill Morgan has also highlighted the lawsuit’s damage and Ripple’s silence on XRPL. In spite of this, XRP shows resilience below $0.50. In addition, Brad Garlinghouse has emphasized Ripple’s strategy to merge traditional finance with crypto amidst US regulatory challenges. XRP price rose to $0.5030 on Friday. It was influenced by the tensions in the Middle East, and the SEC vs Ripple lawsuit. Price trends show XRP could go up to $0.5739 or drop to $0.45. XRP’s price signs are unclear at the moment, but might change soon. People are unsure because of legal issues and are waiting to see what Ripple does next. Read more: Is the Ripple vs SEC Lawsuit Holding XRP Price Back?
Artificial intelligence (AI) has huge potential to uproot the financial and insurance sectors as we know them, however, there is a consensus that many fear the technology and the power it holds. Research from insurtech Sprout.ai has in fact shown that these suggestions of fear are somewhat made up as claims handlers are confident that automation tech like AI will improve processes for themselves and customers. The research uncovers the most tedious elements of the claims processing role across the US and UK. Fifty-five per cent of respondents struggle with reviewing and processing claims documents and evidence, and the same number are unhappy with compliance and reporting. Roi Amir is the CEO of insurtech Sprout.ai Roi Amir, CEO of Sprout.ai, said: “Claims handlers are responsible for the most important moment for an insurance carrier: delivering on their service promise. They know the claims process inside and out, and they’re deeply invested in making it easier for customers as well as themselves, as pressure can be high at these critical moments. “The report confirms what we already knew: handlers are becoming increasingly frustrated by challenges around delays and customer communication – and they are now seeing technology as the answer. This is a really promising development for the insurance industry: technology has the potential to turbocharge claims processing. For instance, using AI can take a typical claims process from 30 days to real time and free up handlers’ time to deliver more personalised and empathetic customer communication.” From a business standpoint The research also reveals a divide between UK and US claims handlers’ experiences. Well over twice as many UK claims handlers are struggling to retrieve and review claims documents and evidence, in comparison to their US counterparts (36 per cent vs. 14 per cent). These findings demonstrate the urgent need for UK insurers to transform document management systems or fall behind on the global insurance stage. Interestingly, the report also revealed that 95 per cent of firms believe technology like AI and automation will significantly impact claims processing in the next five years. From a consumer standpoint The findings also provide an insight into what customers want, from the perspective of those who are dealing with customers day in and day out, the claims handlers. Of them, 28 per cent say they receive complaints about delays or lack of communication, 20 per cent say they experience requests for more transparency in the claims process, and 17 per cent say they receive suggestions for faster processing. The post Sprout.ai Reveals UK Insurers Need Tech to Keep Up With Global Developments appeared first on The Fintech Times.
The post Bitcoin Price Crash Could Trigger $3 Billion Liquidation appeared first on Coinpedia Fintech News In his latest video analysis, Crypto Rover in his new youtube video went deep into the complexities of Bitcoin’s current market dynamics followed by the completion of the halving process. With a keen eye on the charts, Rover observes Bitcoin’s resilient behavior as it rebounds towards the upside, potentially transforming previous resistance levels into supportive foundations. This reversal in trend prompts Rover to explore the significance of liquidity patterns, particularly highlighting the emergence of negative funding rates. A good time to invest? Let’s understand the mechanism. Analyst Warns for a Massive Liquidation Drawing on historical references, Rover emphasizes that negative funding rates are a bullish indication, traditionally linked to market upswings. He thoroughly investigates the liquidity situation, pointing out the significant liquidity building above Bitcoin’s price. Rover says $71,600 is necessary. If Bitcoin regains this position, a $3 billion short liquidation is possible. Rover bases her prediction on CoinGlass, a recognized derivative market tracker, which shows significant liquidity at these high prices. Historically a Buying call! Despite short-term fluctuations, there’s optimism for further gains, with the next resistance target identified as around $67,000. Furthermore, the analyst noted the importance of staying vigilant amid market volatility, particularly with the emergence of another CME Futures Gap. However, negative funding rates were cited as a positive indicator, historically signaling a buying opportunity and marking the bottom of the market. Plus, the accumulation of over $2.8 billion in liquidations above current levels indicates a potential push toward higher prices. Also check Out : When Will Bitcoin Surge Post-Halving 2024? The Current Stats Over the weekend, Bitcoin experienced a sudden dip, plummeting to a low of $62,000, followed by a brief recovery to $66,797 before settling at $64,711. This volatility led to a record number of liquidations, totaling over $1.2 billion in long positions, highlighting market unease. Recent data from Coinglass indicates ongoing liquidations, with 89,151 traders losing $266.10 million in the past 24 hours. Despite the turmoil, Bitcoin has managed minor gains, coinciding with Hong Kong regulators’ approval of spot Bitcoin and Ethereum ETFs. Read Also : Here’s Why The Crypto Market Is Down Today! Crypto expert Willy Woo before halving predicted that these ETFs could drive Bitcoin’s price to ambitious targets, ranging from $91,000 to potentially surpassing gold’s market capitalization. Woo suggests a rise in institutional investor interest could boost further capital inflows into Bitcoin, potentially leading to even higher valuations.https://www.youtube.com/watch?v=Tx4tOQB2YvA
The post Ethereum (ETH) Price is Preparing to Break the Resistance, Can It Make It to $3500? appeared first on Coinpedia Fintech News The Ethereum price is trading within a deep bearish trend after facing a rejection above $4000, registering daily, weekly, and even monthly losses. The daily RSI also dropped with a plunge in the price and has cemented below the average since then. This indicated an extended consolidation phase as the bulls and bears failed to utilize their strength. With an extended consolidation, the ETH price appears to be close to a breakout as the trend remains largely stagnant. As mentioned above, the price continues to trade within a range after experiencing a shot time upswing to the resistance, which further coincided with the resistance area. Further, the price made a minor correction and soon backed up to the resistance area but later declined to the bottom part of the rally. However, the decline appears to be a bearish trap, as the trend could flip in a short while, causing a significant rise in the price, probably above $3300. As seen, the price continues to trade within a descending triangle, but the recent accumulation within a narrow range suggests a diverse trend could be in the making. Therefore, it has now become extremely crucial for the token to break the consolidation as the bulls remain short of strength to lift the levels beyond the resistance. But the recent bounce up close to the resistance line has raised hopes for a breakout in the coming days. Also Check Out : Will Ethereum-Based Tokens Rebound As Top Altcoins Stumble Again? It appears pretty evident that the price may soar beyond resistance as the volume has dropped to a large extent. Hence, after an extended compression, the price is expected to trigger a rebound. Moreover, following the pattern, the price is required to trigger a pullback below the support, but the accumulation along the resistance, flashes bullish signals for crypto. Therefore, the Ethereum (ETH) price is believed to maintain a sideways trend for some more time, which could result in a bearish pullback, followed by a bullish rebound beyond $3300 initially and later at $3500. Read More : XRP Price Ready to Breakout? Analyst Predicts Surge Over $1.20
The post Here’s Why The Crypto Market Is Down Today! appeared first on Coinpedia Fintech News Iran – Israel War, Geopolitical issues, SEC regulations, and inflation are heating the market and that’s reflected in the crypto assets this week. In a recent video analysis by BitBoy Crypto, the focus was on the potential impact of geopolitical developments on the crypto market, particularly regarding the future of the US dollar hegemony and the emergence of alternative trading blocs like BRICS (Brazil, Russia, India, China, and South Africa). However, he also emphasizes how this shift could disrupt the existing order, especially considering the political tensions in regions like Ukraine and the Middle East. Why Crypto is Down? BitBoy Crypto, also known as Ben Armstrong, has shed some light on the significance of a new development bank proposed by BRICS, which could challenge the dominance of the US dollar, especially if major oil-producing nations like Saudi Arabia and the United Arab Emirates begin trading in local currencies instead of the dollar. The analysis highlighted the historical context of the Petrodollar system, an agreement that has underpinned global oil trade since the 1970s, ensuring oil transactions are settled in USD. BitBoy Crypto discussed the potential implications of countries like China, Russia, and Iran moving away from dollar dependency, which could lead to a decline in the dollar’s role as the primary global reserve currency. In addition, the expert investigated recent political tensions, such as US sanctions against Russia and Venezuela, as well as how conflicts in places like Ukraine and the Middle East might affect energy markets around the world. He stressed that buyers should keep up with these events because they could have big effects on financial markets, including cryptocurrencies.
The onset of political tensions between Iran and Israel in Asia was a disastrous phase for the cryptocurrency market early in the week.
The Bitcoin halving event has taken the whole market by storm and people are trying to find its impact on other currencies. A lot of people anticipate that the market may get a sleeper hit due to this event. But then there is Bitgert’s BRISE coin that has been defying all the odds since the launch.
The post Bitcoin’s Memecoin – PUPS Rises As A New Contender In The Meme Coin Arena appeared first on Coinpedia Fintech News Happy Bitcoin halving day! The fourth Bitcoin halving has affected altcoins, pushing them to a similar surge and gathering interest from investors worldwide. This year, the meme coin segment has witnessed a surge in activity, with established players like Dogecoin and Shiba Inu commanding attention alongside emerging contenders like PEPE and dogwifhat. However, who would have thought a Bitcoin-based meme coin? That’s right! PUPS (Ordinals), a layer-2 Bitcoin project has signalled a potential shift in the meme coin ecosystem. Let’s take a look at the new frontrunner. Whales’ Strategic Move Amidst the hype surrounding meme coins, a notable transaction has piqued the interest of the crypto community. A prominent whale has redirected focus towards PUPS, swapping substantial holdings of BODEN and WIF for this emerging meme coin. Positioned as the first meme coin on the Bitcoin blockchain, PUPS has captured attention with its innovative approach and community engagement efforts. Endorsements from influential figures like trader Ansem have further fueled excitement surrounding PUPS, highlighting its potential for significant growth within the meme coin market. Recent price movements reflect growing investor interest, with PUPS experiencing a surge in both price and trading volume. Additionally, other BRC-20 Ordinals tokens have seen notable gains, indicating a broader trend within the cryptocurrency sector. It is a significant sign showing growing confidence in PUPS and sparks speculation about investors’ evolving strategies in the meme coin space. As PUPS gains momentum, investors are closely monitoring its performance and long-term prospects. Bitcoin Runes Protocol The upcoming Runes protocol, developed by Bitcoin developer Casey Rodarmor, is poised to revolutionize meme coins by leveraging the Bitcoin network’s capabilities. With enhanced efficiency and security, Runes offers a compelling alternative for meme coin traders and enthusiasts. Rodarmor’s endorsement of Runes further solidifies its position as a legitimate contender in the cryptocurrency space. In Conclusion As PUPS and the Runes protocol gain traction, the meme coin landscape is undergoing significant transformation. With innovative projects like PUPS leading the way, the future of meme coins appears promising, offering new opportunities for investors and shaping the evolving crypto ecosystem.