Altcoin News Today TheBitTimes.com

More gains for XRP price appear likely due to a classic bullish continuation pattern alongside strong whale accumulation. XRP (XRP) has risen by an impressive 60% in the first quarter of 2023, helped by rising speculation over Ripple’s potential legal win versus the U.S. Securities and Exchange Commission and broader bullish sentiment in the cryptocurrency market. The XRP/USD pair now eyes more gains in the second quarter, primarily due to a classic bullish continuation pattern. XRP price paints bull pennant In late March, XRP broke above its multimonth ascending trendline resistance, averting a potential 35% correction. The rebound reached $0.58 on March 29, its highest level since May 2022. Now, XRP has been consolidating sideways in what appears to be a bull pennant. This bullish continuation pattern forms when the price consolidates inside a symmetrical triangle after undergoing a strong rally. A bull pennant resolves after the price breaks above its upper trendline while accompa...

John A. DeSalvo allegedly solicited ICO money from police and orchestrated a pump and dump on PancakeSwap shortly after. John A. DeSalvo, a former lieutenant at the New Jersey Department of Corrections, has been charged by the U.S. Securities and Exchange Commission (SEC) for orchestrating a crypto scam that specifically targeted police officers and first responders. According to the Aug. 23 announcement, DeSalvo allegedly raised $623,388 from 222 investors through sales of his own Blazar token from November 2021 to May 2022. DeSalvo proclaimed Blazar would "replace traditional state pension systems" for police, firefighters, and paramedics alike, thereby providing lucrative returns. DeSalvo allegedly told investors:  "Blazar Token is the first token or coin that is able to be purchased through payroll deduction every week. It will be taken out of one's weekly earnings pretax similar to payment into a pension, 401k, IRA, or any other retirement savings plans....

Valkyrie, the asset management company, has applied to the US SEC for an Ether (ETH) futures ETF. This initiative follows Valkyrie’s earlier alteration of its investment approach for a Bitcoin (BTC) futures ETF to align with regulatory guidelines. According to the submitted application, the fund’s strategy will involve acquiring multiple ETH futures contracts rather than a direct investment in Ether. The application details state that Ether’s characterization as a currency or digital commodity hinges on its application in specific transactions, potentially serving as a medium of exchange or unit of account. While some retailers accept Ether in the US and global markets, its use for commercial and retail transactions is moderately restricted. The document also acknowledges Ether’s potential as a value store and its significant price volatility. Alongside its investments in Ether futures, the ETF’s remaining assets will be allocated to cash, cash-li...

Lawyer Oscar Franklin Tan believes that if the appeal is allowed, whoever wins will build momentum in the main case. As the United States Securities and Exchange Commission (SEC) seeks an interlocutory appeal in its case against Ripple Labs, lawyer s working in the crypto space expressed confidence in Ripple’s case, with some underscoring that the XRP (XRP) token is not a security .  On Aug. 9, the SEC sent a letter to Judge Analisa Torres stating that it was moving to appeal the court decision, which it says warrants a fresh look by an appellate court. The SEC asked the judge to put the case on hold while the appeal is in progress. The SEC’s move to appeal sparked questions among community members, with some thinking that the SEC’s move to appeal is a move to challenge the “non-security” status of XRP. However, crypto lawyers assured the community that this is not the case. According to crypto lawyer Jeremy Hogan, the two issues are separate. Hogan explained that if the SEC wins the...

Timothy Massad, the former CFTC chairman, highlighted the benefits of stablecoins and urged regulators not to discredit their utility when it comes to regulations. The previous chairman of the United States Commodity Futures Trading Commission (CFTC), Timothy Massad, highlighted the importance of government attention being paid to the stablecoin ecosystem in an interview with CNBC.  On July 24, Massad told the CNBC interviewer that he sees stablecoins as a bridge between “the crypto world and the real world ” and that governments should not view them as a fad fated to disappear. The ex-chairman said he is “concerned” that the risks of stablecoins are not being properly addressed by regulators, rather they are kept out of the conversation due to the thought that they don’t actually work. “I’m sympathetic to a lot of people in the government saying ... we’re not convinced of the use case here, we don’t really see what the value is in the real world," he said. "But someti...

Last week, a separate U.S regulator, the CFTC reportedly found that Celsius and Alex Mashinsky broke several regulations before the collapse in 2022. The United States’ Securities and Exchange Commission (SEC) is reportedly taking action against Celsius Network, one of the cryptocurrency lending firms that collapsed in 2022. The securities regulator filed a lawsuit against Celsius’ former CEO Alex Mashinsky on July 13, according to a report by Bloomberg. Details of the complaint weren’t immediately available, the report said. The same report suggested that Mashinsky was also arrested on Thursday morning, following a probe into the company’s collapse. The report cited anonymous sources familiar with the matter. The action comes shortly after the Commodity Futures Trading Commission (CFTC) reportedly found that Celsius and Mashinsky broke several U.S. regulations before the company’s implosion last year. On July 6, Bloomberg also reported that attorneys from the CFTC’s enforcement divi...

On this week’s episode of The Market Report, Cointelegraph’s resident expert discusses whether Bitcoin will ever be below $27,000 again. Have you missed your chance to purchase some sats at sub $30,000 levels? In the latest episode of The Market Report, analyst and writer Marcel Pechman analyzes some data to conclude whether Bitcoin (BTC) will ever trade at $27,000. Some analysts attribute Bitcoin’s recent 21.5% gains to BlackRock’s spot Bitcoin exchange- trade d fund (ETF) filing, but other events might have also fueled the cryptocurrency gains. Pechman asserts that, following a period of enforcement actions by regulators against exchanges allegedly acting as unregistered securities brokers, the United States crypto regulatory environment has improved. More recently, the U.S. Securities and Exchange Commission has drawn opposition in Congress and the Federal Reserve. That shows just how conflicting the U.S. government’s views on crypto regulation are. Pechman shows how Bitcoin futur...

ARK Invest filed for a spot Bitcoin ETF in collaboration with 21Shares long before BlackRock did, and its application is reportedly first in line for the SEC’s approval. ARK Investment Management, a pro-Bitcoin (BTC) firm founded by veteran investor Cathie Wood, is reportedly ahead in the race for a spot BTC exchange-traded fund (ETF). In mid-June, the investment firm BlackRock filed an application for a spot Bitcoin ETF, triggering notable optimism in cryptocurrency markets. Several reports suggested that BlackRock could become the first issuer of a spot Bitcoin ETF in the United States should it receive approval, but that might not be the case, according to some executives and analysts. “Other applicants will be able to amend their filings with similar agreements at little cost,” ARK analyst Yassine Elmandjra reportedly said. Elmandjra stressed that ARK and the European asset manager 21Shares filed an application with the U.S. Securities and Exchange Commission (SEC) for a spot Bi...

Whether XRP is ruled as a security or not in the Ripple case will certainly have an influence on the two latest crypto exchange lawsuits, crypto lawyers told Cointelegraph. The judges presiding over Coinbase and Binance’s lawsuits will likely watch the results of the SEC v Ripple case closely, crypto lawyers told Cointelegraph. Ripple has been in a legal battle with the SEC since December 2020. The regulator alleges it was offering unregistered securities via XRP (XRP) since 2013. On June 6 the SEC filed a lawsuit against Coinbase also alleging that it has been offering unregistered securities. A day before it filed a lawsuit against Binance containing some similar allegations. Lawyer James Murphy, known as “MetaLawMan” on Twitter, explained in a series of tweets on June 9 that a favorable outcome for Ripple could “undermine the entire basis for the SEC’s case” against both, Coinbase, and Binance. 1/ The stakes just keep getting higher for the ruling in SEC v. @Ripple. Here's why....

According to a press release published today, the SEC has filed an emergency action against Miami investment adviser BKCoin for a $100 million crypto fraud scheme. Specifically, the press release cites co-founder Kevin Kang and states that they have frozen the assets of the adviser. The US Securities and Exchange Commission has accused the advisor of orchestrating the scheme from October 2018 through September 2022. Moreover, they have stated the firm’s obtaining over $100 million from “at least 55 investors,” for the purpose of investing in crypto assets. SEC Executes Emergency Action over Crypto Fraud The US Securities and Exchange Commission has continued its crackdown on the crypto sec tor. Subsequently, the regulators have targeted a Miami investment adviser. Specifically, the SEC has filed he emergency action against BKCoin for a $100 million crypto fraud scheme. According to a press release issued today, the regulators have stated the scheme took pla...