The cryptocurrency market continues to experience notable developments, especially with Bitcoin and significant altcoin projects. Accordingly, Bitcoin’s price has managed to please investors with an increase of more than 21% since the beginning of the year. However, analysts have opened a separate discussion noting that the current rate of Bitcoin short liquidations is lower compared to previous years.
What’s Happening on the Bitcoin Front?

At the beginning of January, Bitcoin’s price was trading around $42,000, while in February, the price of Bitcoin exceeded $52,000 for the first time in 27 months. This rapid increase in price could typically trigger a significant short sale, but recent developments suggest this process might be different from past experiences. The ETF process and the halving event are significantly contributing to the rise in Bitcoin’s price.

However, this week’s Bitfinex Alpha report stated that the magnitude of the short-term decline observed so far this year was smaller compared to the previous year. Bitfinex analysts stated the following:

“Large whale investors are not taking significant short positions due to the expectation that prices will continue to rise.”

Noteworthy Details in the Bitfinex Report

The Bitfinex Alpha report described the current market conditions as tightening supply and increasing demand. The report showed how the dynamics of current Bitcoin ownership could indicate early bull market conditions. Referring to data from the blockchain data analysis platform Glassnode, analysts mentioned that as the price of the crypto asset increases, the total volume of long-term Bitcoin holder supply approaches zero. The Bitfinex Alpha report included the following statements:

“Currently, less than 6% of the total long-term holder supply by individual institutions is held at a loss. Historically, comparable volumes of Bitcoin held at a loss by the long-term holders group have been an indicator of early bull market conditions.”

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Analyst Says Momentum Is Going To Switch to Ethereum, Predicts Capital Rotation to Altcoins
Henry Kanapi February 19, 2024

A closely followed crypto trader believes that Ethereum (ETH) and altcoins are about to steal Bitcoin’s (BTC) thunder.

In a new video update, crypto strategist Michaël van de Poppe tells his 162,000 YouTube subscribers that he thinks it is almost time for Ethereum to shine.

The analyst mentions Ethereum’s Dencun update, which aims to reduce the fees for layer-2 transactions, and the hype surrounding the possible approval of spot ETH exchange-traded funds (ETFs) as positive catalysts for the leading smart contract platform.

“I think the momentum is going to switch toward Ether.
Macroeconomic events [that are] going to take place are important to understand. Macroeconomic events in the sense that inflation is going to be sticky, perhaps they postpone the decline of the interest rates.
And I think given that Franklin [Templeton] is also interested in doing an application for a spot Ether ETF, I think there is a likelihood that the Ether ETF is going to take over the momentum.”
Earlier this month, global investment giant Franklin Templeton submitted an application to the U.S. Securities and Exchange Commission (SEC) for a spot market Ethereum (ETH) exchange-traded fund (ETF).

Looking at the rest of the crypto market, Van de Poppe thinks that traders will rotate their gains from Bitcoin to altcoins as he believes the upside for BTC is limited at current levels.
“If the markets correct because Bitcoin corrects, I think Ether is going to correct less so that means that the Bitcoin pair (ETH/BTC) goes up. If that’s the case, you know for quite sure reasons that Bitcoin is topping out, which means rotating toward USDT partially to use that to buy the dip on altcoins is plus EV (expected value) but also rotating toward altcoins already makes a lot of sense.” #Write2Earn #AltcoinBoom!

The post XRP Price Nears $0.60 as Ripple vs. SEC Lawsuit Enters Critical Phase appeared first on Coinpedia Fintech News
As the legal showdown between Ripple vs SEC reaches a critical juncture, the crypto market braces for potential aftershocks. With the lawsuit advancing into the pivotal “remedies” phase, investors and stakeholders eagerly await developments that could shape the future trajectory of the case and influence broader regulatory dynamics.

The latest update reveals Ripple’s XRP rose to $0.5741 today, moving closer to its $0.60 target amid growing anticipation of the SEC v. Ripple legal battle. However, the key financial and operational facts stay secret until February 20, 2024, as the litigation progresses.

SEC v. Ripple Lawsuit Enters New Phase

Today, February 20th marks the crucial date in the Ripple vs SEC case, with Ripple poised to reveal its financial records and respond to the SEC’s interrogatories. The delay in remedies-related discovery, granted by Magistrate Judge Sarah Netburn, highlights the case’s complexity and the necessity for careful consideration before deciding.

On top of that, Ripple’s compliance with the SEC’s demands for detailed financial statements and post-complaint XRP institutional sales contracts represents a significant development in the lawsuit. Ripple initially refused the demands however later agreed to adhere to the court’s order, signaling a willingness to cooperate with legal proceedings.

Implications for the Crypto Industry

As the case advances into the remedies phase today, both Ripple and the SEC are preparing for forthcoming legal briefs and proceedings in March and April. The court’s ruling on the appropriate penalties and remedies for Ripple’s alleged securities law violations carries far-reaching implications for the crypto industry and regulatory landscape.

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