Pro-XRP attorney John Deaton is steadfastly fulfilling his promise to support Coinbase users amid their legal challenges with the U.S. Securities and Exchange Commission (SEC).
On April 19, Deaton filed a motion in the Southern District of New York’s District Court to act as amicus counsel for 4,701 Coinbase customers in a lawsuit that began in June 2023.
In his filing, Deaton confirmed, “I am admitted or otherwise authorized to practice in this court and I appear in this case as counsel for 4,701 Coinbase Customers.”
Deaton’s involvement is driven by a desire to advocate for the average person’s right to financial growth, as he expressed in an April 18 podcast with Fox Business reporter Eleanor Terrett.
“This isn’t about crypto, this is about freedom.
“This is about upward mobility, this is about people who want a fighting chance, people who want to build a little wealth.
“They are not looking to get rich, they’re not crypto bros,” Deaton stated.
The move to represent Coinbase users comes shortly after Coinbase lodged an interlocutory appeal following a denied motion to dismiss the SEC lawsuit.
The appeal hinges on the question of whether an investment contract necessarily involves a contractual agreement, a point highlighted by Coinbase’s Chief Legal Officer Paul Grewal.
Deaton’s efforts to support the cryptocurrency community are well-documented through several amicus counsel applications in significant legal battles.
Notably, he appeared as a friend of the court for over 6,000 XRP holders in the SEC’s 2021 lawsuit against Ripple Labs and more recently in the LBRY vs. SEC case in September 2023.
Adding to his legal activism, Deaton is also eyeing a political role, challenging Senator Elizabeth Warren, a known crypto critic, for her Senate seat.
His campaign has garnered significant financial support, outpacing Warren’s fundraising efforts in the first quarter of this year.
According to an April 15 Cointelegraph report, Deaton raised $1.36 million, surpassing Warren’s $1.09 million.
He also invested $500,000 of his personal funds into his Senate run and appealed to his 324,100 Twitter followers to help raise an additional $500,000.
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The fourth Bitcoin halving, occurring on April 20, might initiate the “most bullish” cycle for Bitcoin, influenced by historical trends and the introduction of spot Bitcoin exchange-traded funds (ETFs).
On March 13, Bitcoin’s value soared to an unprecedented high of over $73,600, anticipating the halving event.
This milestone was historically followed by significant price surges between 518 to 546 days after previous halvings.
According to Sukhveer Sanghera, founder and CEO of Earth Wallet, the confluence of factors surrounding this halving presents an exceptionally optimistic outlook for Bitcoin.
“The combination of nearly all BTC having been mined, early investor via ETFs, increasing demand for inflation hedges, and increased utility — all fundamental aspects of Bitcoin’s value proposition are stronger than ever before,” Sanghera explained to Cointelegraph.
Despite a minor 5.6% dip in its weekly performance, Bitcoin was trading above $63,600 as of late April, showcasing a modest 2.85% monthly gain and an over 50% increase since the start of 2024, as per TradingView data.
Bitcoin’s price trajectory is predicted to maintain bullish momentum in the long term, despite typical short-term corrections following halvings.
Temujin Louie, CEO of Wanchain, anticipates potential fluctuations but remains optimistic. “Historically, Bitcoin halvings were followed by a slump.
Expect to see continued consolidation so long as support around $58,000 holds.
If BTC breaks recent highs, look for a rapid increase to $80,000, $90,000, or even $100,000 as investors favor round numbers,” Louie stated to Cointelegraph.
READ MORE: Laughing Shiba Inu to Turn Early Buyers Into Memecoin Millionaires, As SHIB and DOGE Lose Ground
Prior to the halving, Bitcoin ETFs experienced a downturn in accumulation, with net inflows turning negative during the halving week.
The U.S. spot Bitcoin ETFs registered $398 million in net outflows, contrasting with the prior week’s $199 million in net inflows, according to data from Dune.
Nevertheless, these ETFs collectively hold over 835,000 BTC valued at $53.5 billion, constituting 4.24% of the available Bitcoin supply.
Despite this dip in ETF inflows, the broader narrative surrounding Bitcoin remains positive.
Jonas Simanavicius, co-founder and CTO at Syntropy, underscores the continuing interest from major institutional players.
“Early adopters from large capital institutions have entered the market, and it is taking time for the next wave of institutions to prepare their inflows.
“While big banks predict some downward movement in BTC post-halving, I see strength in BTC due to potential new money inflows and its positioning as a hedge against inflation,” he remarked.
Simanavicius also highlighted Bitcoin’s growing reputation as a “hedge against political tensions,” enhancing its appeal as a secure asset amid global uncertainties.
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XRP saw a notable price increase of 5.55%, reaching an intraday high of $0.526, while the broader crypto market experienced a slight downturn of 0.16%, with Bitcoin dropping by 0.5%.
This surge in XRP comes immediately following Bitcoin’s fourth halving event.
XRP’s significant performance today can be primarily attributed to the “sell-the-news” sentiment affecting Bitcoin.
This phenomenon occurs when traders speculate on an asset before a major event, driving up the price, only to sell off their holdings after the event, leading to a price drop.
This situation often results in capital redistribution within the crypto market, benefitting alternative investments like XRP.
Particularly, with XRP’s lag during the 2024 price rally, it has become a more attractive buy for traders.
Despite XRP’s year-to-date returns sitting at -15% compared to the broader market’s +35% and Bitcoin’s impressive 44.45% increase, it is perceived as a potential investment opportunity for its capacity for future growth.
Additionally, XRP’s rise coincides with an increase in acquisition activities by large-scale investors or “whales.”
There has been a notable increase in the number of whales holding significant amounts of XRP in April, just ahead of Bitcoin’s halving.
This trend is not limited to large investors; smaller investors or “fishes” have also been accumulating XRP tokens, indicating broad anticipation of favorable market developments.
For instance, according to the CoinShares’ weekly report, XRP funds were some of the few to experience capital inflows for the week ending April 12, in stark contrast to Bitcoin and Ethereum which saw negative flows.
This influx suggests a growing investor confidence in XRP’s potential compared to its peers.
From a technical analysis standpoint, XRP’s recent price movements also indicate a rebound from oversold conditions.
Following a sharp 30% decline on April 13, XRP’s daily Relative Strength Index (RSI) fell below 30, signaling an oversold market.
This typically suggests an impending period of price consolidation or rebound, which has materialized with XRP’s price bouncing 24.25% from its mid-April low, inclusive of today’s gains.
This technical recovery, alongside the strategic accumulation by investors, highlights XRP’s resilience and potential for recovery within the volatile crypto market.
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Sleepy Shiba (SLESHIB) could become a viral memecoin, like Shiba Inu (SHIB) and DogWifHat (WIF).
Sleepy Shiba (SLESHIB), a Solana memecoin that was launched this week, is aiming to challenge other memecoin giants, such as Shiba Inu (SHIB) and DogWifHat (WIF).
Early investors in SHIB and WIF made astronomical returns, and Sleepy Shiba presents a similar opportunity.
The exciting memecoin is poised to rally 2,500% in the coming 4 days, as the developers have already announced that Sleepy Shiba (contract address: 48ArdqDK1WJpicfi4evR3AboK4WJs6LZHbAmnpN55Z2N) will be listed on MEXC – a leading centralized crypto exchange.
This listing will be a massive bullish event for SLESHIB’s price, as it will give it huge exposure and propel its price, as millions of new traders will be able to easily buy Sleepy Shiba.
Sleepy Shiba has already rallied over 700% in the last 24 hours, but its market cap is just around $72,000, meaning it has huge upside potential.
Currently, SLESHIB can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors could make huge returns once the MEXC listing goes live. To buy SLESHIB on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for SLESHIB by entering its contract address in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and DogWifHat (WIF) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like Sleepy Shiba.
The Bitcoin community recently witnessed a significant event as 37.7 Bitcoins (BTC) were spent in transaction fees, amounting to over $2.4 million, to secure a spot in the highly anticipated fourth Bitcoin halving block.
The halving occurred at 12:09 m UTC on April 20, with Bitcoin miner ViaBTC producing block 840,000, which activated an automatic protocol reducing miner rewards from 6.25 BTC to 3.125 BTC per block.
This block has become a landmark in Bitcoin’s history, seeing unprecedented transaction fees totaling 37.67 BTC, as per data from Bitcoin block explorer mempool.space.
Including the mining reward, a total of 40.7 BTC — approximately $2.6 million — was awarded to ViaBTC for mining the halving block.
The spike in fees was driven by users eager to participate in the Runes Protocol, introduced by Bitcoin Ordinals creator Casey Rodmarmor, which launched concurrently with the halving.
Runes, touted as a more efficient token creation system on Bitcoin compared to the BRC-20 token standard, utilizes the Unspent Transaction Output (UTXO) model for token issuance, contrasting the inscription account model used by Ordinals.
Leonidas, a pseudonymous Ordinals developer, highlighted the impact of this surge on miner income post-halving.
“Runes degens have single-handedly offset the drop in miner rewards from the halving,” he stated in a post on social media platform X on April 20.
The subsequent blocks saw even higher fees, with a total of $3.82 million spent on transaction fees across five blocks following the halving, not including the miner subsidies, according to mempool.space.
Additionally, the competition extended beyond token creation.
Bitcoin mining pools competed for the prestigious “epic” satoshi, the first satoshi mined on the halving block.
In the lead-up to the event, Trevor Owens, managing partner at The Bitcoin Frontier Fund, expressed his willingness to offer between $500,000 and $1 million for the first Bitcoin block post-halving.
The reaction to the halving within the crypto community was mixed.
Trader Hsaka captured the sentiment with a meme indicating a fleeting celebration before returning to usual activities.
Meanwhile, notable Bitcoin skeptic Peter Schiff took a more critical stance, commenting on the halving’s effect on Bitcoin holders.
“I think halving is an appropriate name for what’s happening as soon Bitcoin HODLers will experience a halving of their net worths,” Schiff remarked on X.
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The Shiba Inu cryptocurrency (SHIB), known for its dog-themed branding, has experienced a significant boost in its burn rate, surging by 172%.
This increase coincides with a noticeable recovery in its market price.
The rise in the SHIB burn rate entails a substantial volume of tokens being permanently removed from circulation, sent to an inaccessible “dead” wallet.
As reported by Shibburn X on social media, six transactions alone have accounted for the burning of 5,221,667 SHIB tokens, marking a 172.16% increase in the burn rate.
The boost in the token burn rate has been accompanied by a rebound in SHIB’s market value.
Previously pressured by unfavorable broader market conditions, SHIB has recently regained momentum, resulting in positive returns for investors.
This recovery follows a period of subdued trading activity.
Analyzing the price trends, SHIB had touched a low of $0.00001837 on April 13 and has been trading between $0.0000205 and $0.00002386 since.
However, the token saw a dip to $0.0000208 in today’s session before bouncing back. At the latest check, SHIB’s price was up by 5% in the past 24 hours, reaching $0.000232.
The resurgence in both the price and burn rate of SHIB may be attributed to several factors.
These include a general recovery in the cryptocurrency market and heightened trading activity.
READ MORE: Laughing Shiba Inu (LSHIB) to Skyrocket 3,600% in Next 48 Hours, While SHIB and DOGE Lose Steam
This has helped propel SHIB to higher levels, rekindling investor interest and optimism.
The Shiba Inu community has been buzzing with excitement and anticipation, driven by continuous development efforts to enhance the SHIB ecosystem.
One notable development is the Shiba Inu layer 2 solution, Shibarium, which recently underwent a significant update.
This update includes a new user interface and expanded wallet compatibility.
Shibarium now supports major wallets like MetaMask, Coinbase Wallet, Rainbow, Trust Wallet, and Wallet Connect, offering users more flexibility in how they connect.
Moreover, Shibarium has been redesigned from scratch with a focus on improving user experience and transaction speed.
Additionally, the platform has launched a new website, now hosted at the shib.io domain, signaling further growth and development within the Shiba Inu project.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Shiba Inu (SHIB) was poised for a 43% surge in value before broader market downturns impacted its trajectory.
Despite these challenges, SHIB still enjoys strong backing from both market forces and dedicated investors who could lead a recovery effort.
The influence of investor activities on Shiba Inu’s price is well-documented, with the meme coin typically responding well to proactive investor movements.
Current market data, specifically the Market Value to Realized Value (MVRV) ratio, positions SHIB in a zone ripe for opportunities.
This ratio is pivotal as it tracks the profits and losses of investors. Presently, Shiba Inu’s 30-day MVRV stands at -9.7%, suggesting that many are facing losses, which historically signals a phase of accumulation.
Past trends indicate that when MVRV values range between -9% and -19%, it usually marks a promising accumulation point for the cryptocurrency.
If investors decide to capitalize on SHIB at its current price, they stand to gain from a potential market rally.
This anticipated price increase is largely expected due to optimism surrounding the upcoming Bitcoin halving event, scheduled in the next 12 hours.
This event, which will cut Bitcoin mining rewards by half, has traditionally initiated significant market rallies.
With a strong current correlation coefficient of 0.83 with Bitcoin, SHIB is likely to benefit from any positive shifts resulting from Bitcoin’s market movements.
As a result, Shiba Inu’s price is set to climb. Currently priced at $0.00002311, SHIB is on the verge of a rally expected to elevate its value to $0.00002835.
This 23% increase depends on its ability to surpass and sustain above the $0.00002584 resistance level, potentially setting it up to revisit and possibly achieve the initial 43% rally target indicated by the symmetrical triangle pattern.
Conversely, should SHIB fall below the $0.00002039 support level, its price could face a significant drop to $0.00001473, effectively negating the optimistic forecasts and reflecting a severe market downturn.
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Recently, Bitcoin (BTC) has experienced a surge in transaction fees, surpassing Ethereum (ETH) for three consecutive days as the market anticipates the upcoming Bitcoin halving and the launch of Runes, a new Bitcoin token standard.
On April 17, Bitcoin miners collected $7.47 million in transaction fees, which was slightly higher than the $7.31 million that Ethereum stakers earned on the same day, as reported by Crypto Fees.
This increase in fees for Bitcoin continued from April 15 to 16, where Bitcoin miners earned $9.98 million and $5.91 million, respectively, outpacing Ethereum by significant margins.
Despite these figures, Ethereum still holds a slim advantage over Bitcoin in terms of the average fees collected over the past seven days, amounting to $8.55 million compared to Bitcoin’s $7.57 million.
The calculation of Bitcoin transaction fees is based on the transaction’s size or data volume and the demand for block space at the time the transaction is processed.
This system has led to the recent increase in fees just as Bitcoin miners prepare for the halving event scheduled for April 20.
The halving will reduce the mining reward from 6.25 BTC per block to 3.125 BTC, significantly impacting miners’ earnings from block rewards.
Currently, about 900 BTC are mined daily, which translates to roughly $57.2 million based on current prices.
With transaction fees of $7.47 million on April 17, these fees represented 11.5% of the total block rewards for Bitcoin miners.
READ MORE: Shiba Inu Sees Surge in Market Interest Despite Mixed Sentiments Among Traders
Post-halving, the importance of transaction fees is expected to increase as daily mining output halves to about 450 BTC.
The introduction of Ordinals inscriptions in January 2023 has already contributed to higher revenue from transaction fees for Bitcoin miners.
This trend is anticipated to continue with the release of Runes at block 840,000, coinciding with the halving event.
Runes aims to simplify the creation of fungible tokens on Bitcoin, targeting memecoin enthusiasts and other community-driven segments.
Casey Rodarmor, the creator of both Ordinals and Runes, explained that Runes are fully UTXO-based, meaning they should not overload the Bitcoin network as much as Ordinals have.
This development comes as prices for BRC-20 tokens, including Ordinals (ORDI) and Sats (SATS), the two largest by market capitalization, have declined by 38% and 43% respectively over the last week, as noted by CoinMarketCap.
This shift in trader focus towards Runes may also be influencing the recent rise in Bitcoin fees.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Nuclear Meow (NUCMEOW) could become a viral memecoin, like Shiba Inu (SHIB) and DogWifHat (WIF).
Nuclear Meow (NUCMEOW), a Solana memecoin that was launched today, is aiming to challenge other memecoin giants, such as Shiba Inu (SHIB) and DogWifHat (WIF).
Early investors in SHIB and WIF made astronomical returns, and Nuclear Meow presents a similar opportunity.
NUCMEOW currently has a market cap of just around $9,000, with each coin trading around $0.000003129, meaning it has massive potential for early investors.
The exciting memecoin is poised to rally 3,300% in the coming 3 days, and Nuclear Meow (contract address: 4diPZ9awJFCRrS249dvWVUV2b9eFrvTpuDJP97XtFs7j) could potentially reach a multi-million dollar market cap within a few weeks.
Currently, Nuclear Meow can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days. To buy NUCMEOW on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for NUCMEOW by entering its contract address in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and DogWifHat (WIF) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like NUCMEOW.
Sleepy Shiba (SLESHIB) could become a viral memecoin, like Shiba Inu (SHIB) and Book of Meme (BOME).
Sleepy Shiba (SLESHIB), a Solana memecoin that was launched this week, is aiming to challenge other memecoin giants, such as Shiba Inu (SHIB) and Book of Meme (BOME).
Early investors in SHIB and BOME made astronomical returns, and Sleepy Shiba presents a similar opportunity.
The exciting memecoin is poised to rally 2,500% in the coming 4 days, as the developers have already announced that Sleepy Shiba (contract address: 48ArdqDK1WJpicfi4evR3AboK4WJs6LZHbAmnpN55Z2N) will be listed on MEXC – a leading centralized crypto exchange.
This listing will be a massive bullish event for SLESHIB’s price, as it will give it huge exposure and propel its price, as millions of new traders will be able to easily buy Sleepy Shiba.
Sleepy Shiba has already rallied over 700% in the last 24 hours, but its market cap is just around $72,000, meaning it has huge upside potential.
Currently, SLESHIB can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors could make huge returns once the MEXC listing goes live. To buy SLESHIB on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for SLESHIB by entering its contract address in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Book of Meme (BOME) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and Book of Meme (BOME) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and BOME investors are instead investing in new Solana memecoins, like Sleepy Shiba.