In this never-ending opera of regulation, Oregon’s lawsuit against the crypto exchange Coinbase resurrects the age-old classification: securities. Over 30 darlings of the blockchain ball, including our old friend XRP, are once again summoned to the witness stand, as announced by Paradigm’s vice president of regulatory affairs, Justin Slaughter, who seems to find merriment in the theatricality.
Where once the $0.17 mark stood as a fortress against despair, now it is a question whispered among the shadows: can Dogecoin muster the strength to reclaim its throne before the candle’s flame guttered red and the night swallows it whole?
Bloomberg’s very own Eric Balchunas, the analyst who’s seen it all, seems to think altcoins will barely leave a scratch on Bitcoin’s reign. He said:
He insists that this current act diverges from the old script: Bitcoin holders clutch their treasures tighter than a miser with his last sou, disinclined to exchange their glittering bitcoins for those flashy but fickle altcoins.
With a grand flourish, Upbit announced a KRW market listing for DeepBook Protocol (DEEP), and voila! In a mere 24 hours, the token’s price took a delightful leap—38% to be precise. It was already making modest waves in BTC and USDT pairs since April 16, but the KRW pairing? Oh, that’s when things really got interesting. Trading kicked off at 2:30 KST on April 22, and let’s just say the market didn’t bother with any pleasantries—it dove right in.
Zoom out, if you will—ADA’s long-term groove hasn’t completely derailed, and lately, the charts are flirting with a bigger story. Rumors of ETFs and whispers about Cardano cozying up to Bitcoin DeFi are bubbling like a conspiracy theory at a dinner party. Will this champagne pop or just fizzle? Your guess is as good as mine. 🍾🥂
Pro tip: keep your eyes glued to $83,000 (support level) and $90,000 (the “please don’t break me” resistance). They’re basically Bitcoin’s emotional landmarks for when it decides to throw a tantrum or throw a party. 🎢
But hold onto your wallets, folks, because this lawsuit goes WAY beyond what the SEC was initially crying about. The SEC had a list of 13 tokens; Oregon? They’ve upped the ante to a whopping 31. They’re calling these tokens “crypto securities,” and they’re accusing Coinbase of offering and selling them as investment contracts through Coinbase and Coinbase Prime. Are we playing poker here or what? 🎲
The once eager bulls nudged XRP to greet the dawn above $2.050 and $2.080, mirroring its extroverted cousins Bitcoin and Ethereum in a brief communion of hope.
This spicy little notion started heating up earlier this year after a hush-hush meeting with Ripple’s bigwigs, headlined by CEO Brad Garlinghouse. Rumors flew faster than a hedgehog on espresso that there was a 50% chance XRP would join the federal reserve party. Now? That’s cooled to about 22%, but hey, the gossip mill is still grinding.