Important Ripple vs SEC Development, Bitcoin (BTC) Price Retreat, and More: Bits Recap April 18
TL;DR
- After hitting a record high of around $73,800, Bitcoin (BTC) experienced a sharp correction to nearly $60,000. Despite the downturn, the upcoming halving on April 19 might trigger a bull run.
- Ripple is gearing up for a trial against the US SEC set for April 23. This legal battle continues to capture attention, with significant updates expected soon.
- Despite a recent 22% drop in its market value, Shiba Inu (SHIB) shows signs of potential recovery. Factors such as an increased burn rate and advancements in its layer-2 solution – Shibarium – may trigger a future rally.
BTC’s Stubborn Correction
The primary cryptocurrency stole the show in March, with its price rising to a new all-time high of approximately $73,800 and trading above the $70K mark for a while. However, the start of this month offered a severe correction, which intensified in the last few days.
As CryptoPotato reported, the asset’s value plunged to nearly $60,000 on April 17, triggering over $200 million in liquidations.
Some factors that might stand behind BTC’s downfall lately could be reports hinting that the US Fed may raise interest rates in the world’s largest economy instead of pivoting from its aggressive anti-inflationary policy. The escalating tension between Israel and Iran and fears of another war might also have contributed to the decline, which affected traditional finance, too.
Still, numerous optimistic elements are signaling that Bitcoin’s retreat may soon be replaced by a bull run, with the upcoming halving being the most obvious one. Following the event, scheduled for April 19, rewards distributed to miners for validating blocks on the BTC blockchain will be slashed in half.
This decreases the amount of coins entering the market, making them scarcer and potentially more valuable in time (assuming demand increases or stays the same).
Historically, each halving in the past was a precursor for a significant resurgence of the entire cryptocurrency sector. Those curious to learn more about the event and prepare for it, feel free to take a look at our dedicated video below:
Ripple vs. SEC
Perhaps the most important news circulating around Ripple lately are the updates related to the lawsuit against the United States Securities and Exchange Commission (SEC).
Earlier this week, several X users assumed a settlement between the entities might be just around the corner due to a final pretrial conference held before Judge Netburn on April 16.
Nonetheless, Stuart Alderoty – Chief Legal Officer of Ripple – said Ripple and the SEC await the start of the trial (set for April 23), rejecting the option of a mutual agreement before that date. He also clarified that the firm will file its response to the regulator’s request for penalties by April 22, whereas the Commission’s reply should come by May 6.
Is SHIB Poised for a Rally?
Shiba Inu – the second-largest meme coin by market capitalization – is among the worst-affected cryptocurrencies during the ongoing crash, with its price dropping by 22% on a weekly scale.
Essential indicators, though, hint it may return to green territory soon. Such factors include the asset’s burn rate increase, the advancement of the layer-2 scaling solution Shibarium, and the negative SHIB exchange netflow.
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